01—Abstract
Summary
Summary of the 8-K filed October 29, 2021. Cited figures are marked; the original filing is the authoritative source.
L3Harris Technologies, Inc. (LHX) filed a Form 8-K on October 29, 2021, to announce its third-quarter 2021 financial results and provide an updated outlook for the full fiscal year 2021.
The report details key financial metrics, including revenue, margins, earnings per share (EPS), and cash flow, with a significant focus on non-GAAP measures. Management utilizes these non-GAAP figures to offer a clearer view of operational performance, excluding items that may cause volatility in GAAP reporting. Investors should note that this filing is furnished, not filed, and is intended to supplement information provided in the accompanying press release (Exhibit 99.1).
The company emphasizes that non-GAAP measures are a valuable tool for understanding business trends and performance, but should be considered alongside, and not as a replacement for, GAAP-reported figures. The press release also contains forward-looking statements and updated guidance for the full year.
02—Key points
Key Highlights
- L3Harris Technologies announced its Q3 2021 financial results and provided updated full-year 2021 guidance.
- The company utilizes non-GAAP financial measures (including Adjusted EPS, Adjusted EBIT, and Adjusted Free Cash Flow) to present operational performance.
- Non-GAAP measures are provided to offer investors enhanced insight into business trends and performance, separate from potentially volatile GAAP items.
- The filing includes reconciliations for non-GAAP measures for historical periods but not for forward-looking guidance due to inherent forecasting difficulties.
- Key financial metrics discussed include revenue, margin, earnings per diluted share, and cash flow.
- The information is furnished under Items 2.02 and 7.01 of Form 8-K and is not deemed 'filed' for purposes of Section 18 of the Exchange Act.
- Exhibit 99.1, containing the full press release and financial tables, is incorporated by reference.
03—Questions
Frequently Asked Questions
What is the main purpose of this 8-K filing?
The main purpose of this 8-K filing is to announce L3Harris Technologies' financial results for the third quarter of 2021 and to provide updated financial guidance for the full fiscal year 2021. It also includes information on the company's use of non-GAAP financial measures.
Are the financial results presented in GAAP or non-GAAP format?
The filing and accompanying press release discuss both GAAP and non-GAAP financial measures. L3Harris management emphasizes the use of non-GAAP measures (such as Adjusted EPS, Adjusted EBIT, and Adjusted Free Cash Flow) to provide a clearer view of operational performance, excluding certain items that may impact GAAP results.
Can I find a reconciliation for the forward-looking non-GAAP guidance?
No, a reconciliation of forward-looking non-GAAP financial measures to comparable GAAP measures is not provided in this filing. The company states that this is due to the inherent difficulty in forecasting the necessary adjustments and their unpredictable impact on future GAAP results.
Is this information considered 'filed' with the SEC?
No, the information furnished under Items 2.02 and 7.01 of this 8-K, including the accompanying press release, is considered 'furnished,' not 'filed.' This means it is not subject to the liability provisions of Section 18 of the Securities Exchange Act of 1934.
04—Continue