Maxar Technologies reports third quarter 2018 results, declares quarterly dividend

Total revenues from the Services segment were $61.8 million in the third quarter of 2018 compared to $29.0 million in the same period of 2017. The increase is primarily due to the inclusion of the financial results from the DigitalGlobe services business that contributed $31.9 million of revenue and $3.6 million of adjusted EBITDA in the third quarter of 2018.

Adjusted EBITDA margin percentage from the Services segment for the three months ended September 30, 2018 was 15.0% compared to 17.6% for the same period of 2017. The decrease in margin primarily reflects the blend of margins from DigitalGlobe's services business, acquired as part of the DigitalGlobe Transaction.

Recent Business Developments

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

  • A contract with the NGA on a Small Business Innovation Research (SBIR) Phase III contract to rapidly develop, prototype, and deploy machine learning and crowdsourcing capabilities to augment a wide variety of NGA missions. NGA exercised the 2019 contract option year and expanded the value over a three year period of performance.
  • Two contracts were won with an intelligence community customer to develop new technologies in support of mission requirements, and special communications and collections.

Revenue and Adjusted EBITDA by Segment

The following table summarizes revenue and adjusted EBITDA by segment for the last 10 quarters in U.S. dollars. Actual numbers as reported are presented for the 2018 periods. Information for 2016 and 2017 is presented on a pro forma basis as if MacDonald, Dettwiler and Associates Ltd. and DigitalGlobe had been one Company beginning in 2016. The table has been updated from our fourth quarter 2017 earnings release to exclude the effects of intersegment eliminations by segment for 2016 and 2017, consistent with our current presentation.



Actual



Pro forma




Q3



Q2



Q1



Q4



Q3



Q2



Q1



Q4



Q3



Q2




2018



2018



2018



2017



2017



2017



2017



2016



2016



2016

($ millions)































Revenues:































Space Systems


$

262.5


$

329.9


$

293.4


$

292.4


$

299.1


$

339.6


$

342.7


$

339.9


$

347.8


$

356.1

Imagery



209.2



212.0



211.4



207.1



201.5



201.8



193.2



192.7



194.0



188.5

Services



61.8



66.3



70.0



62.3



72.1



68.7



57.8



68.8



61.8



61.3

Intersegment eliminations



(25.3)



(29.3)



(17.1)



(9.7)



(7.9)



(6.6)



(6.2)



(6.6)



(5.2)



(5.8)

Total Revenue


$

508.2


$

578.9


$

557.7


$

552.1


$

564.8


$

603.5


$

587.5


$

594.8


$

598.4


$

600.1

Adjusted EBITDA:































Space Systems


$

19.0


$

42.2


$

54.6


$

49.2


$

61.4


$

61.6


$

62.5


$

61.1


$

55.3


$

67.2

Imagery



132.9



136.2



138.1



133.6



128.2



128.8



120.1



123.4



124.9



123.1

Services



9.3



6.9



7.1



9.5



9.3



7.5



6.0



11.7



9.1



6.9

Intersegment eliminations



(4.9)



(5.4)



(2.0)



(1.0)



(1.3)



(0.6)



(1.1)



(0.7)



(0.5)



(0.9)

Adjusted EBITDA:



156.3



179.9



197.8



191.3



197.6



197.3



187.5



195.5



188.8



196.3

Corporate Expense



(10.0)



(8.7)



(10.4)



(6.4)



(8.5)



(10.0)



(9.5)



(10.1)



(8.2)



(8.3)

Adjusted EBITDA


$

146.3


$

171.2


$

187.4


$

184.9


$

189.1


$

187.3


$

178.0


$

185.4


$

180.6


$

188.0


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