Maxar Technologies (NYSE:MAXR) (TSX:MAXR) (“Maxar” or the
“Company”), a trusted partner and innovator in Earth Intelligence
and Space Infrastructure, today announced financial results for the
quarter ended June 30, 2020. All dollar amounts in this press
release are expressed in U.S. dollars, unless otherwise noted.
Key points from the quarter include:
- Consolidated revenues from continuing operations of $439
million
- Net income of $306 million which included an after-tax gain on
disposal of discontinued operations of $304 million, net of $25
million in taxes, from the sale of the MDA Business which closed on
April 8, 2020
- Breakeven diluted income per share from continuing operations
of $0.00
- Adjusted EBITDA1 from continuing operations of $138 million and
Adjusted EBITDA1 margin of 31%
- Repurchased $511 million of Term Loan B, closed the sale of
$150 million senior secured notes and settled the repurchase of
$150 million aggregate principal amount of existing 2023 Notes
- Exercised call option on June 25, 2020 to purchase the
remaining 50% ownership interest in Vricon which closed on July 1,
2020
“Demand has remained resilient in the current environment as our
customers continue to rely on us for important national security
and commercial missions. We generated another quarter of solid
revenue growth in Earth Intelligence while Space Infrastructure
returned to growth on the heels of recent diversified bookings from
both civil and commercial customers,” said Dan Jablonsky, CEO.
“Importantly, we exercised our call option on the remaining 50% of
3D-data provider Vricon that we did not already own, bolstering our
lead in Earth Intelligence and the long-term growth profile of the
company.”
Jablonsky continued, “Our results this quarter further reflect
progress on our multi-year strategy to strengthen our company and
position it for sustained revenue, profit and cash flow growth. We
are executing well against our strategic priorities for 2020 while
continuing to respond to the global COVID-19 pandemic by focusing
on the protection of the health and safety of our team members,
families, customers and communities.”
“We reduced our indebtedness and leverage given the recent
closure of the MDA divestiture and ended the quarter with over $500
million in liquidity. Importantly, we extended our debt maturity
schedule with the swap of $150 million of our 2023 notes with new
bonds due 2027,” stated Biggs Porter, CFO. “Performance in the
quarter was solid, with revenue growth across both segments and
improved Adjusted EBITDA margins and cash flow. While the existence
of the COVID pandemic remains a risk to our operations and the
operations of our customers, we have thus far been able to manage
the crisis roughly in line with expectations. Given that, and the
recent addition of Vricon, we are modestly increasing our revenue
guidance to flat to mid-single digit growth for 2020 and increasing
and narrowing our outlook for Adjusted EBITDA to a range of $415
million to $445 million.2”
On April 8, 2020, we completed the previously announced sale of
the MDA Business to Neptune Acquisition Inc., a corporation
existing under the laws of the Province of British Columbia and an
affiliate of Northern Private Capital Ltd., for an aggregate
purchase price of $729 million (C$1.0 billion) subject to customary
purchase price adjustments, including for working capital, cash and
debt. We recognized an after-tax gain on disposal of discontinued
operations of $304 million, net of $25 million in taxes, on the MDA
Transaction for the quarter ended June 30, 2020. This divestiture
represents a strategic shift in our business and, in accordance
with U.S. GAAP, qualified as a discontinued operation. As a result,
the operating results and cash flows related to the MDA Business
have been reflected as discontinued operations in the Unaudited
Condensed Consolidated Statements of Operations.
On June 23, 2020, we announced our intent to exercise our call
option to take full ownership of 3D data and analytics firm Vricon,
Inc., (“Vricon Acquisition”) for approximately $140 million, or
approximately $117 million net of estimated cash at closing. To
fund the transaction, we issued $150 million in aggregate principal
amount of new senior secured notes, discussed below. The call
option was exercised on June 25, 2020, and the Vricon Acquisition
closed on July 1, 2020.
On June 25, 2020, we issued $150 million aggregate principal
amount of 7.54% senior secured notes due 2027 (“2027 Notes”). The
2027 Notes were offered and sold to qualified institutional buyers
in the United States pursuant to Rule 144A and outside the United
States pursuant to Regulation S under the Securities Act of 1933,
as amended. The 2027 Notes have an interest rate of 7.54% per annum
and were issued at a price equal to 98.25% of their face value.
Proceeds from the 2027 Notes were used to finance the Vricon
Acquisition and the remainder will be used for general corporate
purposes.
Separately, on June 25, 2020, we repurchased, in a privately
negotiated transaction, $150 million aggregate principal amount of
our 9.75% Senior Secured Notes due 2023 (“2023 Notes”). The 2023
Notes were repurchased (the “2023 Notes Repurchase”) at
approximately 112.45% of the principal amount on June 25, 2020.
During the three months ended June 30, 2020, we repaid $511
million of borrowings under the Term Loan B facility using proceeds
from the MDA Transaction.
Total revenues from continuing operations increased to $439
million from $412 million, or by $27 million, for the three months
ended June 30, 2020, compared to the same period of 2019. The
increase was primarily driven by a $15 million increase in the
Earth Intelligence segment and a $3 million increase in the Space
Infrastructure segment.
For the three months ended June 30, 2020, net income from
continuing operations was $0 compared to net income of $139 million
in the same period of 2019. The decrease is primarily driven by the
receipt of satellite insurance proceeds in the second quarter of
2019 that did not reoccur in the same period of 2020. The decrease
was partially offset by an increase in revenue of $27 million for
the three months ended June 30, 2020 compared to the same period in
2019.
For the second quarter of 2020, Adjusted EBITDA was $138 million
and Adjusted EBITDA as a percentage of consolidated revenues
(“Adjusted EBITDA margin percentage”) was 31.4%. This is compared
to Adjusted EBITDA of $108 million and Adjusted EBITDA margin
percentage of 26.2% for the second quarter of 2019. The increase
was driven largely by higher Adjusted EBITDA from the Earth
Intelligence segment and the Space Infrastructure segment.
Our results of operations for the three months ended June 30,
2020 include the current estimated impact of COVID-19. We had
COVID-19 related EAC growth of $6 million within the Space
Infrastructure segment which negatively impacted our earnings
during the three months ended June 30, 2020. The changes in the
EACs are due to increases in estimated program costs associated
with the COVID-19 operating posture and the estimated impact of
certain items such as supplier delays and increased labor hours
along with actuals realized during the three months ended June 30,
2020.
We had total order backlog of $1.9 billion as of June 30, 2020
compared to $1.6 billion as of December 31, 2019. Backlog increased
primarily due to an increase in our Space Infrastructure segment
backlog as a result of new awards during the year, partially offset
by declines in our Earth Intelligence segment. The decrease in
backlog within the Earth Intelligence segment is primarily driven
by the timing of the exercise of the EnhancedView Contract option
year. The decrease was partially offset by increases in geospatial
services. Our unfunded contract options totaled $1.3 billion and
$1.4 billion as of June 30, 2020 and December 31, 2019,
respectively.
________________________ 1 This is a non-GAAP financial measure.
Refer to section “Non-GAAP Financial Measures” in this earnings
release. 2 We are unable to provide guidance for net income due to
uncertainties relating to the size of adjustments that may be
necessary as well as factors that could affect our interest, taxes,
depreciation and amortization.
Financial Highlights
In addition to results reported in accordance with U.S. GAAP, we
use certain non-GAAP financial measures as supplemental indicators
of its financial and operating performance. These non-GAAP
financial measures include EBITDA and Adjusted EBITDA. We believe
these supplementary financial measures reflect the Company’s
ongoing business in a manner that allows for meaningful
period-to-period comparisons and analysis of trends in its
business.
Three Months Ended
Six Months Ended
June 30,
June 30,
2020
2019
2020
2019
($ millions, except per share amounts)
Revenues
$
439
$
412
$
820
$
843
Income (loss) from continuing
operations
—
139
(78
)
71
Income from discontinued operations, net
of tax
306
9
336
20
Net income
$
306
$
148
258
91
EBITDA1
441
294
533
382
Adjusted EBITDA1
138
108
215
207
Diluted income per common share:
Income (loss) from continuing
operations
$
—
$
2.32
$
(1.29
)
$
1.19
Income from discontinued operations, net
of tax
4.94
0.15
5.56
0.33
Diluted income per common share
$
4.94
$
2.47
$
4.27
$
1.52
Weighted average number of common shares
outstanding (millions):
Basic
60.6
59.6
60.4
59.6
Diluted
62.0
60.0
60.4
59.8
1 This is a non-GAAP financial measure.
Refer to section “Non-GAAP Financial Measures” in this earnings
release.
Revenues by segment were as follows:
Three Months Ended
Six Months Ended
June 30,
June 30,
2020
2019
2020
2020
($ millions)
Revenues
Earth Intelligence
$
278
$
263
$
549
$
517
Space Infrastructure
184
181
316
391
Intersegment eliminations
(23
)
(32
)
(45
)
(65
)
Total revenues
$
439
$
412
$
820
$
843
The Company analyzes financial performance by segment, which
combine related activities within the Company.
Three Months Ended
Six Months Ended
June 30,
June 30,
2020
2019
2020
2019
Adjusted EBITDA:
Earth Intelligence
$
146
$
124
$
279
$
249
Space Infrastructure
11
7
(28
)
5
Intersegment eliminations
(7
)
(4
)
(14
)
(8
)
Corporate and other expenses
(12
)
(19
)
(22
)
(39
)
Adjusted EBITDA1
$
138
$
108
$
215
$
207
1 This is a non-GAAP financial measure. Refer to section
“Non-GAAP Financial Measures” in this earnings release.
Earth Intelligence
Three Months Ended
Six Months Ended
June 30,
June 30,
2020
2019
2020
2019
($ millions)
Revenues
$
278
$
263
$
549
$
517
Adjusted EBITDA
$
146
$
124
$
279
$
249
Adjusted EBITDA Margin
52.5
%
47.1
%
50.8
%
48.2
%
For the three months ended June 30, 2020, Earth Intelligence
segment revenues increased to $278 million from $263 million, or by
$15 million, compared to the same period of 2019. The increase was
primarily driven by a $10 million increase in revenue from
international defense and intelligence customers and $5 million in
revenue growth from new contract awards and expansion of existing
programs within the U.S. government. Revenue from international
customers increased due to a new direct access facility which
became operational and contracts that signed in the second half of
2019.
Adjusted EBITDA increased to $146 million from $124 million, or
by $22 million, for the three months ended June 30, 2020, as
compared to the same period of 2019. The increase was primarily
driven by an increase in revenues, a decrease in service costs, and
an increase in income related to our Vricon joint venture.
Space Infrastructure
Three Months Ended
Six Months Ended
June 30,
June 30,
2020
2019
2020
2019
($ millions)
Revenues
$
184
$
181
$
316
$
391
Adjusted EBITDA
$
11
$
7
$
(28
)
$
5
Adjusted EBITDA Margin
6.0
%
3.9
%
(8.9
)%
1.3
%
Changes in revenues from year to year are influenced by the
size, timing and number of satellite contracts awarded in the
current and preceding years and the length of the construction
period for satellite contracts awarded. Revenues on satellite
contracts are recognized using the cost-to-cost method of
accounting to determine the percentage of completion over the
construction period, which typically ranges between 20 to 36 months
and up to 48 months in certain situations. Adjusted EBITDA margins
can vary from quarter to quarter due to the mix of our revenues and
changes in our estimated costs to complete as our risks are retired
and as our estimated costs to complete are increased or decreased
based on contract performance.
Revenues from the Space Infrastructure segment increased to $184
million from $181 million, or by $3 million, for the three months
ended June 30, 2020, compared to the same period of 2019. Revenues
increased primarily as a result of the impact of an increase in
volume related to U.S. government contracts of $42 million during
the three months ended June 30, 2020 compared to the same period in
2019 which was partially offset by reduced volumes on commercial
programs of $40 million. There was COVID-19 related EAC growth of
$6 million which negatively impacted revenue for the three months
ended June 30, 2020. The increases in the EACs are due to increases
in estimated program costs associated with the COVID-19 operating
posture and the estimated impact of certain items such as supplier
delays and increased labor hours.
Adjusted EBITDA increased to $11 million from $7 million, or by
$4 million, for the three months ended June 30, 2020, compared to
the same period of 2019. The increase in the Space Infrastructure
segment is primarily related to increased revenues and higher
margins on certain programs. The increase was partially offset by
$10 million due to a change in the compensation structure from
retention payments to bonuses which were not included in segment
Adjusted EBITDA in 2019, a recovery of a previously reserved amount
of $7 million in 2019 which did not reoccur in 2020, $17 million of
losses incurred on developmental builds and a $6 million negative
impact related to our COVID-19 operating posture, a portion of
which is included in the losses incurred on developmental
builds.
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 for the three months ended June 30,
2020 decreased to $12 million from $19 million, or by $7 million,
compared to the same period in 2019. The decrease was primarily
driven by a $6 million decrease in retention costs related to a
2019 program within the Space Infrastructure segment. The decrease
was partially offset by a decrease in the foreign exchange gain
recognized and an increase in selling, general and administrative
expenses for the three months ended June 30, 2020, compared to the
same period in 2019.
Intersegment eliminations
Intersegment eliminations are related to projects between our
segments, including WorldView Legion. Intersegment eliminations
have increased to $7 million from $4 million, or by $3 million, for
the three months ended June 30, 2020 compared to the same period in
2019 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
Six Months Ended
June 30,
June 30,
2020
2019
2020
2019
Revenues:
Product
$
157
$
144
$
264
$
310
Service
282
268
556
533
Total revenues
439
412
820
843
Costs and expenses:
Product costs, excluding depreciation and
amortization
144
141
289
312
Service costs, excluding depreciation and
amortization
87
103
180
195
Selling, general and administrative
79
66
147
151
Depreciation and amortization
89
96
179
191
Impairment loss
—
—
14
—
Satellite insurance recovery
—
(183
)
—
(183
)
Operating income
40
189
11
177
Interest expense, net
48
49
97
98
Other (income) expense, net
(4
)
(2
)
(7
)
3
(Loss) income before taxes
(4
)
142
(79
)
76
Income tax (benefit) expense
(2
)
1
—
2
Equity in (income) loss from joint
ventures, net of tax
(2
)
2
(1
)
3
Income (loss) from continuing
operations
—
139
(78
)
71
Discontinued operations
Income from operations of discontinued
operations, net of tax
2
9
32
20
Gain on disposal of discontinued
operations, net of tax
304
—
304
—
Income from discontinued operations, net
of tax
306
9
336
20
Net income
$
306
$
148
$
258
$
91
Basic income per common share:
Income (loss) from continuing
operations
$
—
$
2.33
$
(1.29
)
$
1.19
Income from discontinued operations, net
of tax
5.05
0.15
5.56
0.34
Basic income per common share
$
5.05
$
2.48
$
4.27
$
1.53
Diluted income per common share:
Income (loss) from continuing
operations
$
—
$
2.32
$
(1.29
)
$
1.19
Income from discontinued operations, net
of tax
4.94
0.15
5.56
0.33
Diluted income per common share
$
4.94
$
2.47
$
4.27
$
1.52
MAXAR TECHNOLOGIES INC.
Unaudited Condensed Consolidated Balance
Sheets
(In millions, except per share
amounts)
June 30,
December 31,
2020
2019
Assets
Current assets:
Cash and cash equivalents
$
177
$
59
Trade and other receivables, net
312
357
Inventory
21
20
Advances to suppliers
51
42
Prepaid and other current assets
41
32
Current assets held for sale
—
751
Total current assets
602
1,261
Non-current assets:
Orbital receivables, net
354
382
Property, plant and equipment, net
823
758
Intangible assets, net
901
991
Non-current operating lease assets
170
176
Goodwill
1,455
1,455
Other non-current assets
124
134
Total assets
$
4,429
$
5,157
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable
$
155
$
153
Accrued liabilities
57
130
Accrued compensation and benefits
60
93
Contract liabilities
234
271
Current portion of long-term debt
9
30
Current operating lease liabilities
41
40
Other current liabilities
85
49
Current liabilities held for sale
—
230
Total current liabilities
641
996
Non-current liabilities:
Pension and other postretirement
benefits
193
197
Contract liabilities
3
4
Operating lease liabilities
165
173
Long-term debt
2,407
2,915
Other non-current liabilities
118
110
Total liabilities
3,527
4,395
Commitments and contingencies
Stockholders’ equity:
Common stock ($0.0001 par value, 240
million common shares authorized; 60.7 million and 59.9 million
outstanding at June 30, 2020 and December 31, 2019,
respectively)
—
—
Additional paid-in capital
1,794
1,784
Accumulated deficit
(825
)
(1,082
)
Accumulated other comprehensive (loss)
income
(68
)
59
Total Maxar stockholders' equity
901
761
Noncontrolling interest
1
1
Total stockholders' equity
902
762
Total liabilities and stockholders'
equity
$
4,429
$
5,157
MAXAR TECHNOLOGIES INC.
Unaudited Condensed Consolidated
Statements of Cash Flows
(In millions)
Six Months Ended
June 30,
2020
2019
Cash flows (used in) provided by:
Operating activities:
Net income
$
258
$
91
Income from operations of discontinued
operations, net of tax
32
20
Gain on disposal of discontinued
operations, net of tax
304
—
(Loss) income from continuing
operations
(78
)
71
Adjustments to reconcile net (loss) income
to net cash (used in) provided by operating activities:
Impairment losses including inventory
14
3
Depreciation and amortization
179
191
Loss from extinguishment of debt
7
—
Amortization of debt issuance costs and
other non-cash interest expense
8
4
Stock-based compensation expense
13
4
Other
2
—
Changes in operating assets and
liabilities:
Trade and other receivables
40
(20
)
Advances to suppliers
(9
)
32
Accounts payables and accrued
liabilities
(76
)
(92
)
Contract liabilities
(38
)
(124
)
Other
4
7
Cash provided by operating activities -
continuing operations
66
76
Cash used in operating activities -
discontinued operations
(30
)
(15
)
Cash provided by operating activities
36
61
Investing activities:
Purchase of property, plant and equipment
and development or purchase of software
(128
)
(124
)
Return of capital from discontinued
operations
20
—
Cash used in investing activities -
continuing operations
(108
)
(124
)
Cash provided by (used in) investing
activities - discontinued operations
723
(3
)
Cash provided by (used in) investing
activities
615
(127
)
Financing activities:
Net proceeds of revolving credit
facility
—
97
Net proceeds from issuance of 2027
Notes
147
—
Repurchase of 2023 Notes, including
premium
(169
)
—
Repayments of long-term debt
(516
)
(11
)
Settlement of securitization liability
(7
)
(8
)
Payment of dividends
(1
)
(1
)
Other
(3
)
—
Cash (used in) provided by financing
activities - continuing operations
(549
)
77
Cash (used in) provided by financing
activities - discontinued operations
(24
)
14
Cash (used in) provided by financing
activities
(573
)
91
Increase in cash, cash equivalents, and
restricted cash
78
25
Effect of foreign exchange on cash, cash
equivalents, and restricted cash
(5
)
1
Cash, cash equivalents, and restricted
cash, beginning of year
110
43
Cash, cash equivalents, and restricted
cash, end of period
$
183
$
69
Reconciliation of cash flow
information:
Cash and cash equivalents
$
179
$
63
Restricted cash included in prepaid and
other current assets
1
5
Restricted cash included in other
non-current assets
3
1
Total cash, cash equivalents, and
restricted cash
$
183
$
69
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 and Adjusted EBITDA.
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. Certain items affecting comparability include
restructuring, impairments, satellite insurance recovery, CEO
severance 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. 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
(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 (loss) income to EBITDA and Adjusted EBITDA for the three
and six months ended June 30, 2020 and 2019.
Three Months Ended June
30,
Six Months Ended June
30,
2020
2019
2020
2019
($ millions)
Net income
$
306
$
148
$
258
$
91
Income tax (benefit) expense
(2
)
1
—
2
Interest expense, net
48
49
97
98
Interest income
—
—
(1
)
—
Depreciation and amortization
89
96
179
191
EBITDA
$
441
$
294
$
533
$
382
Income from discontinued operations, net
of tax
(306
)
(9
)
(336
)
(20
)
Restructuring
—
4
—
15
Transaction and integration related
expense
3
2
4
7
Impairment loss, including inventory
—
—
14
3
Satellite insurance recovery
—
(183
)
—
(183
)
CEO severance
—
—
—
3
Adjusted EBITDA
$
138
$
108
$
215
$
207
Adjusted EBITDA:
Earth Intelligence
146
124
279
249
Space Infrastructure
11
7
(28
)
5
Intersegment eliminations
(7
)
(4
)
(14
)
(8
)
Corporate and other expenses
(12
)
(19
)
(22
)
(39
)
Adjusted EBITDA
$
138
$
108
$
215
$
207
Cautionary Note Regarding Forward-Looking Statements
Certain statements and other information included in this
release constitute "forward-looking information" or
"forward-looking statements" (collectively, "forward-looking
statements") under applicable securities laws. Statements including
words such as "may", "will", "could", "should", "would", "plan",
"potential", "intend", "anticipate", "believe", "estimate" or
"expect" and other words, terms and phrases of similar meaning are
often intended to identify forward-looking statements, although not
all forward-looking statements contain these identifying words.
Forward-looking statements involve estimates, expectations,
projections, goals, forecasts, assumptions, risks and
uncertainties, as well as other statements referring to or
including forward-looking information included in this
presentation.
Forward-looking statements are subject to various risks and
uncertainties which could cause actual results to differ materially
from the anticipated results or expectations expressed in this
presentation. As a result, although management of the Company
believes that the expectations and assumptions on which such
forward-looking statements are based are reasonable, undue reliance
should not be placed on the forward-looking statements because the
Company can give no assurance that they will prove to be correct.
The risks that could cause actual results to differ materially from
current expectations include, but are not limited to, the risk
factors and other disclosures about the Company and its business
included in the Company's continuous disclosure materials filed
from time to time with U.S. securities and Canadian regulatory
authorities, which are available online under the Company's EDGAR
profile at www.sec.gov, under the Company's SEDAR profile at
www.sedar.com or on the Company's website at www.maxar.com.
The forward-looking statements contained in this release are
expressly qualified in their entirety by the foregoing cautionary
statements. All such forward-looking statements are based upon data
available as of the date of this presentation or other specified
date and speak only as of such date. The Company disclaims any
intention or obligation to update or revise any forward-looking
statements in this presentation as a result of new information or
future events, except as may be required under applicable
securities legislation.
Unless stated otherwise or the context otherwise requires,
references to the terms “Company,” “Maxar,” “we,” “us,” and “our”
to refer collectively to Maxar Technologies Inc. and its
consolidated subsidiaries.
Investor/Analyst Conference Call
Maxar President and Chief Executive Officer, Dan Jablonsky, and
Executive Vice President and Chief Financial Officer, Biggs Porter,
will host an earnings conference call Wednesday, August 5, 2020,
reviewing the second quarter results, followed by a question and
answer session. The call is scheduled to begin promptly at 3:00
p.m. MT (5:00 p.m. ET).
Investors and participants must register for the call in advance
by visiting:
http://www.directeventreg.com/registration/event/6389744.
After registering, participants will receive dial-in
information, a passcode, and registrant ID. At the time of the
call, participants must dial in using the numbers in the
confirmation email and enter their passcode and ID.
The Conference Call will be Webcast live and then archived at:
http://investor.maxar.com/events-and-presentations/default.aspx.
Telephone replay of the conference call will also be available
from Wednesday, August 5, 2020 at 6:00 p.m. MT (8:00 p.m. ET) to
Wednesday, August 19, 2020 at 9:59 p.m. MT (11:59 p.m. ET) at the
following numbers: Toll free North America: 1-800-585-8367
International Dial-In: 1-416-621-4642 Passcode: 6389744#
About Maxar
Maxar is a leading provider of solutions in Earth Intelligence
and Space Infrastructure. We help government and commercial
customers to monitor, understand and navigate the changing planet;
deliver global broadband communications infrastructure; and explore
and advance the use of space. Our approach combines decades of deep
mission understanding and a proven commercial and defense
foundation to deliver our services with speed, scale and cost
effectiveness. Maxar’s 4,000 team members in more than 20 global
locations work to help our customers harness the potential of
space. Maxar’s stock trades on the New York Stock Exchange and
Toronto Stock Exchange under the symbol “MAXR”. For more
information, visit www.maxar.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200805006014/en/
Jason Gursky | VP Investor Relations | 1-303-684-2207 |
jason.gursky@maxar.com Turner Brinton | Media Relations |
1-303-684-4545 | turner.brinton@maxar.com
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