MAXAR TECHNOLOGIES LTD.
Unaudited Condensed Consolidated Statements of Cash Flows
(In millions of United States dollars, except per share amounts)
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Six months ended | |||||
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June 30, | |||||
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2018 |
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2017 | ||
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Cash flows provided by (used in): |
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Operating activities: |
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Net earnings |
$ |
12.4 |
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$ |
23.6 | |
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Adjustments to reconcile to net cash from operating activities: |
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Depreciation of property, plant and equipment |
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78.0 |
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16.4 |
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Amortization of intangible assets |
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149.5 |
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21.9 |
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Share-based compensation expense |
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9.3 |
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6.8 |
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Finance income |
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(0.3) |
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(0.1) |
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Finance expense |
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90.0 |
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16.8 |
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Foreign exchange loss (gain) |
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8.2 |
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(9.9) |
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Income tax (recovery) expense |
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(13.0) |
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13.3 |
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Income taxes paid, net |
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(1.6) |
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(0.7) | |
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Settlement with preferred stockholders |
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3.2 |
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— | |
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Loss on sale of subsidiary |
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2.8 |
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— | |
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Changes in operating assets and liabilities: |
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Trade and other receivables |
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14.2 |
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37.1 |
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Contract assets |
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(72.2) |
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1.0 |
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Financial assets, other |
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(32.6) |
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(25.0) |
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Trade and other payables |
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19.8 |
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23.0 |
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Employee benefits liability |
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(15.6) |
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(8.0) |
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Contract liabilities |
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(113.9) |
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(114.8) |
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Financial liabilities, other |
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3.1 |
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5.4 |
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Cash provided by operating activities |
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141.3 |
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6.8 | |
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Investing activities: |
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Purchase of property, plant and equipment |
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(85.4) |
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(20.4) | |
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Purchase/development of intangible assets |
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(74.8) |
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(28.9) | |
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Decrease in restricted cash |
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13.9 |
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6.3 | |
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Cash collected on note receivable |
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5.0 |
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— | |
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Disposal of subsidiary and short-term investments |
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4.7 |
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0.1 | |
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Cash used in investing activities |
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(136.6) |
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(42.9) | |
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Financing activities: |
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Net proceeds from the Syndicated Credit Facility and other long-term debt |
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128.3 |
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190.5 | |
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Repayment of 2017 Term Notes |
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— |
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(100.0) | |
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Repayment of 2024 Term Notes |
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— |
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(10.2) | |
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Interest paid on long-term debt |
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(98.4) |
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(16.0) | |
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Payment of dividends and other |
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(32.5) |
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(18.6) | |
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Settlement of securitization liability, including interest |
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(9.1) |
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(10.9) | |
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Cash (used in) provided by financing activities |
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(11.7) |
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34.8 | |
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Decrease in cash and cash equivalents |
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(7.0) |
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(1.3) | ||
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Effect of foreign exchange on cash and cash equivalents |
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(0.1) |
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(0.7) | ||
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Cash and cash equivalents, beginning of period (a) |
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19.1 |
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(3.8) | ||
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Cash and cash equivalents, end of period (a) |
$ |
12.0 |
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$ |
(5.8) | ||
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(a) |
Cash and cash equivalents are net of bank overdrafts of $1.3 million and $11.8 million as at June 30, 2018 and 2017, respectively. There were no bank overdrafts as at December 31, 2017. |
