What is the primary purpose of this 8-K filing?

The primary purpose of this 8-K filing is to announce L3Harris Technologies' third-quarter fiscal year 2019 financial results and to provide updated guidance for the full fiscal year 2019, including expectations for revenue, EPS, and free cash flow.

Why does the company discuss non-GAAP financial measures?

L3Harris discusses non-GAAP financial measures to offer investors a clearer understanding of the company's operational performance. These measures exclude certain items (like L3 deal and integration costs, tax impacts, or business exit charges) that management believes may disproportionately affect results in any given period, allowing for better analysis of underlying business trends.

How should investors interpret the non-GAAP financial measures presented?

Investors should interpret non-GAAP financial measures as supplemental information that provides additional insight into the company's performance. They should be considered in conjunction with, and not as a substitute for, the GAAP financial measures presented in the company's financial statements. L3Harris provides reconciliations between its non-GAAP and comparable GAAP measures.

What specific costs are being excluded in the non-GAAP reporting for L3 deal and integration?

The non-GAAP reporting excludes costs directly associated with the L3 deal and its subsequent integration. This aims to show the performance of the combined entity's operations without the immediate impact of acquisition-related expenses.

LHX 8-K: Earnings & Results & Regulation FD

Summary

L3Harris Technologies, Inc. (LHX) filed an 8-K on May 1, 2019, to announce its financial results for the third quarter of fiscal year 2019 and to provide updated guidance for the full fiscal year. The filing includes details on revenue, earnings per diluted share, and free cash flow projections. A key aspect of this report is the company's discussion of non-GAAP financial measures, which are presented to offer investors a clearer view of operational performance by excluding specific items such as L3 deal and integration costs, tax reform impacts, and charges related to business exits. These non-GAAP measures are intended to help investors analyze business trends and understand performance separate from factors that might disproportionately impact results in any given period. Management utilizes these measures for forecasting and compensation, and investors are encouraged to consider them alongside GAAP figures. The report highlights the company's focus on providing transparency into its operational and financial condition as it integrates the L3 acquisition and manages its business.

Key Highlights

1L3Harris Technologies (LHX) reported its third-quarter fiscal year 2019 financial results and provided an updated fiscal year 2019 guidance.
2The report includes projections for revenue, diluted earnings per share (EPS) from continuing operations, and free cash flow.
3The company provided detailed explanations and reconciliations for various non-GAAP financial measures used in its reporting.
4Key non-GAAP adjustments mentioned include L3 deal and integration costs, tax reform impacts, and charges for exiting a commercial business line.
5Management believes these non-GAAP measures offer valuable insights into operating performance and business trends, supplementing GAAP reporting.
6The filing emphasizes that non-GAAP measures should be considered in addition to, not as a substitute for, GAAP financial measures.
7The press release and related financial tables containing this information are furnished as Exhibit 99.1 to the 8-K filing.

L3HARRIS TECHNOLOGIES, INC. /DE/ 8-K Report, Financial Results (May 1, 2019)

Summary

Key Highlights

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