Day: November 19, 2024

BEIJING, Nov. 19, 2024 /PRNewswire/ — Weibo Corporation (“Weibo” or the “Company”) WB, a leading social media in China, today announced its unaudited financial results for the third quarter ended September 30, 2024.

“We had a solid quarter,” said Gaofei Wang, CEO of Weibo. “On the user front, we continued to focus on the acquisition and engagement of high quality users. On the monetization front, our advertising business has exhibited a stabilized trend this quarter. We are pleased to see robust growth of ad revenues from certain key sectors, mainly driven by ad demand during the Summer Olympics. Our value-added services business also delivered strong momentum this quarter, benefiting from the upgrade of membership services catering to users’ social interactions on the platform.”

 Third Quarter 2024 Highlights

• Net revenues were US$464.5 million, an increase of 5% year-over-year or an increase of 3% year-over-year on a constant currency basis ^[1].
• Advertising and marketing revenues were US$398.6 million, an increase of 2% year-over-year or flat year-over-year on a constant currency basis ^[1].
• Value-added services (“VAS”) revenues were US$65.9 million, an increase of 25% year-over-year or an increase of 23% year-over-year on a constant currency basis ^[1].
• Income from operations was US$141.3 million, representing an operating margin of 30%.
• Net income attributable to Weibo’s shareholders was US$130.6 million and diluted net income per share was US$0.50.
• Non-GAAP income from operations was US$164.5 million, representing a non-GAAP operating margin of 35%.
• Non-GAAP net income attributable to Weibo’s shareholders was US$139.2 million and non-GAAP diluted net income per share was US$0.53.
• Monthly active users (“MAUs”) were 587 million in September 2024.
• Average daily active users (“DAUs”) were 257 million in September 2024.

 

Third Quarter 2024 Financial Results

For the third quarter of 2024, Weibo’s total net revenues were US$464.5 million, an increase of 5% compared to US$442.2 million for the same period last year.

Advertising and marketing revenues for the third quarter of 2024 were US$398.6 million, an increase of 2% compared to US$389.3 million for the same period last year. Advertising and marketing revenues excluding advertising revenues from Alibaba were US$377.1 million, an increase of 3% compared to US$367.6 million for the same period last year.

VAS revenues for the third quarter of 2024 were US$65.9 million, an increase of 25% year-over-year compared to US$52.9 million for the same period last year, primarily driven by the growth of membership services and game-related revenues.

Costs and expenses for the third quarter of 2024 totaled US$323.2 million, an increase of 5% compared to US$308.2 million for the same period last year. The increase was mainly resulted from higher marketing spend and personnel related expenses.

Income from operations for the third quarter of 2024 was US$141.3 million, compared to US$134.0 million for the same period last year. Operating margin was 30%, same as last year. Non-GAAP income from operations was US$164.5 million, compared to US$163.9 million for the same period last year. Non-GAAP operating margin was 35%, compared to 37% last year.

Non-operating income for the third quarter of 2024 was US$23.6 million, compared to non-operating loss of US$28.4 million for the same period last year. Non-operating income for the third quarter of 2024 mainly included (i) gain from fair value change of investments of US$16.8 million, which was excluded under non-GAAP measures; and (ii) net interest and other income of US$6.7 million.

Income tax expenses for the third quarter of 2024 were US$32.2 million, compared to US$25.4 million for the same period last year. The increase was primarily due to withholding tax accrued related to earnings to be remitted to Weibo Hong Kong Limited from its wholly-owned subsidiary in China.

Net income attributable to Weibo’s shareholders for the third quarter of 2024 was US$130.6 million, compared to US$77.5 million for the same period last year. Diluted net income per share attributable to Weibo’s shareholders for the third quarter of 2024 was US$0.50, compared to US$0.32 for the same period last year. Non-GAAP net income attributable to Weibo’s shareholders for the third quarter of 2024 was US$139.2 million, compared to US$136.6 million for the same period last year. Non-GAAP diluted net income per share attributable to Weibo’s shareholders for the third quarter of 2024 was US$0.53, compared to US$0.57 for the same period last year.

As of September 30, 2024, Weibo’s cash, cash equivalents and short-term investments totaled US$2.2 billion. For the third quarter of 2024, cash provided by operating activities was US$124.2 million, capital expenditures totaled US$11.8 million, and depreciation and amortization expenses amounted to US$14.4 million.

Conference Call

Weibo’s management team will host a conference call from 6:00 AM to 7:00 AM Eastern Time on November 19, 2024 (or 7:00 PM to 8:00 PM Beijing Time on November 19, 2024) to present an overview of the Company’s financial performance and business operations.

Participants who wish to dial in to the teleconference must register through the below public participant link. Dial in and instruction will be in the confirmation email upon registering.

Participants Registration Link:
https://register.vevent.com/register/BI53615081ba80427881ec0a24ad90968c 

Additionally, a live and archived webcast of this conference call will be available at http://ir.weibo.com. 

Non-GAAP Financial Measures

This release contains the following non-GAAP financial measures: non-GAAP income from operations, non-GAAP net income attributable to Weibo’s shareholders, non-GAAP diluted net income per share attributable to Weibo’s shareholders and adjusted EBITDA. These non-GAAP financial measures should be considered in addition to, not as a substitute for, measures of the Company’s financial performance prepared in accordance with U.S. GAAP.

The Company’s non-GAAP financial measures exclude stock-based compensation, amortization of intangible assets resulting from business acquisitions, net results of impairment and provision on investments, gain/loss on sale of investments and fair value change of investments, non-GAAP to GAAP reconciling items on the share of equity method investments, non-GAAP to GAAP reconciling items for the income/loss attributable to non-controlling interests, income tax expense related to the amortization of intangible assets resulting from business acquisitions and fair value change of investments (other non-GAAP to GAAP reconciling items have no tax effect), and amortization of issuance cost of convertible senior notes, unsecured senior notes and long-term loans. Adjusted EBITDA represents non-GAAP net income attributable to Weibo’s shareholders before interest income/expense, net, income tax expenses/benefits, and depreciation expenses.

The Company’s management uses these non-GAAP financial measures in their financial and operating decision-making, because management believes these measures reflect the Company’s ongoing operating performance in a manner that allows more meaningful period-to-period comparisons. The Company believes that these non-GAAP financial measures provide useful information to investors and others in the following ways: (i) in comparing the Company’s current financial results with the Company’s past financial results in a consistent manner, and (ii) in understanding and evaluating the Company’s current operating performance and future prospects in the same manner as management does. The Company also believes that the non-GAAP financial measures provide useful information to both management and investors by excluding certain expenses, gains/losses and other items (i) that are not expected to result in future cash payments or (ii) that are non-recurring in nature or may not be indicative of the Company’s core operating results and business outlook.

Use of non-GAAP financial measures has limitations. The Company’s non-GAAP financial measures do not include all income and expense items that affect the Company’s operations. They may not be comparable to non-GAAP financial measures used by other companies. Accordingly, care should be exercised in understanding how the Company defines its non-GAAP financial measures. Reconciliations of the Company’s non-GAAP financial measures to the nearest comparable GAAP measures are set forth in the section below titled “Unaudited Reconciliation of Non-GAAP to GAAP Results.”

About Weibo

Weibo is a leading social media for people to create, share and discover content online. Weibo combines the means of public self-expression in real time with a powerful platform for social interaction, content aggregation and content distribution. Any user can create and post a feed and attach multi-media and long-form content. User relationships on Weibo may be asymmetric; any user can follow any other user and add comments to a feed while reposting. This simple, asymmetric and distributed nature of Weibo allows an original feed to become a live viral conversation stream.

Weibo enables its advertising and marketing customers to promote their brands, products and services to users. Weibo offers a wide range of advertising and marketing solutions to companies of all sizes. Weibo generates a substantial majority of its revenues from the sale of advertising and marketing services, including the sale of social display advertisement and promoted marketing offerings. Weibo displays content in a simple information feed format and offers native advertisement that conform to the information feed on our platform. We are continuously refining our social interest graph recommendation engine, which enables our customers to perform people marketing and target audiences based on user demographics, social relationships, interests and behaviors, to achieve greater relevance, engagement and marketing effectiveness.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology, such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “confidence,” “estimates” and similar statements. Among other things, Weibo’s expected financial performance and strategic and operational plans, as described, without limitation, in quotations from management in this press release, contain forward-looking statements. Weibo may also make written or oral forward-looking statements in the Company’s periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, Weibo’s limited operating history in certain new businesses; failure to sustain or grow active user base and the level of user engagement; the uncertain regulatory landscape in China; fluctuations in the Company’s quarterly operating results; the Company’s reliance on advertising and marketing sales for a majority of its revenues; failure to successfully develop, introduce, drive adoption of or monetize new features and products; failure to compete effectively for advertising and marketing spending; failure to successfully integrate acquired businesses; risks associated with the Company’s investments, including equity pick-up and impairment; failure to compete successfully against new entrants and established industry competitors; changes in the macro-economic environment, including the depreciation of the Renminbi; and adverse changes in economic and political policies of the PRC government and its impact on the Chinese economy. Further information regarding these and other risks is included in Weibo’s annual reports on Form 20-F and other filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is current as of the date hereof, and Weibo assumes no obligation to update such information, except as required under applicable law.

Contact:

Investor Relations
Weibo Corporation
Phone: +86 10 5898-3336
Email: ir@staff.weibo.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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SOURCE Weibo Corporation

• Quarterly total revenues were RMB10.10 billion, a 24.5% increase quarter-over-quarter
• Quarterly gross margin was 15.3%, reaching a historical high, an increase of 18.0 percentage points over the same period of 2023

GUANGZHOU, China, Nov. 19, 2024 (GLOBE NEWSWIRE) — XPeng Inc. ((“XPENG” or the “Company, NYSE:XPEV), a leading Chinese smart electric vehicle (“Smart EV”) company, today announced its unaudited financial results for the three months ended September 30, 2024.

Operational and Financial Highlights for the Three Months Ended September 30, 2024

	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2
Total deliveries	46,533	30,207	21,821	60,158	40,008	23,205

• Total deliveries of vehicles were 46,533 for the third quarter of 2024, representing an increase of 16.3% from 40,008 in the corresponding period of 2023.
• XPENG’s physical sales network had a total of 639 stores, covering 206 cities as of September 30, 2024.
• XPENG self-operated charging station network reached 1,557 stations, including 654 XPENG S4 ultra-fast charging stations as of September 30, 2024.
• Total revenues were RMB10.10 billion (US$1.44 billion) for the third quarter of 2024, representing an increase of 18.4% from the same period of 2023, and an increase of 24.5% from the second quarter of 2024.
• Revenues from vehicle sales were RMB8.80 billion (US$1.25 billion) for the third quarter of 2024, representing an increase of 12.1% from the same period of 2023, and an increase of 29.0% from the second quarter of 2024.
• Gross margin was 15.3% for the third quarter of 2024, compared with negative 2.7% for the same period of 2023 and 14.0% for the second quarter of 2024.
• Vehicle margin, which is gross profit or loss of vehicle sales as a percentage of vehicle sales revenue, was 8.6% for the third quarter of 2024, compared with negative 6.1% for the same period of 2023 and 6.4% for the second quarter of 2024.
• Net loss was RMB1.81 billion (US$0.26 billion) for the third quarter of 2024, compared with RMB3.89 billion for the same period of 2023 and RMB1.28 billion for the second quarter of 2024. Excluding share-based compensation expenses, fair value loss on derivative liability and fair value gain (loss) on derivative liability relating to the contingent consideration, non-GAAP net loss was RMB1.53 billion (US$0.22 billion) for the third quarter of 2024, compared with RMB2.79 billion for the same period of 2023 and RMB1.22 billion for the second quarter of 2024.
• Net loss attributable to ordinary shareholders of XPENG was RMB1.81 billion (US$0.26 billion) for the third quarter of 2024, compared with RMB3.89 billion for the same period of 2023 and RMB1.28 billion for the second quarter of 2024. Excluding share-based compensation expenses, fair value loss on derivative liability and fair value gain (loss) on derivative liability relating to the contingent consideration, non-GAAP net loss attributable to ordinary shareholders of XPENG was RMB1.53 billion (US$0.22 billion) for the third quarter of 2024, compared with RMB2.79 billion for the same period of 2023 and RMB1.22 billion for the second quarter of 2024.
• Basic and diluted net loss per American depositary share (ADS) were both RMB1.91 (US$0.27) and basic and diluted net loss per ordinary share were both RMB0.95 (US$0.14) for the third quarter of 2024. Each ADS represents two Class A ordinary shares.
• Non-GAAP basic and diluted net loss per ADS were both RMB1.62 (US$0.23) and non-GAAP basic and diluted net loss per ordinary share were both RMB0.81 (US$0.12) for the third quarter of 2024.
• Cash and cash equivalents, restricted cash, short-term investments and time deposits were RMB35.75 billion (US$5.09 billion) as of September 30, 2024, compared with RMB37.33 billion as of June 30, 2024. Time deposits include restricted short-term deposits, short-term deposits, restricted long-term deposits, current portion and non-current portion of long-term deposits.

Key Financial Results

(in RMB billions, except for percentage)

	For the Three Months Ended			% Changei
	September 30,	June 30,	September 30,
	2024	2024	2023	YoY	QoQ
Vehicle sales	8.80	6.82	7.84	12.1%	29.0%
Vehicle margin	8.6%	6.4%	-6.1%	14.7pts	2.2pts
Total revenues	10.10	8.11	8.53	18.4%	24.5%
Gross profit (loss)	1.54	1.14	(0.23)	776.2%	35.7%
Gross margin	15.3%	14.0%	-2.7%	18.0pts	1.3pts
Net loss	1.81	1.28	3.89	-53.5%	40.7%
Non-GAAP net loss	1.53	1.22	2.79	-45.1%	25.5%
Net loss attributable to ordinary shareholders	1.81	1.28	3.89	-53.5%	40.7%
Non-GAAP net loss attributable to ordinary shareholders	1.53	1.22	2.79	-45.1%	25.5%
Comprehensive loss attributable to ordinary shareholders	2.09	1.20	4.01	-47.8%	74.6%
i        Except for vehicle margin and gross margin, where absolute changes instead of percentage changes are presented

Management Commentary

“Our core competences and execution capabilities have been significantly transformed. The successful launch of M03 and P7+ marks the beginning of a strong growth cycle underpinned by our major product cycles,” said Mr. Xiaopeng He, Chairman and CEO of XPENG. “I believe the next decade will be the era of AI. I am confident that I can lead XPENG to become a global AI auto company and accelerate the mass adoption of AI in mobility.”

“Through technology-driven cost reductions and significant quarter-over-quarter volume growth, our gross margin reached historical high at 15.3%, achieving the fifth consecutive quarterly margin improvement,” added Dr. Hongdi Brian Gu, Vice Chairman and Co-President of XPENG. “Our major product cycle will not only boost sales volume growth but also contribute to healthy gross profit and cash flow. This robust financial foundation will empower us to continue to invest in R&D of AI technology and provide our customers with superior products and services.”

Recent Developments

Deliveries in October 2024

• Total deliveries were 23,917 vehicles in October 2024.
• As of October 31, 2024, year-to-date total deliveries were 122,478 vehicles.

2024 XPENG AI Day

On November 6, 2024, XPENG hosted its 2024 AI Day event in Guangzhou. The Company unveiled its cutting-edge technologies and innovations, including XPENG Kunpeng Super Electric System, Turing AI Intelligent Driving System and AI Robot.

Launch of XPENG P7+

On November 7, 2024, XPENG officially launched the P7+, an AI-defined smart electric fastback sedan, and commenced mass delivery in the same month. The P7+ comes standard with end-to-end AI-driven advanced driver assistance system (ADAS) technology, offering industry-leading urban ADAS capabilities that do not rely on high-definition (HD) maps or LiDARs.

ESG Performance

XPENG has been awarded the highest “AAA” ESG rating by Morgan Stanley Capital International (“MSCI”) for the second consecutive year, being recognized for its outstanding performance in clean technology, product carbon footprint, and corporate governance.

XPENG is also the only company in China’s automotive manufacturing industry to have been named the “Industry Mover” by S&P Global for two consecutive years.

Unaudited Financial Results for the Three Months Ended September 30, 2024

Total revenues were RMB10.10 billion (US$1.44 billion) for the third quarter of 2024, representing an increase of 18.4% from RMB8.53 billion for the same period of 2023 and an increase of 24.5% from RMB8.11 billion for the second quarter of 2024.

Revenues from vehicle sales were RMB8.80 billion (US$1.25 billion) for the third quarter of 2024, representing an increase of 12.1% from RMB7.84 billion for the same period of 2023, and an increase of 29.0% from RMB6.82 billion for the second quarter of 2024. The year-over-year and quarter-over-quarter increases were mainly attributable to higher deliveries.

Revenues from services and others were RMB1.31 billion (US$0.19 billion) for the third quarter of 2024, representing an increase of 90.7% from RMB0.69 billion for the same period of 2023 and an increase of 1.1% from RMB1.29 billion for the second quarter of 2024. The year-over-year increase was mainly attributable to the increased revenue from technical research and development services (“R&D services“) related to the platform and software strategic technical collaboration, as well as electrical/electronic architecture (“EEA“) technical collaboration with the Volkswagen Group. The quarter-over-quarter increase was mainly attributable to the revenue from technical R&D services related to EEA technical collaboration with the Volkswagen Group, partially offset by the decrease in parts and accessories sales.

Cost of sales was RMB8.56 billion (US$1.22 billion) for the third quarter of 2024, representing a decrease of 2.3% from RMB8.76 billion for the same period of 2023 and an increase of 22.7% from RMB6.98 billion for the second quarter of 2024. The year-over-year decrease was primarily attributable to the cost reduction and the improvement in product mix of models. The quarter-over-quarter increase was mainly in line with vehicle deliveries as described above, partially offset by the lower average cost of sales due to cost reduction.

Gross margin was 15.3% for the third quarter of 2024, compared with negative 2.7% for the same period of 2023 and 14.0% for the second quarter of 2024.

Vehicle margin was 8.6% for the third quarter of 2024, compared with negative 6.1% for the same period of 2023 and 6.4% for the second quarter of 2024. The year-over-year increase was primarily attributable to the cost reduction and the improvement in product mix of models. The quarter-over-quarter increase was primarily attributable to the cost reduction.

Services and others margin was 60.1% for the third quarter of 2024, compared with 36.1% for the same period of 2023 and 54.3% for the second quarter of 2024. The year-over-year and quarter-over-quarter increases were primarily attributable to the higher gross margin from the aforementioned revenue from technical R&D services.

Research and development expenses were RMB1.63 billion (US$0.23 billion) for the third quarter of 2024, representing an increase of 25.1% from RMB1.31 billion for the same period of 2023 and an increase of 11.3% from RMB1.47 billion for the second quarter of 2024. The year-over-year and quarter-over-quarter increases were mainly due to higher expenses related to the development of new vehicle models as the Company expanded its product portfolio to support future growth.

Selling, general and administrative expenses were RMB1.63 billion (US$0.23 billion) for the third quarter of 2024, representing a decrease of 3.5% from RMB1.69 billion for the same period of 2023 and an increase of 3.8% from RMB1.57 billion for the second quarter of 2024. The year-over-year decrease was primarily due to lower employee compensation. The quarter-over-quarter increase was mainly due to higher commission paid to the franchised stores.

Other income, net was RMB0.04 billion (US$0.01 billion) for the third quarter of 2024, representing a decrease of 38.8% from RMB0.07 billion for the same period of 2023 and a decrease of 85.7% from RMB0.28 billion for the second quarter of 2024. The year-over-year and quarter-over-quarter decreases were primarily due to the decrease in government subsidies.

Fair value gain (loss) on derivative liability relating to the contingent consideration was loss of RMB0.16 billion (US$0.02 billion) for the third quarter of 2024, compared with gain of RMB0.02 billion for the second quarter of 2024. This non-cash gain (loss) resulted from the fair value change of the contingent consideration related to the acquisition of DiDi’s smart auto business.

Loss from operations was RMB1.85 billion (US$0.26 billion) for the third quarter of 2024, compared with RMB3.16 billion for the same period of 2023 and RMB1.61 billion for the second quarter of 2024.

Non-GAAP loss from operations, which excludes share-based compensation expenses, fair value loss on derivative liability and fair value gain (loss) on derivative liability relating to the contingent consideration, was RMB1.57 billion (US$0.22 billion) for the third quarter of 2024, compared with RMB3.04 billion for the same period of 2023 and RMB1.54 billion for the second quarter of 2024.

Net loss was RMB1.81 billion (US$0.26 billion) for the third quarter of 2024, compared with RMB3.89 billion for the same period of 2023 and RMB1.28 billion for the second quarter of 2024.

Non-GAAP net loss, which excludes share-based compensation expenses, fair value loss on derivative liability and fair value gain (loss) on derivative liability relating to the contingent consideration, was RMB1.53 billion (US$0.22 billion) for the third quarter of 2024, compared with RMB2.79 billion for the same period of 2023 and RMB1.22 billion for the second quarter of 2024.

Net loss attributable to ordinary shareholders of XPENG was RMB1.81 billion (US$0.26 billion) for the third quarter of 2024, compared with RMB3.89 billion for the same period of 2023 and RMB1.28 billion for the second quarter of 2024.

Non-GAAP net loss attributable to ordinary shareholders of XPENG, which excludes share-based compensation expenses, fair value loss on derivative liability and fair value gain (loss) on derivative liability relating to the contingent consideration, was RMB1.53 billion (US$0.22 billion) for the third quarter of 2024, compared with RMB2.79 billion for the same period of 2023 and RMB1.22 billion for the second quarter of 2024.

Basic and diluted net loss per ADS were both RMB1.91 (US$0.27) for the third quarter of 2024, compared with RMB4.49 for the third quarter of 2023 and RMB1.36 for the second quarter of 2024.

Non-GAAP basic and diluted net loss per ADS were both RMB1.62 (US$0.23) for the third quarter of 2024, compared with RMB3.23 for the third quarter of 2023 and RMB1.29 for the second quarter of 2024.

Balance Sheets

As of September 30, 2024, the Company had cash and cash equivalents, restricted cash, short-term investments and time deposits of RMB35.75 billion (US$5.09 billion), compared with RMB36.48 billion as of September 30, 2023 and RMB37.33 billion as of June 30, 2024.

Business Outlook

For the fourth quarter of 2024, the Company expects:

• Deliveries of vehicles to be between 87,000 and 91,000, representing a year-over-year increase of approximately 44.6% to 51.3%.
• Total revenues to be between RMB15.3 billion and RMB16.2 billion, representing a year-over-year increase of approximately 17.2% to 24.1%.

The above outlook is based on the current market conditions and reflects the Company’s preliminary estimates of market and operating conditions, and customer demand, which are all subject to change.

Conference Call

The Company’s management will host an earnings conference call at 8:00 AM U.S. Eastern Time on November 19, 2024 (9:00 PM Beijing/Hong Kong Time on November 19, 2024).

For participants who wish to join the call by phone, please access the link provided below to complete the pre-registration process and dial in 5 minutes prior to the scheduled call start time. Upon registration, each participant will receive dial-in details to join the conference call.

Event Title: XPENG Third Quarter 2024 Earnings Conference Call
Pre-registration link: https://s1.c-conf.com/diamondpass/10042900-9iletx.html

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.xiaopeng.com.

A replay of the conference call will be accessible approximately an hour after the conclusion of the call until November 26, 2024, by dialing the following telephone numbers:

United States:		+1-855-883-1031
International:		+61-7-3107-6325
Hong Kong, China:		800-930-639
Mainland China:		400-120-9216
Replay Access Code:		10042900

About XPENG

XPENG is a leading Chinese Smart EV company that designs, develops, manufactures, and markets Smart EVs that appeal to the large and growing base of technology-savvy middle-class consumers. Its mission is to drive Smart EV transformation with technology, shaping the mobility experience of the future. In order to optimize its customers’ mobility experience, XPENG develops in-house its full-stack advanced driver-assistance system technology and in-car intelligent operating system, as well as core vehicle systems including powertrain and the electrical/electronic architecture. XPENG is headquartered in Guangzhou, China, with main offices in Beijing, Shanghai, Silicon Valley, San Diego and Amsterdam. The Company’s Smart EVs are mainly manufactured at its plants in Zhaoqing and Guangzhou, Guangdong province. For more information, please visit https://www.xpeng.com/.

Use of Non-GAAP Financial Measures

The Company uses non-GAAP measures, such as non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss attributable to ordinary shareholders, non-GAAP basic loss per weighted average number of ordinary shares and non-GAAP basic loss per ADS, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses, fair value gain (loss) on derivative liability and fair value gain on derivative liability relating to the contingent consideration, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making. The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.

For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliations of GAAP and non-GAAP Results” set forth in this announcement.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB7.0176 to US$1.00, the exchange rate on September 30, 2024, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollars amounts referred could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Statements that are not historical facts, including statements about XPENG’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: XPENG’s goal and strategies; XPENG’s expansion plans; XPENG’s future business development, financial condition and results of operations; the trends in, and size of, China’s EV market; XPENG’s expectations regarding demand for, and market acceptance of, its products and services; XPENG’s expectations regarding its relationships with customers, suppliers, third-party service providers, strategic partners and other stakeholders; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in XPENG’s filings with the United States Securities and Exchange Commission. All information provided in this announcement is as of the date of this announcement, and XPENG does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For Investor Enquiries
IR Department
XPeng Inc.
E-mail: ir@xiaopeng.com

Jenny Cai
Piacente Financial Communications
Tel: +1-212-481-2050 or +86-10-6508-0677
E-mail: xpeng@tpg-ir.com

For Media Enquiries
PR Department
XPeng Inc.
E-mail: pr@xiaopeng.com

Source: XPeng Inc.

XPENG INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)
		December 31, 2023		September 30, 2024		September 30, 2024
		RMB		RMB		US$
ASSETS
Current assets
Cash and cash equivalents		21,127,163		10,660,654		1,519,131
Restricted cash		3,174,886		2,769,472		394,647
Short-term deposits		9,756,979		13,225,316		1,884,592
Restricted short-term deposits		–		138,328		19,712
Short-term investments		781,216		270,154		38,497
Long-term deposits, current portion		7,054,915		2,915,837		415,503
Accounts and notes receivable, net		2,716,216		2,335,452		332,799
Installment payment receivables, net, current portion		1,881,755		2,212,795		315,321
Inventory		5,526,212		6,142,463		875,294
Amounts due from related parties		12,948		44,536		6,346
Prepayments and other current assets		2,489,339		3,255,702		463,935
Total current assets		54,521,629		43,970,709		6,265,777
Non-current assets
Long-term deposits		3,035,426		3,860,904		550,174
Restricted long-term deposits		767,899		1,908,835		272,007
Property, plant and equipment, net		10,954,485		11,436,026		1,629,621
Right-of-use assets, net		1,455,865		1,224,553		174,497
Intangible assets, net		4,948,992		4,572,126		651,523
Land use rights, net		2,789,367		2,756,930		392,859
Installment payment receivables, net		3,027,795		4,457,984		635,258
Long-term investments		2,084,933		1,816,317		258,823
Other non-current assets		576,150		430,398		61,331
Total non-current assets		29,640,912		32,464,073		4,626,093
Total assets		84,162,541		76,434,782		10,891,870

XPENG INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) (All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)
		December 31, 2023		September 30, 2024		September 30, 2024
		RMB		RMB		US$
LIABILITIES
Current liabilities
Short-term borrowings		3,889,100		4,410,002		628,420
Accounts and notes payable		22,210,431		16,864,060		2,403,109
Amounts due to related parties		30,880		–		–
Operating lease liabilities, current portion		365,999		320,550		45,678
Finance lease liabilities, current portion		34,382		35,131		5,006
Deferred revenue, current portion		630,997		863,330		123,024
Long-term borrowings, current portion		1,363,835		2,189,590		312,014
Accruals and other liabilities		7,580,195		7,334,737		1,045,192
Income taxes payable		5,743		8,187		1,167
Total current liabilities		36,111,562		32,025,587		4,563,610
Non-current liabilities
Long-term borrowings		5,650,782		6,377,610		908,802
Operating lease liabilities		1,490,882		1,308,628		186,478
Finance lease liabilities		777,697		774,722		110,397
Deferred revenue		668,946		688,724		98,142
Derivative liability		393,473		355,192		50,614
Deferred tax liabilities		404,018		367,769		52,407
Other non-current liabilities		2,336,654		2,509,284		357,570
Total non-current liabilities		11,722,452		12,381,929		1,764,410
Total liabilities		47,834,014		44,407,516		6,328,020
SHAREHOLDERS’ EQUITY
Class A Ordinary shares		103		104		15
Class B Ordinary shares		21		21		3
Additional paid-in capital		70,198,031		70,528,009		10,050,161
Statutory and other reserves		60,035		88,434		12,602
Accumulated deficit		(35,760,301)		(40,248,990)		(5,735,435)
Accumulated other comprehensive income		1,830,638		1,659,688		236,504
Total shareholders’ equity		36,328,527		32,027,266		4,563,850
Total liabilities and shareholders’ equity		84,162,541		76,434,782		10,891,870

XPENG INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)
	Three Months Ended
	September 30,		June 30,		September 30,		September 30,
	2023		2024		2024		2024
	RMB		RMB		RMB		US$
Revenues
Vehicle sales	7,844,239		6,818,867		8,795,011		1,253,279
Services and others	685,282		1,292,540		1,306,699		186,203
Total revenues	8,529,521		8,111,407		10,101,710		1,439,482
Cost of sales
Vehicle sales	(8,319,890)		(6,384,289)		(8,039,240)		(1,145,583)
Services and others	(437,589)		(591,328)		(521,022)		(74,245)
Total cost of sales	(8,757,479)		(6,975,617)		(8,560,262)		(1,219,828)
Gross (loss) profit	(227,958)		1,135,790		1,541,448		219,654
Operating expenses
Research and development expenses	(1,305,868)		(1,466,752)		(1,633,071)		(232,711)
Selling, general and administrative expenses	(1,692,194)		(1,573,601)		(1,633,196)		(232,729)
Total operating expense	(2,998,062)		(3,040,353)		(3,266,267)		(465,440)
Other income, net	65,192		278,843		39,908		5,687
Fair value gain (loss) on derivative liability relating to the
contingent consideration	–		16,662		(162,185)		(23,111)
Loss from operations	(3,160,828)		(1,609,058)		(1,847,096)		(263,210)
Interest income	314,004		356,682		318,021		45,318
Interest expense	(65,767)		(81,399)		(83,461)		(11,893)
Fair value loss on derivative assets
or derivative liabilities	(971,832)		–		–		–
Investment loss on long-term investments	(8,782)		(35,836)		(216,768)		(30,889)
Exchange gain from foreign currency transactions	5,972		20,801		47,565		6,778
Other non-operating income, net	4,282		3,525		6,444		918
Loss before income tax (expenses) benefit and share
of results of equity method investees	(3,882,951)		(1,345,285)		(1,775,295)		(252,978)
Income tax (expenses) benefit	(682)		33,773		(7,025)		(1,001)
Share of results of equity method investees	(2,917)		26,831		(25,400)		(3,619)
Net loss	(3,886,550)		(1,284,681)		(1,807,720)		(257,598)
Net loss attributable to ordinary shareholders of XPeng Inc.	(3,886,550)		(1,284,681)		(1,807,720)		(257,598)

XPENG INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (CONTINUED) (All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)
	Three Months Ended
	September 30,		June 30,		September 30,		September 30,
	2023		2024		2024		2024
	RMB		RMB		RMB		US$
Net loss	(3,886,550)		(1,284,681)		(1,807,720)		(257,598)
Other comprehensive loss
Foreign currency translation adjustment, net of tax	(123,081)		86,709		(284,343)		(40,519)
Total comprehensive loss attributable to XPeng Inc.	(4,009,631)		(1,197,972)		(2,092,063)		(298,117)
Comprehensive loss attributable to ordinary shareholders
of XPeng Inc.	(4,009,631)		(1,197,972)		(2,092,063)		(298,117)
Weighted average number of ordinary shares
used in computing net loss per ordinary share
Basic and diluted	1,729,980,347		1,888,024,660		1,893,857,778		1,893,857,778
Net loss per ordinary share attributable to ordinary
shareholders
Basic and diluted	(2.25)		(0.68)		(0.95)		(0.14)
Weighted average number of ADS used in computing net
loss per share
Basic and diluted	864,990,174		944,012,330		946,928,889		946,928,889
Net loss per ADS attributable to ordinary shareholders
Basic and diluted	(4.49)		(1.36)		(1.91)		(0.27)

XPENG INC. UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)
	Three Months Ended
	September 30,		June 30,		September 30,		September 30,
	2023		2024		2024		2024
	RMB		RMB		RMB		US$
Loss from operations	(3,160,828)		(1,609,058)		(1,847,096)		(263,210)
Fair value (gain) loss on derivative liability relating to the
contingent consideration	–		(16,662)		162,185		23,111
Share-based compensation expenses	124,291		81,306		113,963		16,240
Non-GAAP loss from operations	(3,036,537)		(1,544,414)		(1,570,948)		(223,859)
Net loss	(3,886,550)		(1,284,681)		(1,807,720)		(257,598)
Fair value (gain) loss on derivative liability relating to the
contingent consideration	–		(16,662)		162,185		23,111
Fair value loss on derivative liability	971,832		–		–		–
Share-based compensation expenses	124,291		81,306		113,963		16,240
Non-GAAP net loss	(2,790,427)		(1,220,037)		(1,531,572)		(218,247)
Net loss attributable to ordinary shareholders	(3,886,550)		(1,284,681)		(1,807,720)		(257,598)
Fair value (gain) loss on derivative liability relating to the
contingent consideration	–		(16,662)		162,185		23,111
Fair value loss on derivative liability	971,832		–		–		–
Share-based compensation expenses	124,291		81,306		113,963		16,240
Non-GAAP net loss attributable to ordinary shareholders of
XPeng Inc.	(2,790,427)		(1,220,037)		(1,531,572)		(218,247)
Weighted average number of ordinary shares used
in calculating Non-GAAP net loss per share
Basic and diluted	1,729,980,347		1,888,024,660		1,893,857,778		1,893,857,778
Non-GAAP net loss per ordinary share
Basic and diluted	(1.61)		(0.65)		(0.81)		(0.12)
Weighted average number of ADS used in calculating
Non-GAAP net loss per share
Basic and diluted	864,990,174		944,012,330		946,928,889		946,928,889
Non-GAAP net loss per ADS
Basic and diluted	(3.23)		(1.29)		(1.62)		(0.23)

Order backlog at $22.1 billion; Revenues of $1.7 billion;
Non-GAAP net income of $99 million; GAAP net income of $79 million;
Non-GAAP net EPS of $2.21; GAAP net EPS of $1.77 

HAIFA, Israel, Nov. 19, 2024 /PRNewswire/ — Elbit Systems Ltd. (“Elbit Systems” or the “Company”) ESLT ESLT, the international high technology defense company, reported today its consolidated results for the third quarter ended September 30, 2024.

In this release, the Company is providing US-GAAP results as well as non-GAAP financial data, which are intended to provide investors a more comprehensive view of the Company’s business results and trends. For a description of the Company’s non-GAAP definitions see page 4 below, “Non-GAAP financial data”. Unless otherwise stated, all financial data presented is US-GAAP financial data.

Management Comment:

Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems, commented: 

“Elbit Systems reports a strong quarter, with substantial growth across key performance measures exceeding our internal goals, while meeting our customers’ needs in Israel and worldwide. The Company’s order backlog, which hit a record high of over $22 billion, provides stability and resilience for the Company for years to come, as our investments in R&D create strong foundations for long-term growth and development. Our highly regarded solutions and products are experiencing high demand. This consistent growth reflects the quality and excellence driven by our dedicated and outstanding employees in Israel and in our subsidiaries around the world.”

Third quarter 2024 results:

Revenues in the third quarter of 2024 were $1,717.5 million, as compared to $1,501.6 million in the third quarter of 2023.

Aerospace revenues increased by 7% in the third quarter of 2024, as compared to the third quarter of 2023 mainly due to increased UAS sales in Israel. C4I and Cyber revenues increased by 13% in the third quarter of 2024 mainly due to radio systems and command and control systems sales. ISTAR and EW revenues increased by 13% mainly due to Electronic Warfare and Electro-Optic systems sales. Land revenues increased by 24% due to the increase in ammunition and munition sales in Israel. Elbit Systems of America revenues increased by 17% due to the increase in night-vision systems and medical instrumentation sales.

For distribution of revenues by segments and geographic regions see the tables on page 12.

Non-GAAP^(*) gross profit amounted to $419.4 million (24.4% of revenues) in the third quarter of 2024, as compared to $374.2 million (24.9% of revenues) in the third quarter of 2023. GAAP gross profit in the third quarter of 2024 was $412.8 million (24.0% of revenues), as compared to $367.2 million (24.5% of revenues) in the third quarter of 2023.

Research and development expenses, net were $119.9 million (7.0% of revenues) in the third quarter of 2024, as compared to $103.3 million (6.9% of revenues) in the third quarter of 2023.

Marketing and selling expenses, net were $91.3 million (5.3% of revenues) in the third quarter of 2024, as compared to $86.0 million (5.7% of revenues) in the third quarter of 2023.

General and administrative expenses, net were $75.7 million (4.4% of revenues) in the third quarter of 2024, as compared to $71.8 million (4.8% of revenues) in the third quarter of 2023.

Non-GAAP^(*) operating income was $140.7 million (8.2% of revenues) in the third quarter of 2024, as compared to $120.0 million (8.0% of revenues) in the third quarter of 2023. GAAP operating income in the third quarter of 2024 was $125.8 million (7.3% of revenues), as compared to $106.1 million (7.1% of revenues) in the third quarter of 2023.

Financial expenses, net were $45.0 million in the third quarter of 2024, as compared to $35.7 million in the third quarter of 2023.

Taxes on income were $12.8 million in the third quarter of 2024, as compared to $10.0 million in the third quarter of 2023.

Non-GAAP^(*) net income attributable to the Company’s shareholders in the third quarter of 2024 was $98.8 million (5.8% of revenues), as compared to $76.5 million (5.1% of revenues) in the third quarter of 2023. GAAP net income attributable to the Company’s shareholders in the third quarter of 2024 was $79.1 million (4.6% of revenues), as compared to $60.7 million (4.0% of revenues) in the third quarter of 2023.

Non-GAAP^(*) diluted net earnings per share attributable to the Company’s shareholders were $2.21 for the third quarter of 2024, as compared to $1.71 for the third quarter of 2023. GAAP diluted earnings per share attributable to the Company’s shareholders in the third quarter of 2024 were $1.77, as compared to $1.36 in the third quarter of 2023.

The Company’s order backlog as of September 30, 2024 totaled $22.1 billion. Approximately 66% of the current backlog is attributable to orders from outside Israel. Approximately 37% of the backlog is scheduled to be performed during the remainder of 2024 and 2025. 

Cash flow provided by operating activities in the nine months ended September 30, 2024 was $82.5 million, as compared to cash flow used in operating activities of $200.0 million in the nine months ended September 30, 2023. The cash flow in the nine months ended September 30, 2024 was affected mainly by the increase in contract liabilities, which was offset by the increase in inventories and trade receivables.

__________                    

* see page 4

Impact of the “Swords of Iron” War on the Company:

On October 7, 2023, Hamas terrorists infiltrated Israel’s southern border from the Gaza Strip and conducted a series of brutal attacks on civilian and military targets. Hamas also launched extensive rocket attacks on the Israeli population and industrial centers located along Israel’s border with the Gaza Strip and on many other parts of the country. Israel has also been attacked by other terrorist organizations on different fronts, including from Lebanon, which have prompted military responses from Israel on these fronts. Following the attacks, the State of Israel declared a state of war, which is ongoing.

Since the commencement of hostilities, Elbit Systems has experienced a material increased demand for its products and solutions from the Israel Ministry of Defense (IMOD) compared to the demand levels prior to the war. The Company has also increased its support to the IMOD, mainly through deliveries of its systems and the dedicated efforts of our employees. At the same time, the Company continues its activities in the international markets with the support of its local subsidiaries. Subject to further developments, which are difficult to predict, the IMOD’s increased demand for the Company’s products and solutions may continue and could generate material additional orders for the Company.

While the vast majority of the facilities in Israel continue to operate uninterrupted, some operations have experienced disruptions due to supply chain and operational constraints, including among others due to limitations on exports to Israel, increase of transportation costs and delays, material and component shortages, attacks by anti-Israeli organizations, the relocation of certain production lines, evacuation of employees and employee recruitment for reserve duty. The number of employees recruited was approximately 8% as of September 30, 2024, and could fluctuate depending on future developments.

Elbit Systems has taken a number of steps to protect the safety and the security of its employees in Israel and abroad, to support its increased production, to mitigate existing and potential supply chain disruptions and to maintain business continuity, including the relocation of production lines from facilities in evacuated areas to alternative facilities; recruitment of additional employees; increased monitoring of global supply chains to identify delays, shortages and bottlenecks; rescheduling of deliveries to certain customers as necessary; and an increase of inventories.

The extent of the effects of the war on the Company’s performance will depend on future developments of the war that are difficult to predict at this time, including its duration and scope. We continue to monitor the situation closely.

* Non-GAAP financial data:

The following non-GAAP financial data, including Adjusted gross profit, Adjusted operating income, Adjusted net income, and Adjusted diluted earnings per share, 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 and analysts by facilitating more meaningful comparisons of our financial results over time. The non-GAAP adjustments exclude amortization expenses of intangible assets related to acquisitions that occurred mainly in prior periods, capital gains related primarily to the sale of investments, restructuring activities, uncompensated costs related to “Swords of Iron” war, non-cash stock based compensation expenses, revaluations of investments in affiliated companies, non-operating foreign exchange gains or losses, one-time tax expenses, and the effect of tax on each of these items. We present these non-GAAP financial measures because management believes they supplement and/or enhance management’s, analysts’ and investors’ overall understanding of the Company’s underlying financial performance and trends and facilitate comparisons among current, past, and future periods.

Specifically, management uses Adjusted gross profit, Adjusted operating income, and Adjusted net income attributable to the Company’s shareholders to measure the ongoing gross profit, operating profit and net income performance of the Company because the measure adjusts for more significant non-recurring items, amortization expenses of intangible assets relating to prior acquisitions, and non-cash expense which can fluctuate year to year.

We believe Adjusted gross profit, Adjusted operating income, and Adjusted net income attributable to the Company’s shareholders are useful to existing shareholders, potential shareholders and other users of our financial information because they provide measures of the Company’s ongoing performance that enable these users to perform trend analysis using comparable data.

Management uses Adjusted diluted earnings per share to evaluate further adjusted net income attributable to the Company’s shareholders while considering changes in the number of diluted shares over comparable periods.

We believe adjusted diluted earnings per share is useful to existing shareholders, potential shareholders and other users of our financial information because it also enables these users to evaluate adjusted net income attributable to Company’s shareholders on a per-share basis.

The non-GAAP measures used by the Company 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 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. They 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.

Reconciliation of GAAP to Non-GAAP Supplemental Financial Data:

(US Dollars in millions, except for per share amounts)

 

Recent Events:

On September 20, 2024, the Company announced that at its Annual General Meeting of Shareholders held on September 19, 2024 at the Company’s offices in Haifa, each of the proposals described in the Proxy Statement to the shareholders dated August 15, 2024, was approved by the required majority.

On October 28, 2024, the Company announced that it was awarded an approximately $200 million contract by the Israeli Ministry of Defense to supply high-power laser systems for the “Iron Beam” air defense system.

On November 5, 2024, the Company announced that it was awarded a follow-on contract of approximately $127 million to supply Iron Fist Active Protection Systems to General Dynamics Ordnance and Tactical Systems for upgrades to the U.S. Army’s Bradley M2A4E1 Infantry Fighting Vehicles. The contract will be performed over a period of 34 months.

On November 18, 2024, the Company announced that it was awarded contracts worth a total amount of approximately $335 million, to supply defense systems to a European country. The contracts include the supply of PULS™ (Precise and Universal Launching Systems) rocket launchers and rockets, as well as Hermes™ 900 Unmanned Aircraft Systems equipped with advanced payloads. The contracts will be performed over a period of three years and six months.

Dividend:

The Board of Directors declared a dividend of $0.50 per share. The dividend’s record date is December 23, 2024. The dividend will be paid on January 6, 2025, after deduction of withholding tax, at the rate of 16.8%. 

Conference Call:

The Company will be hosting a conference call today, Wednesday, November 19, 2024, at 10:00 a.m. Eastern Time. On the call, management will review and discuss the results and will be available to answer questions.

To participate, please call one of the teleconferencing numbers that follow. If you are unable to connect using the toll-free numbers, please try the international dial-in number.

US Dial-in Number: 1-866-744-5399
Canada Dial-in Number: 1-866-485-2399
Israel Dial-in Number: 03-918-0644
International Dial-in Number: 972-3-918-0644

at 10:00am Eastern Time; 7:00am Pacific Time; 5:00pm Israel Time

The conference call will also be broadcast live on Elbit Systems’ website at https://www.elbitsystems.com. An online replay will be available from 24 hours after the call ends.

Alternatively, for two days following the call, investors will be able to dial a replay number to listen to the call. The dial-in numbers are: 1-888-782-4291 (US and Canada) or +972-3-925-5900 (Israel and International).

About Elbit Systems

Elbit Systems is a leading global defense technology company, delivering advanced solutions for a secure and safer world. Elbit Systems develops, manufactures, integrates and sustains a range of next-generation solutions across multiple domains.

Driven by its agile, collaborative culture, and leveraging Israel’s technology ecosystem, Elbit Systems enables customers to address rapidly evolving battlefield challenges and overcome threats.

Elbit Systems employs over 20,000 people in dozens of countries across five continents. The Company reported as of September 30, 2024 approximately $1.7 billion in revenues and an order backlog of approximately $22.1 billion.

For additional information, visit: https://elbitsystems.com/, follow us on Twitter or visit our official Facebook, Youtube and LinkedIn channels.

Attachments:

Consolidated balance sheets
Consolidated statements of income
Consolidated statements of cash flows
Consolidated revenue distribution by geographical regions and by segments

Company Contact:

Dr. Yaacov (Kobi) Kagan, EVP & Chief Financial Officer
Tel:  +972-77-2946663
kobi.kagan@elbitsystems.com 

Daniella Finn, VP, Investor Relations
Tel: +972-77-2948984
daniella.finn@elbitsystems.com 

Dalia Bodinger, VP, Communications & Brand
Tel: +972-77-2947602 
dalia.bodinger@elbitsystems.com      

 

This press release may contain forward–looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended and the Israeli Securities Law, 1968) regarding Elbit Systems Ltd. and/or its subsidiaries (collectively the Company), to the extent such statements do not relate to historical or current facts. Forward-looking statements are based on management’s current expectations, estimates, projections and assumptions about future events. Forward–looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions about the Company, which are difficult to predict, including projections of the Company’s future financial results, its anticipated growth strategies and anticipated trends in its business. Therefore, actual future results, performance and trends may differ materially from these forward–looking statements due to a variety of factors, including, without limitation: scope and length of customer contracts; governmental regulations and approvals; changes in governmental budgeting priorities; general market, political and economic conditions in the countries in which the Company operates or sells, including Israel and the United States among others; including the duration and scope of the current war in Israel, and the potential impact on our operations; changes in global health and macro-economic conditions; differences in anticipated and actual program performance, including the ability to perform under long-term fixed-price contracts; changes in the competitive environment; and the outcome of legal and/or regulatory proceedings. The factors listed above are not all-inclusive, and further information is contained in Elbit Systems Ltd.’s latest annual report on Form 20-F, which is on file with the U.S. Securities and Exchange Commission. All forward–looking statements speak only as of the date of this release.

Although the Company believes the expectations reflected in the forward-looking statements contained herein are reasonable, it cannot guarantee future results, level of activity, performance or achievements. Moreover, neither the Company nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The Company does not undertake to update its forward-looking statements.

Elbit Systems Ltd., its logo, brand, product, service and process names appearing in this Press Release are the trademarks or service marks of Elbit Systems Ltd. or its affiliated companies.  All other brand, product, service and process names appearing are the trademarks of their respective holders.  Reference to or use of a product, service or process other than those of Elbit Systems Ltd. does not imply recommendation, approval, affiliation or sponsorship of that product, service or process by Elbit Systems Ltd. Nothing contained herein shall be construed as conferring by implication, estoppel or otherwise any license or right under any patent, copyright, trademark or other intellectual property right of Elbit Systems Ltd. or any third party, except as expressly granted herein.

(FINANCIAL TABLES TO FOLLOW)

 

 

 

 

 

 

 

Consolidated revenues by segments:                                

 

 

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SOURCE Elbit Systems Ltd.