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  "documentTitle": "Maxar Technologies (MAXR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2018-08-07 00:00:00",
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  "notes": "Uses a callout box to zoom in on Note 6 of the financial statements to show the lack of transparency.",
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      "kind": "callout",
      "text": "The Company has never given investors a clear picture as to what are the direct and indirect manufacturing costs related to this business, so that investors can understand trends in its gross margin.",
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      "text": "A majority of MDA's business is the manufacturing of satellites. The Company has never given investors a clear picture as to what are the direct and indirect manufacturing costs related to this business, so that investors can understand trends in its gross margin. Instead, MDA aggregates direct costs with SG&A in a confusing format.",
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      "text": "Source: Company 2015 Annual Report",
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      "text": "Consolidated Statements of Earnings table",
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      "text": "Note 6 Expenses by nature table",
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      "kind": "title",
      "text": "MDA Has Always Obscured Its Gross Profit From Satellite Manufacturing",
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