Maxar Technologies Reports Fourth Quarter and Full-Year 2020 Results

Revenues decreased to $1,081 million from $1,085 million, or by $4 million, for the year ended December 31, 2020, compared to the same period in 2019. The decrease was primarily driven by a $40 million decrease in the recognition of deferred revenue related to the EnhancedView Contract. We recognized $120 million of deferred revenue from the EnhancedView Contract for the year ended December 31, 2019, compared to $80 million for the year ended December 31, 2020, as it was fully recognized as of August 31, 2020. These decreases were partially offset by a $15 million increase in revenue from new contracts with the U.S. government, an $11 million increase in revenue from international defense and intelligence customers, and a $10 million increase in revenue driven by the inclusion of Vricon’s revenue for two quarters in 2020 compared to none in 2019 as it was accounted for as an equity method investment. Revenue from international defense and intelligence customers increased primarily due to the usage of new direct access facilities which became operational and contracts that signed in the second half of 2019.

Adjusted EBITDA from the Earth Intelligence segment decreased to $106 million from $154 million, or by $48 million, for the three months ended December 31, 2020, compared to the same period of 2019. The decrease was primarily driven by a decrease in revenues of $30 million from the EnhancedView contract, a $15 million decrease related to equity in income from our Vricon joint venture which was acquired and consolidated into our results in 2020 and a decrease of $6 million from revenue with the U.S. government.

Adjusted EBITDA decreased to $513 million from $548 million, or by $35 million, for the year ended December 31, 2020, compared to the same period in 2019. The decrease was primarily driven by a $40 million decrease in the recognition of revenue related to the EnhancedView Contract and a $10 million decrease related to equity in income from our Vricon joint venture which was acquired and consolidated in our results in 2020. These decreases were partially offset by an increase in revenue from new contracts with the U.S. government.

 

Space Infrastructure

 

 

 

Three Months Ended

 

 

Year Ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

($ millions)

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

$

224

 

$

153

 

 

$

721

 

 

$

706

 

 

Adjusted EBITDA

$

13

 

$

(19

)

 

$

(3

)

 

$

(17

)

 

Adjusted EBITDA Margin

 

5.8

%

 

(12.4

) %

 

(0.4

) %

 

(2.4

) %


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