Summary
L3Harris Technologies (LHX) filed an 8-K on January 30, 2018, primarily to report on its financial results for the second quarter of fiscal year 2018 and to provide updated guidance for the full fiscal year. The company announced its operational and financial condition, detailing key performance indicators. A significant aspect of this filing is the company's use of non-GAAP financial measures, which it presents alongside GAAP figures to offer investors a clearer view of underlying operational trends by excluding certain non-recurring or non-cash items. This approach aims to enhance the comparability of results across periods and to provide a better understanding of the company's core business performance.
Key Highlights
- 1Harris Corporation (now L3Harris Technologies) released its Q2 FY2018 financial results.
- 2The company provided updated financial guidance for the full fiscal year 2018, including revenue, GAAP and non-GAAP EPS, and free cash flow.
- 3The filing details the use of non-GAAP financial measures to provide a clearer operational picture by excluding specific items.
- 4Examples of excluded items for non-GAAP calculations include one-time write-downs of deferred tax assets, deferred compensation adjustments, and acquisition-related charges.
- 5The company emphasizes that non-GAAP measures are supplemental to, and not a replacement for, GAAP financial statements.
- 6Exhibit 99.1, the press release, contains the full details of the financial results and guidance, including reconciliations of non-GAAP to GAAP measures.
Frequently Asked Questions
The main purpose of this 8-K filing is to report L3Harris Technologies' (formerly Harris Corporation) financial results for its second quarter of fiscal year 2018 and to update its financial guidance for the full fiscal year 2018. It also serves to disclose the use of non-GAAP financial measures.
Non-GAAP financial measures are financial metrics that exclude or include amounts different from the closest equivalent measures calculated under Generally Accepted Accounting Principles (GAAP). Harris uses them to provide investors with additional insights into its operational performance and trends, by excluding items that may disproportionately impact results in a specific period, such as one-time charges or non-cash items.
No, investors should consider the non-GAAP financial measures in conjunction with, and not as a substitute for or superior to, financial measures prepared in accordance with GAAP. The filing explicitly states that these non-GAAP measures should be viewed in addition to, and not in lieu of, GAAP financial measures, and provides reconciliations to the most directly comparable GAAP measures.
The detailed financial information, including the press release announcing the Q2 FY2018 results and the updated FY2018 guidance, is provided as Exhibit 99.1 to this 8-K filing. This exhibit contains the full text of the press release and related financial tables.