Maxar Technologies (NYSE:MAXR) (TSX:MAXR) (“Maxar” or the
“Company”), a provider of comprehensive space solutions and secure,
precise, geospatial intelligence, today announced financial results
for the quarter and year ended December 31, 2021. All dollar
amounts in this press release are expressed in U.S. dollars, unless
otherwise noted.
Key points from the fourth quarter and full-year include:
- Fourth quarter consolidated revenues of $468 million, net
income from continuing operations of $71 million, diluted net
income per share of $0.94 and Adjusted EBITDA1of $112 million
- Full-year consolidated revenues of $1,770 million
- Full-year net income from continuing operations of $46
million
- Full-year diluted net income per share of $0.63
- Full-year Adjusted EBITDA1of $424 million
- Full-year operating cash flows from continuing operations of
$294 million, CapEx2of $234 million and free cash flows1 of $60
million
1 This is a non-GAAP financial measure. Refer to section
“Non-GAAP Financial Measures” in this earnings release. 2 CapEx is
defined as the purchase of property, plant and equipment and
development or purchase of software.
“Our performance this year demonstrates that we are executing on
our strategic growth plans. We generated revenue and Adjusted
EBITDA growth, and we won notable awards across a diverse set of
customers, including the National Reconnaissance Office, the
National Geospatial Intelligence Agency, the US Army, several key
US allies, and a number of leading technology companies,” stated
Dan Jablonsky, President and Chief Executive Officer. “Importantly,
we generated over $100 million in growth from our Earth
Intelligence products versus last year. As we look to 2022 and
beyond, we remain focused on execution and on making investments
across both Earth Intelligence and Space Infrastructure that we
believe will position us well to continue to meet our customer’s
critical mission needs into the future.”
“We generated cash flow growth in 2021 versus a year ago on
better operating cash flow performance and lower capital
expenditures. I am pleased with the full-year financial performance
across the organization, particularly the Adjusted EBITDA margin
expansion we saw in both Earth Intelligence and Space
Infrastructure driven by mix and solid execution,” stated Biggs
Porter, Chief Financial Officer. “Looking ahead, we continue to see
strong growth in revenue, Adjusted EBITDA and cash flow over the
next several years, and we remain focused on reducing debt and
leverage.”
Total revenues increased to $468 million from $467 million, or
by $1 million, for the three months ended December 31, 2021,
compared to the same period in 2020. The increase was primarily
driven by an increase in the Earth Intelligence segment which was
partially offset by a decrease in the Space Infrastructure
segment.
Total revenues increased to $1,770 million from $1,723 million,
or by $47 million, for the year ended December 31, 2021 compared to
2020. The increase was primarily driven by an increase in revenues
in our Space Infrastructure and Earth Intelligence segments.
Revenue in our Earth Intelligence segment was inclusive of an $80
million decrease in the recognition of deferred revenue related to
the EnhancedView Contract.
For the three months ended December 31, 2021, our net income
(loss) from continuing operations increased to net income of $71
million from a net loss of $52 million, or by $123 million,
compared to the same period in 2020. The increase was driven by a
$49 million reversal of our orbital receivables allowance for the
three months ended December 31, 2021. The increase was also driven
by a decrease in total product and services costs of $34 million
primarily within the Space Infrastructure segment for the three
months ended December 31, 2021 compared to the same period in 2020
and the write-off of a $33 million prepaid asset with a commercial
provider of ground station services under a contract which was
above current market value for the three months ended December 31,
2020, which did not reoccur for the same period in 2021.
For the year ended December 31, 2021, our net income (loss) from
continuing operations increased to net income of $46 million from a
net loss of $46 million, or by $92 million, compared to 2020. The
increase was driven by a decrease in depreciation and amortization
expense of $58 million, a $49 million reversal of our orbital
receivables allowance and an increase in revenue of $47 million for
the year ended December 31, 2021, compared to 2020. The increase
was also driven by a decrease in interest expense, net of $24
million, compared to 2020. Interest expense, net included a $41
million loss on debt extinguishment for the year ended December 31,
2021. These increases were partially offset by an $85 million gain
on remeasurement of the previously held equity interest in Vricon
for the year ended December 31, 2020, which did not reoccur in
2021, an increase in selling, general and administrative costs of
$37 million for the year ended December 31, 2021 compared to 2020
and the write-off of a $33 million prepaid asset with a commercial
provider of ground station services for the year ended December 31,
2020, which did not reoccur in 2021.
For the three months ended December 31, 2021, Adjusted EBITDA
was $112 million and Adjusted EBITDA margin was 23.9%. This is
compared to Adjusted EBITDA of $95 million and Adjusted EBITDA
margin of 20.3% for the three months ended 2020. The increase was
primarily driven by higher Adjusted EBITDA from the Earth
Intelligence segment partially offset by higher Corporate and other
expenses.
For the year ended December 31, 2021, Adjusted EBITDA was $424
million and Adjusted EBITDA margin was 24.0%. This is compared to
Adjusted EBITDA of $422 million and Adjusted EBITDA margin of 24.5%
for the year ended 2020. The increase in Adjusted EBITDA was driven
by higher Adjusted EBITDA from the Space Infrastructure segment
partially offset by lower Adjusted EBITDA from the Earth
Intelligence segment primarily as a result of a $80 million
decrease in deferred revenue recognized related to the EnhancedView
Contract discussed above. The total increase was also partially
offset by higher Corporate and other expenses.
Order backlog decreased to $1,893 million from $1,904 million,
or by $11 million, for the year ended December 31, 2021 compared to
December 31, 2020. Our unfunded contract options totaled $650
million and $856 million as of December 31, 2021 and 2020,
respectively. Unfunded contract options represent estimated amounts
of revenue to be earned in the future from negotiated contracts
with unexercised contract options and indefinite
delivery/indefinite quantity contracts. Unfunded contract options
as of December 31, 2021 were primarily comprised of the option year
in the EnhancedView Contract (September 1, 2022 through July 12,
2023) and other U.S. government and commercial customer contracts.
In November 2021, the National Reconnaissance Office (“NRO”)
announced the release of the Electro-Optical Commercial Layer
(“EOCL”) contract Request for Proposal (“RFP”) which is expected to
replace the existing EnhancedView Contract. In December 2021, we
submitted our response to the EOCL RFP and anticipate the NRO to
award EOCL contracts prior to the expiration of the EnhancedView
Contract, including remaining option years.
Financial Highlights
In addition to results reported in accordance with U.S. GAAP, we
use certain non-GAAP financial measures as supplemental indicators
of its financial and operating performance. These non-GAAP
financial measures include EBITDA and Adjusted EBITDA. We believe
these supplementary financial measures reflect our ongoing business
in a manner that allows for meaningful period-to-period comparisons
and analysis of trends in its business.
Three Months Ended
Year Ended
December 31,
December 31,
2021
2020
2021
2020
($ millions, except per share amounts)
Revenues
$
468
$
467
$
1,770
$
1,723
Income (loss) from continuing
operations
71
(52
)
46
(46
)
Income from discontinued operations, net
of tax
—
12
—
349
Net income (loss)
$
71
$
(40
)
$
46
$
303
EBITDA1
160
76
471
801
Total Adjusted EBITDA1
112
95
424
422
Diluted net income per common share:
Income (loss) from continuing
operations
$
0.94
$
(0.85
)
$
0.63
$
(0.76
)
Income from discontinued operations, net
of tax
—
0.20
—
5.75
Diluted net income (loss) per common
share
$
0.94
$
(0.65
)
$
0.63
$
4.99
Weighted average number of common shares
outstanding (millions):
Basic
72.7
61.1
70.6
60.7
Diluted
75.2
61.1
73.2
60.7
1 This is a non-GAAP financial measure.
Refer to section “Non-GAAP Financial Measures” in this earnings
release.
Revenues by segment were as follows:
Three Months Ended
Year Ended
December 31,
December 31,
2021
2020
2021
2020
($ millions)
Revenues:
Earth Intelligence
$
289
$
258
$
1,093
$
1,081
Space Infrastructure
199
224
740
721
Intersegment eliminations
(20
)
(15
)
(63
)
(79
)
Total revenues
$
468
$
467
$
1,770
$
1,723
We analyze financial performance by segment, which combine
related activities within the Company.
Three Months Ended
Year Ended
December 31,
December 31,
($ millions)
2021
2020
2021
2020
Adjusted EBITDA:
Earth Intelligence
$
130
$
106
$
492
$
513
Space Infrastructure
17
13
46
(3
)
Intersegment eliminations
(8
)
(6
)
(25
)
(27
)
Corporate and other expenses
(27
)
(18
)
(89
)
(61
)
Adjusted EBITDA1
$
112
$
95
$
424
$
422
1 This is a non-GAAP financial measure.
Refer to section “Non-GAAP Financial Measures” in this earnings
release.
Earth Intelligence
Three Months Ended
Year Ended
December 31,
December 31,
2021
2020
2021
2020
($ millions)
Revenues
$
289
$
258
$
1,093
$
1,081
Adjusted EBITDA
$
130
$
106
$
492
$
513
Adjusted EBITDA margin (as a % of total
revenues)
45.0
%
41.1
%
45.0
%
47.5
%
Revenues from the Earth Intelligence segment increased to $289
million from $258 million, or by $31 million, for the three months
ended December 31, 2021, compared to the same period in 2020. The
increase was primarily driven by a $16 million increase in revenue
from international defense and intelligence customers and a $13
million increase in commercial programs, both largely as a result
of an expansion of contracts with existing customers.
Revenues from the Earth Intelligence segment increased to $1,093
million from $1,081 million, or by $12 million, for the year ended
December 31, 2021, compared to 2020. The increase was primarily
driven by a $48 million increase in revenue from international
defense and intelligence customers, a $36 million increase in new
and expanded commercial programs and a $7 million increase in
revenue from new contracts with the U.S. government partially
offset by an $80 million decrease in the recognition of deferred
revenue related to the EnhancedView Contract. We recognized $80
million of deferred revenue from the EnhancedView Contract for the
year ended December 31, 2020, compared to none for the year ended
December 31, 2021, as it was fully recognized as of August 31,
2020.
Adjusted EBITDA from the Earth Intelligence segment increased to
$130 million from $106 million, or by $24 million, for the three
months ended December 31, 2021, compared to the same period in
2020. The increase was primarily driven by the expansion of
contracts with existing commercial and international defense and
intelligence customers contributing to positive program margin
growth. These increases were partially offset by an increase in
selling, general and administrative costs primarily due to an
increase in labor related expenses driven by an increase in
headcount, employee compensation and fringe benefits.
Adjusted EBITDA decreased to $492 million from $513 million, or
by $21 million, for the year ended December 31, 2021, compared to
2020. The decrease was primarily driven by a decrease in the
recognition of deferred revenue related to the EnhancedView
Contract as mentioned above. The decrease was also driven by an
increase in selling, general and administrative costs due to an
increase in labor related expenses driven by an increase in
headcount, employee compensation and fringe benefits for the year
ended December 31, 2021, compared to 2020. These decreases were
partially offset by the expansion of contracts with existing
commercial and international defense and intelligence customers
contributing to positive program margin growth.
Space Infrastructure
Three Months Ended
Year Ended
December 31,
December 31,
2021
2020
2021
2020
($ millions)
Revenues
$
199
$
224
$
740
$
721
Adjusted EBITDA
$
17
$
13
$
46
$
(3)
Adjusted EBITDA margin (as a % of total
revenues)
8.5
%
5.8
%
6.2
%
(0.4)
%
Revenues from the Space Infrastructure segment decreased to $199
million from $224 million, or by $25 million, for the three months
ended December 31, 2021, compared to the same period in 2020.
Revenues decreased primarily as a result of a $24 million decrease
in revenues from U.S. government contracts driven by a decrease in
volumes.
Revenues from the Space Infrastructure segment increased to $740
million from $721 million, or by $19 million, for the year ended
December 31, 2021, compared to 2020. Revenues increased primarily
as a result of an increase in revenues from commercial programs of
$87 million due to higher volumes and lower EAC growth primarily
due to no COVID-19 program impacts for the year ended December 31,
2021. Revenues were negatively impacted by a $19 million decrease
year over year related to our contract with Sirius XM Holdings Inc.
(“Sirius XM”). The year ended December 31, 2021, included a $30
million cumulative adjustment to revenue primarily related to the
loss of final milestone and expected orbital payments from Sirius
XM due to the non-performance of the SXM-7 satellite and other
adjustments that were recorded in 2021. After exhausting efforts to
fully recover the SXM-7 satellite and further discussions with
Sirius XM, in April 2021, we made the determination to record the
cumulative adjustment to revenue. In addition, there were $3
million of costs incurred in the first quarter of 2021 related to
attempts to repair and fully recover the SXM-7 satellite. The
aggregate impact for the year ended December 30, 2021, was $33
million. The $33 million decrease was partially offset by the
non-reoccurrence of a $14 million adjustment to revenue due to the
identification of a design anomaly on the commercial satellite
program, which was recorded for the year ended December 31, 2020.
In addition, the total increase in revenues from the Space
Infrastructure segment was partially offset by a $49 million
decrease in revenues from U.S. government contracts.
Adjusted EBITDA for the Space Infrastructure segment increased
to $17 million from $13 million, or by $4 million, for the three
months ended December 31, 2021, compared to the same period in
2020. The increase in the Space Infrastructure segment was
primarily driven by a $13 million increase related to margins on
commercial programs for the three months ended December 31, 2021,
compared to the same period in 2020. The increase in commercial
program margins was primarily driven by a change in program mix
related to the completion of less profitable programs offset by
more profitable programs. These increases were partially offset by
a $6 million increase in indirect costs and selling, general and
administrative costs.
Adjusted EBITDA increased to $46 million from a loss of $3
million, or by $49 million, for the year ended December 31, 2021,
compared to 2020. The increase in the Space Infrastructure segment
was primarily related to a $92 million increase driven by increased
volumes on commercial programs which resulted in increased margins
and fewer negative EAC impacts during the year as compared to the
year ended December 31, 2020, which included negative EAC impacts
due to COVID-19. The increase in commercial program margins has
been driven by a change in program mix related to the completion of
less profitable programs offset by new, more profitable programs.
These increases were partially offset by the $19 million reduction
in revenue related to the above-mentioned SXM-7 satellite impacts
and a $19 million increase in indirect costs and selling, general
and administrative costs which was primarily driven by an $11
million increase in research and development expenses.
Corporate and other expenses
Corporate and other expenses include items such as corporate
office costs, regulatory costs, executive and director
compensation, foreign exchange gains and losses, retention costs,
and fees for legal and consulting services.
Corporate and other expenses for the three months ended December
31, 2021 increased to $27 million from $18 million, or by $9
million, for the three months ended December 31, 2021, compared to
the same period in 2020. The increase was primarily driven by a $6
million increase in labor related expenses driven by an increase in
employee compensation and fringe benefits.
Corporate and other expenses for the year ended December 31,
2021 increased to $89 million from $61 million, or by $28 million,
compared to 2020. The increase was primarily driven by a $14
million increase in selling, general and administrative costs
primarily due to an increase in labor related expenses driven by an
increase in employee compensation and fringe benefits. There was
also an increase in stock-based compensation expense of $5 million
primarily due to a higher fair market value of equity awards
granted. The increase was also driven by a $3 million foreign
exchange loss for the year ended December 31, 2021, compared to a
$5 million foreign exchange gain for the year ended December 31,
2020.
Intersegment eliminations
Intersegment eliminations are related to projects between our
segments, including WorldView Legion. Intersegment eliminations
increased to $8 million from $6 million, or by $2 million, for the
three months ended December 31, 2021 compared to the same period in
2020, primarily related to an increase in intersegment satellite
construction activity.
Intersegment eliminations decreased to $25 million from $27
million, or by $2 million, for the year ended December 31, 2021
compared to 2020, primarily related to a decrease in intersegment
satellite construction activity.
MAXAR TECHNOLOGIES
INC.
Consolidated Statements of
Operations
(In millions, except per share
amounts)
Year Ended
December 31,
2021
2020
2019
Revenues:
Product
$
678
$
633
$
560
Service
1,092
1,090
1,106
Total revenues
1,770
1,723
1,666
Costs and expenses:
Product costs, excluding depreciation and
amortization
601
615
593
Service costs, excluding depreciation and
amortization
383
378
382
Selling, general and administrative
369
332
325
Depreciation and amortization
290
348
376
(Gain) loss on orbital receivables
allowance
(49
)
14
14
Impairment loss
—
33
—
Satellite insurance recovery
—
—
(183
)
Loss (gain) on sale of assets
—
1
(136
)
Operating income
176
2
295
Interest expense, net
151
175
219
Other income, net
(8
)
(104
)
(1
)
Income (loss) before taxes
33
(69
)
77
Income tax (benefit) expense
(13
)
(22
)
5
Equity in income from joint ventures, net
of tax
—
(1
)
(11
)
Income (loss) from continuing
operations
46
(46
)
83
Discontinued operations:
Income from operations of discontinued
operations, net of tax
—
32
26
Gain on disposal of discontinued
operations, net of tax
—
317
—
Income from discontinued operations, net
of tax
—
349
26
Net income
$
46
$
303
$
109
Basic net income per common share:
Income (loss) from continuing
operations
$
0.65
$
(0.76
)
$
1.39
Income from discontinued operations, net
of tax
—
5.75
0.44
Basic net income per common share
$
0.65
$
4.99
$
1.83
Diluted net income per common share:
Income (loss) from continuing
operations
$
0.63
$
(0.76
)
$
1.38
Income from discontinued operations, net
of tax
—
5.75
0.43
Diluted net income per common share
$
0.63
$
4.99
$
1.81
MAXAR TECHNOLOGIES
INC.
Consolidated Balance Sheets
(In millions, except per share
amounts)
December 31,
December 31,
2021
2020
Assets
Current assets:
Cash and cash equivalents
$
47
$
27
Trade and other receivables, net
355
327
Inventory, net
39
31
Advances to suppliers
31
24
Prepaid assets
35
38
Other current assets
22
21
Total current assets
529
468
Non-current assets:
Orbital receivables, net
368
361
Property, plant and equipment, net
940
883
Intangible assets, net
787
895
Non-current operating lease assets
145
163
Goodwill
1,627
1,627
Other non-current assets
102
86
Total assets
$
4,498
$
4,483
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable
$
75
$
115
Accrued liabilities
43
65
Accrued compensation and benefits
111
105
Contract liabilities
289
278
Current portion of long-term debt
24
8
Current operating lease liabilities
42
41
Other current liabilities
38
51
Total current liabilities
622
663
Non-current liabilities:
Pension and other postretirement
benefits
134
192
Operating lease liabilities
138
158
Long-term debt
2,062
2,414
Other non-current liabilities
79
120
Total liabilities
3,035
3,547
Commitments and contingencies
Stockholders’ equity:
Common stock ($0.0001 par value, 240
million common shares authorized; 72.7 million and 61.2 million
issued and outstanding at December 31, 2021 and 2020,
respectively)
—
—
Additional paid-in capital
2,235
1,818
Accumulated deficit
(720
)
(763
)
Accumulated other comprehensive loss
(53
)
(120
)
Total Maxar stockholders' equity
1,462
935
Noncontrolling interest
1
1
Total stockholders' equity
1,463
936
Total liabilities and stockholders'
equity
$
4,498
$
4,483
MAXAR TECHNOLOGIES
INC.
Consolidated Statements of Cash
Flows
(In millions)
Year Ended
December 31,
2021
2020
2019
Cash flows (used in) provided by:
Operating activities:
Net income
$
46
$
303
$
109
Income from operations of discontinued
operations, net of tax
—
(32
)
(26
)
Gain on disposal of discontinued
operations, net of tax
—
(317
)
—
Income (loss) from continuing
operations
46
(46
)
83
Adjustments to reconcile net income (loss)
to net cash (used in) provided by operating activities:
Depreciation and amortization
290
348
376
Stock-based compensation expense
45
43
20
Amortization of debt issuance costs and
other non-cash interest expense
15
16
11
Gain on remeasurement of Vricon equity
interest
—
(85
)
—
Loss from early extinguishment of debt
41
7
22
(Gain) loss on orbital receivables
allowance
(49
)
14
14
Cumulative adjustment to SXM-7 revenue
30
—
—
Impairment losses, including inventory
—
33
3
Deferred income tax benefit
—
(17
)
—
Loss (gain) on sale of assets
—
1
(136
)
Other
15
1
(4
)
Changes in operating assets and
liabilities:
Trade and other receivables, net
(20
)
33
(20
)
Accounts payable and liabilities
(95
)
(84
)
17
Contract liabilities
10
5
(117
)
Prepaid and other assets
(18
)
(19
)
(21
)
Other
(16
)
(7
)
10
Cash provided by operating activities -
continuing operations
294
243
258
Cash (used in) provided by operating
activities - discontinued operations
(13
)
(54
)
59
Cash provided by operating activities
281
189
317
Investing activities:
Purchase of property, plant and equipment
and development or purchase of software
(234
)
(308
)
(314
)
Acquisition, net of cash acquired
—
(120
)
—
Return of capital from discontinued
operations
—
20
28
Sale of assets
—
—
280
Other
—
2
—
Cash used in investing activities -
continuing operations
(234
)
(406
)
(6
)
Cash provided by (used in) investing
activities - discontinued operations
—
723
(7
)
Cash (used in) provided by investing
activities
(234
)
317
(13
)
Financing activities:
Repurchase of 2023 Notes, including
premium
(384
)
(169
)
—
Net proceeds from issuance of common
stock
380
—
—
Net proceeds from issuance of 2027 Notes
and 2023 Notes
—
147
980
Net payment from Revolving Credit
Facility
—
—
(595
)
Settlement of securitization liability
(13
)
(11
)
(20
)
Repurchase of orbital receivables
—
—
(24
)
Refinancing fees paid to creditors
—
—
(20
)
Repayments of long-term debt
(10
)
(525
)
(523
)
Other
(4
)
3
(6
)
Cash used in financing activities -
continuing operations
(31
)
(555
)
(208
)
Cash used in financing activities -
discontinued operations
—
(24
)
(30
)
Cash used in financing activities
(31
)
(579
)
(238
)
Increase (decrease) in cash, cash
equivalents, and restricted cash
16
(73
)
66
Effect of foreign exchange on cash, cash
equivalents, and restricted cash
—
(5
)
—
Cash, cash equivalents, and restricted
cash, beginning of year
31
109
43
Cash, cash equivalents, and restricted
cash, end of period
$
47
$
31
$
109
Reconciliation of cash flow
information:
Cash and cash equivalents
$
47
$
27
$
105
Restricted cash included in prepaid and
other current assets
—
4
1
Restricted cash included in other
non-current assets
—
—
3
Total cash, cash equivalents, and
restricted cash
$
47
$
31
$
109
NON-GAAP FINANCIAL MEASURES
In addition to results reported in accordance with U.S. GAAP, we
use certain non-GAAP financial measures as supplemental indicators
of our financial and operating performance. These non-GAAP
financial measures include EBITDA, Adjusted EBITDA, Adjusted EBITDA
margin and Free Cash Flow.
We define EBITDA as earnings before interest, taxes,
depreciation and amortization, Adjusted EBITDA as EBITDA adjusted
for certain items affecting the comparability of our ongoing
operating results as specified in the calculation and Adjusted
EBITDA margin as Adjusted EBITDA divided by revenue. Certain items
affecting the comparability of our ongoing operating results
between periods include restructuring, impairments, insurance
recoveries, (gain) loss on sale of assets, CEO severance, (gain)
loss on orbital receivables allowance and transaction and
integration related expense. Transaction and integration related
expense includes costs associated with de-leveraging activities,
acquisitions and dispositions and the integration of acquisitions.
Management believes that exclusion of these items assists in
providing a more complete understanding of our underlying results
and trends, and management uses these measures along with the
corresponding U.S. GAAP financial measures to manage our business,
evaluate our performance compared to prior periods and the
marketplace, and to establish operational goals. Adjusted EBITDA is
a measure being used as a key element of our incentive compensation
plan. The Syndicated Credit Facility also uses Adjusted EBITDA in
the determination of our debt leverage covenant ratio. The
definition of Adjusted EBITDA in the Syndicated Credit Facility
includes a more comprehensive set of adjustments that may result in
a different calculation therein. We define Free Cash Flow as cash
provided by operating activities continuing operations adjusted for
the purchase of property, plant and equipment and development or
purchase of software.
We believe that these non-GAAP measures, when read in
conjunction with our U.S. GAAP results, provide useful information
to investors by facilitating the comparability of our ongoing
operating results over the periods presented, the ability to
identify trends in our underlying business, and the comparison of
our operating results against analyst financial models and
operating results of other public companies.
EBITDA, Adjusted EBITDA, Adjusted EBITDA margin and Free Cash
Flow are not recognized terms under U.S. GAAP and may not be
defined similarly by other companies. EBITDA, Adjusted EBITDA and
Free Cash Flow should not be considered alternatives to net (loss)
income as indications of financial performance or as alternate to
cash flows from operations as measures of liquidity. EBITDA and
Adjusted EBITDA have limitations as an analytical tool and should
not be considered in isolation or as a substitute for our results
reported under U.S. GAAP. The table below reconciles our net income
to EBITDA and Total Adjusted EBITDA and presents Total Adjusted
EBITDA margin for the three months ended December 31, 2021 and 2020
and the years ended December 31, 2021, 2020 and 2019.
Three Months Ended
Year Ended
December 31,
December 31,
2021
2020
2021
2020
2019
($ millions)
Net income (loss)
$
71
$
(40
)
$
46
$
303
$
109
Income tax (benefit) expense
(3
)
—
(13
)
(22
)
5
Interest expense, net
24
42
151
175
219
Interest income
(1
)
—
(3
)
(3
)
(2
)
Depreciation and amortization
69
74
290
348
376
EBITDA1
$
160
$
76
$
471
$
801
$
707
Income from discontinued operations, net
of tax
—
(12
)
—
(349
)
(26
)
Restructuring
2
—
2
—
18
Transaction and integration related
expense
—
1
1
7
16
(Gain) loss on orbital receivables
allowance
(49
)
—
(49
)
14
14
Impairment losses, including inventory
—
33
—
33
3
Insurance recoveries
(1
)
—
(1
)
—
(183
)
(Gain) loss on sale of assets
—
(3
)
—
1
(136
)
CEO severance
—
—
—
—
3
Gain on remeasurement of Vricon equity
interest
—
—
—
(85
)
—
Total Adjusted EBITDA1
$
112
$
95
$
424
$
422
$
416
Adjusted EBITDA:
Earth Intelligence
$
130
$
106
$
492
$
513
$
548
Space Infrastructure
17
13
46
(3
)
(17
)
Intersegment eliminations
(8
)
(6
)
(25
)
(27
)
(29
)
Corporate and other expenses
(27
)
(18
)
(89
)
(61
)
(86
)
Total Adjusted EBITDA1
$
112
$
95
$
424
$
422
$
416
Net income (loss) margin
15.2
%
(8.6
)
%
2.6
%
17.6
%
6.5
%
Total Adjusted EBITDA margin
23.9
%
20.3
%
24.0
%
24.5
%
25.0
%
Cautionary Note Regarding Forward-Looking Statements
Certain statements and other information included in this
release constitute "forward-looking information" or
"forward-looking statements" (collectively, "forward-looking
statements") under applicable securities laws. Statements including
words such as "may", "will", "could", "should", "would", "plan",
"potential", "intend", "anticipate", "believe", "estimate" or
"expect" and other words, terms and phrases of similar meaning are
often intended to identify forward-looking statements, although not
all forward-looking statements contain these identifying words.
Forward-looking statements involve estimates, expectations,
projections, goals, forecasts, assumptions, risks and
uncertainties, as well as other statements referring to or
including forward-looking information included in this
presentation.
Forward-looking statements are subject to various risks and
uncertainties which could cause actual results to differ materially
from the anticipated results or expectations expressed in this
presentation. As a result, 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 risks that could cause actual results to differ materially from
current expectations include, but are not limited to, the risk
factors and other disclosures about the Company and its business
included in the Company's continuous disclosure materials filed
from time to time with U.S. securities and Canadian regulatory
authorities, which are available online under the Company's EDGAR
profile at www.sec.gov, under the Company's SEDAR profile at
www.sedar.com or on the Company's website at www.maxar.com.
The forward-looking statements contained in this release 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 presentation 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 in this presentation as a result of new information or
future events, except as may be required under applicable
securities legislation.
Unless stated otherwise or the context otherwise requires,
references to the terms “Company,” “Maxar,” “we,” “us,” and “our”
to refer collectively to Maxar Technologies Inc. and its
consolidated subsidiaries.
Investor/Analyst Conference Call
Maxar President and Chief Executive Officer, Dan Jablonsky, and
Executive Vice President and Chief Financial Officer, Biggs Porter,
will host an earnings conference call Tuesday, February 22, 2022,
reviewing the fourth quarter and year end results, followed by a
question and answer session. The call is scheduled to begin
promptly at 3:00 p.m. MT (5:00 p.m. ET).
Investors and participants must register for the call in advance
by visiting: https://conferencingportals.com/event/poKRyurD
After registering, participants will receive dial-in
information, a passcode, and registrant ID. At the time of the
call, participants must dial in using the numbers in the
confirmation email and enter their passcode and ID.
The Conference Call will be Webcast live and then archived at:
http://investor.maxar.com/events-and-presentations/default.aspx
Telephone replay of the conference call will also be available
from Tuesday, February 22, 2022 at 6:00 p.m. MT (8:00 p.m. ET) to
Tuesday, March 8, 2022 at 9:59 p.m. MT (11:59 p.m. ET) at the
following numbers:
Toll Free North America: 1-800-770-2030 International Dial-In:
1-647-362-9199 Passcode: 81317#
About Maxar
Maxar Technologies (NYSE:MAXR) (TSX:MAXR) is a provider of
comprehensive space solutions and secure, precise, geospatial
intelligence. We help government and commercial customers monitor,
understand and navigate our changing planet; deliver global
broadband communications; and explore and advance the use of space.
Our approach combines decades of deep mission understanding and a
proven commercial and defense foundation to deploy solutions and
deliver insights with speed, scale and cost-effectiveness. Maxar’s
4,400 team members in over 20 global locations are inspired to
harness the potential of space to help our customers create a
better world. Maxar’s stock trades on the New York Stock Exchange
and Toronto Stock Exchange under the symbol “MAXR”. For more
information, visit www.maxar.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220222006119/en/
Jason Gursky | VP Investor Relations and Corporate Treasurer |
1-303-684-2207 | jason.gursky@maxar.com Turner Brinton | Media
Relations | 1-303-684-4545 | turner.brinton@maxar.com
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