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  "documentTitle": "Maxar Technologies (MAXR)",
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  "authorName": "Ben Axler",
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  "notes": "Includes a callout box highlighting the discrepancy and a table showing pro-forma adjustments.",
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      "kind": "callout",
      "text": "Legacy MDA missed its own revenue and EBITDA estimate by a staggering $115m and $19m, respectively. MAXR also made an accounting change to boost DigitalGlobe's sales and EBITDA, so the disappointment was even worse than we illustrated.",
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      "text": "Legacy MDA missed its own revenue and EBITDA estimate by a staggering $115m and $19m, respectively. MAXR also made an accounting change to boost DigitalGlobe’s sales and EBITDA, so the disappointment was even worse than we illustrated.",
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      "text": "EBITDA: $115m",
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      "kind": "paragraph",
      "text": "Maxar 2017 Annual Report p. 11 and 12: \"Maxar's 2017 Annual Report: \"Consolidated revenues were $1,631.2 million in 2017 compared to $1,557.5 million in 2016...\"",
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      "text": "MDA historically didn't give guidance, but projections from the proxy statement show just how bad it performed and missed internal expectations.",
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      "text": "Maxar’s 2017 Annual Report: “Consolidated revenues were $1,631.2 million in 2017 compared to $1,557.5 million in 2016. Revenues increased due to the inclusion of DigitalGlobe revenues of $221.6 million for the period October 5, 2017 to December 31, 2017 and from higher revenues from contracts with the U.S. government and other customers to supply spacecraft and perform design studies for scientific research and development missions.” — Maxar 2017 Annual Report",
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      "text": "MDA Stand Alone Projections Feb 24, 2017",
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      "kind": "title",
      "text": "Evidence Already Shows Legacy MDA Performing Well Below Plan",
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