0001558370-20-002416.txt : 20200311 0001558370-20-002416.hdr.sgml : 20200311 20200311164334 ACCESSION NUMBER: 0001558370-20-002416 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20200311 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200311 DATE AS OF CHANGE: 20200311 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Maxar Technologies Inc. CENTRAL INDEX KEY: 0001121142 STANDARD INDUSTRIAL CLASSIFICATION: RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663] IRS NUMBER: 980544351 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38228 FILM NUMBER: 20705815 BUSINESS ADDRESS: STREET 1: 1300 W. 120TH AVENUE CITY: WESTMINSTER STATE: CO ZIP: 80234 BUSINESS PHONE: 3036844000 MAIL ADDRESS: STREET 1: 1300 W. 120TH AVENUE CITY: WESTMINSTER STATE: CO ZIP: 80234 FORMER COMPANY: FORMER CONFORMED NAME: Maxar Technologies Ltd. DATE OF NAME CHANGE: 20171005 FORMER COMPANY: FORMER CONFORMED NAME: MACDONALD, DETTWILER & ASSOCIATES LTD. DATE OF NAME CHANGE: 20170703 FORMER COMPANY: FORMER CONFORMED NAME: MACDONALD DETTWILER & ASSOCIATES LTD DATE OF NAME CHANGE: 20000803 8-K 1 maxr-20191001x8k6422898.htm 8-K
0001121142false0001121142us-gaap:SeriesAPreferredStockMember2020-03-112020-03-110001121142us-gaap:CommonStockMember2020-03-112020-03-1100011211422020-03-112020-03-11

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): March 11, 2020

MAXAR TECHNOLOGIES INC.

(Exact name of Registrant as specified in its charter)

Delaware

    

001-38228

    

83-2809420

(State of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

1300 W. 120th Avenue, Westminster, Colorado

80234

(Address of principal executive offices)

(Zip Code)

303-684-7660

(Registrant’s telephone number, including area code)

N/A

(Former name or address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, at $0.0001 par value

MAXR

New York Stock Exchange, Toronto Stock Exchange

Preferred Stock Purchase Right

---

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 7.01

Regulation FD Disclosure

On March 11, 2020, Maxar Technologies Inc. (“Company”) posted supplemental information on its corporate website for the fourth quarter ended December 31, 2019. The supplemental information contains key information about the Company. The supplemental information is attached hereto as Exhibit 99.1 and can be found on our website at investor.maxar.com/financial-reports under the section titled Financial Table.

The information set forth in this Item 7.01 shall not be deemed “filed” for any purpose of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit No.

  

Description

99.1

Supplemental information for the fourth quarter December 31, 2019.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

Date: March 11, 2020

Maxar Technologies Inc.

By:

/s/ Biggs C. Porter

Name: Biggs C. Porter

Title: Executive Vice President, Chief Financial Officer

EX-99.1 2 ex-99d1.htm EX-99.1 maxr_Ex99_1

Exhibit 99.1

MAXAR TECHNOLOGIES INC.

SUPPLEMENTAL FINANCIAL INFORMATION

During the fourth quarter of 2019, following a number of changes, the chief operating decision maker (“CODM”) changed the way in which he assesses performance and allocates resources. As a result, the Company has revised its reportable segments to reflect how the CODM currently reviews financial information and makes operating decisions. The Company’s operating and reportable segments are: Earth Intelligence, Space Infrastructure and MDA. With the Company’s announcement of the MDA Transaction on December 30, 2019 the MDA segment has been classified within Income (loss) from discontinued operations, net of tax in the Consolidated Statements of Operations. All prior-period amounts have been adjusted to reflect the reportable segment change.

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, gain on sale of assets, 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.

QUARTERLY FINANCIAL DATA

The table below reconciles our net (loss) income to EBITDA and Adjusted EBITDA for the quarters of 2019 and the year ended December 31, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q1

 

Q2

 

Q3

 

Q4

 

YTD

 

    

2019

    

2019

    

2019

    

2019

    

2019

Net (loss) income

 

 

(57)

 

 

148

 

 

(25)

 

 

43

 

 

109

Income tax expense (benefit)

 

 

1

 

 

1

 

 

1

 

 

2

 

 

5

Interest expense, net

 

 

49

 

 

49

 

 

50

 

 

71

 

 

219

Interest income

 

 

-

 

 

-

 

 

-

 

 

(2)

 

 

(2)

Depreciation and amortization

 

 

95

 

 

96

 

 

93

 

 

92

 

 

376

EBITDA

 

$

88

 

$

294

 

$

119

 

$

206

 

$

707

(Income) loss from discontinued operations

 

 

(11)

 

 

(9)

 

 

(16)

 

 

10

 

 

(26)

Restructuring

 

 

11

 

 

4

 

 

(1)

 

 

4

 

 

18

Transaction and integration related expense

 

 

5

 

 

2

 

 

7

 

 

2

 

 

16

Impairment losses, including inventory

 

 

3

 

 

-

 

 

-

 

 

14

 

 

17

Satellite insurance recovery

 

 

-

 

 

(183)

 

 

-

 

 

-

 

 

(183)

Gain on sale of assets

 

 

-

 

 

-

 

 

-

 

 

(136)

 

 

(136)

CEO severance

 

 

3

 

 

-

 

 

-

 

 

-

 

 

3

Adjusted EBITDA:

 

$

99

 

$

108

 

$

109

 

$

100

 

$

416

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earth Intelligence

 

 

125

 

 

124

 

 

145

 

 

154

 

 

548

Space Infrastructure

 

 

(2)

 

 

7

 

 

(3)

 

 

(19)

 

 

(17)

Intersegment eliminations

 

 

(4)

 

 

(4)

 

 

(12)

 

 

(9)

 

 

(29)

Corporate and other unallocated expenses

 

 

(20)

 

 

(19)

 

 

(21)

 

 

(26)

 

 

(86)

Adjusted EBITDA

 

$

99

 

$

108

 

$

109

 

$

100

 

$

416

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earth Intelligence

 

$

254

 

$

263

 

$

282

 

$

286

 

$

1,085

Space Infrastructure

 

 

210

 

 

181

 

 

162

 

 

153

 

 

706

Intersegment eliminations

 

 

(33)

 

 

(32)

 

 

(31)

 

 

(29)

 

 

(125)

Total revenues

 

$

431

 

$

412

 

$

413

 

$

410

 

$

1,666

 

 

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Document and Entity Information
Mar. 11, 2020
Document Type 8-K
Document Period End Date Mar. 11, 2020
Entity File Number 001-38228
Entity Registrant Name MAXAR TECHNOLOGIES INC.
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 83-2809420
Entity Address, Address Line One 1300 W. 120th Avenue
Entity Address, City or Town Westminster
Entity Address, State or Province CO
Entity Address, Postal Zip Code 80234
City Area Code 303
Local Phone Number 684-7660
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001121142
Amendment Flag false
Common stock  
Title of 12(b) Security Common stock, at $0.0001 par value
Trading Symbol MAXR
Security Exchange Name NYSE
Series A Junior Participating Preferred Stock  
Title of 12(b) Security Preferred Stock Purchase Right
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