MAXAR TECHNOLOGIES INC.
|
||||||||
|
|
|
|
|
|
|
||
|
|
Nine Months Ended |
||||||
|
|
September 30, |
||||||
|
|
2021 |
|
|
2020 |
|
||
Cash flows (used in) provided by: |
|
|
|
|
|
|
||
Operating activities: |
|
|
|
|
|
|
||
Net (loss) income |
|
$ |
(25 |
) |
|
$ |
343 |
|
Income from operations of discontinued operations, net of tax |
|
|
— |
|
|
|
32 |
|
Gain on disposal of discontinued operations, net of tax |
|
|
— |
|
|
|
305 |
|
(Loss) income from continuing operations |
|
|
(25 |
) |
|
|
6 |
|
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
221 |
|
|
|
274 |
|
Stock-based compensation expense |
|
|
31 |
|
|
|
24 |
|
Amortization of debt issuance costs and other non-cash interest expense |
|
|
11 |
|
|
|
12 |
|
| Gain from remeasurement of Vricon equity interest |
|
|
— |
|
|
|
(85 |
) |
| Loss from extinguishment of debt |
|
|
41 |
|
|
|
7 |
|
| Cumulative adjustment to SXM-7 revenue |
|
|
30 |
|
|
|
— |
|
| Impairment loss |
|
|
— |
|
|
|
14 |
|
| Deferred income tax expense (benefit) |
|
|
2 |
|
|
|
(17 |
) |
| Other |
|
|
(3 |
) |
|
|
3 |
|
| Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
| Trade and other receivables |
|
|
(33 |
) |
|
|
(3 |
) |
| Accounts payable and liabilities |
|
|
(57 |
) |
|
|
(35 |
) |
| Contract liabilities |
|
|
(20 |
) |
|
|
1 |
|
| Other |
|
|
(12 |
) |
|
|
(20 |
) |
| Cash provided by operating activities - continuing operations |
|
|
186 |
|
|
|
181 |
|
| Cash used in operating activities - discontinued operations |
|
|
(1 |
) |
|
|
(49 |
) |
| Cash provided by operating activities |
|
|
185 |
|
|
|
132 |
|
| Investing activities: |
|
|
|
|
|
|
||
| Purchase of property, plant and equipment and development or purchase of software |
|
|
(156 |
) |
|
|
(224 |
) |
| Acquisition, net of cash acquired |
|
|
— |
|
|
|
(118 |
) |
| Return of capital from discontinued operations |
|
|
— |
|
|
|
20 |
|
| Cash used in investing activities - continuing operations |
|
|
(156 |
) |
|
|
(322 |
) |
| Cash provided by investing activities - discontinued operations |
|
|
— |
|
|
|
723 |
|
| Cash (used in) provided by investing activities |
|
|
(156 |
) |
|
|
401 |
|
| Financing activities: |
|
|
|
|
|
|
||
| Repurchase of 2023 Notes, including premium |
|
|
(384 |
) |
|
|
(169 |
) |
| Net proceeds from issuance of common stock |
|
|
380 |
|
|
|
— |
|
| Net proceeds from issuance of 2027 Notes |
|
|
— |
|
|
|
147 |
|
| Settlement of securitization liability |
|
|
(9 |
) |
|
|
(7 |
) |
| Repayments of long-term debt |
|
|
(7 |
) |
|
|
(523 |
) |
| Other |
|
|
(4 |
) |
|
|
2 |
|
| Cash used in financing activities - continuing operations |
|
|
(24 |
) |
|
|
(550 |
) |
| Cash used in financing activities - discontinued operations |
|
|
— |
|
|
|
(24 |
) |
| Cash used in financing activities |
|
|
(24 |
) |
|
|
(574 |
) |
| Increase (decrease) in cash, cash equivalents, and restricted cash |
|
|
5 |
|
|
|
(41 |
) |
| Effect of foreign exchange on cash, cash equivalents, and restricted cash |
|
|
— |
|
|
|
(5 |
) |
| Cash, cash equivalents, and restricted cash, beginning of year |
|
|
31 |
|
|
|
110 |
|
| Cash, cash equivalents, and restricted cash, end of period |
|
$ |
36 |
|
|
$ |
64 |
|
|
|
|
|
|
|
|
|
||
| Reconciliation of cash flow information: |
|
|
|
|
|
|
||
| Cash and cash equivalents |
|
$ |
36 |
|
|
$ |
60 |
|
| Restricted cash included in prepaid and other current assets |
|
|
— |
|
|
|
4 |
|
| Restricted cash included in other non-current assets |
|
|
— |
|
|
|
— |
|
| Total cash, cash equivalents, and restricted cash |
|
$ |
36 |
|
|
$ |
64 |
|
|
Maxar Technologies Reports Third Quarter 2021 Results
|
|
||||||
|
|
|||||||
|
|||||||
