Maxar Technologies reports fourth quarter and year end 2017 results

 

PRO FORMA FINANCIAL INFORMATION

The following unaudited pro forma financial information gives effect to the Company's acquisition of DigitalGlobe using the acquisition method of accounting for business combinations with the Company identified as the acquirer, and is based on the respective historical unaudited condensed consolidated financial statements of the Company and DigitalGlobe for the periods presented below. In determining these amounts, management has conformed DigitalGlobe's historical financial results originally prepared under U.S. general accepted accounting principles to IFRS and has assumed that the fair value adjustments, determined provisionally, that arose on the date of acquisition would have been the same if the acquisition had occurred on January 1, 2016. In addition, DigitalGlobe's historical financial results have been adjusted to reflect the revenue and expenses of The Radiant Group, Inc. ("Radiant") as if DigitalGlobe's acquisition of Radiant had occurred on January 1, 2016. Revenue and direct costs, selling, general and administration expense have been adjusted to reflect the elimination of intra entity transactions during the periods and other expense has been adjusted to reflect the elimination of transaction related expenses.

This unaudited pro forma financial information is for illustrative purposes only and is not necessarily indicative of the operating results that would have been achieved if the acquisition had been completed at the beginning of the period for the periods presented, nor do they purport to project the results of operations of the combined entities for any future period or as of any future date.  This unaudited pro forma financial information may not be useful in predicting the results of operations of the combined company in the future. The actual results of operations may differ significantly from this pro forma financial information.

Pro Forma Revenue and Adjusted EBITDA by Segment:

The following table summarizes pro forma revenue and pro forma adjusted EBITDA by segment for the last eight quarters in U.S. dollars as if Maxar and DigitalGlobe had been one company beginning in 2016.










($ millions)

Q4
2017

Q3
2017

Q2
2017

Q1
2017

Q4
2016

Q3
2016

Q2
2016

Q1
2016










Pro forma revenues:










Space Systems

284.1

292.2

333.6

336.7

334.6

342.9

350.5

371.5


Imagery

206.9

200.5

201.2

193.0

192.6

193.7

188.3

190.4


Services

61.1

72.1

68.7

57.8

67.6

61.8

61.3

52.5


552.1

564.8

603.5

587.5

594.8

598.4

600.1

614.4

Pro forma adjusted EBITDA:










Space Systems

47.3

60.1

61.0

61.4

60.4

54.8

66.3

62.1


Imagery

134.5

128.2

128.8

120.1

123.3

124.8

123.1

124.2


Services

9.5

9.3

7.5

6.0

11.8

9.2

6.9

5.7


Pro forma operating EBITDA

191.3

197.6

197.3

187.5

195.5

188.8

196.3

192.0


Corporate expenses

(6.4)

(8.5)

(10.0)

(9.5)

(10.1)

(8.2)

(8.3)

(7.7)


184.9

189.1

187.3

178.0

185.4

180.6

188.0

184.3


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