Maxar Technologies Reports 2018 Year End 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, Adjusted EBITDA and Adjusted EBITDA margin.

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. Adjusted EBITDA margin is defined as EBITDA as a percentage of revenues. 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.

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 income (loss) as indications of financial performance or as alternate to cash flows from operations as measures of liquidity. EBITDA, Adjusted EBITDA and Adjusted EBITDA margin have limitations as analytical tools 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, 2018 and 2017, and the three months ended December 31, 2018 and 2017.


Three months ended


Year ended


December 31, 


December 31, 



2018



2017



2018



2017













Net (loss) income

$

(950)


$

55


$

(1,264)


$

58

Income tax expense (recovery)


(14)



(161)



(62)



(162)

Interest expense, net


49



63



202



99

Interest income3


(1)





(1)



Depreciation and amortization


106



108



449



161

EBITDA1

$

(810)


$

65


$

(676)


$

155

Impairment losses, including inventory


883





1,096



Acquisition and integration related expense


9



31



34



60

Restructuring


2



20



18



36

Adjusted EBITDA 1

$

84


$

116


$

472


$

251













Adjusted EBITDA:












Space Systems


(29)



19



5



151

Imagery


122



127



518



143

Services


6



10



25



23

Intersegment eliminations


(6)



(1)



(22)



(1)

Corporate expenses


(9)



(39)



(54)



(65)

Adjusted EBITDA 1

$

84


$

116


$

472


$

251

1

This is a non-GAAP financial measure.

2

Net of gain on sale of building.

3

This is included in Other expense (income), net on the Consolidated Statements of Operations.


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