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  "documentTitle": "Maxar Technologies (MAXR)",
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  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-08-07 00:00:00",
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  "notes": "The slide uses a red arrow to visually emphasize the trend of increasing DSO over time.",
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      "kind": "callout",
      "text": "Factor Orbital Receivables (1)",
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      "kind": "callout",
      "text": "DigitalGlobe Deal Announced Feb 2017",
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      "text": "Longer and Longer Days Outstanding",
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      "kind": "metric",
      "text": "Days Sales Outstanding: 164.7",
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      "text": "Orbital receivables relate to performance incentives due under certain satellite construction contracts that are paid over the in-orbit life of the satellite. Leading up to the DigitalGlobe acquisition, MDA's communications (satellite) segment experienced a persistently rising days sales outstanding. The pressure was also evident when MDA decided to securitize these receivables in Q3'16.",
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      "text": "1) During the Q3'2016, MDA signed a revolving securitization to sell up to US$400 million of eligible orbital receivables with terms of seven years or less discounted to face value using prevailing market rates. Subsequent to signing the agreement, the Company executed two drawdowns and sold orbital receivables with book value of $148.6 million (US$112.1 million) for net proceeds of $163.0 million (US$123.1 million)\n2) Calculated as Long and Shot-Term Orbital Receivables / (LTM Communication segment revenue / 365)\nSource: MDA financial reports",
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      "text": "Financial table showing Communications Revenues, LTM Revenue, Long and Short Term Orbital Receivables, and Days Sales Out. from 2014 Q4 to 2017 Q2.",
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      "kind": "title",
      "text": "Strain Evident From Ballooning Orbital Receivables",
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