Maxar Technologies reports third quarter 2018 results, declares quarterly dividend

Imagery Segment Results



Reported


Reported



Three months ended


Nine months ended



September 30, 


September 30, 



2018


2017


2018


2017

($ millions)









Revenue

$

209.2

$

11.8

$

632.6

$

30.4


Adjusted EBITDA1

$

132.9

$

7.5

$

407.2

$

17.0


Adjusted EBITDA Margin1


63.5

%

63.6

%

64.4

%

55.9

%

1

This is a non-IFRS financial measure. Refer to section "Non-IFRS Financial Measures" in this earnings release.

Total revenues from the Imagery segment were $209.2 million in the third quarter of 2018 compared to $11.8 million in the same period of 2017. The increase is primarily due to the inclusion of the financial results of the acquired DigitalGlobe imagery business that contributed $198.8 million of revenue and $126.9 million of adjusted EBITDA in the third quarter of 2018. Imagery segment revenue for the three months ended September 30, 2018 included $30.1 million of revenue recognized from contract liabilities related to the EnhancedView contract.

Adjusted EBITDA margin percentage from the Imagery segment for the three months ended September 30, 2018 was 63.5% compared to 63.6% for the same period of 2017.

Recent Business Developments

In July 2018, the Company launched EarthWatch, a cloud-based subscription for viewing, streaming and downloading the Company's industry-leading geospatial data, enabling customers to solve their challenges with ease through a single powerful interface.

Notable bookings in the Imagery segment in the third quarter of 2018 included:

  • A renewal award was received for the Global Enhanced GEOINT Delivery (Global EGD) contract from the NGA for the seventh year. Global EGD provides U.S. Government users with on-demand access to mission-ready, high-resolution satellite imagery in multiple classification levels, typically within two to four hours after image collection.
  • A contract was signed with the U.S. National Reconnaissance Office (NRO) to transition the NGA EnhancedView SLA for commercial imagery acquisition. The NRO contract, referred to as EnhancedView Follow-On, includes the two remaining option years of the NGA contract and an exercise the first option year.
  • An additional contract was signed to further integrate imagery production, distribution and operations with U.S. Government systems through a cloud-based infrastructure.
  • A contract extension and expansion of a multi-year agreement with a major commercial technology customer.

Services Results



Reported


Reported



Three months ended


Nine months ended



September 30, 


September 30, 



2018


2017


2018


2017

($ millions)









Revenue

$

61.8

$

29.0

$

198.1

$

81.6


Adjusted EBITDA 1

$

9.3

$

5.1

$

23.3

$

13.8


Adjusted EBITDA Margin 1


15.0

%

17.6

%

11.8

%

16.9

%

1

This is a non-IFRS financial measure. Refer to section "Non-IFRS Financial Measures" in this earnings release.


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