Maxar Technologies Reports Fourth Quarter and Full-Year 2020 Results

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 and Adjusted EBITDA.

We define EBITDA as earnings before interest, taxes, depreciation and amortization, and Adjusted EBITDA as EBITDA adjusted for certain items affecting comparability as specified in the calculation. Certain items affecting comparability include restructuring, impairments, satellite insurance recovery, gain (loss) on sale of assets, CEO severance 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 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 and Adjusted EBITDA are not recognized terms under U.S. GAAP and may not be defined similarly by other companies. EBITDA and Adjusted EBITDA 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 (loss) income to EBITDA and Adjusted EBITDA for the years ended December 31, 2020, 2019 and 2018.

 

 

Three Months Ended

 

Year Ended

 

 

December 31,

 

December 31,

 

 

 

2020

 

 

 

2019

 

 

 

2020

 

 

 

2019

 

 

 

2018

 

($ millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(40

)

 

$

43

 

 

$

303

 

 

$

109

 

 

$

(1,250

)

Income tax expense (benefit)

 

 

 

 

 

2

 

 

 

(22

)

 

 

5

 

 

 

(48

)

Interest expense, net

 

 

42

 

 

 

71

 

 

 

175

 

 

 

219

 

 

 

200

 

Interest income

 

 

 

 

 

(2

)

 

 

(3

)

 

 

(2

)

 

 

 

Depreciation and amortization

 

 

74

 

 

 

92

 

 

 

348

 

 

 

376

 

 

 

439

 

EBITDA 1

 

$

76

 

 

$

206

 

 

$

801

 

 

$

707

 

 

$

(659

)

(Income) loss from discontinued operations, net of tax

 

 

(12

)

 

 

10

 

 

 

(349

)

 

 

(26

)

 

 

377

 

Restructuring

 

 

 

 

 

4

 

 

 

 

 

 

18

 

 

 

13

 

Transaction and integration related expense

 

 

1

 

 

 

2

 

 

 

7

 

 

 

16

 

 

 

33

 

Impairment losses, including inventory

 

 

33

 

 

 

14

 

 

 

47

 

 

 

17

 

 

 

652

 

Satellite insurance recovery

 

 

 

 

 

 

 

 

 

 

 

(183

)

 

 

 

(Gain) loss on sale of assets

 

 

(3

)

 

 

(136

)

 

 

1

 

 

 

(136

)

 

 

(33

)

CEO severance

 

 

 

 

 

 

 

 

 

 

 

3

 

 

 

 

Gain on remeasurement of Vricon equity interest

 

 

 

 

 

 

 

 

(85

)

 

 

 

 

 

 

Adjusted EBITDA 1

 

$

95

 

 

$

100

 

 

$

422

 

 

$

416

 

 

$

383

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earth Intelligence

 

$

106

 

 

$

154

 

 

$

513

 

 

$

548

 

 

$

516

 

Space Infrastructure

 

 

13

 

 

 

(19

)

 

 

(3

)

 

 

(17

)

 

 

(75

)

Intersegment eliminations

 

 

(6

)

 

 

(9

)

 

 

(27

)

 

 

(29

)

 

 

(9

)

Corporate and other expenses

 

 

(18

)

 

 

(26

)

 

 

(61

)

 

 

(86

)

 

 

(49

)

Adjusted EBITDA 1

 

$

95

 

 

$

100

 

 

$

422

 

 

$

416

 

 

$

383

 


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