Maxar Technologies Reports Third Quarter 2019 Results

Intersegment eliminations

Intersegment eliminations are related to projects between our segments, including WorldView Legion. Intersegment eliminations have increased for the three months ended September 30, 2019 compared to the same period of 2018 primarily related to an increase in intersegment activity.

MAXAR TECHNOLOGIES INC.

Unaudited Condensed Consolidated Statements of Operations

(In millions, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

September 30,

 

 

2019

 

2018

 

2019

 

2018

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Product

 

$

158

 

 

$

201

 

 

$

542

 

 

$

686

 

Service

 

 

321

 

 

 

308

 

 

 

931

 

 

 

959

 

Total revenues

 

$

479

 

 

$

509

 

 

$

1,473

 

 

$

1,645

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Product costs, excluding depreciation and amortization

 

$

159

 

 

$

220

 

 

$

521

 

 

$

661

 

Service costs, excluding depreciation and amortization

 

 

105

 

 

 

100

 

 

 

336

 

 

 

296

 

Selling, general and administrative

 

 

92

 

 

 

132

 

 

 

275

 

 

 

368

 

Depreciation and amortization

 

 

96

 

 

 

119

 

 

 

293

 

 

 

343

 

Impairment losses

 

 

 

 

175

 

 

 

12

 

 

 

175

 

Satellite insurance recovery

 

 

 

 

 

 

(183

)

 

 

Operating income (loss)

 

 

27

 

 

 

(237

)

 

 

219

 

 

 

(198

)

Interest expense, net

 

 

50

 

 

 

52

 

 

 

148

 

 

 

155

 

Other (income) expense, net

 

 

(1

)

 

 

5

 

 

 

2

 

 

 

10

 

Income (loss) before taxes

 

 

(22

)

 

 

(294

)

 

 

69

 

 

 

(363

)

Income tax expense (benefit)

 

 

3

 

 

 

(6

)

 

 

4

 

 

 

(47

)

Equity in loss (income) from joint ventures, net of tax

 

 

1

 

 

 

1

 

 

 

4

 

 

 

(2

)

Net (loss) income

 

$

(26

)

 

$

(289

)

 

$

61

 

 

$

(314

)

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.44

)

 

$

(4.88

)

 

$

1.02

 

 

$

(5.45

)

Diluted

 

$

(0.44

)

 

$

(4.88

)

 

$

1.02

 

 

$

(5.45

)

MAXAR TECHNOLOGIES INC.

Unaudited Condensed Consolidated Balance Sheets

(In millions, except per share amounts)

 

 

 

 

 

 

 

 

 

 

September 30,

 

December 31,

 

 

2019

 

2018

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

52

 

 

$

35

 

Trade and other receivables, net

 

 

484

 

 

 

464

 

Inventory

 

 

20

 

 

 

31

 

Advances to suppliers

 

 

7

 

 

 

42

 

Income taxes receivable

 

 

21

 

 

 

14

 

Prepaid and other current assets

 

 

44

 

 

 

51

 

Total current assets

 

 

628

 

 

 

637

 

Non-current assets:

 

 

 

 

 

 

Orbital receivables

 

 

412

 

 

 

407

 

Deferred tax assets

 

 

110

 

 

 

103

 

Property, plant and equipment, net

 

 

824

 

 

 

747

 

Intangible assets, net

 

 

1,065

 

 

 

1,232

 

Non-current operating lease assets

 

 

125

 

 

 

 

Goodwill

 

 

1,759

 

 

 

1,751

 

Other assets

 

 

119

 

 

 

124

 

Total assets

 

$

5,042

 

 

$

5,001

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

177

 

 

$

209

 

Accrued liabilities

 

 

56

 

 

 

116

 

Accrued compensation and benefits

 

 

99

 

 

 

100

 

Contract liabilities

 

 

279

 

 

 

361

 

Current portion of long-term debt

 

 

17

 

 

 

17

 

Current operating lease liabilities

 

 

33

 

 

 

 

Other current liabilities

 

 

59

 

 

 

46

 

Total current liabilities

 

 

720

 

 

 

849

 

Non-current liabilities:

 

 

 

 

 

 

Pension and other postretirement benefits

 

 

187

 

 

 

196

 

Contract liabilities

 

 

5

 

 

 

60

 

Operating lease liabilities

 

 

132

 

 

 

 

Long-term debt

 

 

3,114

 

 

 

3,030

 

Other non-current liabilities

 

 

182

 

 

 

222

 

Total liabilities

 

 

4,340

 

 

 

4,357

 

Stockholders’ equity:

 

 

 

 

 

 

Common stock ($0.0001 par value, 240 million common shares authorized and 59.6 million outstanding at September 30, 2019; no par value, unlimited authorized common shares and 59.4 million outstanding at December 31, 2018)

 

 

 

 

 

1,713

 

Additional paid-in capital

 

 

1,780

 

 

 

59

 

Accumulated deficit

 

 

(1,152

)

 

 

(1,211

)

Accumulated other comprehensive income

 

 

73

 

 

 

82

 

Total Maxar stockholders' equity

 

 

701

 

 

 

643

 

Noncontrolling interest

 

 

1

 

 

 

1

 

Total stockholders' equity

 

 

702

 

 

 

644

 

Total liabilities and stockholders' equity

 

$

5,042

 

 

$

5,001

 

MAXAR TECHNOLOGIES INC.

Unaudited Condensed Consolidated Statements of Cash Flows

(In millions)

 

 

 

 

 

 

 

 

 

 

Nine Months Ended

 

 

September 30,

 

 

2019

 

2018

Cash flows provided by (used in):

 

 

 

 

 

 

Operating activities:

 

 

 

 

 

 

Net income (loss)

 

$

61

 

 

$

(314

)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation of property, plant and equipment

 

 

85

 

 

 

121

 

Amortization of intangible assets

 

 

208

 

 

 

222

 

Stock-based compensation expense

 

 

10

 

 

 

14

 

Amortization of debt issuance costs and other noncash interest expense

 

 

6

 

 

 

7

 

Impairment losses

 

 

15

 

 

 

213

 

Foreign exchange losses

 

 

5

 

 

 

3

 

Deferred income tax expense (benefit)

 

 

 

 

 

(29

)

Other

 

 

7

 

 

 

12

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Trade and other receivables

 

 

(24

)

 

 

(24

)

Accrued compensation and benefits

 

 

(11

)

 

 

(6

)

Trade and other payables

 

 

(31

)

 

 

(55

)

Accrued liabilities

 

 

(64

)

 

 

16

 

Contract liabilities

 

 

(143

)

 

 

(156

)

Advances to suppliers

 

 

35

 

 

 

39

 

Deferred tax assets

 

 

(5

)

 

 

(23

)

Deferred tax liabilities

 

 

4

 

 

 

34

 

Other

 

 

(16

)

 

 

(26

)

Cash provided by operating activities

 

 

142

 

 

 

48

 

Investing activities:

 

 

 

 

 

 

Purchase of property, plant and equipment

 

 

(163

)

 

 

(111

)

Purchase or development of software

 

 

(43

)

 

 

(42

)

Cash collected on note receivable

 

 

 

 

 

5

 

Disposal of subsidiary and short-term investments

 

 

3

 

 

 

(1

)

Acquisitions, net of cash acquired

 

 

 

 

 

(6

)

Cash used in investing activities

 

 

(203

)

 

 

(155

)

Financing activities:

 

 

 

 

 

 

Net proceeds from revolving credit facility

 

 

107

 

 

 

150

 

Repayments of long-term debt

 

 

(22

)

 

 

(25

)

Proceeds from securitization of orbital receivables

 

 

 

 

 

18

 

Settlement of securitization liability

 

 

(7

)

 

 

(12

)

Payment of dividends

 

 

(2

)

 

 

(49

)

Change in overdraft balance

 

 

 

 

 

2

 

Other financing activities

 

 

(1

)

 

 

 

Cash provided by financing activities

 

 

75

 

 

 

84

 

Increase (decrease) in cash, cash equivalents, and restricted cash

 

 

14

 

 

 

(23

)

Cash, cash equivalents, and restricted cash, beginning of year

 

 

43

 

 

 

42

 

Cash, cash equivalents, and restricted cash, end of period

 

$

57

 

 

$

19

 

 

 

 

 

 

 

 

Reconciliation of cash flow information:

 

 

 

 

 

 

Cash and cash equivalents

 

$

52

 

 

$

9

 

Restricted cash included in prepaid and other current assets

 

 

1

 

 

 

8

 

Restricted cash included in other assets

 

 

4

 

 

 

2

 

Total cash, cash equivalents, and restricted cash

 

$

57

 

 

$

19

 


« Previous Page 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9  Next Page »



Review Article Be the first to review this article


Featured Video
Jobs
Ecommerce Account Manager for Bright Atlas LLC at Miami Gardens, Florida
Upcoming Events
PrecisionAg Vision Conference at Hyatt Regency Waterfront Hotel 1053 Lake Washington Blvd. N Renton, Seattle WA - Jan 14 - 16, 2020
Predictive Maintenance 2020 at Berlin Berlin Germany - Jan 14 - 16, 2020
DGI 2020 - Geospatial Intelligence for National Security at London United Kingdom - Jan 20 - 22, 2020
NextGen SCADA Global 2020 at Leonardo Royal Hotel Berlin Alexanderplatz, Otto Braun Straße 90, 10249 Berlin Germany - Jan 27 - 31, 2020
University of Denver GIS Masters Degree Online



Internet Business Systems © 2019 Internet Business Systems, Inc.
25 North 14th Steet, Suite 710, San Jose, CA 95112
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation TechJobsCafe - Technical Jobs and Resumes  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise