WESTMINSTER, Colo. & VANCOUVER, British Columbia--(BUSINESS WIRE)--
Maxar Technologies Ltd. (“Maxar” or the “Company”, formerly MacDonald,
Dettwiler and Associates Ltd.), (NYSE and TSX: MAXR), a leading global
provider of advanced space technology solutions for commercial and
government markets, today reported financial results for the first
quarter ended March 31, 2018. All dollar amounts in this press release
are expressed in U.S. dollars unless otherwise noted.
Highlights from the quarter include:
-
Consolidated revenues of $557.7 million
-
Net earnings of $31.0 million and net earnings per share of $0.55
-
Adjusted EBITDA of $187.4 million and margins of 33.6 percent
-
Adjusted earnings of $83.2 million and adjusted earnings per share of
$1.47
“We delivered results above our expectations in the quarter driven by
strong growth in our Imagery and Services segments, where demand remains
robust given a dynamic global geopolitical environment and the continued
expansion of commercial use cases for geospatial data and insights,”
stated Howard L. Lance, President & Chief Executive Officer. “We are
reaffirming our full year 2018 guidance for revenue, EBITDA and cash
flow from operations and increasing our full-year EPS outlook. We remain
focused on delivering solid financial results throughout the year,” he
added. “Maxar is unique, at the nexus of the new space economy, with
four leading commercial business brands. Our diversification strategy is
working, we are delivering on the cost synergies from the DigitalGlobe
acquisition, and we are making progress on the long-term strategic and
financial objectives for growth laid out at the Company’s inaugural
investor days hosted in March 2018.”
Consolidated revenues for the first quarter of 2018 were $557.7 million
compared to $373.5 million for the same period of last year. Revenue
increased primarily due to the inclusion of DigitalGlobe’s Imagery and
Services businesses as a result of the DigitalGlobe acquisition that
closed in October 5, 2017. The increase was partially offset by lower
revenues from the geostationary communications satellite line of
business compared to the first quarter of 2017. Excluding the effects of
intersegment eliminations, the Space Systems segment contributed
revenues of $293.4 million (2017 - $341.5 million), the Imagery segment
contributed revenues of $211.4 million (2017 - $7.7 million), and the
Services segment contributed revenues of $70.0 million (2017 - $25.4
million).
For the first quarter of 2018, adjusted EBITDA was $187.4 million and
adjusted EBITDA as a percentage of consolidated revenues (“adjusted
EBITDA margin percentage”) was 33.6%. This is compared to adjusted
EBITDA of $63.1 million and adjusted EBITDA margin percentage of 16.9%
for the first quarter of 2017. These increases are primarily due to the
DigitalGlobe acquisition, which contributed $133.5 million of adjusted
EBITDA and adjusted EBITDA margin of approximately 66%, increasing the
Company’s overall adjusted EBITDA margin percentage in the first quarter.
Adjusted earnings, or net earnings excluding the impact of specified
items affecting comparability, were $83.2 million ($1.47 per share) for
the first quarter of 2018 compared to $33.7 million ($0.92 per share)
for the same period of 2017. The increase in adjusted earnings per share
reflect higher adjusted EBITDA from the DigitalGlobe acquisition,
partially offset by higher amortization, depreciation, and interest
expense.
The comparison of financial results under IFRS between periods is
impacted by the inclusion and variability of specified items that may
not be indicative of the financial performance of the Company’s ongoing
business. After including the specified items affecting comparability,
net earnings for the first quarter of 2018 were $31.0 million compared
to $4.3 million for the same period of 2017.
The Company had total funded order backlog of $3.3 billion as at March
31, 2018 compared to $3.3 billion as at December 31, 2017.
The Company has declared a quarterly dividend of C$0.37 per common share
payable on June 29, 2018 to shareholders of record at the close of
business on June 15, 2018.
Financial Highlights
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Three months ended
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March 31,
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2018
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2017
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($ millions, except per share amounts)
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Consolidated revenues
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$
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557.7
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$
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373.5
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Adjusted EBITDA
1
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187.4
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63.1
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Adjusted EBITDA as a percentage of revenues
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33.6
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%
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16.9
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%
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Net finance expense2 |
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(43.4
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)
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(10.6
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)
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Depreciation and amortization3 |
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(47.2
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)
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(11.0
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)
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Income tax expense on adjusted earnings4 |
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(13.6
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)
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(7.8
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)
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Adjusted earnings
1
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$
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83.2
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$
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33.7
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Adjusted earnings per share
1
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$
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1.47
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$
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0.92
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Items affecting comparability:
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Share-based compensation recovery (expense)
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1.3
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(4.8
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)
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Amortization of acquisition related intangible assets
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(65.2
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)
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(8.0
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)
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Acquisition and integration related expense
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(4.7
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)
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(8.0
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)
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Interest expense on dissenting shareholder liability
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(2.1
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)
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—
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Restructuring and enterprise improvement costs
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(0.4
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)
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(10.7
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)
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Foreign exchange differences
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1.1
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0.1
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Loss on sale of subsidiary
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(2.2
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)
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—
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Equity in loss from joint ventures, net of tax
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(0.2
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)
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—
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Income tax expense adjustment
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20.2
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2.0
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Net earnings
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$
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31.0
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$
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4.3
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Net earnings per share, basic
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0.55
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0.12
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Net earnings per share, diluted
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0.55
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0.11
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Weighted average number of common shares outstanding (millions):
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Basic
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56.4
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36.5
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Diluted
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56.7
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36.5
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1 This is a non-IFRS financial measure. Refer to section “Non-IFRS
Financial Measures” in this earnings release.
2 Excludes interest
expense from dissenting shareholder liability.
3 Excludes
amortization of acquisition related intangible assets.
4 Excludes
income tax expense adjustment related to adjusted earnings.
2018 Financial Outlook
-
Revenue decline of 2% to 4%
-
Adjusted EBITDA margins of ~32.5%
-
Adjusted EPS of $4.65 to $4.85
-
Cash flow from operations of $300M to $400M
Change in Presentation of Reportable Segments
On October 5, 2017, the Company completed the acquisition of
DigitalGlobe (“DigitalGlobe Transaction”). Subsequent to closing the
DigitalGlobe Transaction, in the fourth quarter of 2017, the Company
changed its financial reporting segments to better align with its
combined product and services offerings. Beginning with first quarter of
2018, the company changed its reporting of revenue and EBITDA to include
both items on a gross basis at the segment level and net of eliminations
basis for the corporation. These changes provide investors with
increased transparency and allow for easier comparisons with the
Company’s industry peer group. The Company reports revenue and adjusted
EBITDA based on three reportable segments: Space Systems, Imagery and
Services. Comparative data for the first quarter 2017 is provided for
completeness and is based on actual financial results for standalone
MacDonald Dettwiler and Associates.
Segment Results
The Company analyzes financial performance by segment, which combine
related activities within the Company.
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Reported
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Three months ended
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March 31,
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2018
|
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2017
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($ millions)
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Revenue
|
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Space Systems
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$
|
293.4
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|
$
|
341.5
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Imagery
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|
|
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|
211.4
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|
7.7
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Services
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|
70.0
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|
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|
25.4
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Intersegment eliminations
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(17.1
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)
|
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|
(1.1
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)
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Total Revenue
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557.7
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373.5
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Adjusted EBITDA
1
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|
|
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|
Space Systems
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|
54.6
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|
62.2
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Imagery
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|
|
|
|
138.1
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|
|
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|
3.0
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Services
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|
7.1
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|
4.0
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Intersegment eliminations
|
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(2.0
|
)
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—
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Total Segment Adjusted EBITDA
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|
197.8
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|
69.2
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Unallocated corporate expenses
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(10.4
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)
|
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(6.1
|
)
|
Total Adjusted EBITDA
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|
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|
$
|
187.4
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|
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|
$
|
63.1
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1 This is a non-IFRS financial measure. Refer to section “Non-IFRS
Financial Measures” in this earnings release.
Space Systems Results
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Reported
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Three months ended
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March 31,
|
|
|
|
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|
|
2018
|
|
|
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|
2017
|
|
($ millions)
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|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
$
|
293.4
|
|
|
|
|
$
|
341.5
|
|
Adjusted EBITDA1 |
|
|
|
$
|
54.6
|
|
|
|
|
$
|
62.2
|
|
Adjusted EBITDA Margin1 |
|
|
|
|
18.6
|
%
|
|
|
|
|
18.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 This is a non-IFRS financial measure. Refer to section “Non-IFRS
Financial Measures” in this earnings release.
Total revenues from the Space Systems segment were $293.4 million in the
first quarter of 2018 compared to $341.5 million in the same period of
2017. The decrease primarily related to lower revenue from the
geostationary communications satellite line of business in the first
quarter of 2018 compared to the first quarter of 2017, partially offset
by higher revenue from contracts with the U.S. Government.
Although the total dollar value of geostationary communication satellite
awards to the Company has remained relatively stable since 2015, there
has been a step down in total number and dollar value of awards compared
to historical averages prior to 2015. Revenues have decreased
year-over-year as programs awarded prior to 2015 have been completed and
have been replaced by this lower level of award value since 2015. Many
satellite operators in the communications industry have continued to
defer new satellite construction awards to evaluate geostationary and
other competing satellite system architectures and other market factors.
The Company believes that geostationary communications markets are at or
near the bottom of this current decline. The Company is confident in its
ability to adapt to changes in customer demand and maintain its leading
market share position in the face of evolving technology trends.
Changes in revenues from year to year are influenced by the size, timing
and number of satellite contracts awarded in the current and preceding
years and the length of the construction period for satellite contracts
awarded. Revenues on satellite contracts are recognized on a percentage
of completion method over the construction period, which typically range
between 20 to 36 months and up to 48 months in special situations.
EBITDA margins can vary from quarter to quarter due to the mix of our
revenues and changes in our estimated costs to complete as our risks are
retired and as our estimated costs to complete are increased or
decreased based on contract performance.
Adjusted EBITDA margin percentage from the Space Systems segment for the
three months ended March 31, 2018 was 18.6% compared to 18.2% for the
same period in the prior year. The increase was primarily due to higher
investment tax credits recognized during the three months ended March
31, 2018. The increase relates primarily to timing differences in the
recognition of previously earned, but unrecognized investment tax
credits on the basis that there is now reasonable assurance the benefit
of the credits will be sustained.
Notable bookings in the Space Systems segment announced in the first
quarter of 2018 included:
-
A contract with NASA’s Jet Propulsion Laboratory to design and build
critical equipment for a spacecraft that will explore Europa, one of
Jupiter’s moons.
-
A contract to provide a broadcast satellite for Broadcasting Satellite
System Corporation (B-SAT). As the leading broadcasting satellite
operator in Japan, B-SAT will use the Direct-to-Home (DTH) television
satellite to ensure exceptional ultra-high definition video
distribution for the 2020 Tokyo Olympics.
-
Spacecom, operator of the AMOS satellite fleet, announced it has
chosen Space Systems/Loral, LLC, a wholly owned subsidiary of Maxar,
to build its AMOS-8 advanced communications satellite. The satellite
will deliver state-of-the-art broadcast, broadband and data services
from Spacecom's 4°degrees West 'hot spot' to Europe, Africa and the
Middle East.
-
A contract with an unnamed international customer where MDA will
provide turnkey, unmanned aircraft system surveillance services. The
contract includes options for additional years.
Imagery Segment Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported
|
|
|
|
|
|
|
Three months ended
|
|
|
|
|
|
|
March 31,
|
|
|
|
|
|
|
2018
|
|
|
|
|
|
2017
|
|
($ millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
$
|
211.4
|
|
|
|
|
$
|
7.7
|
|
Adjusted EBITDA1 |
|
|
|
$
|
138.1
|
|
|
|
|
$
|
3.0
|
|
Adjusted EBITDA Margin1 |
|
|
|
|
65.3
|
%
|
|
|
|
|
39.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 This is a non-IFRS financial measure. Refer to section “Non-IFRS
Financial Measures” in this earnings release.
Total revenues from the Imagery segment were $211.4 million in the first
quarter of 2018 compared to $7.7 million in the same period of 2017. The
increase is primarily due to the inclusion of the financial results of
the acquired DigitalGlobe imagery business that contributed $201.9
million of revenue and $133.5 million of adjusted EBITDA in the first
quarter of 2018.
Adjusted EBITDA margin percentage from the Imagery segment for the three
months ended March 31, 2018 was 65.3% compared to 39.0% for the same
period of 2017. The increase in margin percentage reflects the blend of
margins from the acquired DigitalGlobe imagery business.
Notable bookings in the Imagery segment in the first quarter of 2018
included:
-
A contract extension and expansion of a multi-year agreement with a
major commercial technology customer.
-
The renewal of two contracts with existing International Defense &
Intelligence customers to provide imagery through the Direct Access
Program.
Services Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported
|
|
|
|
|
|
|
Three months ended
|
|
|
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|
|
|
March 31,
|
|
|
|
|
|
|
2018
|
|
|
|
|
|
2017
|
|
($ millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
$
|
70.0
|
|
|
|
|
$
|
25.4
|
|
Adjusted EBITDA1 |
|
|
|
$
|
7.1
|
|
|
|
|
$
|
4.0
|
|
Adjusted EBITDA Margin1 |
|
|
|
|
10.1
|
%
|
|
|
|
|
15.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 This is a non-IFRS financial measure. Refer to section “Non-IFRS
Financial Measures” in this earnings release.
Total revenues from the Services segment were $70.0 million in the first
quarter of 2018 compared to $25.4 million in the same period of 2017.
The increase is primarily due to the inclusion of the financial results
from the DigitalGlobe services business that contributed $42.9 million
of revenue and $3.8 million of adjusted EBITDA in the first quarter of
2018.
Adjusted EBITDA margin percentage from the Services segment for the
three months ended March 31, 2018 was 10.1% compared to 15.7% for the
same period of 2017. The decrease in margin reflects the blend of
margins from the DigitalGlobe services business, as well as the impact
from a lower percentage of fixed-price services contracts as compared to
cost-plus services contracts with the U.S. Government.
Notable bookings in the Services segment in the first quarter of 2018
included:
-
A contract with a U.S. Intelligence Agency to support multiple
missions across the U.S. Government. This contract provides funding
for several major projects including machine learning, cloud
computing, and a scheduling tool for understanding satellite tasking
viability.
-
A newtask order on an existing prime contract vehicle to
provide Multi-Intelligence analysis and software development support
for a global military intelligence mission.
-
A contract with a U.S. Intelligence Agency to enrich the quality of
radar imagery to support advanced geospatial analysis.
Pro Forma Revenue and Adjusted EBITDA by Segment:
The following table summarizes pro forma revenue and pro forma adjusted
EBITDA by segment for the last eight quarters in U.S. dollars as if
MacDonald Dettwiler and DigitalGlobe had been one company beginning in
2016. The table has been updated from our fourth quarter 2017 earnings
release to exclude the effects of intersegment eliminations by segment
for 2016 and 2017, consistent with our current presentation.
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|
|
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|
|
|
|
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|
|
Q4
|
|
|
|
|
Q3
|
|
|
|
|
Q2
|
|
|
|
|
Q1
|
|
|
|
|
Q4
|
|
|
|
|
Q3
|
|
|
|
|
Q2
|
|
|
|
|
Q1
|
|
|
|
|
|
2017
|
|
|
|
|
2017
|
|
|
|
|
2017
|
|
|
|
|
2017
|
|
|
|
|
2016
|
|
|
|
|
2016
|
|
|
|
|
2016
|
|
|
|
|
2016
|
($ millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
|
Pro forma revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Space Systems
|
|
|
|
$
|
292.4
|
|
|
|
|
$
|
299.1
|
|
|
|
|
$
|
339.6
|
|
|
|
|
$
|
342.7
|
|
|
|
|
$
|
339.9
|
|
|
|
|
$
|
347.8
|
|
|
|
|
$
|
356.1
|
|
|
|
|
$
|
376.7
|
|
Imagery
|
|
|
|
|
207.1
|
|
|
|
|
|
201.5
|
|
|
|
|
|
201.8
|
|
|
|
|
|
193.2
|
|
|
|
|
|
192.7
|
|
|
|
|
|
194.0
|
|
|
|
|
|
188.5
|
|
|
|
|
|
190.7
|
|
Services
|
|
|
|
|
62.3
|
|
|
|
|
|
72.1
|
|
|
|
|
|
68.7
|
|
|
|
|
|
57.8
|
|
|
|
|
|
68.8
|
|
|
|
|
|
61.8
|
|
|
|
|
|
61.3
|
|
|
|
|
|
52.5
|
|
Intersegment eliminations
|
|
|
|
|
(9.7
|
)
|
|
|
|
|
(7.9
|
)
|
|
|
|
|
(6.6
|
)
|
|
|
|
|
(6.2
|
)
|
|
|
|
|
(6.6
|
)
|
|
|
|
|
(5.2
|
)
|
|
|
|
|
(5.8
|
)
|
|
|
|
|
(5.5
|
)
|
Total Revenue
|
|
|
|
$
|
552.1
|
|
|
|
|
$
|
564.8
|
|
|
|
|
$
|
603.5
|
|
|
|
|
$
|
587.5
|
|
|
|
|
$
|
594.8
|
|
|
|
|
$
|
598.4
|
|
|
|
|
$
|
600.1
|
|
|
|
|
$
|
614.4
|
|
Pro forma adjusted EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Space Systems
|
|
|
|
$
|
49.2
|
|
|
|
|
$
|
61.4
|
|
|
|
|
$
|
61.6
|
|
|
|
|
$
|
62.5
|
|
|
|
|
$
|
61.1
|
|
|
|
|
$
|
55.3
|
|
|
|
|
$
|
67.2
|
|
|
|
|
$
|
63.0
|
|
Imagery
|
|
|
|
|
133.6
|
|
|
|
|
|
128.2
|
|
|
|
|
|
128.8
|
|
|
|
|
|
120.1
|
|
|
|
|
|
123.4
|
|
|
|
|
|
124.9
|
|
|
|
|
|
123.1
|
|
|
|
|
|
124.3
|
|
Services
|
|
|
|
|
9.5
|
|
|
|
|
|
9.3
|
|
|
|
|
|
7.5
|
|
|
|
|
|
6.0
|
|
|
|
|
|
11.7
|
|
|
|
|
|
9.1
|
|
|
|
|
|
6.9
|
|
|
|
|
|
5.7
|
|
Intersegment eliminations
|
|
|
|
|
(1.0
|
)
|
|
|
|
|
(1.3
|
)
|
|
|
|
|
(0.6
|
)
|
|
|
|
|
(1.1
|
)
|
|
|
|
|
(0.7
|
)
|
|
|
|
|
(0.5
|
)
|
|
|
|
|
(0.9
|
)
|
|
|
|
|
(1.0
|
)
|
Pro forma adjusted EBITDA:
|
|
|
|
|
191.3
|
|
|
|
|
|
197.6
|
|
|
|
|
|
197.3
|
|
|
|
|
|
187.5
|
|
|
|
|
|
195.5
|
|
|
|
|
|
188.8
|
|
|
|
|
|
196.3
|
|
|
|
|
|
192.0
|
|
Corporate Expense
|
|
|
|
|
(6.4
|
)
|
|
|
|
|
(8.5
|
)
|
|
|
|
|
(10.0
|
)
|
|
|
|
|
(9.5
|
)
|
|
|
|
|
(10.1
|
)
|
|
|
|
|
(8.2
|
)
|
|
|
|
|
(8.3
|
)
|
|
|
|
|
(7.7
|
)
|
Adjusted EBITDA
|
|
|
|
$
|
184.9
|
|
|
|
|
$
|
189.1
|
|
|
|
|
$
|
187.3
|
|
|
|
|
$
|
178.0
|
|
|
|
|
$
|
185.4
|
|
|
|
|
$
|
180.6
|
|
|
|
|
$
|
188.0
|
|
|
|
|
$
|
184.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MAXAR TECHNOLOGIES LTD.
|
Unaudited Condensed Consolidated Statements of Earnings
|
(In millions of United States dollars, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
|
|
|
March 31,
|
|
|
|
|
2018
|
|
|
|
2017
|
Revenues
|
|
|
|
$
|
557.7
|
|
|
|
|
$
|
373.5
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
Direct costs, selling, general and administration
|
|
|
|
|
370.3
|
|
|
|
|
|
310.5
|
|
Depreciation and amortization
|
|
|
|
|
112.4
|
|
|
|
|
|
19.0
|
|
Foreign exchange gain
|
|
|
|
|
(1.1
|
)
|
|
|
|
|
(0.2
|
)
|
Share-based compensation (recovery) expense
|
|
|
|
|
(1.3
|
)
|
|
|
|
|
4.8
|
|
Other expense
|
|
|
|
|
7.3
|
|
|
|
|
|
18.7
|
|
Earnings before interest and income taxes
|
|
|
|
|
70.1
|
|
|
|
|
|
20.7
|
|
Finance expense, net
|
|
|
|
|
45.5
|
|
|
|
|
|
10.6
|
|
Earnings before income taxes
|
|
|
|
|
24.6
|
|
|
|
|
|
10.1
|
|
Income tax (recovery) expense
|
|
|
|
|
(6.6
|
)
|
|
|
|
|
5.8
|
|
Equity in loss from joint ventures, net of tax
|
|
|
|
|
0.2
|
|
|
|
|
|
—
|
|
Net earnings
|
|
|
|
$
|
31.0
|
|
|
|
|
$
|
4.3
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per common share:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
$
|
0.55
|
|
|
|
|
$
|
0.12
|
|
Diluted
|
|
|
|
$
|
0.55
|
|
|
|
|
$
|
0.11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MAXAR TECHNOLOGIES LTD.
|
Unaudited Condensed Consolidated Balance Sheets
|
(In millions of United States dollars, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
|
December 31,
|
|
|
|
|
2018
|
|
|
|
2017
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
24.7
|
|
|
|
$
|
19.1
|
Trade and other receivables
|
|
|
|
|
321.3
|
|
|
|
|
348.2
|
Financial assets, other
|
|
|
|
|
18.1
|
|
|
|
|
16.3
|
Contract assets
|
|
|
|
|
180.7
|
|
|
|
|
128.3
|
Inventories
|
|
|
|
|
100.5
|
|
|
|
|
96.5
|
Non-financial assets
|
|
|
|
|
110.8
|
|
|
|
|
125.2
|
Current tax assets
|
|
|
|
|
78.5
|
|
|
|
|
71.7
|
Total current assets
|
|
|
|
|
834.6
|
|
|
|
|
805.3
|
Non-current assets:
|
|
|
|
|
|
|
|
|
|
|
Orbital receivables
|
|
|
|
|
428.7
|
|
|
|
|
424.2
|
Financial assets, other
|
|
|
|
|
85.1
|
|
|
|
|
95.2
|
Non-financial assets
|
|
|
|
|
45.8
|
|
|
|
|
41.6
|
Deferred tax assets
|
|
|
|
|
129.0
|
|
|
|
|
108.3
|
Property, plant and equipment
|
|
|
|
|
1,066.4
|
|
|
|
|
1,054.9
|
Intangible assets
|
|
|
|
|
1,698.2
|
|
|
|
|
1,753.4
|
Goodwill
|
|
|
|
|
2,370.2
|
|
|
|
|
2,374.4
|
Total non-current assets
|
|
|
|
|
5,823.4
|
|
|
|
|
5,852.0
|
Total assets
|
|
|
|
$
|
6,658.0
|
|
|
|
$
|
6,657.3
|
Liabilities and Shareholders’ Equity
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
Trade and other payables
|
|
|
|
$
|
215.6
|
|
|
|
$
|
236.9
|
Current tax liabilities
|
|
|
|
|
23.8
|
|
|
|
|
49.2
|
Financial liabilities, other
|
|
|
|
|
10.4
|
|
|
|
|
18.9
|
Provisions and other non-financial liabilities
|
|
|
|
|
10.8
|
|
|
|
|
11.3
|
Employee benefits
|
|
|
|
|
90.2
|
|
|
|
|
123.9
|
Contract liabilities
|
|
|
|
|
426.6
|
|
|
|
|
465.5
|
Securitization liability
|
|
|
|
|
15.6
|
|
|
|
|
15.5
|
Current portion of long-term debt
|
|
|
|
|
18.3
|
|
|
|
|
18.1
|
Total current liabilities
|
|
|
|
|
811.3
|
|
|
|
|
939.3
|
Non-current liabilities:
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities, other
|
|
|
|
|
13.6
|
|
|
|
|
13.8
|
Provisions
|
|
|
|
|
160.2
|
|
|
|
|
159.3
|
Employee benefits
|
|
|
|
|
211.2
|
|
|
|
|
217.6
|
Non-financial liabilities
|
|
|
|
|
42.9
|
|
|
|
|
42.1
|
Contract liabilities
|
|
|
|
|
146.2
|
|
|
|
|
134.3
|
Deferred tax liabilities
|
|
|
|
|
124.1
|
|
|
|
|
103.6
|
Securitization liability
|
|
|
|
|
86.9
|
|
|
|
|
90.8
|
Long-term debt
|
|
|
|
|
3,030.7
|
|
|
|
|
2,942.9
|
Total non-current liabilities
|
|
|
|
|
3,815.8
|
|
|
|
|
3,704.4
|
Total liabilities
|
|
|
|
|
4,627.1
|
|
|
|
|
4,643.7
|
Shareholders’ equity:
|
|
|
|
|
|
|
|
|
|
|
Share capital (no par value, unlimited common shares authorized;
56.4 and 56.2 common shares issued and outstanding, respectively)
|
|
|
|
|
1,558.1
|
|
|
|
|
1,550.3
|
Contributed surplus
|
|
|
|
|
52.6
|
|
|
|
|
50.6
|
Retained earnings
|
|
|
|
|
276.6
|
|
|
|
|
261.8
|
Accumulated other comprehensive income
|
|
|
|
|
143.6
|
|
|
|
|
150.9
|
Total shareholders' equity
|
|
|
|
|
2,030.9
|
|
|
|
|
2,013.6
|
Total liabilities and shareholders' equity
|
|
|
|
$
|
6,658.0
|
|
|
|
$
|
6,657.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MAXAR TECHNOLOGIES LTD.
|
Unaudited Condensed Consolidated Statements of Cash Flows
|
(In millions of United States dollars, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
|
|
|
March 31,
|
|
|
|
|
2018
|
|
|
|
2017
|
Cash flows provided by (used in):
|
|
|
|
|
|
|
|
|
|
|
Operating activities:
|
|
|
|
|
|
|
|
|
|
|
Net earnings
|
|
|
|
$
|
31.0
|
|
|
|
$
|
4.3
|
Adjustments to reconcile to net cash from operating activities:
|
|
|
|
|
|
|
|
|
|
|
Depreciation of property, plant and equipment
|
|
|
|
|
37.4
|
|
|
|
|
8.1
|
Amortization of intangible assets
|
|
|
|
|
75.0
|
|
|
|
|
10.9
|
Share-based compensation (recovery) expense
|
|
|
|
|
(1.3)
|
|
|
|
|
4.8
|
Finance income
|
|
|
|
|
(0.2)
|
|
|
|
|
(0.1)
|
Finance expense
|
|
|
|
|
43.4
|
|
|
|
|
8.3
|
Foreign exchange loss (gain)
|
|
|
|
|
0.5
|
|
|
|
|
(3.1)
|
Income tax expense
|
|
|
|
|
(6.6)
|
|
|
|
|
5.8
|
Income taxes paid
|
|
|
|
|
(1.6)
|
|
|
|
|
(1.2)
|
Income taxes recovered
|
|
|
|
|
1.0
|
|
|
|
|
1.5
|
Loss on sale of subsidiary
|
|
|
|
|
2.2
|
|
|
|
|
—
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
Trade and other receivables
|
|
|
|
|
23.5
|
|
|
|
|
57.0
|
Contract assets
|
|
|
|
|
(54.1)
|
|
|
|
|
(23.1)
|
Financial assets, other
|
|
|
|
|
(14.4)
|
|
|
|
|
(9.8)
|
Trade and other payables
|
|
|
|
|
(6.0)
|
|
|
|
|
15.0
|
Employee benefits
|
|
|
|
|
(28.7)
|
|
|
|
|
(15.7)
|
Contract liabilities
|
|
|
|
|
(26.0)
|
|
|
|
|
(84.7)
|
Financial liabilities, other
|
|
|
|
|
(15.8)
|
|
|
|
|
1.9
|
Cash provided by (used in) operating activities
|
|
|
|
|
59.3
|
|
|
|
|
(20.1)
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities:
|
|
|
|
|
|
|
|
|
|
|
Purchase of property, plant and equipment
|
|
|
|
|
(43.6)
|
|
|
|
|
(7.9)
|
Purchase/development of intangible assets
|
|
|
|
|
(33.9)
|
|
|
|
|
(17.8)
|
Disposal of short-term investments and subsidiary
|
|
|
|
|
4.6
|
|
|
|
|
—
|
Decrease in restricted cash
|
|
|
|
|
6.9
|
|
|
|
|
0.7
|
Interest received on short-term investments
|
|
|
|
|
0.2
|
|
|
|
|
0.1
|
Cash used in investing activities
|
|
|
|
|
(65.8)
|
|
|
|
|
(24.9)
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities:
|
|
|
|
|
|
|
|
|
|
|
Net proceeds from revolving loan facility and other long-term debt
|
|
|
|
|
84.8
|
|
|
|
|
170.7
|
Repayment of 2017 Term Notes
|
|
|
|
|
—
|
|
|
|
|
(100.0)
|
Repayment of 2024 Term Notes
|
|
|
|
|
—
|
|
|
|
|
(10.2)
|
Interest paid on long-term debt
|
|
|
|
|
(54.3)
|
|
|
|
|
(7.2)
|
Settlement of securitization liability, including interest
|
|
|
|
|
(5.4)
|
|
|
|
|
(5.2)
|
Payment of dividends and other
|
|
|
|
|
(15.6)
|
|
|
|
|
(9.1)
|
Cash provided by financing activities
|
|
|
|
|
9.5
|
|
|
|
|
39.0
|
Increase (decrease) in cash and cash equivalents
|
|
|
|
|
3.0
|
|
|
|
|
(6.0)
|
Effect of foreign exchange on cash and cash equivalents
|
|
|
|
|
0.1
|
|
|
|
|
(0.6)
|
Cash and cash equivalents, beginning of period (a)
|
|
|
|
|
19.1
|
|
|
|
|
(3.8)
|
Cash and cash equivalents, end of period (a)
|
|
|
|
$
|
22.2
|
|
|
|
$
|
(10.4)
|
Cash and cash equivalents are net of bank overdrafts of $2.5 million and
$11.9 million for the three months March 31, 2018 and 2017,
respectively. There were no bank overdrafts as at December 31, 2017.
Non-IFRS Financial Measures
In addition to results reported in accordance with IFRS, the Company
uses certain non-IFRS financial measures as supplemental indicators of
its financial and operating performance. These non-IFRS financial
measures include adjusted earnings, adjusted earnings per share and
adjusted EBITDA. The Company believes these supplementary
financial measures reflect the Company’s ongoing business in a manner
that allows for meaningful period-to-period comparisons and analysis of
trends in its business.
The Company defines adjusted earnings as net earnings excluding
the impact of specified items affecting comparability, including, where
applicable, special income and expense items, amortization of
acquisition related intangible assets, share-based compensation, and
other gains or losses. The use of the term “special income and expense
items” is defined by the Company as those that do not impact operating
decisions taken by the Company’s management and is based upon the way
the Company’s management evaluates the performance of the Company’s
business for use in the Company’s internal management reports. These
items include: acquisition and integration related expense, interest
expense on dissenting shareholder liability, restructuring and
enterprise improvement costs, loss from sale of subsidiary, equity in
loss from joint ventures and foreign exchange differences. Foreign
exchange differences consist of (i) timing differences on certain
project-related foreign exchange forward contracts not subject to hedge
accounting, (ii) gains and losses on translation of intercompany
balances and (iii) unrealized foreign exchange gains and losses on
translation of long-term foreign currency denominated financial assets
and liabilities. The Company believes that the exclusion of each of
these items reduces volatility and provides a more meaningful
period-to-period comparison of the Company’s ongoing performance. Income
tax expense on adjusted earnings is computed using the estimated
effective annual income tax rate, adjusted for specific items affecting
comparability. Adjusted earnings per share is calculated using
diluted weighted average shares outstanding and does not represent
actual earnings per share attributable to shareholders. The Company
believes that the disclosure of adjusted earnings and adjusted earnings
per share allows investors to evaluate the financial performance of the
Company’s ongoing business using the same evaluation measures that its
management uses, and is therefore a useful indicator of the Company’s
performance.
The Company defines adjusted EBITDA as earnings before interest,
taxes, depreciation and amortization, and adjusted for certain items
affecting comparability as specified in the calculation of adjusted
earnings.
Adjusted EBITDA is presented on a basis consistent with the Company’s
internal management reports. The Company discloses adjusted EBITDA to
capture the profitability of its business before the impact of items not
considered in management’s evaluation of operating unit performance. The
Company also discloses segment adjusted EBITDA as a measure of each
reporting segment’s profitability and contribution to adjusted EBITDA.
Segment adjusted EBITDA is reported prior to the deduction of corporate
expenses.
Adjusted earnings, adjusted earnings per share and adjusted EBITDA do
not have any standardized meaning prescribed by IFRS and therefore may
not be comparable to similar measures presented by other companies. The
Company cautions readers to consider these non-IFRS financial measures
in addition to, and not as an alternative for, measures calculated in
accordance with IFRS.
Pro Forma Financial Information
The unaudited pro forma financial information described in this release
gives effect to the Company’s acquisition of DigitalGlobe using the
acquisition method of accounting for business combinations with the
Company identified as the acquirer, and is based on the respective
historical unaudited condensed consolidated financial statements of the
Company and DigitalGlobe for the periods presented below. In determining
these amounts, management has conformed DigitalGlobe’s historical
financial results originally prepared under U.S. general accepted
accounting principles to IFRS and has assumed that the fair value
adjustments, determined provisionally, that arose on the date of
acquisition would have been the same if the acquisition had occurred on
January 1, 2017. Revenue and direct costs, selling, general and
administration expense have been adjusted to reflect the elimination of
intra entity transactions during the periods and other expense has been
adjusted to reflect the elimination of transaction related expenses.
This unaudited pro forma financial information is for illustrative
purposes only and is not necessarily indicative of the operating results
that would have been achieved if the acquisition had been completed at
the beginning of the period for the periods presented, nor do they
purport to project the results of operations of the combined entities
for any future period or as of any future date. This unaudited pro forma
financial information may not be useful in predicting the results of
operations of the combined company in the future. The actual results of
operations may differ significantly from this pro forma financial
information.
Forward-Looking Statements
This earnings release and the associated conference call and webcast,
which includes a business update, discussion of financial results for
the first quarter of 2018, and question and answer session (the
“Earnings Release”), may contain certain “forward-looking statements” or
“forward-looking information” under applicable securities laws.
Forward-looking terms such as “may,” “will,” “could,” “should,” “would,”
“plan,” “potential,” “intend,” “anticipate,” “project,” “target,”
“believe,” “estimate” or “expect” and other words, terms and phrases of
similar nature are often intended to identify forward-looking
statements, although not all forward-looking statements contain these
identifying words. Forward-looking statements herein are statements
which are not historical fact and involve estimates, expectations,
projections, goals, forecasts, assumptions, risks and uncertainties.
Such forward-looking statements may include, but are not limited to,
statements regarding: future growth opportunities, expected earnings,
expected capital expenditures, future financing requirements and
estimated future dividends; the expected benefits from the Company’s
acquisition of DigitalGlobe, Inc.; the impact of the Company’s
acquisition of DigitalGlobe, Inc. on the Company’s earnings, credit
rating, estimated enterprise value and growth rate; the expectation that
the Company and its subsidiaries will remain compliant with debt
covenants and other contractual obligations; the expected timeline for
the Company to fully implement its plan to domicile the ultimate parent
of DigitalGlobe, Inc. in the U.S. by the end of 2019 and the expected
benefits therefrom; additional acquisition and integration related costs
in future periods; the implementation of the security control agreement;
business and financial outlook; the scope and anticipated revenues of
customer contracts; the scope and expected benefits of the restructuring
and enterprise improvement initiatives; the capabilities of the
satellites built by the Company; the sources of liquidity the Company
expects to use to meet its anticipated cash requirements; and the
outcome of legal proceedings involving the Company.
Forward-looking statements included herein are based on certain key
expectations and assumptions made by the Company. Although management of
the Company believes that the expectations and assumptions on which such
forward-looking statements are based are reasonable, undue reliance
should not be placed on the forward-looking statements because the
Company can give no assurance that they will prove to be correct. The
material assumptions upon which such forward-looking statements are
based include, among others, assumptions with respect to: market,
industry and general economic conditions; the operations of the
businesses of the Company continuing on a basis consistent with prior
years or current expectations; growth in demand for the products and
services of the Company’s businesses; the ability of the Company to
access financing from time to time on favorable terms; the continuation
of executive and operating management or the non-disruptive replacement
of them on competitive terms; currency exchange and interest rates being
reasonably stable at current rates; the realization of expected benefits
and synergies from the Company’s acquisition of DigitalGlobe, Inc.;
compliance with the U.S. regulatory requirements and the requirements of
the National Industrial Security Program Operating Manual related to the
implementation of the security control agreement and the facility
clearance for the offices of certain subsidiaries of the Company; the
Company’s continuing ability to effectively service customers and there
being no adverse changes to customer priorities and funding levels; the
Company’s continuing ability to implement the enterprise improvement
initiatives; the Company’s continuing ability to meet technical
specifications and complete the contracts with minimal cost overrun; the
Company building its satellites to reliable design specifications; the
accuracy of the Company’s current plans and forecasts; and the accuracy
of management’s current assessment of the outcome of legal proceedings
involving the Company. The Company makes no representation that
reasonable business people in possession of the same information would
reach the same conclusions.
Additionally, forward-looking statements are subject to a number of
risks and uncertainties that could cause actual results and expectations
to differ materially from the anticipated results or expectations
expressed herein. The Company cautions readers that should certain risks
or uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary significantly from those expected.
The risks that could cause actual results to differ materially from
current expectations include, but are not limited to: the loss or
termination in scope of any one of the Company’s primary contracts; the
Company’s ability to generate a sustainable order rate for its satellite
manufacturing operations in a market where the number of satellite
construction contracts awarded varies annually; changes in government
policies, priorities, regulations, use of commercial data providers to
meet U.S. government imagery needs, government agency mandates, funding
levels through agency budget reductions, the imposition of budgetary
constraints or a decline in government support or deferment of funding
for programs in which the Company or its customers participate; changes
in U.S. government policy regarding use of commercial-data providers, or
material delay or cancellation of certain U.S. government programs; the
Company’s ability to effectively execute its U.S. government access plan
and realize anticipated benefits of contract awards from the U.S.
government and failure by the Company to comply with U.S. regulations
could result in penalties or suspension and failure by the Company to
maintain the relevant clearances and approvals could limit its ability
to operate in the U.S. market; certain U.S. subsidiaries of the Company
are subject to the requirements of the National Industrial Security
Program Operating Manual for their facility security clearance, which is
a prerequisite for their ability to obtain and perform on classified
contracts for the U.S. government; risks inherent with performance on
fixed price contracts, particularly the ability to contain cost overruns
and schedule delays; foreign and domestic resellers fail to market or
sell the Company’s products and services successfully; inability of the
Company’s limited vendors to provide key products and services; quality
issues, failure of systems to meet performance requirements, potential
for product liability, or the occurrence of defects in products or
systems could result in lost revenue and harm to the Company’s
reputation; occurrence of delays in obtaining regulatory approvals,
satellite damage or destruction during launch, launch failures, or
incorrect orbital placement; failure of the Company’s satellites to
operate as intended; natural disasters or other disruptions affecting
the Company's operations and resulting in an interruption or failure of
the Company’s infrastructure; failure of the Company or inability to
protect and maintain the Earth-imagery content stored in its
ImageLibrary; loss of, or damage to, a satellite before the end of its
expected operational life and the failure to obtain data or alternate
sources of data for the Company’s products; reliance on information
technology systems and threats of disruption from security breaches and
cyber-attacks; limited insurance coverage, pricing and availability;
failure to anticipate changes in technology, technical standards and
offerings or comply with the requisite standards, or failure to maintain
technological advances and offer new products to retain customers and
market position; potential infringement of the intellectual property
rights of others and inadequate protection of the Company’s intellectual
property rights; significant competition with competitors that are
larger or have greater resources, and where foreign currency
fluctuations may increase competition from the Company’s non-United
States competitors; changes in regulations, telecommunication standards
and laws in the countries in which the Company conducts business; export
restrictions or the inability to obtain export approvals; failure to
obtain necessary regulatory approvals and licenses, including those
required by the United States government; a competitive advantage for
competitors not subject to the same level of export control or economic
sanctions laws and regulations faced by the Company; exposure to fines
and/or legal penalties under U.S. and Canadian securities regulations;
exposure to fines and/or legal sanctions under anti-corruption laws; the
Company’s ability to attract and retain qualified personnel; the
Company’s ability to receive satellite imagery, including from third
parties for resale and performance issues on the Company’s on-orbit
satellites; the Company’s failure to raise adequate capital to finance
its business strategies, including funding any future satellite;
uncertainty in financing arrangements and failure to obtain required
financing on acceptable terms, or credit agreements may contain
restrictive covenants which may be limiting; failure to identify,
acquire, obtain the required regulatory approvals, or profitably manage
additional businesses or successfully integrate any acquired businesses,
products or technologies into the Company without substantial expenses,
delays or other operational, regulatory, or financial problems; the
Company’s ability to obtain certain satellite construction contracts
depends, in part, on its ability to provide the customer with partial
financing of working capital and any financing provided by the Company
may not be repaid or the Company may be called upon to make payments;
certain customers are highly leveraged and may not fulfill their
contractual payment obligations, including vendor financing; the risk
that the Company will not be able to access export credit financing to
facilitate the sale of the Company’s communication satellites and other
products to non-Canadian and non-United States customers; exposure to
foreign currency fluctuations; and failure to comply with environmental
regulations.
There may be additional risks and uncertainties applicable to the
Company related to its acquisition of DigitalGlobe, Inc., including
that: the Company may not realize all of the expected benefits of the
acquisition or the benefits may not occur within the time periods
anticipated; the Company incurred substantial transaction fees and costs
in connection with the acquisition; significant demands will be placed
on the managerial, operational and financial personnel and systems of
the Company to support the expansion of operations as a result of the
acquisition; the Company may not have discovered undisclosed liabilities
in the course of the due diligence review of DigitalGlobe; and the
Company is a target of appraisal proceedings which could result in
substantial costs.
For additional information with respect to certain of these risks or
factors, reference should be made to the section entitled “Business
Risks and Uncertainties” of the Company’s annual Management’s Discussion
and Analysis and the notes to the consolidated financial statements of
the Company for the year ended December 31, 2017, as well as to the
Company’s continuous disclosure materials filed from time to time with
Canadian securities regulatory authorities, which are available online
under the Company’s SEDAR profile at www.sedar.com,
under the Company’s EDGAR profile at www.sec.gov
or on the Company’s website at www.maxar.com.
The foregoing lists are not intended to be exhaustive and there may be
other key risks that are not listed above that are not presently known
to the Company or that the Company currently deems immaterial. Should
one or more of these or other risks or uncertainties materialize, or
should any of the underlying assumptions prove incorrect, actual results
may vary in material respects from those expressed or implied by the
forward-looking statements contained herein. As a result of the
foregoing, readers should not place undue reliance on the
forward-looking statements contained herein.
The forward-looking statements contained herein are expressly qualified
in their entirety by the foregoing cautionary statements. All such
forward-looking statements are based upon data available as of the date
of this earnings release or other specified date and speak only as of
such date. The Company disclaims any intention or obligation to update
or revise any forward-looking statements herein as a result of new
information, future events or otherwise, other than as may be required
under applicable securities law.
Investor/Analyst Conference Call
Maxar President and CEO Howard Lance and Executive Vice President
and interim CFO Anil Wirasekara will host a Conference Call on
May 9, 2018 at 8:30am Eastern Standard Time to discuss the financial
results and to answer questions.
To participate, dial:
Toll free North America: 1-888-390-0546
Toronto: 1-416-764-8688
Vancouver:
1-778-383-7413
The Conference Call will also be Webcast live at:
http://investor.maxar.com/overview/default.aspx
Telephone replay will be available from May 9, 2018 at the following
numbers:
Toll free North America: 1-888-390-0541
Toronto:
1-416-764-8677
Passcode: 521528#
About Maxar
Maxar Technologies Ltd. (the “Company” or “Maxar”), is a corporation
continued under the laws of the province of British Columbia, Canada
with common shares listed on the Toronto Stock Exchange (“TSX”) and the
New York Stock Exchange (“NYSE”), each under the symbol: MAXR. On
October 5, 2017, the Company’s name was changed from MacDonald,
Dettwiler and Associates Ltd. to Maxar Technologies Ltd. The Company’s
registered office is located at Suite 1700, 666 Burrard Street,
Vancouver, British Columbia, Canada.
Maxar is an industry leading vertically-integrated space and geospatial
intelligence company with a full range of space technology solutions for
commercial and government customers including satellite building and
operations, ground infrastructure, space robotics, earth imagery,
geospatial data and analytics. For more information visit www.maxar.com.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20180509005477/en/
Maxar Investor Relations
Jason Gursky, 1-303-684-2207
jason.gursky@maxar.com
or
Maxar
Media Contact
Nancy Coleman, 1-303-684-1674
nancy.coleman@maxar.com
Source: Maxar Technologies