$16.5 B

LLL Mkt cap, 20-Sep-2018

$2.6 B

L3 Technologies Revenue Q2, 2018
L3 Technologies Gross profit (Q2, 2018)656 M
L3 Technologies Gross profit margin (Q2, 2018), %25.4%
L3 Technologies Net income (Q2, 2018)379 M
L3 Technologies EBIT (Q2, 2018)321 M
L3 Technologies Cash, 29-Jun-20181.4 B
L3 Technologies EV19 B

L3 Technologies Revenue

L3 Technologies revenue was $9.57 b in FY, 2017 which is a 8.9% year over year decrease from the previous period.

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L3 Technologies Revenue Breakdown

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L3 Technologies revenue breakdown by business segment: 16.1% from Sensor Systems, 23.2% from Communication Systems, 28.9% from Aerospace Systems and 31.7% from Electronic Systems

L3 Technologies revenue breakdown by geographic segment: 23.3% from International and 76.7% from U.S.

L3 Technologies Income Statement

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Revenue

12.6 b12.1 b10.5 b10.5 b9.6 b

Revenue growth, %

(13%)(4%)(14%)0%(9%)

Cost of goods sold

11.4 b11 b9.6 b9.5 b8.6 b

Gross profit

1.2 b1.1 b890 m1 b1 b

Gross profit Margin, %

10%9%9%10%11%

EBIT

1.2 b1.1 b475 m1 b1 b

EBIT margin, %

10%9%5%10%11%

Interest expense

177 m178 m169 m169 m169 m

Interest income

20 m18 m17 m18 m20 m

Pre tax profit

1.1 b925 m322 m850 m871 m

Income tax expense

295 m248 m25 m189 m102 m

Net Income

760 m677 m(225 m)724 m693 m

Quarterly

USDQ1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Revenue

2.5 b2.5 b2.6 b2.4 b2.7 b2.5 b2.7 b2.7 b2.6 b2.4 b2.6 b

Cost of goods sold

2.3 b2.4 b2.3 b2.1 b2.4 b2.3 b2.4 b2.4 b2.4 b1.7 b1.9 b

Gross profit

209 m151 m275 m252 m247 m215 m253 m312 m250 m648 m656 m

Gross profit Margin, %

8%6%11%11%9%9%9%11%9%27%25%

General and administrative expense

397 m383 m

Operating expense total

397 m383 m

EBIT

187 m153 m231 m252 m247 m215 m253 m312 m63 m251 m321 m

EBIT margin, %

8%6%9%11%9%9%9%11%2%11%12%

Interest expense

39 m42 m43 m41 m43 m41 m42 m43 m43 m41 m44 m

Interest income

3 m5 m3 m4 m5 m6 m5 m4 m6 m6 m8 m

Pre tax profit

151 m116 m191 m215 m204 m180 m216 m273 m26 m216 m237 m

Income tax expense

46 m(4 m)63 m48 m53 m29 m48 m66 m24 m48 m

Net Income

109 m124 m(296 m)230 m151 m151 m168 m207 m25 m208 m379 m

L3 Technologies Balance Sheet

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Cash

500 m442 m207 m363 m662 m

Accounts Receivable

991 m852 m746 m731 m723 m

Inventories

366 m288 m333 m330 m389 m

Current Assets

4.6 b4.7 b4.2 b3.7 b4.4 b

PP&E

1 b1.1 b1.1 b1.1 b1.1 b

Goodwill

7.8 b7.5 b6.3 b6.6 b6.6 b

Total Assets

14 b13.8 b12.1 b11.9 b12.7 b

Accounts Payable

535 m382 m297 m299 m531 m

Short-term debt

499 m

Current Liabilities

2.6 b2.5 b2.9 b2.1 b2.4 b

Long-term debt

3.6 b3.9 b3.1 b3.3 b3.3 b

Total Debt

3.6 b3.9 b3.6 b3.3 b3.3 b

Total Liabilities

8 b8.5 b7.6 b7.2 b7.6 b

Common Stock

5.7 b5.8 b6.1 b6.3 b6.5 b

Retained Earnings

5.7 b6.2 b5.7 b6.2 b6.7 b

Total Equity

6.1 b5.4 b4.4 b4.6 b5.2 b

Debt to Equity Ratio

0.6 x0.7 x0.8 x0.7 x0.6 x

Debt to Assets Ratio

0.3 x0.3 x0.3 x0.3 x0.3 x

Financial Leverage

2.3 x2.6 x2.7 x2.6 x2.5 x

Quarterly

USDQ1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Cash

317 m353 m323 m534 m352 m411 m230 m385 m439 m374 m1.4 b

Accounts Receivable

836 m820 m796 m779 m808 m812 m802 m843 m776 m798 m863 m

Inventories

336 m371 m374 m351 m356 m361 m353 m355 m392 m994 m934 m

Current Assets

4.7 b4.3 b4.3 b4.1 b3.9 b4 b3.9 b4 b4.1 b4.5 b5.1 b

PP&E

1.1 b1.1 b1.1 b1.1 b1.1 b1.1 b1.1 b1.1 b1.1 b1.1 b1.1 b

Goodwill

7.5 b7.6 b7.1 b6.3 b6.3 b6.3 b6.7 b6.7 b6.7 b6.6 b6.7 b

Total Assets

13.8 b13.6 b13 b11.9 b11.7 b11.8 b12.2 b12.4 b12.5 b12.9 b13.5 b

Accounts Payable

484 m455 m490 m407 m415 m426 m427 m360 m425 m587 m588 m

Short-term debt

499 m549 m549 m581 m

Current Liabilities

2.5 b2.4 b2.5 b2.7 b2.7 b2.8 b2.2 b2.2 b2.3 b2.3 b2.8 b

Long-term debt

3.9 b3.9 b3.9 b3.1 b2.8 b2.8 b3.3 b3.3 b3.3 b3.3 b3.3 b

Total Debt

3.9 b3.9 b3.9 b3.6 b3.3 b3.3 b3.3 b3.3 b3.3 b3.3 b3.9 b

Total Liabilities

8.5 b8.4 b8.4 b7.5 b7.1 b7.2 b7.4 b7.4 b7.4 b7.6 b8 b

Common Stock

5.9 b5.9 b6 b6.1 b6.2 b6.2 b6.3 b6.4 b6.5 b6.6 b6.7 b

Retained Earnings

6.2 b6.3 b5.9 b5.9 b6 b6.1 b6.3 b6.5 b6.4 b6.8 b7.1 b

Total Equity

5.3 b5.3 b4.7 b4.5 b4.6 b4.6 b4.8 b5 b5.1 b5.3 b5.5 b

Debt to Equity Ratio

0.7 x0.7 x0.8 x0.8 x0.7 x0.7 x0.7 x0.7 x0.7 x0.6 x0.7 x

Debt to Assets Ratio

0.3 x0.3 x0.3 x0.3 x0.3 x0.3 x0.3 x0.3 x0.3 x0.3 x0.3 x

Financial Leverage

2.6 x2.6 x2.8 x2.7 x2.6 x2.5 x2.5 x2.5 x2.5 x2.4 x2.5 x

L3 Technologies Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Net Income

760 m677 m(225 m)724 m693 m

Depreciation and Amortization

214 m225 m210 m206 m225 m

Accounts Receivable

(18 m)51 m50 m30 m(18 m)

Inventories

1 m(38 m)22 m(69 m)

Accounts Payable

28 m(112 m)(32 m)4 m99 m

Cash From Operating Activities

1.3 b1.1 b(192 m)(16 m)985 m

Cash From Investing Activities

(261 m)(229 m)(192 m)(16 m)(453 m)

Short-term Borrowings

(1.9 b)(1.4 b)(1.2 b)(819 m)(1.3 b)

Long-term Borrowings

(935 m)(297 m)(856 m)

Dividends Paid

(199 m)(208 m)(214 m)(220 m)(236 m)

Cash From Financing Activities

(849 m)(876 m)(1.2 b)(856 m)(366 m)

Net Change in Cash

151 m(58 m)(235 m)156 m299 m

Free Cash Flow

1.1 b942 m(389 m)(232 m)761 m

Quarterly

USDQ1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Net Income

109 m233 m(63 m)230 m381 m532 m168 m375 m400 m208 m587 m

Depreciation and Amortization

52 m104 m155 m50 m102 m153 m54 m109 m165 m56 m116 m

Accounts Receivable

23 m21 m36 m(32 m)(62 m)(69 m)(67 m)(105 m)(29 m)(73 m)(137 m)

Inventories

(31 m)(70 m)(77 m)(19 m)(24 m)(31 m)(11 m)(12 m)(72 m)(65 m)(10 m)

Accounts Payable

98 m77 m117 m115 m118 m130 m124 m50 m112 m56 m61 m

Cash From Operating Activities

112 m309 m597 m112 m369 m579 m85 m351 m667 m(64 m)187 m

Cash From Investing Activities

(74 m)(33 m)(82 m)530 m490 m430 m(159 m)(209 m)(366 m)(84 m)328 m

Short-term Borrowings

(108 m)(600 m)(861 m)(217 m)(320 m)(335 m)(664 m)(1.2 b)(1.3 b)(207 m)(501 m)

Long-term Borrowings

(298 m)(298 m)(1.3 b)

Dividends Paid

(58 m)(111 m)(163 m)(58 m)(112 m)(166 m)(61 m)(119 m)(178 m)(65 m)(128 m)

Cash From Financing Activities

(150 m)(445 m)(735 m)(259 m)(658 m)(746 m)(63 m)(130 m)(239 m)(146 m)197 m

Net Change in Cash

(125 m)(89 m)(119 m)327 m145 m204 m(133 m)22 m76 m(288 m)704 m

Free Cash Flow

72 m226 m460 m77 m294 m453 m43 m253 m513 m(120 m)79 m

L3 Technologies Ratios

USDY, 2018

EV/EBIT

59.2 x

EV/CFO

101.7 x

EV/FCF

240.6 x

Debt/Equity

0.7 x

Debt/Assets

0.3 x

Financial Leverage

2.5 x
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L3 Technologies Operating Metrics

FY, 2014Q1, 2015Q2, 2015Q3, 2015Q4, 2015FY, 2015Q1, 2016Q2, 2016Q3, 2016Q4, 2016FY, 2016Q1, 2017Q2, 2017Q3, 2017Q4, 2017FY, 2017Q1, 2018Q2, 2018

Backlog Funded

$10.22 b$10.33 b$9.83 b$9.40 b$8.42 b$8.66 b$8.13 b$8.29 b$8.90 b$8.86 b$8.51 b$9.02 b$8.88 b$8.77 b$8.83 b

Order Volume

$12.09 b$2.59 b$2.51 b$2.20 b$2.56 b$9.86 b$2.59 b$2.14 b$2.69 b$3.58 b$10.99 b$2.62 b$2.36 b$3.10 b$2.73 b$10 b$2.64 b$2.81 b

Locations

384 263 273 273
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