AI English summary of an SEC filing — figures as filed
L3Harris LHXL3Harris said backlog at the end of fiscal 2024 was $34.2 billion, an increase of 5% from the prior year. The company invested $515 million (2% of total revenue) in company-funded R&D in the same year.
Key points
AI summaryL3Harris said backlog at the end of fiscal 2024 was $34.2 billion, an increase of 5% from the prior year. The company invested $515 million (2% of total revenue) in company-funded R&D in the same year.
L3Harris said products revenue increased $1,440 million and services revenue increased $466 million in fiscal 2024. The company cited as one factor the inclusion of a full year of revenue from AR following the July 28, 2023 acquisition of Aerojet Rocketdyne Holdings, Inc., whereas fiscal 2023 included only a partial year.
L3Harris said G&A expenses increased $255 million in fiscal 2024, and cited among the factors LHX NeXt costs including employee severance of $42 million and third-party consulting of $110 million. The company recognized non-cash charges for goodwill impairment of $14 million and impairment of other assets of $24 million in the same year.
L3Harris said net cash provided by operating activities increased $463 million in fiscal 2024 compared with the prior year. The company used proceeds from $2.25 billion in long-term fixed-rate debt issued in March 2024 to repay the entire outstanding balance of $2.25 billion under Term Loan 2025, and said outstanding notes under its CP Program were $515 million as of January 3, 2025.
Summary
AI-writtenAnalysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.
Annual backlog and company-funded R&D
L3Harris said backlog at the end of fiscal 2024 was $34.2 billion, an increase of 5% from the prior year. The company invested $515 million (2% of total revenue) in company-funded R&D in the same year.
Source · Based on the MD&A text of the filing
Annual products and services revenue and full-year AR inclusion
L3Harris said products revenue increased $1,440 million and services revenue increased $466 million in fiscal 2024. The company cited as one factor the inclusion of a full year of revenue from AR following the July 28, 2023 acquisition of Aerojet Rocketdyne Holdings, Inc., whereas fiscal 2023 included only a partial year.
Source · Based on the MD&A text of the filing
Annual G&A expense increase and impairment charges
L3Harris said G&A expenses increased $255 million in fiscal 2024, and cited among the factors LHX NeXt costs including employee severance of $42 million and third-party consulting of $110 million. The company recognized non-cash charges for goodwill impairment of $14 million and impairment of other assets of $24 million in the same year.
Source · Based on the MD&A text of the filing
Annual operating cash flow and debt repayment
L3Harris said net cash provided by operating activities increased $463 million in fiscal 2024 compared with the prior year. The company used proceeds from $2.25 billion in long-term fixed-rate debt issued in March 2024 to repay the entire outstanding balance of $2.25 billion under Term Loan 2025, and said outstanding notes under its CP Program were $515 million as of January 3, 2025.
Source · Based on the MD&A text of the filing
Structured SEC financial data for this filing is not available yet. Please check the figures in the SEC filing.
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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