{
  "docId": "019dd923-622c-750b-8b98-7af979993e60",
  "docSlug": "42a707289390",
  "documentTitle": "Maxar Technologies (MAXR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-08-07 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 31,
  "pageCount": 68,
  "prevPage": 30,
  "nextPage": 32,
  "slideType": "comparison_table",
  "function": "diagnose_problem",
  "density": "dense",
  "nDataPoints": 98,
  "notes": "The slide uses a red box to highlight the 'Adjusted Free Cash Flow' row and a red arrow to highlight the 'Total Debt' row for the LTM 6/30/18 period.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-7af979993e60/31",
  "deckHref": "/decks/019dd923-622c-750b-8b98-7af979993e60",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-7af979993e60.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-7af979993e60#slide-31",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "MDA has consistently produced poor free cash flow. From 2012-2017 average free cash flow was C$33m (US$30m). Leading up to the DigitalGlobe deal, it even reported bank overdrafts of cash. YTD 2018 overdrafts have continued, and debt is rising through credit facility borrowing.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-fb96-7553-b1d8-5db9bd433a06",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Adjusted Free Cash Flow: -0.7%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-fb96-7553-b1d8-63fb7a0809a2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.075,
        "w": 0.9,
        "x": 0.05,
        "y": 0.165
      },
      "kind": "paragraph",
      "text": "MDA has consistently produced poor free cash flow. From 2012-2017 average free cash flow was C$33m (US$30m). Leading up to the DigitalGlobe deal, it even reported bank overdrafts of cash. YTD 2018 overdrafts have continued, and debt is rising through credit facility borrowing.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0662db31-a5e5-41af-84cd-c791b5059709",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.95,
        "x": 0.025,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "1) Maxar runs interest expense on long-term debt as a financing cash flow. However, under GAAP and traditional financial analysis, this would be an operating expense 2) Excludes cash payment to Neptec Source: Company filings. 2017, Q1'18 and Q2'18 converted at C$1.35, C$1.26, and C$1.29",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "be082788-dc2f-472a-a8ba-9f18c0d8f989",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.95,
        "x": 0.025,
        "y": 0.285
      },
      "kind": "table",
      "text": "Financial table showing revenues, cash flow, debt, and EBITDA for MDA (2012-2016) and MAXR (2017-2018)",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eb76dcee-7843-4e11-8a1a-e4e442bef374",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.045,
        "w": 0.354,
        "x": 0.323,
        "y": 0.055
      },
      "kind": "title",
      "text": "Poor Free Cash Flow",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "101271f4-858d-4094-88a9-84a9d58da60a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 68,
      "from": 8,
      "beatId": "fbcb65b0-835b-4203-8f3f-dfc5ef336a81",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Contradictions and Criticisms",
      "beatSlug": null,
      "evidence": "The document presents various criticisms and contradictions of Maxar Technologies' financials, business model, and management practices.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 67,
      "from": 22,
      "beatId": "fde132c5-500c-4907-a1f6-aebc826d100f",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Preemptive Rebuttals",
      "beatSlug": null,
      "evidence": "The document anticipates and rebuts potential counterarguments to its claims.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 35,
      "from": 30,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "f6ccf2fa-84e1-4895-a9c9-2658fdeac456",
      "evidence": "The document warns of the potential consequences of not selling the stock.",
      "position": 2,
      "objective": "Emphasize the risks of not selling Maxar Technologies stock",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}