Maxar Technologies Reports First Quarter 2018 Results, Declares Quarterly Dividend

1 This is a non-IFRS financial measure. Refer to section “Non-IFRS Financial Measures” in this earnings release.
2 Excludes interest expense from dissenting shareholder liability.
3 Excludes amortization of acquisition related intangible assets.
4 Excludes income tax expense adjustment related to adjusted earnings.

2018 Financial Outlook

  • Revenue decline of 2% to 4%
  • Adjusted EBITDA margins of ~32.5%
  • Adjusted EPS of $4.65 to $4.85
  • Cash flow from operations of $300M to $400M

Change in Presentation of Reportable Segments

On October 5, 2017, the Company completed the acquisition of DigitalGlobe (“DigitalGlobe Transaction”). Subsequent to closing the DigitalGlobe Transaction, in the fourth quarter of 2017, the Company changed its financial reporting segments to better align with its combined product and services offerings. Beginning with first quarter of 2018, the company changed its reporting of revenue and EBITDA to include both items on a gross basis at the segment level and net of eliminations basis for the corporation. These changes provide investors with increased transparency and allow for easier comparisons with the Company’s industry peer group. The Company reports revenue and adjusted EBITDA based on three reportable segments: Space Systems, Imagery and Services. Comparative data for the first quarter 2017 is provided for completeness and is based on actual financial results for standalone MacDonald Dettwiler and Associates.

Segment Results

The Company analyzes financial performance by segment, which combine related activities within the Company.

           
Reported
Three months ended
March 31,
2018 2017
($ millions)
Revenue
Space Systems $ 293.4 $ 341.5
Imagery 211.4 7.7
Services 70.0 25.4
Intersegment eliminations   (17.1 )   (1.1 )
Total Revenue 557.7 373.5
Adjusted EBITDA 1
Space Systems 54.6 62.2
Imagery 138.1 3.0
Services 7.1 4.0
Intersegment eliminations   (2.0 )    
Total Segment Adjusted EBITDA 197.8 69.2
Unallocated corporate expenses   (10.4 )   (6.1 )
Total Adjusted EBITDA $ 187.4   $ 63.1  
 

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