Maxar Technologies, Inc. (MAXR.CA)

Corrected Transcript

03-May-2021 Maxar Technologies, Inc. (MAXR.CA)

Q1 2021 Earnings Call

CORPORATE PARTICIPANTS

Jason Gursky Biggs C. Porter Vice President-Investor Relations and Corporate Treasurer, Chief Financial Officer & Executive Vice President, Maxar Technologies, Maxar Technologies, Inc. Inc.

Daniel L. Jablonsky President, Chief Executive Officer & Director, Maxar Technologies, Inc.

......

OTHER PARTICIPANTS

Ken Herbert Robert Spingarn Analyst, Canaccord Genuity LLC Analyst, Credit Suisse Securities (USA) LLC

Tim James Michael Ciarmoli Analyst, TD Securities, Inc. Analyst, Truist Securities, Inc.

Thanos Moschopoulos Chris Quilty Analyst, BMO Capital Markets Corp. (Canada) Founder & Partner, Quilty Analytics LLC

Seth M. Seifman Analyst, JPMorgan Securities LLC

......

MANAGEMENT DISCUSSION SECTION

Operator: Greetings. Thank you for standing by and welcome to the Maxar Technologies First Quarter and 2021 Investor Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions]

I would now like to hand the conference over to your speaker today, Jason Gursky, Vice President of Investor Relations. Please go ahead...... Jason Gursky Vice President-Investor Relations and Corporate Treasurer, Maxar Technologies, Inc.

Yeah, good afternoon. Thanks, operator. Welcome to Maxar first quarter 2021 earnings conference call. I'm joined today by the company's Chief Executive Officer, Dan Jablonsky; and its Chief Financial Officer, Biggs Porter. Both will make some opening remarks, after which we're going to open up the line for your questions. We're shooting to wrap up the call in about an hour.

Before we get started, I'd like to refer listeners to the accompanying slides for today's presentation, which can be found on the company's website at maxar.com in the Investor, Events and Presentations section of the site. Once there, please turn to slide 2, where I'd like to remind you that part of today's discussion, including responses to various questions, may contain forward-looking statements which represent the company's estimates, future plans, objectives, and expected performance at today's date. These statements are based on current

assumptions that the company believes are reasonable, but are subject to a wide range of uncertainties and risks that could lead actual results to differ materially from the forward-looking information.

You can refer to the advisory regarding forward-looking statements contained in our quarterly earnings releases, earnings call slide decks, and the company's most recent MD&A section found in our Form 10-Q, which is available online under the company's SEDAR profile at sedar.com, under the company's EDGAR profile at sec.gov, or on the company's website at maxar.com.

As we get started, I'll ask you to turn to slide 3. And then with that, I'll turn the call over to Dan. Dan, go ahead...... Daniel L. Jablonsky President, Chief Executive Officer & Director, Maxar Technologies, Inc.

Thanks, Jason. Good afternoon everyone. We had another busy quarter at Maxar, good progress with the business, and continued traction on our customer relationships and winning new programs. We're really encouraged by the pace that the vaccines are rolling out. And we started returning people back to work sites to join approximately a quarter to a third of our people that all along have continued powering through on-site to serve critical customer missions over the past year.

Today, I'd like to run through key highlights from the quarter, update you on the progress we're making on our 2021 priorities, provide a view on the demand environment pipeline, and then do a double-click on some of the technologies we're working on with our space technologies that we believe will help us drive growth in the future.

So with that, please turn to slide 3 of the accompanying presentation. We generated 12% revenue and 40%-plus adjusted EBITDA growth year-over-year without the effects of the EnhancedView deferred revenue, despite charges related to the SiriusXM satellite program. Biggs will go into the details later. But without these charges, growth for both metrics would have been even higher. Importantly, work on Sirius-XM8 has completed and the satellite is en route to the launch facility. We're looking forward to launch in a few weeks.

Well, I'm definitely not pleased with these rearview looking charges. Putting it in context, I'm really encouraged with the underlying growth we generated across both the Intelligence and Space segment this quarter. They're both a strong proof-point that all the work our teams have been doing to drive sustained growth at Maxar now and into the future are on the right path to continue creating shareholder value.

One of our most important metrics, free cash flow trends have continued to improve as well. Our trailing 12-month consumption near breakeven this quarter. We continue to expect capital expenditures to trend significantly lower beyond 2021, driving strong cash generation. That will give us even more flexibility on both debt reduction and those investments that will drive growth in the business. Bookings trends also remained positive with trailing 12- month book-to-bill at roughly 1.1 times. Biggs will go into more details later but on guidance excluding the XM7 charge, we've increased the outlook for cash flow, maintained it for adjusted EBITDA, and modestly decreased it for revenue. Overall, a pretty good quarter and start to the year but for the charges on the SiriusXM satellite program.

Please turn to slide 4 for a view of the progress we're making, our 2021 priorities. We remain focused on winning in Earth Intelligence which means driving bookings growth including for capacity on WorldView Legion, growing our 3D capabilities and extending the EnhancedView Program. Key wins in the quarter included several renewals with international allies and large technology companies. Some of the large customers have started adding 3D data and point cloud capabilities to their renewals, including a key US ally last week for over $10 million, highlighting and validating the decision we made to acquire Vricon last year.

Additionally, we signed contracts with the US Army and the National Geospatial Intelligence Agency this quarter to support training, mapping, intelligence and operational missions. We also signed our first deal with a drone delivery service. On WorldView Legion, I'm pleased to announce that we've signed contracts with four international allies to upgrade their direct access facilities to our 3.0 architecture so that they're ready for Legion when the constellation comes online. This is an important step in the deployment of these assets and the eventual ramp in revenue we'll expect in Earth Intelligence over the next several years.

On the EnhancedView Contract Follow-On program, our customer continues its work on extending the program beyond 2023. It's always tough to predict exact dates but it now appears possible that this award is likely to occur later in 2021. If that's the case, we'll expect a renewal of our existing contract in Q3 like we've seen every year for the past decade. So from an execution perspective it was a good quarter with the team generating solid adjusted EBITDA margin that's tracking in line with our full-year guidance range.

On the WorldView Legion program we continue to progress and I'm really excited about the capabilities these satellites, this entire constellation will soon be providing to our customers. All that said, it's a complex program as anything this exquisite is expected to be and work continues. Software and engineering teams are getting back into workspaces this week to again be in proximity to the teams that have been conducting the build work and that's really good to see. And it's really impressive to see the morale and energy on these teams.

At this point we're tracking a few critical items that could impact timelines to launch. The first of these is completion and validation of flight software which is complex in continued simulation and testing of the spacecraft and its components and subsystems.

Next, there is an industry-wide issue with some aspects of Honeywell electronic components that have been identified and need to be corrected. We're using these Honeywell electronic components on the first of our Legion satellites. As I noted the entire satellite industry is being impacted, notably Maxar's Legion program though has been designated as a high priority defense mission and has formally received a DX rating under the Defense Production Act. We're basically front of the line alongside other DX rated programs or close to it in preferential treatment in resolving this issue. And at this point we're optimistic that this is not a pacing item.

Finally, we put our satellites and systems through a rigorous set of environmental testing to validate the engineering, the design, the quality and construction and work that goes into the build. We and our suppliers do that as additional validation measures. During April, one of our suppliers Raytheon had been conducting those same sorts of tests on the high precision optical instruments. They unexpectedly encountered an issue during testing not relating to design but due to some workmanship on an assembly of a supporting component. An extensive plan for remediation is being completed. That's compressing some of the margin we had in our schedule and is leading to other integration and testing delays.

This instrument has had some previous scheduled delays, but we're pretty sure we've got our arms around at this point. With exquisite imaging instruments like this, we can't accept anything less than perfection. There's clearly a risk that this will prove to be the critical path for schedule. There will be more testing ahead of this – and this can always change. That's our best view today of what's driving completion. So we're still driving hard and schedule is incredibly important, but so is quality. We haven't earned our hard won reputation by cutting corners. We're going to keep going through our extensive mission assurance procedures. So at this point we expect a fourth quarter launch.

Turning now to Space Infrastructure where we're committed to delivering the best possible systems for our customers, and from a business standpoint have been focused on establishing a foundation for future growth. Key wins in the quarter included a contract modification with NASA for work on the power, propulsion element, which allows Maxar to proceed with NASA's updated requirements for the now combined PPE-HALO spacecraft. We also signed several study contracts for national security work as we continue to look to shape new programs and further diversify the business.

From an investment standpoint, our recently upgraded Mission Architecture team is hard at work on new satellite and constellation designs including modular approaches as we look to serve commercial, civil and classified programs with highly engineered and affordable solutions. We also remain focused on our payload strategy and are proactively working with partners on comprehensive packages that will solve our customers' most demanding mission needs. On execution, excluding the charge related to SiriusXM, adjusted EBITDA margins continued their improvement reflecting better performance and healthier program mix.

I'm also delighted to note that we recently hired Chris Johnson to lead our Space Programs organization. Chris comes to us from Boeing where he's been for over two decades and most recently served as the President of Boeing Satellite Systems and led successful business transformation that reduced balance sheet risk, improve profitability, refined product strategy and modernized manufacturing approaches. I look forward to working with Chris in the new role to drive sustained revenue, profit and cash flow growth in our Space segment. And I'm glad to be welcoming Chris to the Maxar team.

And finally on financial flexibility, we issued 10 million shares this quarter and used the proceeds to claw back $350 million of expensive debt that was due in 2023. This transaction strengthens our financial position and sets us up for continued growth. We believed at the time and continue to now that the trade on dilution was advantageous to our shareholders and will drive higher equity performance going forward.

Please turn to slide 5. Speaking of growth in the demand environment, we continue to see over $25 billion in pipeline opportunities over the next five years, which compares quite favorably to the $1.9 billion of bookings in 2020. In Space Infrastructure, demand for space systems and architectures is growing along with our other technologies there across both commercial and government markets for missions in LEO, GEO, deep space. And on the Earth Intelligence side, we see growing demand for data and analytics, particularly with our government customers, and the Legion constellation will be a key enabler in meeting our customers' needs.

We're closely watching and at this point are encouraged by the Biden administration's assessment of the geopolitical environment and with its priorities in making with regard to spending both on the national security front and with civil programs at agencies like NASA. We remain confident about the growth trajectory of the company in the years ahead and look forward to updating you over time on the progress we make in growing our backlog.

Please turn to slide 6. As you recall, last quarter I did a deeper dive on some of the technology we've been developing and deploying an Earth Intelligence to support the US government in reducing sensor-to- shooter timelines on the battlefield and the subsequent growth potential we see for Maxar as a result.

What I thought I'd do today is provide some more detail on what we've been up to recently in our space technologies, the strength of our portfolio and the potential we have to drive growth. As you know, Maxar has a long heritage in space that dates back to the Apollo missions and we've been designing and manufacturing communications and Earth observation satellites, space exploration spacecraft and space robotics for decades.

Slide 7 demonstrates some of the use cases of our technology, including satellites for direct broadcasting, two- way broadband, digital audio radio, digital media and weather. We've been a market leader in the industry for these types of applications and have relied on price, performance and quality to win market share over time. Going forward, we see our unique capabilities in power and propulsion as key discriminators as we look to serve both commercial and government customers and in building a well-balanced portfolio of programs.

Please turn to slide 8. Today Maxar has built over 35 satellites with solar electric propulsion using an active Hall effect thruster, including a commercial geo-comms commission that exclusively uses the technology. This approach reduces fuel mass by 80% relative to traditional chemical fuel propulsion systems allowing more allocation for revenue generating payload mass. This is a good thing, especially for our commercial customers who are constantly looking for ways to increase the capital efficiency of their operations.

On slide 9 we showcase the Psyche mission as an example of how this technology can be used in deep space. As a reminder, Psyche is a NASA mission to explore a metallic asteroid. The mission will require the spacecraft to be on-orbit for years and to travel 1 billion miles. To get this done we're using a more powerful Hall effect thruster than those used in the typical mission orbiting Earth. In fact, this will be the first time that a Hall thruster has been used beyond lunar orbit and as such is a groundbreaking mission that could lead to a different approach in how spacecraft are powered in deep space going forward.

Please turn to slide 10. Things start to get even more interesting when this propulsion technique is combined with Roll Out Solar Arrays. As you know, satellites use solar panels to help power their operations. However, traditional arrays have been limited by the mass and carrying capacity of the launch vehicles to get them into space. Roll Out Solar Arrays allow for compact storage, are highly scalable, and both weigh and cost less than traditional arrays. All this allows for a more flexible, powerful and cost effective spacecraft. The best demonstration we have to-date of the power of these two technologies working together is the power, propulsion element or PPE that we're developing for NASA's lunar Gateway.

Please turn to slide 11. The PPE, the power, propulsion element will utilize unprecedentedly large Roll Out Solar Arrays providing 60 kilowatts of electrical power, more than any other spacecraft apart from the International Space Station. They will also deploy the highest power solar electric propulsion system to ever fly on a spacecraft by using several large and larger Hall effect thrusters. At the time of their launch, both thruster types will be higher power than any other Hall thruster launch to-date.

This spacecraft will set the standard for solar electric propulsion and we believe that we'll be able to use the technology and integration techniques developed for the program on future missions for both our commercial and government customers. This is a nice foundation for growth and we remain excited about the demand backdrop across both our commercial and government customers. We'll continue providing updates like this and look forward to future discussions on our space robotics capabilities, artificial intelligence and machine learning advances, and augmented and virtual reality applications going forward.

And with that, I'd like to hand the call over to Biggs for a discussion of this quarter's financials and an outlook for the year. Over to you, Biggs...... Biggs C. Porter Chief Financial Officer & Executive Vice President, Maxar Technologies, Inc.

Thanks, Dan. Please turn to slide 12 where we present year-over-year comparisons for the first quarter. Our net loss from continuing operations for Q1 was $84 million, driven primarily by $41 million in debt extinguishment cost as we retire $350 million of the 2023 notes in connection with our recent equity raise, as well as a $28 million

charge related to the Sirius-XM7 satellite. Revenue increased 3% for the quarter on a year-over-year basis. Without the effects of EnhancedView Contract deferred revenue burn-off, total company revenues increased 12% year-over-year, driven by recent wins in Space Infrastructure and the expansion of programs at Earth Intelligence. Without the $28 million net charges related to SiriusXM, total company revenues and adjusted EBITDA would have been $420 million and $95 million, respectively, this quarter.

Please turn to slide 13. Earth Intelligence revenue without the effects of EV deferred revenue increased 4% year-over-year in the first quarter, while adjusted EBITDA margins improved modestly with a slightly more favorable program mix. The year-over-year growth was driven by increases in our commercial programs as well as growth from international defense and intelligence customers.

Please turn to slide 14. As noted in our earnings release, Space Infrastructure revenue and adjusted EBITDA were negatively impacted by the performance issues with the Sirius-XM7 satellite. This included a $25 million cumulative adjustment revenue related to the loss of the final milestone and orbital payments net of other adjustments. This compares favorably to the $38 million we expressed as risks from the receivables and LDs. Additionally, we incurred $3 million in costs during the quarter as we attempted to repair and fully recover the satellite.

On a reported basis revenue increased 17% year-over-year while margins expanded 2,180 basis points driven by the profitability of recent awards as well as a reduction in negative EAC impacts including those related to COVID- 19 taken last year as we first adjusted our operating posture due to the pandemic. Without the $28 million impact to the SiriusXM adjustments to revenue and adjusted EBITDA, margins would have 8.7% which we feel is more in line with our expectations as we continue to drive margin growth.

Space Infrastructure segment has a trailing 12-month book-to-bill greater than 1 times, and without the SiriusXM charge our trailing 12-month margins would have been roughly 7%. These are important milestones as we continue to diversify our bookings in this business and drive growth with more profitable margins.

Please turn to slide 15. The company generated $27 million in operating cash flow from continuing operations in the first quarter and invested $50 million in CapEx and developed intangibles. Importantly, trailing 12-month cash consumption was $15 million and compares favorably to the $65 million consumed in 2020. We remain confident in the outlook for cash generation as Legion construction winds down.

Please turn to slide 16. We had roughly $472 million liquidity at the end of the quarter and our bank-defined leverage ratio ended the year at approximately 3.8 times. Leverage metric benefited from the recent $350 million paydown of our 2023 notes.

Please turn to slide 17 for a summary of our guidance changes. The following guidance does not include any impact related to the SiriusXM charges taken during the first quarter, which impacted both revenue and adjusted EBITDA by $28 million. It will impact full-year cash flow by approximately $20 million.

Total company revenue guidance is down modestly given the announcement of the Human Landing System down-select. Our adjusted EBITDA guidance remains unchanged. And we have raised the bottom end of our operating cash flow guidance by $20 million.

Now, please to slide 18 for a more detailed view of those guidance figures. Revenue guidance for Earth Intelligence remains unchanged from what we issued at year end, with the targeted range of $1.05 billion to $1.095 billion. We've modified our revenue guidance for Space Infrastructure downward by $35 million to account

for our team's loss to the Human Landing System program and now expect to be in a range of $765 million to $800 million. Intersegment eliminations have increased modestly, we now expect to be in the range of $50 million to $55 million per year.

Turning to adjusted EBITDA. No change to the outlook range for Earth Intelligence. Recall that we expect some incremental costs in future quarters related to the Legion constellation as we continue investments in our ground and secure operations architecture. As such, at the midpoint of guidance, we don't expect margins to expand from Q1 levels despite the forecast for sequential revenue growth. The reduction related to the Human Landing System down-select does not materially impact our adjusted EBITDA expectation at Space Infrastructure. And we have left the same guidance range as presented last quarter. At a consolidated level, our guidance for adjusted EBITDA also is unchanged. We previously stated that revenue and earnings will progress sequentially each quarter as we proceed through the year. This is still the case. This progression is driven by general growth but more specifically the continued transition of revenues at Space Infrastructure as work transitions to more recent contracts and as product revenues, notably 3D, continue to ramp up at Earth Intelligence.

We've increased the bottom end of our operating cash flow guidance by $20 million for a total range of $260 million to $290 million. This is driven in large part by the interest savings we will realize this year as a result of the debt paydown. And we've left the top end of our operating cash flow range unchanged as it's still early in the year, especially given the typical uncertainty around working capital changes. We will look to tighten this range throughout the year. The ranges for CapEx remain the same.

Moving on to other noteworthy items, we've updated our interest expense and share count guidance for the recent equity issuance and subsequent paydown of debt. Interest expense expectations have increased by $5 million to a total of $165 million, but that is inclusive of the $41 million and nonrecurring charges taken in Q1 stemming from the early retirement of debt. On an annualized basis, interest expense will decrease by roughly $35 million which flows into future years and will have a positive impact on our longer term financial targets.

As I just stated, all the guidance I gave is exclusive of the effects of the SiriusXM charge. To make it easier going forward we've also added a slide which shows how that guidance would look if these SiriusXM effects are added in after rounding numbers off.

Before I hand the call back over to the operator for Q&A, I wanted to also briefly address a corporate housekeeping matter that will require public filings in the next several days. Back in 2019 we implemented a tax benefit preservation plan to preserve our NOLs which included the authorization of a potential issuance of Series A preferred stock as a part of the plan. However, because we don't utilize those shares and the plan has since expired, we will be issuing 8-K outlining certain steps required to formally eliminate those unused preferred shares. There is no change to our NOLs or impact to current shareholders but I wanted to take a minute to walk through this and explain the rationale before the 8-K is filed next week.

Operator, we'd like to now begin Q&A.

QUESTION AND ANSWER SECTION

Operator: [Operator Instructions] And your first question comes from the line of Ken Herbert with Canaccord. Please, go ahead...... Ken Herbert Analyst, Canaccord Genuity LLC Q Yeah. Hi. Good afternoon, Dan and Biggs...... Daniel L. Jablonsky President, Chief Executive Officer & Director, Maxar Technologies, Inc. A Good afternoon...... Biggs C. Porter Chief Financial Officer & Executive Vice President, Maxar Technologies, Inc. A Hey, good afternoon...... Ken Herbert Analyst, Canaccord Genuity LLC Q Dan, I just wanted to start off and follow up on your comments on the Legion and the delays there. Do you have any more specifics around the timing in the fourth quarter you're looking at for the launch?

And then, I guess, specifically how are you viewing – it sounds like the gating item on the components from Raytheon, you went through some of the detail there, but confidence around the steps over the next few months to further mitigate that risk, and any more color around what you can say to help with confidence on the launch at the end of this year on that? ...... Daniel L. Jablonsky President, Chief Executive Officer & Director, Maxar Technologies, Inc. A Yeah. Sure. Thanks. So I mean – the Legion program is a complex program. It's been one we've been working on for several years, everything's starting to come together now, we're getting into the final testing and integration phases. And when you do that, unfortunately sometimes you uncover things that you'd rather not [ph] have gone (00:25:46) but you're glad to get them uncovered on the ground here before we do the launches in the space.

The Raytheon issue was a workmanship issue. And I think we've got it fully resolved and taken care of. And, I spent some time in person with the Raytheon team this past week, looking at the improved test procedures we're doing as well as the modifications they've made to a small component. And everything looks like it's on track and we're back on pace. With that said, it did introduce – it took out some margin and introduced some delays to us particularly as we roll that into the rest of our testing phase programs, our integration and our – the last amount of software and testing we do on the fully integrated satellite.

So, at this point, I think we've accounted for everything. We're planning on a Q4 launch and we're driving for that. I'm not prepared to say at this point whether that's early or late Q4, but we're continuing to drive as hard as we can on schedule but keeping quality top of mind. I think we've done and dealt with the Honeywell issue pretty well

but we've got to keep on that one as well and keep working that and look forward to launching quality instruments later this year...... Ken Herbert Analyst, Canaccord Genuity LLC Q Great. Thanks. And just a quick follow-up on that. So just on the flight software and on the Honeywell issue, it sounds like those are maybe not as significant of issues but I'm guessing you feel pretty good about risk mitigation on those as well...... Daniel L. Jablonsky President, Chief Executive Officer & Director, Maxar Technologies, Inc. A We do at this point, but we track everything. The software itself is about – just under 300,000 lines of code or so, so not incredibly complex. But it's something we want to put through the paces and test over and over in both the – on the spacecraft when it's fully integrated as well as in the – the normal operating procedure that we'll go through during thermal vac and other testing procedures. So we want to keep running that, finalize and get everything to the point where we want it. But those are the three big issues we're tracking right now. Obviously, there's always something that could unanticipatedly come into it. But that's kind of where we are today as we look at the plan ahead in the schedule on the work to be required – or to be done throughout the rest of the year...... Ken Herbert Analyst, Canaccord Genuity LLC Q Great. Thanks, Dan. I'll pass it back there...... Daniel L. Jablonsky President, Chief Executive Officer & Director, Maxar Technologies, Inc. A Yeah. Thank you......

Operator: And your next question comes from the line of Tim James with TD Securities...... Tim James Analyst, TD Securities, Inc. Q Thanks. Good afternoon. I'm just wondering...... Daniel L. Jablonsky President, Chief Executive Officer & Director, Maxar Technologies, Inc. A Hey, Tim...... Tim James Analyst, TD Securities, Inc. Q Hi. If you could maybe talk specifically about the LEO market in particular and kind of – I know it's not a huge part of the SI segment for you now. But just curious kind of how you view that and the opportunities there today and maybe kind of where that opportunity ranks relative to other buckets of growth for you within Space Infrastructure...... Daniel L. Jablonsky President, Chief Executive Officer & Director, Maxar Technologies, Inc. A

Yeah. And just to kind of clarify, Tim, you may be asking just about the communications side but we think about the LEO market more expansively. So, for example, Legion constellation, other Earth observation, sometimes other government programs we do, and some that we're chasing and we'll continue to chase are in the low Earth orbit part of space. There are certainly opportunities we're chasing in the LEO side, on the comms side as well. There have been some that have been announced. There are others out there that are – we're in active pursuit on. And there are others that people's planning boards right now for which RFIs and RFPs haven't quite been issued but that we're aware of.

One thing that we've done is we've made some really significant investments in our Capture group as well as our Mission Architecture teams. And people like Jim McClelland coming onboard for the mission systems architecture work are doing a great job I think in helping us refine the types of products we can deliver for LEO constellations. And I think over time we're going to have some good success there...... Tim James Analyst, TD Securities, Inc. Q Okay. That's helpful. And just one follow-up if I may. Just on the 4% growth in Earth Intelligence both commercial and IDI customers accounting for that. I'm just wondering within that, was one customer type or the other sort of more responsible for that growth? Or they both kind of growing currently at that low-single digit rate, and kind of how do you see that trajectory through the balance of the year? ...... Daniel L. Jablonsky President, Chief Executive Officer & Director, Maxar Technologies, Inc. A Yeah. And I'll let Biggs chime in there in a second. We're seeing growth across commercial and international defense and national programs as well on the Earth Intelligence side. So we're really encouraged by that. We're also going to see some strong ramp-up throughout the year. So Q1, seasonally adjusted, is a little lighter than the rest of the year expected to be, and we've – Biggs talked about pipeline, some of the backlog statistics there, didn't go into more detail on that. But we're seeing great uptake on the products particularly the 3D products across both commercial and the government sets as well...... Biggs C. Porter Chief Financial Officer & Executive Vice President, Maxar Technologies, Inc. A I agree. It's a pretty even mix between [ph] IDI (00:31:02) and commercial in terms of the customer mix and clearly the product of 3D had – had an influence as well...... Tim James Analyst, TD Securities, Inc. Q Okay. Thank you very much...... Daniel L. Jablonsky President, Chief Executive Officer & Director, Maxar Technologies, Inc. A Thanks, Tim......

Operator: And your next question comes from the line of Thanos Moschopoulos with BMO Capital Markets...... Thanos Moschopoulos Analyst, BMO Capital Markets Corp. (Canada) Q

Hi. Good afternoon. Dan, maybe expanding...... Daniel L. Jablonsky President, Chief Executive Officer & Director, Maxar Technologies, Inc. A Hey, Thanos...... Thanos Moschopoulos Analyst, BMO Capital Markets Corp. (Canada) Q Hey, Dan. Maybe expanding on the 3D aspect in Vricon. How much runway is there as far as upselling back to your existing base of defense and intel customers? Is it still roughly early days in that front or what kind of color you can provide there? ......

Daniel L. Jablonsky President, Chief Executive Officer & Director, Maxar Technologies, Inc. A Yeah, I think it's actually – it's really strong. In my remarks, I made a reference to a new $10 million award we got from an existing US ally. And that's growth beyond what we would have otherwise expected in our data business and our services business for a customer like that, very strong growth potential there. In first quarter, we – earlier, I guess the annual conference call, a couple – a month and a half ago, we announced the Army One World Terrain program enhancements and what we're doing there, so that's – we expect to be used more extensively across US Military applications. So we think there's just a great set of use cases across US government, international defense and intelligence customers.

And then commercial applications, we haven't talked about commercial applications a lot, but we've gotten some good early traction with the commercial customers. And including the contract I referenced in my remarks about a drone company that'll be using this type of technology to autonomously navigate drones in urban areas.

So we're pretty excited about that. See a lot of potential for it internally. Our forecasts are looking very good for the 3D product set this year. And we expect that to be a strong growth driver for the business going forward...... Thanos Moschopoulos Analyst, BMO Capital Markets Corp. (Canada) Q Can you update us on the services business? I know in the past you were maybe a bit head count constrained as far as being able to meet demand. But what are you seeing on that side of the business? And is there opportunity materializing internationally or is that still predominantly being driven by US growth? ...... Daniel L. Jablonsky President, Chief Executive Officer & Director, Maxar Technologies, Inc. A Right now it's still being – as of today, it's being predominantly driven by US growth. And if we could hire faster, we'd be growing faster still even though we're growing healthy. We want some really good programs including the recently announced Janus award with NGA that we're staffing out of our St. Louis office and some other great things we've got going on.

On the international front, we're in deep discussions with a number of customers to be able to bring those types of technologies and services and integration things we can do for the US government to their intelligence defense needs. Still early days there, and COVID's probably hampered us a little more because we can't travel and do the same kind of demos and integration work. But we see over time that that can be a strong driver growth for us as well......

Thanos Moschopoulos Analyst, BMO Capital Markets Corp. (Canada) Q Great. Just one last one for me. The Honeywell issue might that affect any other programs in the factory or would that be limited to Legion? ......

Daniel L. Jablonsky President, Chief Executive Officer & Director, Maxar Technologies, Inc. A It's an industry-wide issue and it has the potential – we're still assessing all the schedule impacts on any other programs. At this point we don't believe there are any material financial impacts to the business for that. But it's one of these things that goes across a broad set of programs across more companies than just Maxar......

Thanos Moschopoulos Analyst, BMO Capital Markets Corp. (Canada) Q [indiscernible] (00:34:38)......

Daniel L. Jablonsky President, Chief Executive Officer & Director, Maxar Technologies, Inc. A Thanks, Thanos......

Operator: Thank you. And your next question comes from the line of Seth Seifman from JPMorgan...... Seth M. Seifman Analyst, JPMorgan Securities LLC Q Oh, great. Thanks very much and good afternoon. I was wondering just on the 2023 targets, are those still operative? ...... Biggs C. Porter Chief Financial Officer & Executive Vice President, Maxar Technologies, Inc. A In general we're not going to make it a habit to update every quarter, we don't do any long range plan every quarter as you might guess. But at this point in time we couldn't point out anything that we've learned that changes those. I have made the point telling people though with respect to the refinancing that we did from the equity issuance that those interest savings were incremental to the gains we've previously given. So there is – if all other things equal, upward pressure from that on the cash flow part of that guidance. But on everything else, I'm not forecasting any change but we're not literally going to update every quarter...... Seth M. Seifman Analyst, JPMorgan Securities LLC Q Great. Thank you. That's helpful. And then maybe one follow-up on – with regards to the guidance in Earth observation and it seems maybe with the potential for the Legion launch to slip out again, it seems like that was – the EBIT, I guess – first part, the EBITDA guidance for the year as kind of – it seems like maybe independent of the timing of that launch. And then second with regard to the contracts that you have on that capacity, is there a time by which you need to have those first satellites and the constellation launched? ...... Daniel L. Jablonsky President, Chief Executive Officer & Director, Maxar Technologies, Inc. A

Yes. So just on the guidance piece, we – you're right, Legion impacts are not at all affecting our 2021 guidance or numbers. I think the one big thing to say about Legion is these are being assets designed for a 10-plus year life. So, a couple of weeks here, a couple of weeks there are not impacting our long-term view of their importance to the marketplace and to our customer base. And so we're going to be very focused on quality and making sure we get the right assets up there on the right time horizon. And we're still well within our expectations for how our customers are going to need those. What we're going to do with the assets? All that said, getting to the 2023 numbers with the Legion capacity, maybe a little steeper ramp-up in the start date to how we want to end out 2022 going into 2023. So we'll be continuing to work on everything we can on this side including any place we can do things on the ground or the second set of the constellation or how fast we bring the assets online for customers, any prework we can do on the ground to make that – the revenue flow hit faster. Things like our 3.0 architecture as well feed into that for the direct access facilities...... Seth M. Seifman Analyst, JPMorgan Securities LLC Q Great. Thanks. Thanks very much...... Daniel L. Jablonsky President, Chief Executive Officer & Director, Maxar Technologies, Inc. A Sure......

Operator: And your next question comes from the line of Robert Spingarn with Credit Suisse...... Robert Spingarn Analyst, Credit Suisse Securities (USA) LLC Q Hi, everybody...... Daniel L. Jablonsky President, Chief Executive Officer & Director, Maxar Technologies, Inc. A Hey, Rob...... Biggs C. Porter Chief Financial Officer & Executive Vice President, Maxar Technologies, Inc. A Hey, Rob...... Robert Spingarn Analyst, Credit Suisse Securities (USA) LLC Q Dan – hey, there. When I go back to your slide number 5 and you talked about this $25 billion five-year pipeline, how does that split between the two businesses? And within Space Infrastructure, how much of that is GEO satellite demand? ......

Daniel L. Jablonsky President, Chief Executive Officer & Director, Maxar Technologies, Inc. A I love your questions, Rob. This is great. I'm not going to break it out specifically like that. Biggs, if you want to talk a little bit more about how that balances out. I think what you're seeing generally across the business is we've been growing again on the Space Infrastructure side, which is really good. And our margins have been increasing

and we've been winning new programs. So we got to keep winning and keep doing that but we're on the right path.

On the Earth Intelligence side, probably if you looked at it regrowing even faster with the types of things we see in front of us here particularly as Vricon is moving its way forward, the Legion constellation coming online and continued growth in our services side of the business.

Biggs, do you want to break down any more than that? ...... Robert Spingarn Analyst, Credit Suisse Securities (USA) LLC Q Just on that......

Biggs C. Porter Chief Financial Officer & Executive Vice President, Maxar Technologies, Inc. A Yeah. I don't have anything more specific, Rob, on my finger tips on the split but I think there's a healthy pipeline in both segments. And keeping in mind that the Earth Intelligence segment is very high-margin and the Space Infrastructure, normally, 10% or more. So from a bottom line standpoint, there can be a little more heavily weighting to the Earth Intelligence side. But I can't remember literally the split on the pipeline from a revenue standpoint...... Robert Spingarn Analyst, Credit Suisse Securities (USA) LLC Q Okay. And then just Dan, given which – Vricon and the additional capabilities that you have and your ability to move into LEO here, how do you think about the market as it evolves here with all these new competitors in imagery and elsewhere, and your positioning given your incumbent status, if you will? And how do you think about Maxar relative to the competition going forward? ...... Daniel L. Jablonsky President, Chief Executive Officer & Director, Maxar Technologies, Inc. A Well, we've been very privileged and pleased to be the leader in the Earth observation as well as now the technologies that tie all that together, and make sense of the data and propagate the data and pull it into usable formats so that our customers can make decisions. We continue to run as hard and fast as we possibly can to solve customer missions. And that's our big focus. If we're taking care of our customers and thinking ahead on what their needs are, and building our constellations and our assets and our infrastructure and our – both secured and unsecured infrastructure to be able to meet their needs going forward, that's our biggest focus and doing that in a cost effective and profitable way for shareholders.

We watch very closely everything that everybody else is doing. I think Jeff Bezos always talked about what Day 1 felt like. We hope we act that way around Maxar here. But the biggest thing we're focused on is driving as fast and hard as we can to solve customer problems. We think that's the best way to create value for shareholders. We're aware of what everybody else is doing but we're not resting for a second in terms of how we're taking care of people and thinking about the future......

Robert Spingarn Analyst, Credit Suisse Securities (USA) LLC Q

Okay. And just last one, and this kind of ties to the first question on the $25 billion. But what's your latest progress on getting defense work at Space Infrastructure as you try to diversify sales there either directly or maybe through the primes? ...... Daniel L. Jablonsky President, Chief Executive Officer & Director, Maxar Technologies, Inc. A Yeah. I think we're about where we expect to be. We always said it was a three- to five-year journey. We're probably about through the first year of that. We're winning, doing well and study phase contracts helping I think shape the right things going forward. But those have to materialize then into what we would like to see for expectations in larger and more substantial programs.

We are very open to and in certain instances bidding and teaming with other large primes where we offer value capability for them. That's either better than something they have or something they don't have in their portfolio. So we might win some of those as prime, we might win some of those as sub to one of the larger companies in the industry. We're very focused on what our key technologies and capabilities are.

From my presentation the Hall effect thrusters are one of those types of things that we do really well, space robotics is another. And we'll be doing some demonstrations on-orbit next year and a half or so with what some of those capabilities look like, and getting the Legion – the Legion capabilities, as well as some of our modular architecture up in space, and having that all space qualified I think will go a long way towards helping us win some of these programs over the next one, two, three and four years...... Robert Spingarn Analyst, Credit Suisse Securities (USA) LLC Q Okay. Okay. Thank you very much...... Daniel L. Jablonsky President, Chief Executive Officer & Director, Maxar Technologies, Inc. A Yeah. Thank you, sir......

Operator: Your next question comes from the line of Michael Ciarmoli with Truist Securities...... Michael Ciarmoli Analyst, Truist Securities, Inc. Q Hey. Good evening, guys. Thanks for taking the questions. Maybe just on the – you pulled out the Human Lander system revenues. What's the latest there? It looks like NASA's I think issued a stop work order. I mean, it sounds like you're being conservative. But any views in light of how that protest or program is progressing? ...... Daniel L. Jablonsky President, Chief Executive Officer & Director, Maxar Technologies, Inc. A Not a lot. We were not awarded the initial phase contracts. As you know, we were teamed with Dynetics as a sub for them on that for the – some of the subsystems in thermal and communications work. Look, it's very interesting. We're watching the developments closely. If there's a way to get back in obviously we'll certainly take it. But we're not forecasting or planning on at this point. But what we are focused on is trying to figure out how to as ably and adaptably as we can to replace those types of opportunities with other NASA or commercial or other government

programs. We've got some really great teams that are not going to be working on that right now and have the ability to work on other things. And we're driving efforts in those directions...... Michael Ciarmoli Analyst, Truist Securities, Inc. Q Got it. Got it. It makes sense. And then just back to the WorldView Legion. I know you said there were no real financial implications. And anything we should be aware of the CapEx or cash these bottlenecks can continue to endure here? ...... Biggs C. Porter Chief Financial Officer & Executive Vice President, Maxar Technologies, Inc. A As far as 2021 goes, not likely to have a big impact and we just updated the guidance basically confirming what we already had out there for CapEx. So, no real change expected this year, delay – really it's – at this point of time not further forecasted. So I think that while we've got right numbers to expect for us from this year. As Dan mentioned, I think the harder thing to call is 2022 and the exact timing of revenue buildup and how that gets affected, leading up to hitting the run rate, leaving 2022 going into 2023...... Michael Ciarmoli Analyst, Truist Securities, Inc. Q Got it. Got it. And then just last one for me. Do you have the actual bookings number in the quarter? ...... Biggs C. Porter Chief Financial Officer & Executive Vice President, Maxar Technologies, Inc. A I'd refer you to the 10-Q. I don't know that – I have it in my fingertips here. Sorry...... Michael Ciarmoli Analyst, Truist Securities, Inc. Q Got it. No worries. Thanks a lot, guys...... Daniel L. Jablonsky President, Chief Executive Officer & Director, Maxar Technologies, Inc. A Thank you......

Operator: And your next question comes from the line of [indiscernible] (00:46:25) with Bank of America. Please go ahead...... Q

Hi. Good afternoon...... Daniel L. Jablonsky President, Chief Executive Officer & Director, Maxar Technologies, Inc. A Hey......

How should we be thinking about once you had the Legion launched in constellation, the plans for the existing constellation and thoughts around extending the life of those satellites or ending their service life and what that might look like? ...... Daniel L. Jablonsky President, Chief Executive Officer & Director, Maxar Technologies, Inc. A Yeah. Well, first off, I mean we've got a great constellation. We have the world-leading constellation right now. We'll be augmenting and then advancing it with the Legion constellation. So not to take anything away from our current assets but they've been doing great business for us. And as long as customers have a need for them which we expect to exist far out to the future because there's still going to be some of the very best assets available in the world and are world-class.

But as long as we can keep operating and using them for customer service needs we'll continue doing so.

We're excited about Legion. There was always some replacement capacity designed into that for WorldView-1 and WorldView-2 as they get later in life. And as we sit here today they're continuing to do great mission service for US international allies and commercial customers. And we continue to expect to be providing that even as we bring on the new Legion capacity for them...... Q

So they could go beyond 2022, 2023? I mean it could go...

[indiscernible] (00:47:48) ...... Daniel L. Jablonsky President, Chief Executive Officer & Director, Maxar Technologies, Inc. A Yeah. It's possible. Yeah. We've got actuarial tables in our public reports based on analyses that are done and assessments of the expected or potential life of those satellites. But those are just engineering simulations. And what we've learned is assets in space that the longer they're there and continuing to operate, the longer they're expected to continue operating. So we'll adjust and update those as we can. But for now the best numbers on that would be in the tables in our 10-K for what we got...... Q

Okay. Thank you...... Daniel L. Jablonsky President, Chief Executive Officer & Director, Maxar Technologies, Inc. A You bet......

Operator: Your next question comes from the line of Chris Quality with Quality Analytics (sic) [Chris Quilty with Quilty Analytics] (00:48:31). Please go ahead.

Daniel L. Jablonsky President, Chief Executive Officer & Director, Maxar Technologies, Inc. A Quilty. Hey, Chris......

Chris Quilty Founder & Partner, Quilty Analytics LLC Q Thanks, guys. I wanted to follow up and just clarify something that you had in the script around the timing of EnhancedView Follow-On Contract. Did I understand that you expect another one-year extension contract end – end of August, so during third quarter, and then the successor contract vehicle, which is now being called the commercial EO layer gets awarded later in the year. And at some point you get folded in I guess after that one year extension, is that correct? ...... Daniel L. Jablonsky President, Chief Executive Officer & Director, Maxar Technologies, Inc. A Yeah. I think what we were trying to express and maybe we weren't as artful as we wanted to be. But the initial – or earlier in the year and earlier last year when we said that with all the study work that had been done that the new phases of this, the electro-optical commercial layer we thought that might happen this summer. And then that would take over and replace the existing EnhancedView Program. We're not so sure that's going to be the case anymore. And I think with the administration change and a few other things going on it's just moving maybe a little bit slower than what we thought it might have six months ago.

So if that next version of what happens into the future is not done by September 1, then we would expect to be renewed under the existing program the option pickup as we have been every year back – 2010 timeframe. And then at some point – it could be September 2, it could be anytime in the fall, it could be – who knows how long it exactly takes the federal government to get that done. But then once that gets hammered out then we would transition the EnhancedView Program on to the new contract vehicles and contract terms of the EOCL...... Chris Quilty Founder & Partner, Quilty Analytics LLC Q Got you. Okay. You also made – mention somewhere in the transcript a cryptic statement about working with partners to do payloads for customers. Can you unpack that for us? ...... Daniel L. Jablonsky President, Chief Executive Officer & Director, Maxar Technologies, Inc. A Well, yeah, we've got really good capabilities across our business in some swim lanes. And just as an example we're really running fast with the Legion architecture on one hand as well as some modular architecture on the others. We traditionally haven't done a lot of payload development ourselves. So where someone else has a better payload capability on the commercial side, we believe digital payloads will be more of a partner strategy for us going forward or other types of phenomenologies that could be available for either commercial or classified missions that we'll be working with the wider defense industrial base ecosystem to put those on-orbit and have them serve customers...... Chris Quilty Founder & Partner, Quilty Analytics LLC Q Understand. Question on the Human Lander, I was a little bit surprised that you guys put that in your forecast even before the award was made and obviously it was a competitive award with three strong teams. Is that sort of

traditionally how you would handle a large potential award like this? Or was there something special about this that gave you unfounded confidence? ...... Daniel L. Jablonsky President, Chief Executive Officer & Director, Maxar Technologies, Inc. A I think we always have a certain level of realistic confidence and when we build up a forecast, there's puts and takes probability of wins and probability of programs going forward, and all of those kind of things, so we take that basket mix of things as we put the forecast together and then give the guidance and the numbers we do.

On this one, in the earlier phases, I think we'd been graded very well by NASA in terms of things we'd been doing. We're a little surprised by some of the commentary and results in the final award letters.

And as – I think one of the other folks on the call mentioned, there's some challenges taking place on that front. But it was one that we had a reasonable degree of confidence in and so included in the forecast for those reasons. Now that we've been knocked out, we're adjusting and modifying for it. [indiscernible] (00:53:02) yeah, go ahead, Biggs...... Biggs C. Porter Chief Financial Officer & Executive Vice President, Maxar Technologies, Inc. A I would just add in that the original plan was for down-select two of the three competitors. So that, of course, increased our confidence level, while we were confident that we'd be one of the two down-select, just not the way NASA has gone at this point. But that was a part of the analysis when we built the plan...... Chris Quilty Founder & Partner, Quilty Analytics LLC Q Understand. Congrats on getting Sirius-XM8 out the door. How is JUPITER 3 moving towards the door? And are there any of those supply chain issues that you previously identified that would impact that program? ...... Daniel L. Jablonsky President, Chief Executive Officer & Director, Maxar Technologies, Inc. A Yeah. We continue to work very, very hard on the JUPITER 3 program and know how critical that is for our customer and their business plans moving forward. We don't believe there are any development risks associated with the program anymore. There is one particular vendor that's the bottleneck on one particular set of parts cross-border. And we are working with them. And they've been a little bit hampered by COVID in terms of how many people they could put into tuning stations and do other things to keep the pipeline moving forward. But the products are delivering. They're not delivering at the pace we had originally expected but things are on track now. And we didn't get any additional delays related to the JUPITER 3 program this quarter. We're still going to make it all the way through testing and everything to deliver the customer the satellite they expect. But we're driving forward. It's really about execution at this point. And we are highly focused on getting this customer the satellites that they can complete their business operations...... Chris Quilty Founder & Partner, Quilty Analytics LLC Q Got it. And final question, the first Airbus Neo satellite launched in – I should have written it down, but I think somewhere in the press release they advertised the fact that they had pre-booked certain amount of commercial revenues associated with that new satellite and its capability, which brings up the question, are you getting any further along in customer traction and signing contracts and pre-commitments?

[indiscernible] (00:55:21) ...... Daniel L. Jablonsky President, Chief Executive Officer & Director, Maxar Technologies, Inc. A We made some great progress on our end. The four DAF architectures to the 3.0 architecture specifically designed to incorporate the Legion work, so customers are spending money to get that capability online. I think the DX rating on the program is another good indicator for the importance of those missions and we're having lots of good traction at this point. So, we – we want to get it up as timely as we can to start getting the revenue and serving the customer needs that are expected on the constellation...... Chris Quilty Founder & Partner, Quilty Analytics LLC Q Great. Thank you...... Daniel L. Jablonsky President, Chief Executive Officer & Director, Maxar Technologies, Inc. A Thanks, Chris......

Operator: And your next question is a follow-up from Tim James with TD Securities...... Tim James Analyst, TD Securities, Inc. Q Thanks. I just wanted to follow up quickly on the Legion. Dan, you were commenting about – if there's a bit of slippage here, it implies a – even a steeper ramp to kind of get the revenue that's included in your 2023 targets. Do you mean that it could be more challenging to get there or just that it will be a quicker ramp? And if, if we think about what is required to get to 2023, is it more of kind of getting customers signed up or is it more of a kind of operational challenge on your part? ...... Daniel L. Jablonsky President, Chief Executive Officer & Director, Maxar Technologies, Inc. A Good question, Tim. I think the way I'd characterize it is, we fully still expect to be in that position a year and a half from now where we want to be, but with the delays in where we are in a program with a couple of these issues that I highlighted in the remarks Honeywell and Raytheon. The ramp is going to be a little bit steeper. Now any time you got a little bit of a steeper ramp that's a little bit more of a challenge, I don't know, hard to guess at this point exactly how much more of a challenge that presents us. But it does mean we'll be focused on getting as much done as we can possibly now on the ground and then how fast we commission the satellites and start delivering revenue and those kinds of things, so that the customers can get their expected service levels from them. There are a few customers, a handful of them that whose procurement agencies won't allow them to contract until they can see the data from the assets. And so it pushes the signing of those customers out further if you got a delay in the satellite program...... Tim James Analyst, TD Securities, Inc. Q Okay. That's helpful. Thanks, Dan......

Daniel L. Jablonsky President, Chief Executive Officer & Director, Maxar Technologies, Inc. A Sure...... Jason Gursky Vice President-Investor Relations and Corporate Treasurer, Maxar Technologies, Inc.

Okay, operator. I think we've exhausted the queue. I'd like to thank you as well as those that dialed in for the call today. Dan and Biggs, I think we're all set for now and we'll bid everybody good bye until next quarter. Certainly look forward to seeing many of you in the weeks and between on Zoom. Thanks again, operator......

Operator: This concludes today's conference call. Thank you for your participation. You may now disconnect.

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