Maxar Technologies Reports First Quarter 2019 Results

Services segment revenues remained relatively unchanged in the first quarter of 2019 compared to the same period in 2018. Adjusted EBITDA increased for the first quarter of 2019 compared to the same period of 2018 primarily as a result of the loss on the sale of a subsidiary recognized in the first quarter of 2018 and did not recur in 2019.

 
MAXAR TECHNOLOGIES INC.

Unaudited Condensed Consolidated Statements of Operations

(In millions of United States dollars, except per share amounts)

 
        Three Months Ended
March 31,
2019     2018
Revenues:
Product $ 194 $ 228
Service   310     329  
Total revenues 504 557
Costs and expenses:
Product costs, excluding depreciation and amortization 197 187
Service costs, excluding depreciation and amortization 110 119
Selling, general and administrative 103 103
Depreciation and amortization   98     111  
Operating (loss) income (4 ) 37
Interest expense, net 49 53
Other expense, net   6     1  
(Loss) before taxes (59 ) (17 )
Income tax benefit (1 ) (32 )
Equity in loss from joint ventures, net of tax   1      
Net (loss) income $ (59 ) $ 15  
 
(Loss) earnings per common share:
Basic $ (0.99 ) $ 0.27
Diluted $ (0.99 ) $ 0.26
 
MAXAR TECHNOLOGIES INC.

Unaudited Condensed Consolidated Balance Sheets

(In millions of United States dollars, except per share amounts)

 
       

    March 31,    

    December 31,
2019 2018
Assets
Current assets:
Cash and cash equivalents $ 45 $ 35
Trade and other receivables, net 467 464
Inventory 26 31
Advances to suppliers 17 42
Income taxes receivable 16 14
Prepaid and other current assets   61     51  
Total current assets   632     637  
Non-current assets:
Orbital receivables 400 407
Deferred tax assets 108 103
Property, plant and equipment, net 768 747
Intangible assets, net 1,175 1,232
Non-current operating lease assets 129
Goodwill 1,751 1,751
Other assets   115     124  
Total assets $ 5,078   $ 5,001  
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable $ 190 $ 209
Accrued liabilities 62 116
Accrued compensation and benefits 101 100
Contract liabilities 309 361
Current portion of long-term debt 19 17
Current operating lease liabilities 33
Other current liabilities   52     46  
Total current liabilities   766     849  
Non-current liabilities:
Pension and other postretirement benefits 194 196
Contract liabilities 43 60
Operating lease liabilities 137
Long-term debt 3,174 3,030
Other non-current liabilities   184     222  
Total liabilities   4,498     4,357  
Stockholders’ equity:
Common stock ($0.0001 par value, 240 million common shares authorized and 59.6 million outstanding at March 31, 2019; nil par value, unlimited authorized common shares and 59.4 million outstanding at December 31, 2018) 1,713
Additional paid-in capital 1,774 59
Accumulated deficit (1,271 ) (1,211 )
Accumulated other comprehensive income   76     82  
Total Maxar stockholders' equity 579 643
Noncontrolling interest   1     1  
Total stockholders' equity   580     644  
Total liabilities and stockholders' equity $ 5,078   $ 5,001  
 
MAXAR TECHNOLOGIES INC.

Unaudited Condensed Consolidated Statements of Cash Flows

(In millions of United States dollars)

 
        Three Months Ended
March 31,
2019     2018
Cash flows provided by (used in):
Operating activities:
Net (loss) income $ (59 ) $ 15
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation of property, plant and equipment 30 37
Amortization of intangible assets 68 74
Stock-based compensation expense (recovery) 1 (1 )
Amortization of debt issuance costs and other noncash interest expense 2 2
Inventory impairment 3
Foreign exchange losses 6 1
Deferred income tax (benefit) (24 )
Other 4 2
Changes in operating assets and liabilities:
Trade and other receivables 6 (35 )
Accrued compensation and benefits 1 (26 )
Trade and other payables (11 ) (47 )
Accrued liabilities (56 ) 22
Contract liabilities (71 ) (26 )
Advances to suppliers 25 15
Deferred tax assets (5 ) (18 )
Deferred tax liabilities 2 31
Other liabilities 4 (28 )
Other   (8 )   (7 )
Cash used in operating activities   (58 )   (13 )
 
Investing activities:
Purchase of property, plant and equipment (59 ) (43 )
Purchase or development of intangible assets (14 ) (17 )
Disposal of subsidiary and short-term investments       5  
Cash used in investing activities   (73 )   (55 )
 
Financing activities:
Net proceeds from revolving credit facility 150 90
Repayments of long-term debt (6 ) (5 )
Settlement of securitization liability (4 ) (4 )
Payment of dividends (1 ) (16 )
Change in overdraft balance       2  
Cash provided by financing activities   139     67  
Increase (decrease) in cash, cash equivalents, and restricted cash 8 (1 )
Effect of foreign exchange on cash, cash equivalents, and restricted cash 1
Cash, cash equivalents, and restricted cash, beginning of year   43     42  
Cash, cash equivalents, and restricted cash, end of period $ 52   $ 41  
 
Reconciliation of cash flow information:
Cash and cash equivalents 45 25
Restricted cash included in prepaid and other current assets 6 7
Restricted cash included in other assets   1     9  
Total cash, cash equivalents, and restricted cash $ 52   $ 41  
 

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