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  "documentTitle": "Maxar Technologies (MAXR)",
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  "authorName": "Ben Axler",
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      "text": "Analysts expect Maxar to produce $181.3m of EBITDA in Q4'18 vs. $180.9 in Q4'17. But they do not account for the $24.6m one-time gain in their models. Maxar is set up to severely disappoint.",
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      "text": "Figure 2: Summary Income Statement",
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      "text": "Management has pulled many levers in order to keep its metrics inflated. In certain cases, Maxar has been more transparent, and in others less transparent, about these tactics.",
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      "text": "In the fourth quarter of 2017, the Company amended a defined benefit post-retirement plan at one of its operating divisions by eliminating employer paid subsidies toward retiree medical benefits as of December 31, 2017. The Company recognized a gain on settlement of $24.6 million immediately in earnings in the fourth quarter of 2017, with an offsetting reduction to net defined employee benefit liabilities — Annual Report p. 113",
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      "text": "Source: Canaccord July 31, 2018",
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      "text": "And Various One-Time, Non-Recurring Items Used To Inflate EBITDA Create Headwinds",
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