Maxar Technologies reports third quarter 2018 results, declares quarterly dividend

MAXAR TECHNOLOGIES LTD.
Unaudited Condensed Consolidated Statements of Cash Flows
(In millions of United States dollars)



Nine months ended



September 30, 



2018


2017

Cash flows provided by (used in):







Operating activities:







Net (loss) earnings


$

(420.1)


$

35.9

Adjustments to reconcile to net cash from operating activities:







Impairment losses and inventory obsolescence



383.6



Depreciation of property, plant and equipment



120.6



24.8

Amortization of intangible assets



226.4



32.8

Share-based compensation expense



13.5



12.1

Finance expense, net



142.9



25.6

Foreign exchange loss (gain)



3.3



(10.1)

Income tax (recovery) expense



(17.6)



23.9

Income taxes recovered



1.7



2.0

Legal provision and non-cash settlement



7.9



Loss on sale of subsidiary



2.8



Changes in operating assets and liabilities:







Trade and other receivables



38.1



21.0

Contract assets



(58.6)



(54.1)

Financial assets, other



3.1



(29.4)

Trade and other payables



11.2



19.7

Employee benefits liability



(14.7)



(23.2)

Contract liabilities



(176.6)



(43.2)

Financial liabilities, other



(7.0)



5.0

Cash provided by operating activities



260.5



42.8








Investing activities:







Purchase of property, plant and equipment



(115.5)



(27.3)

Purchase/development of intangible assets



(107.3)



(43.3)

Decrease in restricted cash



14.3



7.6

Cash paid for Neptec acquisition



(5.9)



Cash collected on note receivable



5.0



Purchase of short term investments and interest received



(4.5)



0.2

Disposal of subsidiary



4.4



Cash used in investing activities



(209.5)



(62.8)








Financing activities:







Proceeds from the Syndicated Credit Facility and other long-term debt



161.0



215.9

Repayments of long term debt



(35.8)



(110.2)

Interest paid on long-term debt



(139.6)



(25.2)

Proceeds from securitization of orbital receivables



18.2



Settlement of securitization liability



(16.7)



(16.0)

Payment of dividends and other



(48.8)



(29.1)

Cash (used in) provided by financing activities



(61.7)



35.4

(Decrease) increase in cash and cash equivalents



(10.7)



15.4

Effect of foreign exchange on cash and cash equivalents



(0.1)



(1.2)

Cash and cash equivalents, beginning of period (a)



19.1



(3.8)

Cash and cash equivalents, end of period (a)



8.3



10.4

(a)

Cash and cash equivalents are net of bank overdrafts of $2.3 million and nil as at September 30, 2018, and September 30, 2017, respectively. The Company had an overdraft of nil and $17.9 million as of December 31, 2017 and December 31, 2016, respectively.


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