Maxar Technologies Reports Fourth Quarter and Full-Year 2020 Results

We had total order backlog of $1.9 billion as of December 31, 2020 compared to $1.6 billion as of December 31, 2019. The increase in backlog was primarily driven by an increase in the Space Infrastructure segment due to new contracts with the U.S. government. There was also a decrease in the Earth Intelligence segment driven by revenue recognized during the period, partially offset by the annual exercise of the $300 million EnhancedView Contract option. Our unfunded contract options totaled $0.9 billion and $1.4 billion as of December 31, 2020 and December 31, 2019, respectively.

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 the Company’s 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,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

($ millions, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

467

 

 

$

410

 

 

$

1,723

 

 

$

1,666

(Loss) income from continuing operations

 

 

(52

)

 

 

53

 

 

 

(46

)

 

 

83

Income (loss) from discontinued operations, net of tax

 

 

12

 

 

 

(10

)

 

 

349

 

 

 

26

Net (loss) income

 

$

(40

)

 

$

43

 

 

 

303

 

 

 

109

EBITDA 1

 

 

76

 

 

 

206

 

 

 

801

 

 

 

707

Adjusted EBITDA 1

 

 

95

 

 

 

100

 

 

 

422

 

 

 

416

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted (loss) income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income from continuing operations

 

$

(0.85

)

 

$

0.87

 

 

$

(0.76

)

 

$

1.38

Income (loss) from discontinued operations, net of tax

 

 

0.20

 

 

 

(0.17

)

 

 

5.75

 

 

 

0.43

Diluted (loss) income per common share

 

$

(0.65

)

 

$

0.70

 

 

$

4.99

 

 

$

1.81

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding (millions) :

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

61.1

 

 

 

59.8

 

 

 

60.7

 

 

 

59.6

Diluted

 

 

61.1

 

 

 

61.2

 

 

 

60.7

 

 

 

60.2

1 This is a non-GAAP financial measure. Refer to section “Non-GAAP Financial Measures” in this earnings release.


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