Elbit Systems Ltd (ESLT) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Elbit Systems' fourth-quarter 2024 results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們、先生們，感謝你們的支持。歡迎參加 Elbit Systems 2024 年第四季業績電話會議。（操作員指示）提醒一下，本次會議正在錄音。

I would now like to hand over the call to Daniella Finn, Elbit Systems' VP, Investor Relations. Daniella, please go ahead.

現在我想把電話交給 Elbit Systems 投資人關係副總裁 Daniella Finn。丹妮拉，請繼續。

Thank you, [Ani]. Hello, everyone, and welcome to our annual and fourth-quarter 2024 earnings call. On the call with me today are Butzi Machlis, President and CEO; Kobi Kagan, CFO; and myself, Daniella Finn, VP, Investor Relations.

謝謝你，[阿尼]。大家好，歡迎參加我們的 2024 年年度和第四季財報電話會議。今天與我一起通話的有總裁兼執行長 Butzi Machlis； Kobi Kagan，財務長；還有我本人，投資人關係副總裁 Daniella Finn。

Earlier today, we hosted an Investor Conference at the Tel Aviv Stock Exchange. A recording of the event is available in our Investor Relations section of our website at www.elbitsystems.com. 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.

今天早些時候，我們在特拉維夫證券交易所舉辦了一場投資者會議。此活動的記錄可在我們網站 www.elbitsystems.com 的投資者關係部分查閱。在我們開始之前，我想指出，該公司今天早些時候發布的新聞稿中的安全港聲明也提到了這次電話會議的內容。

I'd like to remind all listeners that the conference call today may contain forward-looking statements regarding the company and its subsidiaries business and actual future results may differ materially from these forward-looking statements. As usual, we will provide you with both GAAP financial data as well as certain supplemental non-GAAP information. We believe that this non-GAAP information provides additional transparency to better understand the performance of the ongoing business. You can find all the detailed GAAP financial data as well as the non-GAAP information and the reconciliation in today's press release.

我想提醒所有聽眾，今天的電話會議可能包含有關公司及其子公司業務的前瞻性陳述，實際未來結果可能與這些前瞻性陳述有重大差異。像往常一樣，我們將為您提供 GAAP 財務數據以及某些補充非 GAAP 資訊。我們相信，這些非公認會計準則資訊提供了額外的透明度，以便更好地了解持續經營業務的表現。您可以在今天的新聞稿中找到所有詳細的 GAAP 財務數據以及非 GAAP 資訊和對帳。

Kobi will begin by discussing the financial results, followed by Butzi, who will elaborate on the main events during the quarter and beyond. We will then turn the call over to a Q&A session. With that, I'd like to now turn the call over to Kobi. Kobi,

Kobi 將首先討論財務結果，然後 Butzi 將詳細介紹本季及以後的主要事件。然後我們將把電話轉入問答環節。說完這些，我現在想把發言權交給Kobe。科比，

please go ahead.

請繼續。

Thank you, Daniella. Hello, everyone, and thank you for joining us today. The strong set of financial results for the fourth quarter of 2024, continues to reflect the ongoing demand for our cutting-edge solutions as we present another quarter of double-digit growth in revenues, backlog operating profit, and non-GAAP EPS. During 2024, we also delivered $320 million of free cash flow. We are very pleased with these results.

謝謝你，丹妮拉。大家好，感謝大家今天加入我們。2024 年第四季強勁的財務業績繼續反映出對我們尖端解決方案的持續需求，因為我們又一個季度的營收、積壓營運利潤和非 GAAP EPS 都實現了兩位數成長。2024年，我們也實現了3.2億美元的自由現金流。我們對這些結果非常滿意。

Diving into the fourth quarter results in detail. Fourth-quarter revenues increased by 19% to $1.930 billion compared to $1.626 billion in the fourth quarter of 2023. Full year 2024 revenues increased by 14% to $6.828 billion compared to $5.975 billion in the 2023.

深入了解第四季的業績。第四季營收較 2023 年第四季的 16.26 億美元成長 19%，達到 19.3 億美元。2024 年全年營收將成長 14%，達到 68.28 億美元，而 2023 年為 59.75 億美元。

In terms of quarterly revenues by segment, Aerospace revenues increased by 27% in the fourth quarter of 2024 compared to the fourth quarter of 2023 mainly due to increased UAS sales in Israel and Europe and increased precision-guided munitions revenue. C4I and Cyber revenues increased by 7% year over year mainly due to radio systems and command and control system sales.

按部門劃分的季度收入來看，2024 年第四季航空航太收入與 2023 年第四季相比成長了 27%，這主要歸因於以色列和歐洲的 UAS 銷售額增加以及精確導引彈藥收入增加。C4I 和網路收入年增 7%，主要原因是無線電系統和指揮與控制系統的銷售。

ISTAR and EW revenues increased by 8%, mainly due to electronic warfare and electro-optical systems sales in Israel. Land revenue increased by 29% due to increase in ammunition and munition sales in Israel. Elbit Systems South America revenues increased by 6%, mainly due to increase in night vision systems and medical instrumentation sales.

ISTAR 和 EW 收入成長了 8%，主要得益於以色列的電子戰和光電系統銷售。由於以色列彈藥和軍火銷售增加，土地收入增加了29%。Elbit Systems 南美公司營收成長了 6%，主要原因是夜視系統和醫療儀器銷售額的成長。

Elbit Systems' diverse geographic revenue base as well as the product portfolio helped to reduce revenue volatility and support the long-term sustainability of our business. Only recently, the President of the European Commission stated in a letter that Europe needs to be in charge of its own defense. Subsequently, he announced a dedicated budget of EUR450 billion to support this rearmament effort in Europe.

Elbit Systems 多樣化的地理收入基礎以及產品組合有助於降低收入波動並支持我們業務的長期可持續性。就在最近，歐盟委員會主席在一封信中表示，歐洲需要掌管自己的國防。隨後，他宣布撥出4,500億歐元的專案預算來支持歐洲的重新武裝努力。

For the full year of 2024, Europe contributed 27% of revenues; North America, 22% of revenues; Asia Pacific, 17% of revenues, and Israel contributed 29% of revenues. As in previous quarter, Israel revenue continued to grow on the back of the sort of (inaudible). This growth came mainly from the Land segment.

2024年全年，歐洲貢獻了27%的收入；北美，佔收入的22%；亞太地區貢獻了 17% 的收入，以色列貢獻了 29% 的收入。與上一季一樣，以色列的收入持續成長，這得益於（聽不清楚）。這一增長主要來自土地部門。

The non-GAAP gross margin for the fourth quarter was 24.5% compared to the fourth quarter of 2023 at 25.3%. The non-GAAP gross margin for the full-year 2024 was 24.5% compared to the fourth -- compared to 2023 at 25.7%. GAAP gross margin in the fourth quarter was 24.1% of revenues compared to 23.5% in the fourth quarter of 2023. The GAAP gross margin for the full-year 2024 was 24% compared to 2023 at 24.8%.

第四季非公認會計準則毛利率為 24.5%，而 2023 年第四季為 25.3%。2024 年全年非 GAAP 毛利率為 24.5%，而 2023 年為 25.7%。第四季 GAAP 毛利率為營收的 24.1%，而 2023 年第四季為 23.5%。2024 年全年 GAAP 毛利率為 24%，而 2023 年為 24.8%。

Fourth quarter non-GAAP operating income was $157.5 million or 8.2% of revenues in the fourth quarter of 2024 as compared to $104.8 million or 6.4% of revenues in the fourth quarter of 2023. GAAP operating income for the fourth quarter was $141.4 billion or 7.3% of revenues as compared to $67.6 million or 4.2% of revenues in the fourth quarter of 2023.

2024 年第四季非 GAAP 營業收入為 1.575 億美元，佔營收的 8.2%，而 2023 年第四季為 1.048 億美元，佔營收的 6.4%。第四季的 GAAP 營業收入為 1,414 億美元，佔營收的 7.3%，而 2023 年第四季的 GAAP 營業收入為 6,760 萬美元，佔營收的 4.2%。

The full-year 2024 non-GAAP operating income was $550 million or 8.1% of revenue as compared to $448 million or 7.5% of revenues in 2023. GAAP operating income for 2024 was $489 million or 7.2% of revenue as compared to $369 million or 6.2% of revenues in 2023.

2024 年全年非 GAAP 營業收入為 5.5 億美元，佔營收的 8.1%，而 2023 年為 4.48 億美元，佔營收的 7.5%。2024 年 GAAP 營業收入為 4.89 億美元，佔營收的 7.2%，而 2023 年為 3.69 億美元，佔營收的 6.2%。

The operating expense breakdown for the full year was as follows. Net R&D expenses were $456 million or 6.8% of revenues as compared to $424 million or 7.1% of revenues in 2023. The increase is mainly due to investment in expanding our portfolio of precision-guided munitions as well as increased investment in high-power laser.

全年營業費用明細如下。淨研發費用為 4.56 億美元，佔營收的 6.8%，而 2023 年為 4.24 億美元，佔營收的 7.1%。成長的主要原因是擴大精確導引彈藥組合的投資以及增加對高功率雷射的投資。

Marketing and selling expenses were $375 million or 5.5% of revenues in 2024 as compared to $359 million or 6% of revenues in 2023. G&A expenses were $311 million or 4.6% of revenues in 2024 as compared to $330 million or 5.5% of revenues in the same period last year. Financial expenses were $151 million as compared to $137 million in 2023.

2024 年行銷和銷售費用為 3.75 億美元，佔收入的 5.5%，而 2023 年為 3.59 億美元，佔收入的 6%。2024 年，一般及行政費用為 3.11 億美元，佔營收的 4.6%，去年同期為 3.3 億美元，佔營收的 5.5%。財務支出為 1.51 億美元，而 2023 年為 1.37 億美元。

The increase in financial expenses net in 2024 is mainly due to factoring expenses related to the extension of the premise evacuation agreement. The effective tax rate in 2024 was 11.4% compared to 10.1% in 2023. The tax expenses in 2024 and 2023 were affected by the tax benefit related to adjustments for per years following tax settlements in some of the company's subsidiaries in Israel.

2024 年財務費用淨額的增加主要是因為延長房屋撤離協議相關的保理費用。2024 年有效稅率為 11.4%，而 2023 年為 10.1%。2024 年和 2023 年的稅費受到該公司部分以色列子公司稅務結算後每年調整相關稅務優惠的影響。

Our non-GAAP diluted EPS was $2.66 in the fourth quarter of 2024 compared to $1.56 in the fourth quarter of 2023. GAAP diluted EPS was $2 for the fourth quarter of 2024 compared to $0.67 in the fourth quarter of 2023. This is the third consecutive quarter of double-digit EPS growth. Non-GAAP diluted EPS was $8.76 in the full year of 2024 compared to $6.70 in the full year of 2023. GAAP diluted EPS was $7.18 for the full year of 2024 compared to $4.82 in 2023.

2024 年第四季度，我們的非 GAAP 稀釋每股收益為 2.66 美元，而 2023 年第四季為 1.56 美元。2024 年第四季 GAAP 稀釋每股收益為 2 美元，而 2023 年第四季為 0.67 美元。這是每股收益連續第三個季度實現兩位數增長。2024 年全年非 GAAP 稀釋每股收益為 8.76 美元，而 2023 年全年為 6.70 美元。2024 年全年 GAAP 稀釋每股收益為 7.18 美元，而 2023 年為 4.82 美元。

Our backlog of orders as of December 31, 2024, was $22.6 billion, approximately $4.8 billion higher than the backlog at the end of 2023. Approximately 65% of the current backlog was generated from outside Israel. Approximately 57% of the backlog at the end of December is scheduled to be performed during 2025 and in 2026, while the rest is scheduled to be performed during '27 and beyond, a testimony of the potential of the company's continuing growth trajectory.

截至 2024 年 12 月 31 日，我們的積壓訂單為 226 億美元，比 2023 年底的積壓訂單高出約 48 億美元。目前積壓案件約有 65% 來自以色列境外。截至 12 月底，約有 57% 的積壓訂單計劃於 2025 年和 2026 年執行，其餘訂單計劃於 2027 年及以後執行，證明了該公司持續成長軌蹟的潛力。

Net cash flow provided by operating activities in the year ended December 31, 2024, was $535 million as compared to $114 million in the year ended December 31, 2023. Operating cash flow in 2024 were affected mainly by the increase in contract liabilities, offset by the increase in inventories and trade receivables. During 2024, we also delivered $320 million of free cash flow. It should be noted that our free cash flow generation is usually back-end loaded. The Board of Directors has declared a dividend of $0.60 per share.

截至 2024 年 12 月 31 日止年度，經營活動提供的淨現金流為 5.35 億美元，截至 2023 年 12 月 31 日止年度為 1.14 億美元。2024 年經營現金流量主要受到合約負債增加的影響，但被存貨和貿易應收款的增加所抵銷。2024年，我們也實現了3.2億美元的自由現金流。值得注意的是，我們的自由現金流產生通常是後端加載的。董事會宣布每股派息 0.60 美元。

I will now turn the call over to Mr. Machlis, Elbit's President and CEO. Butzi, please go ahead.

現在我將把電話轉給 Elbit 總裁兼執行長 Machlis 先生。布茨，請繼續。

Thank you, Kobi. First and foremost, I would like -- I want to express my deep gratitude and appreciation to our global workforce for their unwavering dedication to our customers worldwide. Their commitment remains exceptional, especially during this period of high demand for our advanced products and solutions. This is the fourth quarter in a row in which we have delivered double-digit year-over-year growth in revenues, operating profit and backlog.

謝謝你，Kobe。首先，我要向我們全球的員工表達深深的感謝和讚賞，感謝他們為全球客戶提供堅定不移的奉獻。他們的承諾依然卓越，特別是在我們先進產品和解決方案需求旺盛的時期。這是我們連續第四個季度實現營收、營業利潤和積壓訂單量年增兩位數。

Our backlog has reached a record of USD22.6 billion. Our EPS has reached a record of $8.76 per share. Our free cash flow generation peaked at USD320 million. During the quarter, Elbit continued to win meaningful contracts globally and locally. Among these, our contract to supply EW and DIRCM Self-Protection Suites to a NATO European country as well as securing the contract to provide (inaudible) official government aircraft with a DIRCM self-protection system, advanced communication system to the IMOD, counter US solutions to a NATO European countries, self-protection suites for Israel's F-16I aircraft and PULS rocket launcher artillery system for Germany's armed forces.

我們的未完成訂單已達到創紀錄的226億美元。我們的每股收益已達到創紀錄的 8.76 美元。我們的自由現金流產生量達到高峰 3.2 億美元。本季度，Elbit 繼續在全球和本地贏得有意義的合約。其中包括向北約歐洲國家提供 EW 和 DIRCM 自衛套件的合同，以及向（聽不清）政府官方飛機提供 DIRCM 自衛系統的合同、向 IMOD 提供先進的通信系統、向北約歐洲國家提供對抗美國的解決方案、向以色列的 F-16I 飛機提供自衛套件以及向德國武裝部隊提供 PULS 火箭發射火砲系統的合同。

We continue to invest in the development of agile, timely solutions to address the overall evolving modern battlefield. A year and a half into the conflict, Elbit remains a key strategic partner for the IDF. Over the past year, the company has demonstrated its ability to scale up production massively and meet customer demand while maintaining a strong presence alongside the IDF, upgrading systems in real-time during combat.

我們繼續投資開發靈活、及時的解決方案，以應對不斷發展的現代戰場。衝突已經持續了一年半，埃爾比特仍然是以色列國防軍的重要戰略合作夥伴。在過去的一年裡，該公司展示了其大規模擴大生產規模和滿足客戶需求的能力，同時保持與以色列國防軍的強大存在，並在戰鬥中即時升級系統。

Numerous new technology capabilities were introduced for the first time, leading the expansion of existing and new contract as well as significant international interest. Following the (inaudible) committee and its subsequential proposal, defense budgets in Israel are expected to remain elevated to the extent that they are approved. The war continues to [own] itself, and this is manifested in increasing defense budget globally and especially in Europe.

眾多新技術能力首次推出，引領了現有和新合約的擴展以及巨大的國際興趣。根據（聽不清楚）委員會及其隨後的提案，以色列的國防預算預計將保持在獲得批准的水平。戰爭仍在繼續，這體現在全球、尤其是歐洲的國防預算不斷增加。

Only two weeks ago, we witnessed announcement from Germany and from the UK regarding the intention to significantly increase the defense budget in 2025 and beyond. We see a great interest from Europe in our technology and portfolio, and Elbit's presence in some European countries via its subsidiaries is a big advantage. Additionally, we have joint ventures with leading European defense companies. For example, the cooperation with KNDS and the sale of PULS artillery system in Germany.

就在兩週前，我們看到德國和英國宣布打算在2025年及以後大幅增加國防預算。我們看到歐洲對我們的技術和產品組合有濃厚的興趣，而 Elbit 透過其子公司在一些歐洲國家開展業務是一大優勢。此外，我們也與歐洲領先的國防公司建立了合資企業。例如與KNDS的合作、以及在德國銷售PULS火砲系統等。

In the US, Elbit is well positioned and prepared for additional opportunities and is aligned with the new administration strategy and objectives of modern battlefield solution alongside, lower cost with agile and relevant solutions. ESA core principle revolve around mission focus and agility and addressing war-fighter needs. ESA is an important player in the US industrial base and with successful acquisitions over the years, we are able to roll through these dynamic times.

在美國，Elbit 已做好充分準備迎接更多機遇，並與新的管理策略和現代戰場解決方案的目標保持一致，同時透過靈活和相關的解決方案降低成本。ESA 的核心原則圍繞著任務重點和敏捷性以及滿足作戰人員的需求。ESA 是美國工業基礎的重要參與者，透過多年來的成功收購，我們能夠度過這些充滿活力的時期。

This has been a year of significant investment in increasing our capacity towards the growing demand for products and solutions as local and global difference spending continues to increase. The munition production site in Ramat Beka is partially operational with additional factories, growing production gradually as production will increase during 2025 and [therefore]. By the end of 2025, the site is expected to be operating with dozens of production lines while maintaining production at the Ramat HaSharon site until the end of 2026.

隨著本地和全球差異支出的不斷增加，今年我們進行了大量投資，以提高我們滿足日益增長的產品和解決方案需求的能力。拉馬特貝卡的彈藥生產基地已部分投入運營，另有工廠逐步增加產量，預計 2025 年產量將會增加，[所以]。到 2025 年底，該工廠預計將投入數十條生產線運營，同時維持拉馬特沙龍工廠的生產直到 2026 年底。

Our new ERP system is enhancing our efficiency through real-time data integration, streamlining inventory management and automated workflow, improving demand forecasting, optimizing logistics and ensuring seamless coordination across procurement, production, and distribution, and operating a one-company operational language. The new Elbit site is already fully operational.

我們的新 ERP 系統透過即時數據整合、簡化庫存管理和自動化工作流程、改進需求預測、優化物流、確保採購、生產和分銷之間的無縫協調以及運行單一公司營運語言來提高我們的效率。新的埃爾比特工廠已經全面投入運作。

The integration of AI to optimize internal processes, robotics in manufacturing, and advanced production line management is becoming a growing part of our operations. Elbit is implementing dedicated teams to integrate AI not only into the defense technology solutions, but also across internal company processes, including inventory management, supply chain optimization, project and product management.

人工智慧的整合以優化內部流程、製造中的機器人技術和先進的生產線管理正在成為我們營運中越來越重要的一部分。Elbit 正在組建專門團隊，不僅將 AI 融入國防技術解決方案，還將 AI 融入公司內部流程，包括庫存管理、供應鏈優化、專案和產品管理。

This year is a strong emphasis -- this year, a strong emphasis has been placed on improving operational efficiency with AI playing an important role in various solutions. As our portfolio of solutions continues to grow in a variety of areas, we continue to see our product development focusing on high-power laser solutions autonomous systems, active protection systems, PULS artillery, and expanding our guided munition portfolio, electronic warfare solutions for land, air, and maritime, and more.

今年是重點——今年我們非常重視提高營運效率，而人工智慧在各種解決方案中發揮重要作用。隨著我們的解決方案組合在各個領域不斷增長，我們繼續看到我們的產品開發專注於高功率雷射解決方案自主系統、主動防護系統、PULS 火砲，並擴大我們的導引彈藥組合、陸地、空中和海上電子戰解決方案等。

The maritime sector holds immense potential with Elbit's diverse range of relevant products still far from reaching the full market potential. Our new products include increasing use of AI solutions. Elbit Systems' strong global presence, spend in Europe, North America, Asia, and Israel, combined with our agile and innovative capabilities are driving our continued success as defense budgets continue to grow globally and enabling us to constantly delivering impactful results.

海運業潛力巨大，Elbit 的多種相關產品仍遠未發揮全部市場潛力。我們的新產品包括越來越多地使用人工智慧解決方案。Elbit Systems 強大的全球影響力、在歐洲、北美、亞洲和以色列的投資，加上我們靈活和創新的能力，推動著我們在全球國防預算持續增長的情況下取得持續成功，並使我們能夠不斷提供有影響力的成果。

On behalf of myself and the entire company, we remain hopeful for the sweet and safe return of our hostages still held in Gaza. They are always in our thoughts, and we eagerly await the days they are returned, reunited with their families.

我自己和整個公司都對仍被扣押在加薩的人質能夠平安返回抱有希望。我們永遠想著他們，熱切地盼望他們回家與家人團聚的那一天。

And with that, we'll be happy to take your questions. Operator?

我們很樂意回答您的問題。操作員？

(Operator Instructions) Ellen Page, Jefferies.

（操作員指示）艾倫·佩吉 (E​​llen Page)、傑富瑞 (Jefferies)。

Thanks for the question. Congrats on the quarter. Maybe just on free cash flow. You had a pretty great free cash flow year, and I think it was mostly driven by a large contract liability inflow. What was that related to?

謝謝你的提問。恭喜本季取得佳績。也許只是自由現金流。你們今年的自由現金流相當不錯，我認為這主要是由大量合約負債流入所推動的。那和什麼有關？

Thank you for the question. We -- what we see is over $500 million, $535 million to be precise of operational cash flow, which is significantly better than previous years. And also, we see expansion in our investment in CapEx to $215 million. And that together created $320 million. For your question, this is leaning on contract liabilities that we see, also with some expansion of inventories and the receivables.

謝謝你的提問。我們看到的營運現金流超過 5 億美元，準確地說是 5.35 億美元，比前幾年好得多。此外，我們的資本支出也擴大至 2.15 億美元。這些加起來創造了 3.2 億美元。對於您的問題，我們看到這是依賴合約負債，同時也伴隨著庫存和應收帳款的一些擴大。

Lara Jack, New York Times.

拉拉傑克，《紐約時報》。

I'm interested mostly in your export revenues, which I am hoping and I am assuming, but please correct me if I'm wrong, that means your export sales, just doing a little math here, if your overall year of revenues were $6.8 billion, and it looks like what 61% of your revenues were exported, that would be $4.84 billion of sales, exported sales from Israel last year.

我主要對您的出口收入感興趣，我希望並且我假設如此，但如果我錯了，請糾正我，這意味著您的出口銷售額，只需在這裡做一點數學計算，如果您全年的收入為 68 億美元，看起來 61% 的收入來自出口，那麼去年以色列的出口銷售額將是 48.4 億美元。

I just wanted to make sure that those numbers sounded right to you. And then also, I was curious as to why you think this is, that at a time of Israel fighting at least three, maybe five fronts in 2024. Why and how Israel and Elbit was able -- mostly Elbit, obviously, was able to export so many weapons during this time of war?

我只是想確保這些數字對你來說聽起來是正確的。而且，我還很好奇您為什麼會這樣想，因為到 2024 年，以色列至少要在三條甚至五條戰線上作戰。為什麼以及如何以色列和埃爾比特公司能夠——顯然主要是埃爾比特公司能夠在戰爭期間出口如此多的武器？

Okay. Thank you, Lara. I'll answer the first question. Your math is right. Our export revenue was $4.8 billion, while our Israeli revenue is close to $2 billion. Butzi will answer your second question.

好的。謝謝你，拉拉。我來回答第一個問題。你的數學是正確的。我們的出口收入為48億美元，而我們的以色列收入接近20億美元。布茨將回答你的第二個問題。

One of the advantages of the company is we have dozens of subsidiary abroad. In the US, in Europe, as well as in Asia Pacific. Out of the 22,000 employees we have worldwide, only 14,000 in Israel, the rest are abroad in our subsidiaries. And it really shows the resilience of the company. On one hand, we are able to support our local customers (inaudible), but via our subsidiaries. We are able to support our international customer and to continue to export from Israel as well as via a subsidiary to the global difference needs.

公司的優勢之一是我們在國外擁有數十家子公司。在美國、在歐洲、亞太地區。我們在全球擁有 22,000 名員工，其中只有 14,000 名在以色列，其餘員工都在國外的子公司。這確實顯示了公司的韌性。一方面，我們能夠透過我們的子公司為當地客戶提供支援（聽不清楚）。我們能夠支持我們的國際客戶並繼續從以色列出口以及透過子公司滿足全球差異需求。

And the diverse revenue base is one of our big advantages. It creates stability and the fact that we have such a wide portfolio and such a global presence is a major part of our strategy.

多元化的收入基礎是我們的一大優勢。它創造了穩定性，而且我們擁有如此廣泛的產品組合和如此全球性的影響力是我們策略的重要組成部分。

Would you say that this is a record high for Elbit exports during this year? Or is it a number that's kind of come and gone over the years?

您是否認為這是今年埃爾比特出口的最高紀錄？或者這個數字多年來一直存在變化？

No. We are growing year by year, and we see more and more potential for us around the globe in Europe, in the US, as well as in Asia Pacific. We are able to bring to the market very innovative and operational solutions on one hand, and we are able to be local to be part of the ecosystem of each country. And so this is a record year for us outside of Israel, but we hope and believe that the potential is huge, is big for us, and we expect the export activities to continue part of it from Israel, but the majority is done via our subsidiaries globally.

不。我們每年都在成長，我們在歐洲、美國以及亞太地區看到了越來越大的全球潛力。一方面，我們能夠為市場帶來極具創新性和可操作性的解決方案，另一方面，我們也能夠融入每個國家的本地生態系統。因此，對於我們在以色列以外地區來說，這是創紀錄的一年，但我們希望並相信潛力巨大，對我們來說潛力巨大，我們預計出口活動將繼續部分來自以色列，但大部分是透過我們在全球的子公司完成的。

Okay. So just to clarify, that's $4.8 billion revenues exported, that is a record high for Elbit, but you still see potential to grow it in future years, correct?

好的。所以需要澄清的是，出口收入為 48 億美元，這是 Elbit 的最高紀錄，但您仍然認為未來幾年還有成長的潛力，對嗎？

That's correct.

沒錯。

Thank you.

謝謝。

Ellen Page, Jefferies.

艾倫·佩吉 (E​​llen Page)、傑富瑞 (Jefferies)。

Sorry about that. I just wanted to ask on the facility in the south of Israel. Is that fully operational at this point? And how do we think about capacity for additional ammunition volumes from here just given Land was such a growth leader in 2024?

很抱歉。我只是想詢問有關以色列南部設施的情況。現在它已經完全投入運作了嗎？鑑於土地在 2024 年成為增長領頭羊，我們如何看待未來增加彈藥容量的能力？

So we are -- Ellen, as you know, we are continuing to expand our capacity and growing capacity with the investments that we're doing in our premises in the south Ramat Beka the new factory as well as in other premises in Israel and outside of Israel. We just elaborated facilities in the UK and in Germany. And also in Israel, we're starting working in the Ramat Beka site. So gradually, we are expanding our production to meet the growing demand.

所以，艾倫，正如你所知，我們正在繼續擴大我們的產能，並透過在南部拉馬特貝卡的新工廠以及在以色列和以色列以外的其他工廠進行的投資來提高我們的產能。我們剛剛詳細說明了英國和德國的設施。此外，我們在以色列的拉馬特貝卡 (Ramat Beka) 工廠也開始工作。因此，我們正在逐步擴大生產以滿足日益增長的需求。

Great. And can you talk about your expectations for growth across regions in the next regions and end markets in the next few years?

偉大的。您能否談談對未來幾年各地區和終端市場的成長預期？

We are looking at the market as Butzi mentioned, we see a very strong growth in budgets, mostly in Europe. And with the new -- the fresh EUR150 billion that were announced just recently from the commissioner. We expect very big growth in Europe. As Butzi mentioned, we have very -- we are very good group to meet this demand in dozens of subsidiaries across Europe and that is a very strong growth trajectory to orbit.

正如布茨所提到的，我們正在關注市場，我們發現預算成長非常強勁，主要是在歐洲。此外，專員最近也宣布了新的 1500 億歐元撥款。我們預計歐洲將實現大幅成長。正如布茨所提到的，我們是一個非常優秀的集團，能夠滿足歐洲數十家子公司的需求，這是一個非常強勁的成長軌跡。

Other than that, we see continued growth in Israel, where our backlog increased in 2024 by $3 billion. That means that we expect additional growth in Israel as well. And Asia Pacific, which continues to be very strong with higher demand and higher budget as well.

除此之外，我們看到以色列持續成長，2024 年我們的積壓訂單增加了 30 億美元。這意味著我們也預期以色列將進一步成長。亞太地區持續保持強勁勢頭，需求和預算均增加。

Great. Thanks. I'll hop back in the queue.

偉大的。謝謝。我會重新回到隊列中。

(Operator Instructions) 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 two hours after the conference ends. In the US, please call 1-888-782-4291. In Israel, please call 03-925-5900. And internationally, please call 972-925-5900. A replay of this call will also be available on the company's website www.elbitsystems.com.

（操作員指示）目前沒有其他問題。在我請馬克利斯先生繼續他的閉幕發言之前，我想提醒與會者，本次通話的重播將在會議結束兩小時後提供。在美國，請撥打1-888-782-4291。在以色列，請撥打 03-925-5900。國際電話請撥 972-925-5900。這次電話會議的重播也將在公司網站 www.elbitsystems.com 上提供。

Mr. Machlis, would you like to make your concluding statement?

馬赫利斯先生，您願意做最後發言嗎？

I would like to thank our employees again for their hard work and total commitment. 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.

我要再次感謝我們員工的辛勤工作和全心投入。對於電話會議中的每個人，感謝你們今天的加入以及你們對我們公司的持續支持和關注。祝您有美好的一天，再見。

Thank you. This concludes the Elbit Systems Ltd fourth-quarter 2024 results conference call. Thank you for your participation. You may go ahead and disconnect.

謝謝。Elbit Systems Ltd 2024 年第四季業績電話會議到此結束。感謝您的參與。您可以繼續並斷開連線。