Maxar Technologies Reports Third Quarter 2022 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, Adjusted EBITDA as EBITDA adjusted for certain items affecting the comparability of our ongoing operating results as specified in the calculation and Adjusted EBITDA margin as Adjusted EBITDA divided by revenue. Certain items affecting the comparability of our ongoing operating results between periods include restructuring, impairments, insurance recoveries, gain (loss) on sale of assets, (gain) loss on orbital receivables allowance, offset obligation fulfillment and transaction and integration related expense. Transaction and integration related expense includes costs associated with de-leveraging activities, acquisitions and dispositions and the integration of acquisitions. 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. Our 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 that may result in a different calculation therein.

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, Adjusted EBITDA and Adjusted EBITDA margin 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 (loss) income as indications of financial performance or as alternate to cash flows from operations as measures of liquidity. EBITDA and Adjusted EBITDA have limitations as an analytical tool 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 income to EBITDA and Total Adjusted EBITDA and presents Total Adjusted EBITDA margin for the three and nine months ended September 30, 2022 and 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30,

 

September 30,

 

 

 

2022

 

2021

 

2022

 

2021

 

($ millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(4

)

 

$

14

 

 

$

(41

)

 

$

(25

)

 

Income tax expense (benefit)

 

 

5

 

 

 

 

 

 

6

 

 

 

(10

)

 

Interest expense, net

 

 

30

 

 

 

25

 

 

 

129

 

 

 

127

 

 

Interest income

 

 

(1

)

 

 

(1

)

 

 

(2

)

 

 

(2

)

 

Depreciation and amortization

 

 

64

 

 

 

74

 

 

 

199

 

 

 

221

 

 

EBITDA

 

$

94

 

 

$

112

 

 

$

291

 

 

$

311

 

 

Restructuring

 

 

5

 

 

 

 

 

 

10

 

 

 

 

 

Transaction and integration related expense

 

 

 

 

 

1

 

 

 

1

 

 

 

1

 

 

Gain on sale of asset

 

 

(1

)

 

 

 

 

 

(1

)

 

 

 

 

Offset obligation fulfillment

 

 

12

 

 

 

 

 

 

12

 

 

 

 

 

Total Adjusted EBITDA

 

$

110

 

 

$

113

 

 

$

313

 

 

$

312

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA:

 

 

 

 

 

 

 

 

 

 

 

 

 

Earth Intelligence

 

 

115

 

 

 

124

 

 

 

343

 

 

 

362

 

 

Space Infrastructure

 

 

33

 

 

 

14

 

 

 

71

 

 

 

29

 

 

Intersegment eliminations

 

 

(10

)

 

 

(5

)

 

 

(28

)

 

 

(17

)

 

Corporate and other expenses

 

 

(28

)

 

 

(20

)

 

 

(73

)

 

 

(62

)

 

Total Adjusted EBITDA

 

$

110

 

 

$

113

 

 

$

313

 

 

$

312

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income margin

 

 

(0.9

)

%

 

3.2

 

%

 

(3.2

)

%

 

(1.9

)

%

Total Adjusted EBITDA margin

 

 

25.2

 

%

 

25.9

 

%

 

24.5

 

%

 

24.0

 

%


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