© 2021 Maxar Technologies 1© 2021 Maxar Technologies
Maxar
September 2021 Investor Presentation
Company Proprietary – External Recipients
© 2021 Maxar Technologies 2
Caution concerning forward-looking statements
This presentation and associated webcast, which includes a business update, discussion of financial results, financial outlook and question and answer session
(collectively, the “Earnings Information”), contain certain “forward-looking statements” or “forward-looking information” under applicable securities laws. Forward-looking
terms such as “may,” “will,” “could,” “should,” “would,” “plan,” “potential,” “intend,” “anticipate,” “project,” “target,” “believe,” “plan,” “outlook,” “estimate,” “guidance” or
“expect” and other words, terms and phrases of similar nature are often intended to identify forward-looking statements, although not all forward-looking statements
contain these identifying words.
Forward-looking statements are based on certain key expectations and assumptions made by the Company. Although management of the Company believes that the
expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking
statements because the Company can give no assurance that they will prove to be correct. Any such forward-looking statements are subject to a number of risks and
uncertainties that could cause actual results and expectations to differ materially from the anticipated results or expectations expressed in the Earnings Information. The
Company cautions readers that should certain risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly
from those expected.
The risks that could cause actual results to differ materially from current expectations include, but are not limited to those Risk Factors set forth in our Annual Report on
Form 10-K and Quarterly Reports on Form 10-Q, which are available online under the Company’s EDGAR profile at www.sec.gov or on the Company’s website at
www.maxar.com, as well as the Company’s continuous disclosure materials filed from time to time with Canadian securities regulatory authorities, which are available
online under the Company’s SEDAR profile at www.sedar.com or on the Company’s website at www.maxar.com. The risk factors detailed in the foregoing are not
intended to be exhaustive and there may be other key risks that are not identified that are not presently known to the Company or that the Company currently deems
immaterial. These risks and uncertainties are amplified by the global COVID-19 pandemic, which has caused and will continue to cause significant challenges,
instability and uncertainty.
The forward-looking statements contained in the Earnings Information are expressly qualified in their entirety by the foregoing cautionary statements. All such forward-
looking statements are based upon data available as of the date of the Earnings Information or other specified date and speak only as of such date. The Company
disclaims any intention or obligation to update or revise any forward-looking statements herein as a result of new information, future events or otherwise, other than as
may be required under applicable securities law.
Company Proprietary – External Recipients
© 2021 Maxar Technologies 33© 2021 Maxar Technologies 3© 2021 Maxar Technologies 3
Maxar is a world leading
space technology and intelligence company.
We unlock the promise of space to help customers
solve problems on Earth and beyond.
Company Proprietary – External Recipients
© 2021 Maxar Technologies 4
Maxar Today
Global Footprint and Capabilities
4,400 employees across 20 locations globally,
serving customers in more than 70 countries worldwide
Overview
$2.3B / $4.6B1 Mkt. Cap / EV
$1.7B 2020 Revenue
$422M 2020 Adj. EBITDA2
▪ Leader in Earth Intelligence and Space Infrastructure
▪ Multifaceted capabilities across geospatial data and analytics,
satellites, space robotics and space infrastructure
▪ Long-standing relationships with government and commercial
customers globally
▪ Strong alignment with U.S. government, international defense,
civil government and commercial customers
International Locations
Tokyo,
Japan
Singapore,
Singapore
London,
U.K.
HQ: Westminster,
Colorado
1 Market data as of 07-Sep-20212 This is a non-GAAP financial measure. Refer to section “Non-GAAP Financial Measures” in the Appendix to these earnings slides
Linköping,
Sweden
Company Proprietary – External Recipients
© 2021 Maxar Technologies 5
Satellites, Space Programs and Robotics
▪ 1300 class spacecraft bus
▪ Modular satellite architectures
▪ Power & Propulsion Element
Imagery
▪ EnhancedView
▪ Direct/Rapid Access
▪ 3D and AR Clouds
▪ Basemaps
Platform and
Analytics
▪ SecureWatch
▪ Global-EGD
▪ One World Terrain
Services
▪ SBIR Phase III
▪ NOME
▪ Project Kelly
▪ DORE
Space Infrastructure Earth Intelligence
▪ Highest quality geospatial data & products
▪ Analytics platforms
▪ Geospatial services, analytics and solutions
COMPONENTS SYSTEMSSUBSYSTEMS DATA / PRODUCTS SERVICES / SOLUTIONS
▪ Satellite hardware
▪ Space robotics
▪ Satellite integration
▪ System integration
MAXAR FRANCHISE PRODUCTS / CONTRACTS
Integrated Solutions Across the Customer Value Chain
▪ Psyche (planetary exploration)
▪ OSAM-1 (on-orbit refueling and
assembly)
▪ Mars robotic arms
Company Proprietary – External Recipients
© 2021 Maxar Technologies 6
▪ Communications and Earth
observation satellites
▪ Space exploration mission
spacecraft
▪ On-orbit satellite servicing vehicles
▪ Robotics for ongoing space
operations and planetary
exploration
▪ Multi-year contracts and
support services
▪ Electro-optical, high-resolution
satellite imagery
▪ Sensor and ground system
optimization for near real-time
geospatial insights
▪ Mission ready geospatial
intelligence (GEOINT)
▪ Largely recurring, multi-year
contracts
▪ Big data platform and tools
▪ Artificial Intelligence and Machine
Learning (AI/ML) and data
analytics at global scale
▪ Multisource data enrichment
and analysis
▪ Geodata layers and information
products
▪ Largely recurring, multi-year
contracts
Space Infrastructure40%
2020 Rev.
What We Do:Data Generation, Data Analytics / Platforms and Space Infrastructure
Data Analytics / Platforms
Earth Intelligence 60%2020 Rev.Data Generation
Company Proprietary – External Recipients
© 2021 Maxar Technologies 7
SegmentScale and Profitability(1)
(Revenue / Adj. EBITDA(2) Margin)Customer Mix(1)
Earth
Intelligence$1,081M / 47.5%
Space
Infrastructure$721M / (0.4)%(3)
Notes: (1) Profitability and customer mix shown as of FY2020. (2) This is a non-GAAP financial measure. Refer to section “Non-GAAP Financial Measures” in the Appendix to these slides.
(3) 2020 revenues impacted by $27M of estimated COVID-19 related EAC growth during the period. These costs are considered incremental and separable from normal operations.
U.S. Federal Gov’t
and Agencies
Commercial
and Other
We Serve Discriminating Government and Commercial Customers
in More Than 70 Countries
72%
28%
Government
Commercial
U.S. Federal Gov’t
and Agencies
Commercial
and Other
60%
40%
28%
72%
Company Proprietary – External Recipients
© 2021 Maxar Technologies 8
EARTH INTELLIGENCE SPACE INFRASTRUCTURE
Addressable
Segments
U.S. Government –
International Government – CommercialCommercial – National – Civil
Maxar’s
Growth Strategy
▪ Expand relationship across the U.S.
government
▪ Grow installed base and penetration of
international government customers
▪ Grow with and expand the installed base of
commercial customers across product breadth,
including services
▪ Leverage 3D data and 3D capabilities
▪ Grow U.S. national programs
▪ Deepen penetration of U.S. government
civil exposure
▪ Provide flexible solutions to commercial
customers
▪ Leverage communication expertise and volume
production heritage to capture demand in GEO
and LEO
Investments Made
to Drive Growth
✓ WorldView Legion
✓ Vricon acquisition
✓ Data platforms + AI/ML
✓ Space robotics
✓ Solar electric propulsion
✓ Modular architecture / Smaller spacecraft
buses
Summary of Our Growth StrategyFocused on Growing Segments Where We Can Be #1 or #2
Company Proprietary – External Recipients
© 2021 Maxar Technologies 9
U.S. Government International Governments Commercial
Maxar is Well-Positioned to Support the Customers We Serve
▪ Largest buyer of C4ISR and space
▪ National Defense Strategy outlines
importance of space, AI and ML
▪ Aggressive investment by other
nations is eroding U.S. competitive
advantage across IC and DoD
▪ NASA is investing in Earth science
and space exploration
▪ Buyers are embracing commercial
approaches to save time and
money
▪ Foreign partner nations are facing
similar mission challenges as the
U.S. government
▪ Lack the IP and human capital to
rapidly modernize space and
ISR architectures
▪ U.S. policies for space encourage
partnerships with allied nations
▪ Maxar’s playbook for building
strong imagery and ground
businesses can be extended into
value-added services
▪ Ubiquitous mobility and IoT are
driving demand for global
mapping and communications
solutions
▪ Technology and autonomous
navigation companies have
global mapping aspirations that
cannot be met by traditional
methods (unmanned aerial
vehicle and street-level
imagery)
▪ There is a race to provide high-
speed, low-latency broadband
connectivity across the globe
▪ Growing popularity in gaming
driving potential use cases
Company Proprietary – External Recipients
© 2021 Maxar Technologies 10
Space & Cyber C4ISR Missile Defense Joint LethalityForward Force
Resilience
Autonomous
Systems
Resilient space assets
and operations
Gain and exploit
information
Layered
missile defense
Ability to
strike
Ability to operate in all
domainsAutonomy, AI/ML
▪ Satellite design and
manufacturing
▪ Space robotics
▪ Space infrastructure
▪ Solar electric
propulsion
▪ Cyber-secure systems
▪ Modular architecture
▪ High-resolution
Imagery
▪ AI/ML providing
change detection
▪ Space-based sensors
▪ Direct downlink
▪ Analytics / cloud-
based products
▪ AI/ML providing
change detection for
early warning
▪ Affordable and secure
satellite buses
▪ Sensor platforms
▪ High resolution
elevation models
▪ Real-time Geo-
positioning
▪ 3D Imagery
▪ Shareable GEOINT
▪ Analytics / cloud-based
products
▪ High resolution
Imagery
▪ Direct downlink
▪ Crosslinks / interfaces
▪ Living maps
▪ 3D/P3DR/Point
Cloud capabilities
▪ AR/VR for simulation
and training
▪ High resolution imagery
▪ Co-registered mapping
data
▪ Space robotics
▪ AI/ML providing change
detection
▪ 3D/P3DR/Point
Cloud capabilities
▪ AR/VR for simulation
and training
Our Capabilities Solidly Align With the U.S. National Defense Strategy
Maxar Capabilities
Company Proprietary – External Recipients
© 2021 Maxar Technologies 11
Overview Capabilities Real-World Results
Earth
Intelligence
▪ Persistent global
security threats
▪ Rising budgets
▪ Imagery and insights in
great demand
▪ Space is a focus of
investment
▪ Nascent but growing
services opportunities
▪ Geospatial data and
products
▪ Machine learning and
analytics
▪ Defense services and
solutions
▪ Ground systems
Growing International Defense and Intelligence Demand
Company Proprietary – External Recipients
© 2021 Maxar Technologies 12
Overview Capabilities Real-World Results
Earth
Intelligence
▪ NASA science efforts
focused on better
understanding our planet
▪ Other civil agencies
focused on emergency
preparedness and
response, urban planning
and regulatory
compliance benefit from
Maxar's capabilities
▪ Geospatial data and
products
▪ Machine learning and
analytics
Space
Infrastructure
▪ NASA exploration efforts
focused on deep space
align well with
Maxar’s capabilities
▪ Space robotics
▪ Solar electric propulsion
▪ Spacecraft buses
Multifaceted Opportunities With Civil Agencies
Company Proprietary – External Recipients
© 2021 Maxar Technologies 13
Overview Capabilities Real-World Results
Earth
Intelligence
▪ Autonomous
applications
▪ Wireless network
planning
▪ Resource and logistics
planning
▪ Risk management and
Mitigation
▪ High-resolution imagery
▪ Mapping
▪ Change detection
▪ Data analytics and machine
learning
▪ Gaming, virtual reality and 3D
applications
Space
Infrastructure
▪ Voice and data
Communications
▪ Imagery
▪ Remote sensing
▪ Video distribution
▪ Broadband
▪ Digital radio services
▪ Satellite design
▪ Satellite integration
▪ LEO and GEO spacecraft
buses
▪ Ground systems
▪ Solar electric propulsion
Commercial Demand Driven By Innovation and New Use Cases
Company Proprietary – External Recipients
© 2021 Maxar Technologies 14
EVFO NextWorldView Legion
Launches
Space Infrastructure
Transformation
3D / Platforms / Products
2020
Driving growth across the U.S. Government,
International U.S. Allied Nations and Large Commercial Tech
$25+
BillionFive-Year Pipeline
Across Earth
Intelligence
and Space
Infrastructure
2021
Sustained
Growth$1.9B in Bookings
Robust 5-Year Pipeline
Out-years
Company Proprietary – External Recipients
© 2021 Maxar Technologies 15
Strategic Deals to Reduce Debt
✓C$1B MDA divestiture
✓$291M Palo Alto real estate transaction
Space Infrastructure
✓Re-engineer and diversify
Earth Intelligence
✓Offset revenue and Adj. EBITDA from
impact of WV4 loss
✓Execute on growing services backlog
Deploy New Operational Model
Peak WorldView Legion CapEx
Maxar is Positioned For Growth
Reset and Stabilize Growth Inflection Accelerate / Optimize
Successfully Completed
(2019 – 2020)
Progressing
(2021 – 2022)
Longer-Term
(2023 and Beyond)
Top-Line Growth Acceleration
▪ Higher imagery capacity
▪ Advanced analytics products
▪ U.S. and International services
▪ Commercial, Civil, DoD/Classified space
Margin Expansion
▪ Mix and execution
▪ Product/services adoption
▪ OpEx leverage
Lower Capital Intensity
▪ Smaller manufacturing & satellite footprint
▪ Further penetration of services/product
offering
Optimize Capital Structure
Reduce Debt With Strong Cash
Flow and Recent Equity Raise
Space Infrastructure
▪ Position for growth by addressing
Commercial, Civil and DoD/Classified
segments
Earth Intelligence
▪ Growth driven by subscriptions/products
▪ Execute backlog + new wins driven by
AI/ML
Launch of WorldView Legion
Completion of WorldView Legion
CapEx and Start of CapEx Holiday
Company Proprietary – External Recipients
16© 2021 Maxar Technologies
Earth Intelligence
Company Proprietary – External Recipients
© 2021 Maxar Technologies 1717© 2021 Maxar Technologies 17© 2021 Maxar Technologies 17
EARTH INTELLIGENCE
We collect, process and analyze location data to deliver geospatial intelligence.
125 700+ 1,700+ 3.8M+ 1.4BPetabytes of data in our
archive, gathered over
20 years
Software developers on
staff
Cleared personnel
supporting the U.S.
Government
Square kilometers of
Earth imagery capacity
each day
Square kilometers of
Earth imagery capacity
each year
Data generation
▪ Electro-optical, high-resolution satellite imagery
▪ Sensor and ground system optimization for near real-time geospatial insights
▪ Mission ready geospatial intelligence (GEOINT)
Largely recurring, multi-year contracts
Data analytics
▪ Big data platform and tools
▪ Artificial intelligence/machine learning (AI/ML) and data analytics at scale
▪ Multisource data enrichment and analysis
▪ Geodata layers and information products
Largely recurring, multi-year contracts
60%of 2020 Revenue
Note: Data as of 31-Dec-2020.
Company Proprietary – External Recipients
© 2021 Maxar Technologies 18Company Proprietary – External Recipients
An industry pioneer and continued leader
As the industry leader in high-resolution satellite imagery and geospatial
information, Maxar designs, owns and operates best-in-class imaging
satellites and associated ground systems, infrastructure and
production systems.
© 2021 Maxar Technologies 19
Our U.S. Government Partnership:
The EnhancedView Contract
▪ The U.S. government is Maxar’s largest customer for Earth
Intelligence and our relationship has strengthened and expanded over
the last decade
▪ The EnhancedView contract was signed in 2010 and is a performance
obligation to deliver assured and secure access to our constellation
and platforms
▪ In 2018, Maxar signed a multi-year contract extension through August
2023
• Maxar has completed 10 successful annual reviews and is
currently executing the 11th annual renewal option
• Additional funding was added for further integration and
interoperability between the U.S. government and Maxar’s current
and future ground and space architectures
▪ WorldView Legion construction is on track and can deliver industry-
leading imagery to meet the future requirements of the U.S.
government
Sole SourceThe only company delivering on the
EnhancedView Follow On program
20+ YearsNumber of years USG has been a customer
13 YearsLength of EV contract – 2010 to 2023
3.5B Square KilometersProduced and delivered in 2020 (~24x the
Earth’s total landmass)
© 2021 Maxar Technologies 19
Note: Data as of 31-Dec-2020.
Company Proprietary – External Recipients
© 2021 Maxar Technologies 20
On-Demand Access To Geospatial
IntelligenceG-EGD400,000 analysts, warfighters and first responders in
the U.S. Government rely on Global Enhanced
GEOINT Delivery (G-EGD) to make decisions when
lives are on the line.
SecureWatch 241 customers and growing as international
governments and commercial organizations use
SecureWatch subscription service to provide a reliable
picture of on-ground conditions.
1,200+ 94 184 19.4BTerabytes
downloaded in
2020
U.S. Government
portals streaming
G-EGD
Organizations
using
the platform
Square kilometers
streamed in 2020
Our platforms provide a one-stop shop for the
most current imagery available for defense and
intelligence, mapping, monitoring and disaster
response.
199 2,600 205MTerabytes downloaded
in 2020
Platform users Square kilometers
streamed in 2020
20
Note: Data as of 31-Dec-2020.
Company Proprietary – External Recipients
© 2021 Maxar Technologies 21Company Proprietary – External Recipients
WorldView Legion is the cornerstone of
Maxar’s future Earth imaging constellation
© 2021 Maxar Technologies 22© 2021 Maxar Technologies
WorldView Legion
The next-generation of Earth
observation satellites
WorldView Legion dramatically expands our ability to
image the most rapidly changing areas on Earth and
from more diverse angles, giving customers the ability
to track and monitor change, and to better inform
critical, time-sensitive decisions.
▪ Up to 15 revisits per day, with the Maxar constellation
▪ Triples Maxar capacity to collect 30 cm class imagery
▪ Triples our overall capacity over high-demand areas
▪ Highest image quality and geometric accuracy available
▪ Simultaneous tasking, image and downlink with customer
ground stations
▪ Compatible with global infrastructure and access programs
for Maxar customers
▪ More capital efficient than previous Maxar satellites
22Company Proprietary – External Recipients
© 2021 Maxar Technologies 23
23March 3, 2020Large area collection over I-580 corridor, California
• One satellite (WorldView-3)
• One of multiple strips in a single orbital pass
• 2,707 square kilometers collected
• 30-cm resolution from San Francisco to Tracy, California
Ferry Building, San
Francisco Bulk carrier, Oakland
Livermore airport
Highway exchange,
Ulmar
Tracy High School, TracySFO airport23© 2021 Maxar Technologies Company Proprietary – External Recipients
© 2021 Maxar Technologies 24
▪ Business continuity – drives demand for
the most discerning customer base in the
world, who requires high-quality resolution
and positional accuracy
▪ Increase capacity in high demand areas –
focused on where change is happening:
▪ >50% of population lives on <1% of land
▪ 95% of population lives between ±50°
latitude
▪ Higher revisit for more use cases
Company Proprietary – External Recipients
High resolution provides clarity into on-ground conditions
WorldView Legion will capture 30 cm class imagery
1.0 m GSD
NIIRS 4.0
50 cm GSD
NIIRS 5.0
30 cm class GSD
NIIRS 5.7
© 2021 Maxar Technologies 25Company Proprietary – External Recipients
High geolocation accuracy results in highly precise, reliable maps
Have confidence that an object’s position in an image accurately reflects its true ground position
© 2021 Maxar Technologies 26Company Proprietary – External Recipients
Image quality and frequency enables key use cases
Remote monitoring Accurate mapping Analytics at scale The globe in 3D
More imagery, collected from
sunup to sundown, for a
current view changing
situations.
Accurate, comprehensive and
timely data for a clearer, more
reliable foundational picture of
the planet.
A continuous feed of current,
clear imagery enables timely
pattern-of-life and human
geography analysis.
High agility and stereo
collection capabilities will
produce more data to fuel
creation of 3D models.
© 2021 Maxar Technologies 27
Artificial Intelligence can’t pull detail out of
lower resolution pixels because the information
simply isn’t there—similar to how the facial
recognition algorithms on your phone can’t
recognize you unless you’re right in front of it.
Only Maxar has the high-resolution data
to provide the level of detail required for
fast, reliable outputs.
Company Proprietary – External Recipients
Replace
Artificial Intelligence
For Analysts in the Age of Rapid Revisit
ML on 60 cm imagery
Identified 31 cars
ML on 50 cm imagery
Identified 244 cars
ML on 30 cm imagery
Identified 1,267 cars
© 2021 Maxar Technologies 28
Global Leader in 3D CapabilitiesVricon Acquisition has Expanded Maxar’s 3D Analytics Platform
World leader in situational awareness and
decision-making for military applications
▪ Battlefield visualization
▪ Warfare planning
▪ Aerial navigation and planning
▪ Targeting/weapon guidance
▪ Line-of-sight/concealment analysis
▪ Equipment movement/mobility planning
▪ Enemy surveillance
▪ Helicopter landing site evaluation
Network planning for telecommunications
▪ RAN planning for coverage and capacity
▪ Fixed wireless, line-of-sight analysis
▪ Microwave backhaul
Consumer gaming & virtual reality
▪ Geospatial and digital twin technologies
▪ 3D modelling capabilities
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29© 2021 Maxar Technologies
Space Infrastructure
Company Proprietary – External Recipients
© 2021 Maxar Technologies 3030© 2021 Maxar Technologies 30© 2021 Maxar Technologies 30
SPACE INFRASTRUCTURE
We design, manufacture and operate:
▪ Communications and Earth observation satellites
▪ Space exploration spacecraft
▪ Solar electric propulsion
▪ On-orbit satellite servicing vehicles
▪ Robotics for ongoing space operations and exploration
Multi-year contracts and support services
Our 60-year heritage of innovation and reliability in space is trusted by our customers.
90 99.9971% 285+ 2,750Maxar-built geostationary
satellites currently in service
GEO satellite availability Maxar-built spacecraft
launched
Combined years on orbit
40%of 2020 Revenue
Note: Data as of 31-Dec-2020.
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© 2021 Maxar Technologies 31
Maxar-Built Satellites Help Shape Today’s World
Meteorological satellitesDigital audio radio satellites Digital multimedia satellites
Direct broadcast satellites Two-way broadband satellitesEarth observation satellites
Capabilities
▪ Satellite design
▪ Satellite integration
▪ Spacecraft hardware, software and
components
▪ LEO and GEO spacecraft buses
▪ Ground systems
▪ Solar electric propulsion
▪ Space robotics
Differentiation
▪ Price, performance and quality
▪ Power and propulsion
▪ Flexible, modular spacecraft
▪ Mission-proven space robotics
31© 2021 Maxar Technologies Company Proprietary – External Recipients
© 2021 Maxar Technologies 3232© 2021 Maxar Technologies
THE MOON, MARS AND BEYONDSince humans first began exploring our solar
system, Maxar has been supporting space
missions and continues to expand its partnership
with NASA.
▪ SERVICING SPACECRAFT ON ORBIT
with spacecraft and robotics for the OSAM-1 mission to
service and refuel a satellite.
▪ RETURNING ASTRONAUTS TO THE MOON
with the Power and Propulsion Element for the
lunar Gateway.
▪ POWERING THE SEARCH FOR LIFE ON MARS
with robotic arms, including one for the recently landed
Perseverance rover.
▪ EXPLORING OF A NEW KIND OF ASTEROID
with a spacecraft for first mission to explore 16 Psyche, an
asteroid believed to be made of metal.
Company Proprietary – External Recipients
© 2021 Maxar Technologies 33© 2021 Maxar Technologies
POWER AND PROPULSION ELEMENT
We are building the first key component
of Gateway, the Power and Propulsion
Element. Gateway will serve as an
orbiting command module, supporting
human missions in space.
▪ Provides power, thrust and critical
communications
▪ Developed on Maxar's proven 1300 platform
▪ More powerful than existing solar
electric propulsion systems
▪ Robotics for ongoing space operations and
exploration
33Company Proprietary – External Recipients
© 2021 Maxar Technologies 34
SERVICING A SATELLITE ON ORBIT
Maxar is providing the spacecraft and three
robotic arms for NASA’s OSAM-1 mission to
refuel and service a low-Earth orbit satellite
and demonstrate on-orbit assembly.
MISSION TO PSYCHE
EXPLORING A NEW KIND OF ASTEROID
A Maxar-built spacecraft enables NASA’s
mission to explore 16 Psyche, an asteroid
believed to be made of metal. The mission
could offer insight into how the Earth formed.
REFUELING AND SERVICING
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35© 2021 Maxar Technologies
Appendix: Supplemental Information
Company Proprietary – External Recipients
© 2021 Maxar Technologies 36
APPENDIXIn 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, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA Without Effects of EV Deferred, Adjusted EBITDA Without Effects of
EV Deferred margin, Free Cash Flow and Net Debt.
We define EBITDA as earnings before interest, taxes, depreciation and amortization, Adjusted EBITDA as EBITDA adjusted for certain items affecting comparability as specified in the
calculation and Adjusted EBITDA margin as Adjusted EBITDA divided by revenue. Certain items affecting comparability include restructuring, impairments, satellite insurance recovery,
gain (loss) 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 that may result in a different calculation therein.
We define Adjusted EBITDA Without Effects of EV Deferred as Adjusted EBITDA, as defined above, less EnhancedView Deferred Revenue. We define Adjusted EBITDA Without Effects
of EV Deferred margin as Adjusted EBITDA margin, as defined above, less EnhancedView Deferred Revenue.
We define Free Cash Flow as cash provided by operating activities - continuing operations adjusted for the purchase of property, plant and equipment and development or purchase of
software.
We define Net Debt as the sum of total debt from our balance sheet excluding debt discount and issuance costs plus the lease liability balance related to the Space Infrastructure sale
leaseback transaction consummated in December 2019 netted against cash and cash equivalents.
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.
EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA Without Effects of EV Deferred, Adjusted EBITDA Without Effects of EV Deferred margin, Free Cash Flow and
Net Debt are not recognized terms under U.S. GAAP and may not be defined similarly by other companies. EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA
Without Effects of EV Deferred, Adjusted EBITDA Without Effects of EV Deferred margin, Free Cash Flow and Net Debt should not be considered alternatives to net (loss) income as
indications of financial performance or as alternate to cash flows from operations as measures of liquidity. EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA
Without Effects of EV Deferred, Adjusted EBITDA Without Effects of EV Deferred margin, Free Cash Flow and Net Debt have limitations as an analytical tool and should not be
considered in isolation or as a substitute for our results reported under U.S. GAAP.
Company Proprietary – External Recipients
© 2021 Maxar Technologies 37
APPENDIX
Company Proprietary – External Recipients
MAXAR.COM
© 2021 Maxar Technologies Company Proprietary – External Recipients
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