Maxar Technologies Reports Fourth Quarter and Full-Year 2020 Results

Earth Intelligence

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Year Ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

($ millions)

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

$

258

 

$

286

 

$

1,081

 

$

1,085

 

Adjusted EBITDA

$

106

 

$

154

 

$

513

 

$

548

 

Adjusted EBITDA Margin

 

41.1

%

 

53.8

%

 

47.5

%

 

50.5

%

Revenues from the Earth Intelligence segment decreased to $258 million from $286 million, or by $28 million, for the three months ended December 31, 2020, compared to the same period in 2019. The decrease was primarily driven by a $30 million decrease in the recognition of revenue related to the EnhancedView Contract. We recognized $30 million of deferred revenue from the EnhancedView Contract for the three months ended December 31, 2019, compared to none for the three months ended December 31, 2020. The amortization of the deferred revenue was complete effective August 2020 and there will be no further deferred revenue recognized on the EnhancedView Contract. The decrease was also driven by a $6 million decrease in revenue with the U.S. government. These decreases were partially offset by an increase of $8 million driven by the inclusion of Vricon for one quarter in 2020 compared to none in 2019.

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