MAXAR TECHNOLOGIES INC.
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Nine Months Ended |
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September 30, |
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2021 |
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2020 |
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Cash flows (used in) provided by: |
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Operating activities: |
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Net (loss) income |
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$ |
(25 |
) |
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$ |
343 |
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Income from operations of discontinued operations, net of tax |
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— |
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32 |
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Gain on disposal of discontinued operations, net of tax |
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— |
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305 |
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(Loss) income from continuing operations |
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(25 |
) |
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6 |
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Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: |
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Depreciation and amortization |
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221 |
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274 |
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Stock-based compensation expense |
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31 |
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24 |
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Amortization of debt issuance costs and other non-cash interest expense |
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11 |
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12 |
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| Gain from remeasurement of Vricon equity interest |
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— |
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(85 |
) |
| Loss from extinguishment of debt |
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41 |
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7 |
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| Cumulative adjustment to SXM-7 revenue |
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30 |
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— |
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| Impairment loss |
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— |
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14 |
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| Deferred income tax expense (benefit) |
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2 |
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(17 |
) |
| Other |
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(3 |
) |
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3 |
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| Changes in operating assets and liabilities: |
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| Trade and other receivables |
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(33 |
) |
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(3 |
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| Accounts payable and liabilities |
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(57 |
) |
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(35 |
) |
| Contract liabilities |
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(20 |
) |
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1 |
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| Other |
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(12 |
) |
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(20 |
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| Cash provided by operating activities - continuing operations |
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186 |
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181 |
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| Cash used in operating activities - discontinued operations |
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(1 |
) |
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(49 |
) |
| Cash provided by operating activities |
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185 |
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132 |
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| Investing activities: |
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| Purchase of property, plant and equipment and development or purchase of software |
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(156 |
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(224 |
) |
| Acquisition, net of cash acquired |
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— |
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(118 |
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| Return of capital from discontinued operations |
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— |
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20 |
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| Cash used in investing activities - continuing operations |
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(156 |
) |
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(322 |
) |
| Cash provided by investing activities - discontinued operations |
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— |
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723 |
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| Cash (used in) provided by investing activities |
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(156 |
) |
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401 |
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| Financing activities: |
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| Repurchase of 2023 Notes, including premium |
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(384 |
) |
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(169 |
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| Net proceeds from issuance of common stock |
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380 |
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— |
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| Net proceeds from issuance of 2027 Notes |
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— |
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147 |
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| Settlement of securitization liability |
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(9 |
) |
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(7 |
) |
| Repayments of long-term debt |
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(7 |
) |
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(523 |
) |
| Other |
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(4 |
) |
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2 |
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| Cash used in financing activities - continuing operations |
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(24 |
) |
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(550 |
) |
| Cash used in financing activities - discontinued operations |
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— |
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(24 |
) |
| Cash used in financing activities |
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(24 |
) |
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(574 |
) |
| Increase (decrease) in cash, cash equivalents, and restricted cash |
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5 |
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(41 |
) |
| Effect of foreign exchange on cash, cash equivalents, and restricted cash |
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— |
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(5 |
) |
| Cash, cash equivalents, and restricted cash, beginning of year |
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31 |
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110 |
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| Cash, cash equivalents, and restricted cash, end of period |
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$ |
36 |
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$ |
64 |
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| Reconciliation of cash flow information: |
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| Cash and cash equivalents |
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$ |
36 |
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$ |
60 |
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| Restricted cash included in prepaid and other current assets |
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— |
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4 |
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| Restricted cash included in other non-current assets |
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— |
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— |
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| Total cash, cash equivalents, and restricted cash |
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$ |
36 |
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$ |
64 |
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Maxar Technologies Reports Third Quarter 2021 Results
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