Maxar Technologies Reports First Quarter 2021 Results

1 This is a non-GAAP financial measure. Refer to section “Non-GAAP Financial Measures” in this earnings release.

Earth Intelligence

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2021

 

 

2020

 

($ millions)

 

 

 

 

 

 

Revenues

$

250

 

$

271

 

Adjusted EBITDA

$

107

 

$

133

 

Adjusted EBITDA Margin

 

42.8

%

 

49.1

%

Revenues from the Earth Intelligence segment decreased to $250 million from $271 million, or by $21 million, compared to the same period in 2020. The decrease was primarily driven by a $30 million decrease in the recognition of deferred revenue related to the EnhancedView Contract. We recognized $30 million of deferred revenue from the EnhancedView Contract for the three months ended March 31, 2020, compared to none for the three months ended March 31, 2021, as it was fully recognized as of August 31, 2020. The decrease was partially offset by a $4 million increase in new commercial programs and a $4 million increase in revenue from international defense and intelligence customers.

Adjusted EBITDA from the Earth Intelligence segment decreased to $107 million from $133 million, or by $26 million, for the three months ended March 31, 2021, compared to the same period of 2020. The decrease was primarily driven by a decrease in the recognition of revenue related to the EnhancedView Contract as mentioned above. The decrease was partially offset by higher margins due to a favorable program mix.

 

 

 

 

 

 

 

Three Months Ended

 

 

March 31,

 

 

2021

 

2020

($ millions)

 

 

 

 

Revenues

$

155

 

$

132

 

Adjusted EBITDA

$

(12

)

$

(39

)

Adjusted EBITDA Margin

 

(7.7

) %

 

(29.5

) %


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