Elbit Systems Ltd (ESLT) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Elbit Systems' first-quarter 2025 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 2025 年第一季業績電話會議。 （操作員指示）提醒一下，本次會議正在錄音。

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

現在我想將電話交給 Elbit Systems 投資者關係副總裁 Daniella Finn 女士。丹妮拉，請繼續。

Thank you, Nathan. Good day, everyone, and welcome to our first-quarter 2025 earnings call. On the call with me today are Butzi Machlis, President and CEO of Elbit Systems; and Kobi Kagan, CFO.

謝謝你，內森。大家好，歡迎參加我們的 2025 年第一季財報電話會議。今天與我一起通話的有 Elbit Systems 總裁兼執行長 Butzi Machlis；以及財務長 Kobi Kagan。

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 content of this conference call. As usual, we will provide you with both GAAP financial data as well as certain supplemental non-GAAP information.

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。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。

We believe that this non-GAAP information provides additional details to help understand the performance of the ongoing business. You can find the detailed GAAP financial data as well as the non-GAAP information and the reconciliation in today's press release.

我們相信，這些非公認會計準則資訊提供了額外的細節，有助於了解持續經營業務的表現。您可以在今天的新聞稿中找到詳細的 GAAP 財務數據以及非 GAAP 資訊和對帳。

Kobi will begin by providing a discussion of the financial results, followed by Butzi, who will talk about some of the significant developments during the quarter and beyond. We will then turn the call over to question-and-answer session.

Kobi 將首先討論財務結果，然後 Butzi 將談論本季及以後的一些重要發展。然後我們將把電話轉入問答環節。

With that, I would like to now turn the call over to Kobi. Kobi, please go ahead.

說完這些，我現在想把發言權交給Kobe。科比，請繼續。

Thank you, Daniella. Hello, everyone, and thank you for joining us today. The strong set of results published earlier today continues the trend we've seen over the past few quarters of strong revenue growth and margin expansion. This quarter is the fourth consecutive quarter in which we publish double-digit growth for revenues, backlog, operating income, net income, and EPS. We are very pleased with these results. We continue to make a concerted effort to improve our free cash flow, and I am happy to announce that, in this quarter, we presented strong free cash flow totaling $161 million.

謝謝你，丹妮拉。大家好，感謝大家今天加入我們。今天稍早公佈的強勁業績延續了過去幾季強勁的營收成長和利潤率擴大的趨勢。本季是我們連續第四個季度實現收入、積壓訂單、營業收入、淨收入和每股收益兩位數成長。我們對這些結果非常滿意。我們將繼續齊心協力改善我們的自由現金流，我很高興地宣布，本季我們實現了強勁的自由現金流，總額達 1.61 億美元。

I will now highlight and discuss some of the key figures and trends in our financial results. First-quarter revenues were $1,896 million compared to $1,554 million in the first quarter of 2024. In the first quarter of 2025, Europe contributed 24%, North America 21%, Asia Pacific 18%, and Israel contributed 32% of revenues.

現在我將重點介紹並討論我們財務業績中的一些關鍵數據和趨勢。第一季營收為 18.96 億美元，而 2024 年第一季為 15.54 億美元。 2025 年第一季度，歐洲貢獻了 24%，北美貢獻了 21%，亞太地區貢獻了 18%，以色列貢獻了 32%。

Demand continues to be robust in all key geographies. GAAP gross margin in the first quarter was 24% of revenues compared to 24.1% in the first quarter of 2024. The non-GAAP gross margin for the first quarter was 24.3% compared to 24.7% in the first quarter of 2024.

所有主要地區的需求依然強勁。第一季 GAAP 毛利率為營收的 24%，而 2024 年第一季為 24.1%。第一季非 GAAP 毛利率為 24.3%，而 2024 年第一季為 24.7%。

The first-quarter GAAP operating income for the first quarter was $149.7 million or 7.9% of revenues versus $105.4 million or 6.8% of revenues in the first quarter of 2024. Non-GAAP operating income was $165.1 million or 8.7% of revenues compared with $121.6 million or 7.8% of revenues in the first quarter of last year.

第一季 GAAP 營業收入為 1.497 億美元，佔營收的 7.9%，而 2024 年第一季為 1.054 億美元，佔營收的 6.8%。非 GAAP 營業收入為 1.651 億美元，佔營收的 8.7%，而去年第一季為 1.216 億美元，佔營收的 7.8%。

The operating expense breakdown in the first quarter was as follows. Net R&D expenses were $114.3 million or 6.1% of revenues compared to $98.5 million or 6.3% of revenues in the first quarter of 2024. Marketing and selling expenses were $100.9 million or 5.3% of revenues versus $89.1 million or 5.7% in the first quarter of 2024.

第一季的營業費用明細如下。淨研發費用為 1.143 億美元，佔營收的 6.1%，而 2024 年第一季為 9,850 萬美元，佔營收的 6.3%。行銷和銷售費用為 1.009 億美元，佔收入的 5.3%，而 2024 年第一季為 8,910 萬美元，佔營收的 5.7%。

G&A expenses were $89.4 million or 4.7% of revenues compared to $81.2 million or 5.2% of revenues in the first quarter of 2024. Financial expenses were $39 million in the first quarter compared to $31.2 million in the first quarter of 2024.

一般及行政管理費用為 8,940 萬美元，佔營收的 4.7%，而 2024 年第一季為 8,120 萬美元，佔營收的 5.2%。第一季的財務費用為 3,900 萬美元，而 2024 年第一季為 3,120 萬美元。

The increase in financial expenses in the first quarter of 2025 was mainly due to the hedging transaction and the net effect of changes in the exchange rates of different currencies in which the company operates. We recorded a tax expense of $16.1 million in the first quarter compared to $11.6 million in the first quarter of 2024. The effective tax rate in the first quarter of 2025 was 13.9% compared to 14.6% in the first quarter of 2024.

2025年第一季財務費用的增加主要由於避險交易以及公司經營所採用的不同貨幣匯率變動的淨效應。我們第一季的稅費為 1,610 萬美元，而 2024 年第一季為 1,160 萬美元。 2025 年第一季的有效稅率為 13.9%，而 2024 年第一季為 14.6%。

GAAP diluted EPS was $2.35 for the first quarter of 2025 compared to $1.65 in the first quarter of 2024. Our non-GAAP diluted EPS was $2.57 for the first quarter of 2025 compared to $1.81 in the first quarter of 2024.

2025 年第一季度，GAAP 稀釋每股收益為 2.35 美元，而 2024 年第一季為 1.65 美元。 2025 年第一季度，我們的非 GAAP 稀釋每股收益為 2.57 美元，而 2024 年第一季為 1.81 美元。

Quarterly segment revenue for the first quarter of 2025. Aerospace revenue increased by 20% year over year, mainly due to increasing precision guided munition sales in Israel and Asia Pacific. C4I and Cyber revenues increased by 12% year over year, mainly due to increasing radio systems and command and control system sales in Israel and in Europe.

2025 年第一季季度分部收入。航空航太收入年增 20%，主要原因是以色列和亞太地區精確導引彈藥銷售增加。 C4I 和網路收入年增 12%，主要原因是以色列和歐洲的無線電系統和指揮與控制系統銷售增加。

ISTAR and EW revenue increased by 4% in the first quarter of 2025, mainly due to Electro-Optic system sales. Land revenue increased by 48% in the first quarter of 2025, mainly due to increased ammunition and munition sales in Israel and in Europe. Elbit Systems of America revenues increased by 18% due to the increase in Warfighters systems and medical instrumentation sales.

2025年第一季度，ISTAR和EW營收成長了4%，這主要得益於電光系統的銷售。 2025 年第一季土地收入成長了 48%，這主要歸因於以色列和歐洲的彈藥和軍火銷售增加。由於作戰系統和醫療儀器銷售的成長，美國埃爾比特系統公司的收入成長了 18%。

Our order backlog as of March 31, 2025, was $23.1 billion, $2.7 billion higher than the backlog at the end of the first quarter of 2024. Approximately 66% of the current backlog is attributable to orders from outside of Israel.

截至 2025 年 3 月 31 日，我們的訂單積壓為 231 億美元，比 2024 年第一季末的積壓高出 27 億美元。目前積壓的訂單中約有 66% 來自以色列以外的訂單。

Approximately 51% of the current backlog is scheduled to be performed during the remainder of 2025 and during 2026, and the rest is scheduled for 2027 and beyond. Net cash, provided by operating activities at the end of the first quarter of 2025, was $184 million as compared to $6 million cash used in the first quarter of 2024.

目前積壓的約 51% 計劃在 2025 年剩餘時間和 2026 年期間完成，其餘計劃在 2027 年及以後完成。 2025 年第一季末經營活動提供的淨現金為 1.84 億美元，而 2024 年第一季使用的現金為 600 萬美元。

Operating cash flow during the quarter were affected mainly by the increase in net income and an increase in contract liabilities which were offset by the increase in inventories and trade receivables. During the first quarter of 2025, we also delivered $161 million of free cash flow. The Board of Directors has declared a dividend of $0.60 per share.

本季經營現金流量主要受到淨收入增加和合約負債增加的影響，但被庫存和貿易應收款的增加所抵消。 2025 年第一季度，我們也實現了 1.61 億美元的自由現金流。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 CEO. Butzi, please go ahead.

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

Thank you, Kobi. I would like to begin by thanking our Elbit employees around the world for their hard work and ongoing support and commitment to our customers. These results would not have been achieved without our ongoing commitment and dedication.

謝謝你，Kobe。首先，我要感謝世界各地的 Elbit 員工的辛勤工作以及對我們客戶的持續支持和承諾。如果沒有我們持續的承諾和奉獻，這些成果是不可能實現的。

During Q1 2025, we have seen a dynamic trend of strong growth continue as demand in the defense business remains high. This is the fourth quarter in a row in which we have delivered double digit year-over-year growth in revenues, operating profit, net profit, and backlog. Our backlog has reached a record of $23.1 billion, up 40% from last year. For the period of the last four quarters, our GAAP EPS is almost 8% and the non-GAAP EPS is at $9.5.

2025 年第一季度，由於國防業務需求仍然高漲，我們看到強勁成長的動態趨勢持續存在。這是我們連續第四個季度實現營收、營業利潤、淨利潤和積壓訂單量較去年同期成長兩位數。我們的積壓訂單已達到創紀錄的 231 億美元，比去年增加了 40%。在過去四個季度中，我們的 GAAP EPS 接近 8%，非 GAAP EPS 為 9.5 美元。

The ongoing conflicts in Ukraine and locally here in the Middle East continue to dominate the geographical agenda. These are evidence in government's decision making around the world to increase defense budgets, coupled with ongoing rhetoric by President Trump for NATO allies to increase defense spending is propelling this super cycle we are seeing in defense spend where we continue to see strong demand for Elbit's products and advanced technological solutions as evident in our growing backlog and sales.

烏克蘭和中東地區持續不斷的衝突繼續佔據著地理議程的主導地位。這些都是世界各國政府增加國防預算決策的證據，再加上川普總統不斷發表言論要求北約盟國增加國防開支，推動了我們在國防開支方面看到的這個超級週期，我們繼續看到對埃爾比特產品和先進技術解決方案的強勁需求，這從我們不斷增長的積壓訂單和銷售額中可以看出。

Last week, the NATO Secretary General, presented a proposal for a plan to further increase defense spending in Europe to gradually reach 5% of GDP by 2032, which is expected to be presented at the next NATO summit at the end of June. We believe our growth geographical exposure to Israel, US, Europe, and Asia Pacific is unique.

上週，北約秘書長提出了進一步增加歐洲國防開支的計畫提案，到2032年逐步達到GDP的5%，預計在6月底舉行的下一屆北約峰會上提出。我們相信，我們在以色列、美國、歐洲和亞太地區的成長地理覆蓋是獨一無二的。

During the quarter and beyond, we continued to receive orders from for our solutions in artillery, ammunition, electronic warfare, radio system, and self-protection solutions among others. For example, we won a contract totaling approximately $100 million to provide joint national digital files command centers for European country, or contract totaling $80 million to supply the IMOD with advanced airborne self-protection suits for the F-16I fleet designed to further secure the safety of the F-16I aircraft, enabling it to operate safely in hostile environments.

在本季度及以後，我們繼續收到有關火砲、彈藥、電子戰、無線電系統和自我保護解決方案等領域的解決方案的訂單。例如，我們贏得了總額約1億美元的合同，為歐洲國家提供聯合國家數位文件指揮中心，或總額8000萬美元的合同，為IMOD提供用於F-16I機隊的先進機載自衛服，旨在進一步確保F-16I飛機的安全，使其能夠在惡劣環境中安全運行。

Another self-protection solution was won this time, a maritime EW self-protection solution for a frigate installation to NATO European country. Elbit the DESEAVER MK-4 countermeasure dispensing system is an advanced maritime electronic water solution designed to effectively counter complex missile attack scenarios. An additional contract secured to a NATO European country was to supply our ReDrone Counter-UAS solution. This multi-sensor and multi-emission system is part of Elbit's advanced EW, radar and seeking portfolio, enabling the rapid detection and location of multiple drones simultaneously.

這次得標的又是自衛解決方案，為北約歐洲國家的一艘護衛艦提供海上電子戰自衛解決方案。 Elbit DESEAVER MK-4 對抗分配系統是一種先進的海上電子水解決方案，旨在有效應對複雜的飛彈攻擊場景。我們與北約歐洲國家簽訂的額外合約是提供我們的 ReDrone 反無人機解決方案。這款多感測器和多發射系統是 Elbit 先進的電子戰、雷達和尋的產品組合的一部分，能夠同時快速偵測和定位多架無人機。

During the quarter, we continued winning contract for our advanced rocket munition launcher PULS precise and universal launching system. This time, together with KNDS, it was Germany who selected our PULS solution which has now been selected by multiple European countries, including Germany, the Netherlands, and Denmark, among others.

本季度，我們繼續贏得先進火箭彈藥發射器 PULS 精確通用發射系統的合約。此次，德國與KNDS共同選擇了我們的PULS解決方案，目前已被德國、荷蘭、丹麥等多個歐洲國家採用。

Testimony of its effectiveness in enhancing defense capabilities in modern battlefield. Additionally, we want a $130 million contract to yet another European NATO country during the quarter. The scalable PULS system enables a variety of range to be used, starting from 35 kilometer up to a range of 300 kilometers. These agile and scalable features of this advanced and versatile arterial rocket system, coupled with a couple of launching a wide range of rocket types from a single platform, has been a key win by our customers versus our solution.

證明其在提高現代戰場防禦能力方面的有效性。此外，我們還希望在本季與另一個歐洲北約國家簽訂價值 1.3 億美元的合約。可擴展的 PULS 系統可使用多種射程，從 35 公里到 300 公里。這種先進且多功能的動脈火箭系統的靈活和可擴展特性，加上從單一平台發射多種類型的火箭的能力，成為我們的客戶相對於我們的解決方案的關鍵優勢。

In February, we showcased our latest development in air defense technology at the Aero India Show. Elbit innovative portfolio featured solutions, including unmanned aerial systems, directed infrared countermeasure technology, electronic warfare capabilities, precise guided munition, and our helmet mounted displays, among others. I'm pleased to say that there was a strong interest in our product display.

今年2月，我們在印度航空展上展示了我們在防空技術領域的最新進展。 Elbit 創新產品組合特色解決方案包括無人機系統、定向紅外線對抗技術、電子戰能力、精確導引彈藥以及頭盔顯示器等。我很高興地說，大家對我們的產品展示表現出了濃厚的興趣。

We continue to see growing amount of interest in the Iron Beam system, the high-power laser solution, which is expected to be operational by the end of 2025. The laser component of the Iron Beam solution developed by Elbit is intended to provide a robust defense against a variety of incoming threats. The $200 million contract announced back in October 2024 positioned Elbit as an Israeli laser center and a global leader in high power laser technology, both for land and airborne solutions. We should continue to update you on development in this area.

我們持續看到人們對「鐵光束」系統（一種高功率雷射解決方案）的興趣日益濃厚，預計該系統將於 2025 年底投入使用。 「鐵光束」解決方案的雷射組件由 Elbit 開發，旨在為各種來襲威脅提供強大的防禦。 2024 年 10 月宣布的 2 億美元合約將使 Elbit 成為以色列雷射中心和高功率雷射技術的全球領導者，涵蓋陸地和機載解決方案。我們應該繼續向您通報該領域的進展。

And with that, I will be happy to answer your questions. Operator?

我很樂意回答您的問題。操作員？

(Operator Instructions) Before that, I would like to hand the call over back to Ms. Daniella Finn for a few questions that were present and pre-recorded. Daniella, please go ahead.

（操作員指示）在此之前，我想將電話交還給丹妮拉·芬恩女士，讓她回答幾個已經提出並預先錄製好的問題。丹妮拉，請繼續。

Thank you very much, Nathan, and a couple of questions from (inaudible) from Excellence. Thank you very much for your question today. The first question is, is there an expectation of a slowdown in activity in Israel due to a possible decline in the intensity of the conflict in Gaza or a ceasefire imposed by the US? How is the company preparing for such a scenario?

非常感謝，內森，還有幾個來自 Excellence（聽不清楚）的問題。非常感謝您今天的提問。第一個問題是，由於加薩衝突強度可能下降或美國實施停火，是否預期以色列的活動會放緩？公司如何為這種情況做準備？

Thank you. First, I would like to say that I'm praying for the end of the current war we have in Israel and for the list of the hostages from Gaza. The investment in defense is, I believe, will continue in the near-term future, and the main reason for that is these investments are helping to create an advantage for Israel in our arena and to create and so -- and there is also a need to build more inventories and to treat the equipment, which is coming back from the field. So I really believe that this investment will continue.

謝謝。首先，我想說，我祈禱以色列目前的戰爭結束，並祈禱加薩人質名單公佈。我相信，在國防方面的投資在不久的將來還會繼續，主要原因是這些投資有助於以色列在我們的領域創造優勢，並且還需要建立更多的庫存並處理從戰場返回的設備。所以我真的相信這項投資將會持續下去。

The same we see in Europe. Countries are preparing themselves to invest more in defense. In all, they are not very concerned from Russia, mainly in North Europe, so I do not see any slowdown in defense spending investment in the coming few years, not in Israel and neither in Europe.

我們在歐洲也看到同樣的情況。各國正準備加大國防投入。總的來說，俄羅斯，尤其是北歐國家，並不太擔心，因此我認為未來幾年國防開支投資不會有任何放緩，無論是以色列還是歐洲。

Thank you. And the second question from [Han], is an improvement in the gross profit rate expected in the coming year, or will the profitability targets be achieved while relying on operating leverage?

謝謝。 [韓] 的第二個問題是，預計明年毛利率會提高嗎，還是會依靠經營槓桿來實現獲利目標？

Thank you, Han. With the high demand, we are witnessing and the expedited growth of our backlog, we can be more selective in the bookings we take. Additionally, on top of that, we will see continuous operational OpEx leverage, as you mentioned.

謝謝你，韓。隨著需求的不斷增長，我們目睹了積壓訂單的快速增長，因此我們可以更有選擇性地接受預訂。此外，正如您所說，最重要的是，我們將看到持續的營運支出槓桿。

Thank you. And the next question from Han is, what is the expectation for CapEx for the rest of the year?

謝謝。韓的下一個問題是，今年剩餘時間的資本支出預期是多少？

We see the same level of CapEx investment, might be a small increase in CapEx investment around the neighborhood of $250 million as we recorded $215 million in 2024.

我們看到資本支出投資水準相同，可能會小幅增加約 2.5 億美元，因為我們在 2024 年記錄了 2.15 億美元。

Thanks, Kobi.

謝謝，Kobe。

I would like to add more flavor to the first question with regards to investment here in Israel and Europe. The main reason for investment is not just to support the current conflict we have, is also to create deterrence against our enemies here in our region and also in Europe.

我想對第一個問題補充一些有關在以色列和歐洲投資的內容。投資的主要原因不僅是為了支持我們當前的衝突，也是為了對我們地區以及歐洲的敵人形成威懾。

And because of that, I really believe that that's the main reason for the investment, not the current conflicts which are happening right now here as well as in Europe, but to create deterrence which can avoid war in the future.

正因為如此，我堅信，投資的主要原因不是因為目前這裡以及歐洲正在發生的衝突，而是為了形成威懾，避免未來的戰爭。

Thank you for that. And a final question from Han, what is the status of Iron Beam? Will it be operational by the end of the year, and slightly half of that (inaudible) would you like to elaborate slightly on that?

謝謝你。韓的最後一個問題是，鐵樑的現況如何？它是否會在今年年底投入運營，其中大約一半（聽不清楚）您想稍微詳細說明一下嗎？

Yeah, the Iron Beam, the lens solution should be operational by the end of this year. We are working hard in order to make it happen and there is a lot of progress. In parallel, we continue to invest in the airbone solution. We believe that bringing the airbone solution to the arena will create a great -- will be a huge change in the way countries are fighting, mainly against storms, hundreds of engineers and physicians are working in order to develop the system, and there is a lot of progress there as well.

是的，「鐵光束」鏡頭解決方案應該會在今年年底投入使用。我們正在努力實現這一目標，並且已經取得了很大進展。同時，我們繼續投資空中解決方案。我們相信，將空中解決方案帶到戰場將會帶來巨大的改變——將極大地改變各國對抗風暴的方式，數百名工程師和醫生正在努力開發該系統，並且也取得了很大進展。

Thank you, Butzi. Operator, we can take the following questions now. Thank you.

謝謝你，布茨。接線員，我們現在可以回答以下問題。謝謝。

Omri Efroni, Oppenheimer.

奧本海默的 Omri Efroni。

Hey guys, congrats on the great quarter. I have a few questions. I hope you don't mind. The first is about the land division. The operating margin was pretty high. It's [got] 9%, and I know that most of the equipment is going into Israel. I was wondering if you have any more upside when Israeli stockpiles are full and Elbit will be able to sell to other countries. That's the first question.

嘿夥計們，祝賀你們取得了這個偉大的季度。我有幾個問題。我希望你不介意。第一是關於土地分割。營業利益率相當高。它佔了 9%，我知道大部分設備都運往了以色列。我想知道，當以色列的庫存充足並且 Elbit 能夠向其他國家出售時，是否還有更多好處。這是第一個問題。

The second question is about the Iron Beam. I was wondering if you have any internal price target -- sales targets, sorry, for the system. And if so, if the system is going to be sold only to Israel or you can sell it into the United States.

第二個問題是關於鐵樑的。我想知道您是否有任何內部價格目標——銷售目標，抱歉，是針對系統的。如果是這樣，該系統是否只出售給以色列或可出售給美國。

And the third question is about the pictures you put on slide 7. I see here the soldier lethality program, a.k.a the IVAS in the United States. I was wondering if you have any targets or any more color you can give on the IVAS and [materiality] soldier enhancement. And maybe some more color in the maritime sensing and future products that might be much more important than next year? Thanks.

第三個問題是關於您在第 7 張投影片上放置的圖片。我在這裡看到了士兵殺傷力計劃，也就是美國的 IVAS。我想知道您是否可以對 IVAS 和 [物質性] 士兵增強提供任何目標或更多資訊。也許在海事感測和未來產品方面會有一些比明年更重要的色彩？謝謝。

So let's do it one by one. If I'm not mistaken, the first question was with regards to the land revenues, right?

因此，讓我們逐一進行。如果我沒記錯的話，第一個問題是關於土地收入的，對嗎？

Yes.

是的。

So, first I would like to say that the land division is not selling just ammunitions. They are selling full turnkey solutions which includes the artillery system, [provinces], motors, command and control system, fire control system, electro-optics, and of course munition and guided munition as well, all combined.

所以，首先我想說的是，陸上部門出售的不只是彈藥。他們出售的是全套交鑰匙解決方案，包括火砲系統、引擎、指揮和控制系統、火控系統、電光系統，當然還有彈藥和導引彈藥。

What happened after the acquisition of IMI is that actually we combined all the elements which are related to land solutions into one division, and we are selling a turnkey solution to our customers. It's not a product, it's a full term system.

收購 IMI 之後，我們實際上將與陸地解決方案相關的所有元素合併為一個部門，並向客戶銷售交鑰匙解決方案。它不是一個產品，而是一個完整的術語系統。

Now, if I understood you correctly, you have asked me about what will happen after the demand in Israel will increase. What is it right? Will decrease in the price?

現在，如果我理解正確的話，您問我以色列的需求增加後會發生什麼。什麼是對的？價格會下降嗎？

Yeah, if you have any more upside in operating leverage -- operating margin in the land division.

是的，如果你的經營槓桿還有任何上升空間──土地部門的經營利潤率。

And also, you asked about the demand outside of Israel.

另外，您詢問了以色列以外的需求。

Yeah, I suppose it's continued to be pretty strong. My main question is when you start selling outside of Israel, mainly to Europe in much higher numbers, if the operating margin is going to be enhanced?

是的，我想它會繼續保持強勁。我的主要問題是，當您開始在以色列以外地區（主要是歐洲）銷售大量產品時，營業利潤率是否會提高？

First, we continue to improve our numbers in the land division and we see a big change there. And today, they are contributing quite a lot to our profits. And of course, as quantities are going up, we have more opportunities to increase the bottom line. And we see a lot of growing demand, mainly in Europe, not just in Israel, so I truly believe that there is a lot of potential for more revenues and more profits in this domain.

首先，我們繼續提高土地部門的數字，我們看到了巨大的變化。如今，他們為我們的利潤貢獻了相當多的錢。當然，隨著數量的增加，我們有更多機會提高利潤。我們看到了大量不斷增長的需求，主要在歐洲，而不僅僅是在以色列，所以我堅信這個領域有很大的潛力可以創造更多的收入和利潤。

Okay, so this was with regards to the first question. The second question was around Iron Beam, right?

好的，這是關於第一個問題。第二個問題是關於鐵光束的，對嗎？

Yes.

是的。

So the question was what are the prices of the system. I'm not really sure I understood the question.

所以問題是該系統的價格是多少。我不太確定我是否理解了這個問題。

The targets of revenue for the system in the Israel or the United States.

該系統的收入目標是以色列或美國。

Usually, we don't give this information publicly. I can tell you that there is a huge interest, there is a huge interest around the system, around the laser solution and other types of energy weapons. We deal not just with laser systems. We deal with many types of -- there's several types of energy weapons in Israel as well as abroad. As regards to numbers, these numbers, usually we don't share this data.

通常，我們不會公開提供這些資訊。我可以告訴你，人們對該系統、雷射解決方案和其他類型的能量武器有著極大的興趣。我們經營的不僅僅是雷射系統。我們處理多種類型的能量武器——以色列和國外都有幾種類型的能量武器。至於數字，這些數字，通常我們不會分享這些數據。

Okay. And regarding the third question about soldier lethality and maritime sensing?

好的。關於士兵殺傷力和海上感知的第三個問題？

Yes, we are very happy with the acquisition of Night Vision, which took place a few years back. This company is growing and improving, and they are providing, as you know, night vision equipment for the army, for the marines, as well as for other international customers. Now, based on the Elbit portfolio, we are able to combine a full turnkey solution for infantry soldiers. This is also a lesson learned from the current conflict we have here in our region.

是的，我們對幾年前收購 Night Vision 感到非常高興。這家公司正在不斷發展和進步，正如你所知，他們為陸軍、海軍陸戰隊以及其他國際客戶提供夜視設備。現在，基於 Elbit 產品組合，我們能夠為步兵提供完整的交鑰匙解決方案。這也是我們從本地區當前衝突中學到的教訓。

And we are following unique solution for infantry soldiers -- for future infantry soldiers, and we are offering it to our different customers in the US as well as abroad. I'm very happy to say that we just announced a $112 million contract to the US Marine Corps. And we see a lot of potential in this specific domain. It's a growing segment in our portfolio.

我們正在為步兵——未來的步兵提供獨特的解決方案，並將其提供給美國和國外的不同客戶。我很高興地說，我們剛剛宣布與美國海軍陸戰隊簽訂了一份價值 1.12 億美元的合約。我們看到這個特定領域的巨大潛力。這是我們投資組合中一個不斷成長的部分。

Conor Walters, Jefferies.

康納沃特斯，傑富瑞集團。

Congrats on such an excellent quarter. Maybe to stick with the top line, Q1 was off to a great start with 22% growth, well on track for the double budget target for the year. Curious what played out better than expected for the quarter, and how we should think about the drivers for the remainder of the year, particularly as we think about the momentum we saw on land and aerospace?

恭喜本季取得如此優異的成績。也許是為了堅持營收成長，第一季取得了 22% 的良好開局，很好地實現了今年雙倍預算的目標。好奇本季哪些表現比預期更好，以及我們應該如何看待今年剩餘時間的驅動因素，特別是當我們考慮陸地和航空航太領域看到的發展勢頭時？

Thank you for the question. We had a very good start for 2025, as you mentioned. It was unplanned. It's not something that we didn't plan. We see very big growth in the land backlog, and that was demonstrated with 48% expansion in revenues year over year in with the land division. And we see also in the other segments, all of the segments grew from one digit to two-digits, most of them two-digits growth in in this quarter. So it was on plan and it's on track in the company's growth.

謝謝你的提問。正如您所說，我們為 2025 年取得了一個非常好的開始。這是沒有計劃的。這不是我們沒有計劃的事情。我們看到土地積壓訂單大幅成長，土地部門收入年增 48% 就證明了這一點。我們也看到，在其他細分市場中，所有細分市場的成長率都從一位數成長到了兩位數，其中大多數細分市場在本季度都實現了兩位數的成長。所以這是在計畫之內，並且符合公司的發展方向。

Got it. That's very helpful. And maybe one more for you, Kobi. Free cash flow generation in the quarter was very strong again, continuing on that momentum we saw from Q4 of last year. At nearly 140% conversion on your adjusted net income, curious how we should be thinking about the opportunity for the full year and maybe what's driven this step change in your cash conversion of the last few quarters?

知道了。這非常有幫助。也許還有一個給你，Kobe。本季自由現金流產生再次非常強勁，延續了去年第四季的勢頭。您的調整後淨收入轉換率接近 140%，您是否好奇我們應該如何看待全年的機會，以及是什麼推動了您過去幾個季度現金轉換率的這一重大變化？

Thank you, Connor, for pointing this out. We have three major ingredients in the free cash flow generation this quarter. First, increased net income. That is plain vanilla, just increased the net income and that will translate to better cash conversion.

謝謝康納指出這一點。本季我們的自由現金流產生主要有三個因素。一是淨收入增加。這很簡單，只是增加了淨收入，這將轉化為更好的現金轉換。

Secondly, we had very strong contract liabilities, down payments in this quarter, which was an additional $170 million of contract liabilities in this quarter. And thirdly, there was a one time of $57 million of grant that we received from the Israeli Land Authority, the ILA, which was part of the contract of the evacuation of the facility in Ramat HaSharon going to Ramat Beka in the end of 2026. Those are the three ingredients in the performance that we had in the first quarter of the free cash flow.

其次，本季我們的合約負債和首付款非常多，本季合約負債又增加了 1.7 億美元。第三，我們從以色列土地管理局（ILA）獲得了一次性 5700 萬美元的撥款，這是 2026 年底將拉馬特沙龍設施撤離到拉馬特貝卡的合約的一部分。這些是我們在第一季自由現金流表現的三個因素。

(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 in two hours after the conference ends.

（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。

In the US, please call 1-888-782-4291; in Israel, please call 03-925-5900; and internationally please call 972-3-925-5900. A replay of the call will also be available at the company's website at www.elbitsystems.com.

美國境內請撥打1-888-782-4291；在以色列，請撥 03-925-5900；國際請撥972-3-925-5900。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 for their continued hard work and contribution to Elbit 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.

我要感謝我們的員工為 Elbit Systems 的成功所做的持續努力和貢獻。對於電話會議中的每個人，感謝你們今天的加入我們，並感謝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 first-quarter 2025 results conference call. Thank you for your participation. You may now go ahead and disconnect.

謝謝。 Elbit Systems 2025 年第一季業績電話會議到此結束。感謝您的參與。現在您可以繼續並斷開連接。