L3Harris Technologies Reports Strong Third Quarter 2024 Results, Increases 2024 Guidance

Key Terms and Non-GAAP Definitions

Description

Definition

Amortization of acquisition-related intangibles and additional cost of revenue related to the fair value step-up in inventory sold

Amortization of identifiable intangible assets acquired in connection with business combinations. Additional cost of revenue related to the fair value step-up in inventory is the difference between the balance sheet value of inventory from the acquiree and the acquisition date fair value.

Merger, acquisition, and divestiture-related expenses

Transaction and integration expenses associated with Tactical Data Links and AR acquisitions; external costs related to pursuing acquisition and divestiture portfolio optimization; non-transaction costs related to divestitures; and salaries of employees in roles dedicated to planned divestiture and acquisition activity.

Business divestiture-related losses, net and impairment of goodwill and other assets

In 2023, includes a gain on sale of our Visual Information Solutions business, impairment of contract assets and other assets related to the restructuring of a customer contract and impairment of in-process research and development associated with a facility closure. In 2024, includes valuation allowance increase related to the pending sale of our Commercial Aviation Solutions business (QTD and YTD) and impairment of goodwill and loss on sale recognized in connection with the sale of our antenna and related businesses (YTD).

LHX NeXt implementation costs

Costs related to the LHX NeXt initiative are expected to continue through 2025 and are expected to include workforce optimization costs and incremental IT expenses for implementation of new systems, third-party consulting expenses and other related costs, including costs related to personnel dedicated to this project.

 

 

LHX NeXt cost savings

Represents annual gross run rate savings driven by the LHX NeXt transformation initiative. It is an operational measure that includes savings from initiatives related to labor and function optimization, direct and indirect procurement, and infrastructure expected to recur on an ongoing basis.

Orders

Total value of funded and unfunded contract awards received from the U.S. Government and other customers, including incremental funding and adjustments to previous awards, excluding unexercised contract options and potential orders under ordering-type contracts, such as indefinite delivery, indefinite quantity (IDIQ) contracts.

Organic revenue*

Excludes the impact of completed divestitures and first year revenue associated with acquisitions and is reconciled in Table 4.

Adjusted segment operating income and margin*

On a consolidated basis represents operating income and margin, excluding the FAS/CAS operating adjustment, corporate unallocated items and items reconciled in Table 5.

Non-GAAP diluted EPS*

Represents EPS (net income per diluted common share attributable to L3Harris Technologies, Inc. common shareholders) adjusted for items reconciled in Table 7.

Pension adjusted non-GAAP diluted EPS*

Represents Non-GAAP diluted EPS, described above, adjusted for the after tax per share impact of the FAS/CAS operating adjustment and Non-service FAS pension income reconciled in Table 9.

Adjusted Free Cash Flow*

Net cash provided by operating activities less capital expenditures, cash used for merger, acquisition, and severance reconciled in Table 8.

Cash used for merger, acquisition, and severance*

Cash related to merger and acquisition expenses (described above) and severance costs included in LHX NeXt implementation costs.

Non-GAAP income before income taxes*

Represents income before income taxes adjusted for items reconciled in Table 6.

Effective tax rate on non-GAAP income*

Represents the effective tax rate (tax expense as a percentage of income before income taxes) adjusted for the tax effect of items reconciled in Table 6.

_____

*Refer to Non-GAAP Financial Measures on page 7 for more information.

 



Contact:

Investor Relations Contact:
Daniel Gittsovich, 321-724-3170
investorrelations@l3harris.com

Media Relations Contact:
Sara Banda, 321-306-8927
media@l3harris.com



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