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  "documentTitle": "Maxar Technologies (MAXR)",
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  "authorName": "Ben Axler",
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  "notes": "Includes a stacked bar chart and a pro-forma calculation table to demonstrate organic decline.",
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      "text": "Our analysis of Maxar's order backlog reveals two key insights: 1) Its backlog has shown no positive organic growth since 2012 when adjusting for the acquisitions of SSL and DigitalGlobe, and 2) Maxar stopped providing a breakdown of order backlog by segment, rendering it impossible to track SSL/Communications.",
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      "text": "MDA Order Backlog (Pre-DigitalGlobe) Gave Segment Detail, Now No Disclosure",
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      "text": "Organic Order Backlog: -20.4%",
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      "text": "Our analysis of Maxar's order backlog reveals two key insights: 1) Its backlog has shown no positive organic growth since 2012 when adjusting for the acquisitions of SSL and DigitalGlobe, and 2) Maxar stopped providing a breakdown of order backlog by segment, rendering it impossible to track SSL/Communications. Maxar has already initiated two restructurings in 2017 and 2018 and combined backlog is down. (1)",
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      "kind": "quote",
      "text": "MDA 2012: \"The increase was primarily attributed to the inclusion of backlog for SSL.\" Maxar 2017: \"The 2017 amount includes DigitalGlobe backlog of $1.7 billion (2016 - nil).\" — Company Filings",
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      "text": "1) As disclosed in the 2017 Annual Report (p.18) and another 5% layoff disclosed in the local press (July 2018)",
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      "text": "Source: 2016 Annual Report",
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      "text": "MDA / Maxar's Organic Order Backlog Calculation",
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      "text": "Maxar's Order Backlog In Perpetual Decline",
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