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  "documentTitle": "Maxar Technologies (MAXR)",
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  "authorName": "Ben Axler",
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      "text": "CFO Wirasekara (Deal Announcement Feb 2017): \"Going forward, post-closing, we will convert all DigitalGlobe financials into IFRS and also ensure the financial presentations are consistent with MDA's. Our preliminary review did not reveal any material inconsistencies in DG's financials between GAAP and IFRS.\"",
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      "text": "The effect of conforming DigitalGlobe’s accounting policy for payments received from customers that contain a financing element is to increase deferred revenue with an offsetting charge to finance expense.",
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      "text": "EBITDA: 25.4%",
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      "text": "Maxar is already backtracking on its statement, and recently restated results in a manner that materially boosts revenues and EBITDA. Under its application of IFRS, Maxar imputes interest on advance payments received from customers that contain a financing element and classifies such amounts as a component of revenue. DigitalGlobe had not historically done so as there is no requirement under GAAP. The effect of conforming DigitalGlobe's accounting policy for payments received from customers that contain a financing element is to increase deferred revenue with an offsetting charge to finance expense. When we analyzed the effect, we find that revenues and EBITDA are artificially boosted by 4-6% and EBITDA by double digits. There is no change in cash flow. However, in our opinion, the change allows Maxar to look less levered and receive a higher valuation than it deserves.",
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      "text": "Going forward, post-closing, we will convert all DigitalGlobe financials into IFRS and also ensure the financial presentations are consistent with MDA’s. Our preliminary review did not reveal any material inconsistencies in DG’s financials between GAAP and IFRS. — CFO Wirasekara",
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      "text": "Source: DigitalGlobe Standalone are from its pre-acquisition financial statements. Pro Forma Information Maxar Q3'17 Report, pp. 27-30",
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      "text": "Backtracking On Earlier Statements, MAXR Now Using Accounting Magic To Boost Results",
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