Maxar Technologies Inc.

CIK:0001121142|SEC Filings

Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Total revenues	$ 419.0	$ 405.0
Costs and expenses:
Selling, general and administrative	117.0	104.0
Depreciation and amortization	39.0	68.0
Gain on sale of assets	(6.0)
Operating income	13.0	13.0
Interest expense, net	29.0	23.0
Other income, net	(2.0)	(3.0)
Loss before taxes	(14.0)	(7.0)
Net loss	$ (14.0)	$ (7.0)
Basic net loss per common share:
Basic net loss per common share (in dollars per share)	$ (0.19)	$ (0.10)
Diluted net loss per common share:
Diluted net loss per common share (in dollars per share)	$ (0.19)	$ (0.10)
Product
Revenues:
Total revenues	$ 176.0	$ 154.0
Costs and expenses:
Product and service costs, excluding depreciation and amortization	147.0	127.0
Service
Revenues:
Total revenues	243.0	251.0
Costs and expenses:
Product and service costs, excluding depreciation and amortization	$ 109.0	$ 93.0

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows provided by (used in):
Net loss	$ (14)	$ (7)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	39	68
Stock-based compensation expense	9	15
Amortization of debt issuance costs and other non-cash interest expense	5	3
Gain on sale of asset	(6)
Other	(2)	5
Changes in operating assets and liabilities:
Trade and other receivables, net	8	29
Accounts payable and liabilities	(22)	(25)
Contract liabilities	23	(39)
Other	4	(1)
Cash provided by operating activities	44	48
Investing activities:
Purchase of property, plant and equipment and development or purchase of software	(63)	(64)
Sale of asset	6
Acquisition of investment		(2)
Cash used in investing activities	(57)	(66)
Financing activities:
Net proceeds from Revolving Credit Facility	20
Settlement of securitization liability	(4)	(4)
Repayments of long-term debt	(6)	(1)
Other	(12)	(2)
Cash used in financing activities	(2)	(7)
Decrease in cash, cash equivalents, and restricted cash	(15)	(25)
Cash, cash equivalents, and restricted cash, beginning of year	52	48
Cash, cash equivalents, and restricted cash, end of period	$ 37	$ 23

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 26	$ 52
Trade and other receivables, net	379	380
Inventory, net	45	46
Advances to suppliers	39	25
Prepaid assets	32	35
Other current assets	107	70
Total current assets	628	608
Non-current assets:
Orbital receivables, net	302	307
Property, plant and equipment, net	1,113	1,094
Intangible assets, net	722	718
Non-current operating lease assets	131	133
Goodwill	1,649	1,649
Other non-current assets	95	97
Total assets	4,640	4,606
Current liabilities:
Accounts payable	92	87
Accrued liabilities	87	76
Accrued compensation and benefits	52	77
Contract liabilities	387	364
Current portion of long-term debt	21	22
Current operating lease liabilities	35	34
Other current liabilities	105	76
Total current liabilities	779	736
Non-current liabilities:
Pension and other postretirement benefits	106	106
Operating lease liabilities	131	133
Long-term debt	2,193	2,172
Other non-current liabilities	68	71
Total liabilities	3,277	3,218
Commitments and contingencies
Stockholders' equity:
Common stock ($0.0001 par value, 240 million common shares authorized; 75.5 million and 74.7 million issued and outstanding at March 31, 2023 and December 31, 2022, respectively)
Additional paid-in capital	2,273	2,276
Accumulated deficit	(887)	(873)
Accumulated other comprehensive loss	(24)	(16)
Total Maxar stockholders' equity	1,362	1,387
Noncontrolling interest	1	1
Total stockholders' equity	1,363	1,388
Total liabilities and stockholders' equity	$ 4,640	$ 4,606