Maxar Technologies Reports First Quarter 2022 Results

Corporate and other expenses

Corporate and other expenses include items such as corporate office costs, regulatory costs, executive and director compensation, foreign exchange gains and losses, retention costs and fees for legal and consulting services.

Corporate and other expenses increased to $25 million from $23 million, or by $2 million, for the three months ended March 31, 2022, compared to the same period in 2021. The increase was primarily driven by an increase in stock-based compensation expense of $3 million for the three months ended March 31, 2022, which was primarily due to incremental expense related to liability classified awards.

Intersegment eliminations

Intersegment eliminations are related to projects between our segments, including the construction of our WorldView Legion satellites. Intersegment eliminations increased to $9 million from $5 million, or by $4 million, for the three months ended March 31, 2022, compared to the same period in 2021, primarily related to an increase in intersegment satellite construction activity.

MAXAR TECHNOLOGIES INC.

Unaudited Condensed Consolidated Statements of Operations

(In millions, except per share amounts)

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

March 31,

 

 

2022

 

2021

Revenues:

 

 

 

 

 

 

Product

 

$

154

 

 

$

142

 

Service

 

 

251

 

 

 

250

 

Total revenues

 

 

405

 

 

 

392

 

Costs and expenses:

 

 

 

 

 

 

Product costs, excluding depreciation and amortization

 

 

127

 

 

 

148

 

Service costs, excluding depreciation and amortization

 

 

93

 

 

 

93

 

Selling, general and administrative

 

 

104

 

 

 

84

 

Depreciation and amortization

 

 

68

 

 

 

74

 

Operating income (loss)

 

 

13

 

 

 

(7

)

Interest expense, net

 

 

23

 

 

 

78

 

Other income, net

 

 

(3

)

 

 

(1

)

Loss before taxes

 

 

(7

)

 

 

(84

)

Income tax (benefit) expense

 

 

 

 

 

 

Net loss

 

$

(7

)

 

$

(84

)

 

 

 

 

 

 

 

Net loss per common share:

 

 

 

 

 

 

Basic

 

$

(0.10

)

 

$

(1.30

)

Diluted

 

$

(0.10

)

 

$

(1.30

)

 

MAXAR TECHNOLOGIES INC.

Unaudited Condensed Consolidated Balance Sheets

(In millions, except per share amounts)

 

 

 

 

 

 

 

 

 

March 31,

 

December 31,

 

 

2022

 

2021

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

22

 

 

$

47

 

Trade and other receivables, net

 

 

333

 

 

 

355

 

Inventory, net

 

 

36

 

 

 

39

 

Advances to suppliers

 

 

25

 

 

 

31

 

Prepaid assets

 

 

31

 

 

 

35

 

Other current assets

 

 

22

 

 

 

22

 

Total current assets

 

 

469

 

 

 

529

 

Non-current assets:

 

 

 

 

 

 

Orbital receivables, net

 

 

362

 

 

 

368

 

Property, plant and equipment, net

 

 

968

 

 

 

940

 

Intangible assets, net

 

 

761

 

 

 

787

 

Non-current operating lease assets

 

 

138

 

 

 

145

 

Goodwill

 

 

1,627

 

 

 

1,627

 

Other non-current assets

 

 

115

 

 

 

102

 

Total assets

 

$

4,440

 

 

$

4,498

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

81

 

 

$

75

 

Accrued liabilities

 

 

62

 

 

 

43

 

Accrued compensation and benefits

 

 

71

 

 

 

111

 

Contract liabilities

 

 

250

 

 

 

289

 

Current portion of long-term debt

 

 

29

 

 

 

24

 

Current operating lease liabilities

 

 

40

 

 

 

42

 

Other current liabilities

 

 

37

 

 

 

38

 

Total current liabilities

 

 

570

 

 

 

622

 

Non-current liabilities:

 

 

 

 

 

 

Pension and other postretirement benefits

 

 

131

 

 

 

134

 

Operating lease liabilities

 

 

133

 

 

 

138

 

Long-term debt

 

 

2,060

 

 

 

2,062

 

Other non-current liabilities

 

 

71

 

 

 

79

 

Total liabilities

 

 

2,965

 

 

 

3,035

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Common stock ($0.0001 par value, 240 million common shares authorized; 73.4 million and 72.7 million issued and outstanding at March 31, 2022 and December 31, 2021, respectively)

 

 

 

 

 

 

Additional paid-in capital

 

 

2,243

 

 

 

2,235

 

Accumulated deficit

 

 

(727

)

 

 

(720

)

Accumulated other comprehensive loss

 

 

(42

)

 

 

(53

)

Total Maxar stockholders' equity

 

 

1,474

 

 

 

1,462

 

Noncontrolling interest

 

 

1

 

 

 

1

 

Total stockholders' equity

 

 

1,475

 

 

 

1,463

 

Total liabilities and stockholders' equity

 

$

4,440

 

 

$

4,498

 

 

MAXAR TECHNOLOGIES INC.

Unaudited Condensed Consolidated Statements of Cash Flows

(In millions)

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

March 31,

 

 

2022

 

2021

Cash flows (used in) provided by:

 

 

 

 

 

 

Operating activities:

 

 

 

 

 

 

Net loss

 

$

(7

)

 

$

(84

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

68

 

 

 

74

 

Stock-based compensation expense

 

 

15

 

 

 

11

 

Amortization of debt issuance costs and other non-cash interest expense

 

 

3

 

 

 

4

 

Loss from early extinguishment of debt

 

 

 

 

 

41

 

Cumulative adjustment to SXM-7 revenue

 

 

 

 

 

25

 

Other

 

 

5

 

 

 

4

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Trade and other receivables, net

 

 

29

 

 

 

3

 

Accounts payable and liabilities

 

 

(25

)

 

 

(49

)

Contract liabilities

 

 

(39

)

 

 

6

 

Other

 

 

(1

)

 

 

(8

)

Cash provided by operating activities

 

 

48

 

 

 

27

 

Investing activities:

 

 

 

 

 

 

Purchase of property, plant and equipment and development or purchase of software

 

 

(64

)

 

 

(50

)

Acquisition of investment

 

 

(2

)

 

 

 

Cash used in investing activities

 

 

(66

)

 

 

(50

)

Financing activities:

 

 

 

 

 

 

Net proceeds of revolving credit facility

 

 

 

 

 

25

 

Repurchase of 2023 Notes, including premium

 

 

 

 

 

(384

)

Net proceeds from issuance of common stock

 

 

 

 

 

380

 

Settlement of securitization liability

 

 

(4

)

 

 

(3

)

Repayments of long-term debt

 

 

(1

)

 

 

(2

)

Other

 

 

(2

)

 

 

1

 

Cash (used in) provided by financing activities

 

 

(7

)

 

 

17

 

Decrease in cash, cash equivalents, and restricted cash

 

 

(25

)

 

 

(6

)

Effect of foreign exchange on cash, cash equivalents, and restricted cash

 

 

 

 

 

 

Cash, cash equivalents, and restricted cash, beginning of year

 

 

48

 

 

 

32

 

Cash, cash equivalents, and restricted cash, end of period

 

$

23

 

 

$

26

 

 

 

 

 

 

 

 

Reconciliation of cash flow information:

 

 

 

 

 

 

Cash and cash equivalents

 

$

22

 

 

$

22

 

Restricted cash included in prepaid and other current assets

 

 

1

 

 

 

4

 

Total cash, cash equivalents, and restricted cash

 

$

23

 

 

$

26

 


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