Maxar Technologies (NYSE:MAXR) (TSX:MAXR), provider of comprehensive space solutions and secure, precise, geospatial intelligence, today announced that the National Oceanic and Atmospheric Administration (NOAA) has modified Maxar's remote sensing license to enable the non-Earth imaging (NEI) capability for its current constellation on orbit as well as its next-generation WorldView Legion satellites.
Through this new license authority, Maxar can collect and distribute images of space objects across the Low Earth Orbit (LEO)—the area ranging from 200 kilometers up to 1,000 kilometers in altitude—to both government and commercial customers. Maxar's constellation is capable of imaging objects at less than 6 inch resolution at these altitudes, and it can also support tracking of objects across a much wider volume of space. Taken together, these capabilities can provide customers with accurate information to assist with mission operations and help address important Space Domain Awareness (SDA) and Space Traffic Management (STM) needs.
"Maxar's NEI capability has been licensed at a pivotal time for the space industry, when the rapid proliferation of space objects is creating an increasingly crowded Low-Earth Orbital environment, creating new risks for government and commercial missions," said Dan Jablonsky, Maxar President and Chief Executive Officer. "Thanks to NOAA's support and hard work, we are now able to leverage our long-held NEI capability to support critical national security missions, help commercial customers better protect and maintain their assets in orbit and provide a new tool to assist with broader space resiliency initiatives."
The ability to provide high-resolution imagery of space objects is more important than ever. There are more than 4,800 active satellites on orbit today, and Euroconsult estimates that 17,000 more satellites will be launched in the next decade. At the same, it is estimated that there are millions of pieces of space debris in LEO, and an impact from even the smallest piece of debris can cause significant damage to a satellite in orbit.
NEI can help address these challenges by bringing more transparency to the near-Earth space domain, thus helping operators better protect and maintain their assets. Maxar will work closely with government and commercial customers to utilize its NEI capabilities to help with a wide range of use cases, including:
The company will begin deploying its NEI capability in 2023 with a select group of early adopters who need to understand and characterize space objects at scale.
To learn more about this capability, visit www.maxar.com/non-earth-imaging .
About Maxar
Maxar Technologies (NYSE:MAXR) (TSX:MAXR) is a provider of comprehensive space solutions and secure, precise, geospatial intelligence. We deliver disruptive value to government and commercial customers to help them monitor, understand and navigate our changing planet; deliver global broadband communications; and explore and advance the use of space. Our unique approach combines decades of deep mission understanding and a proven commercial and defense foundation to deploy solutions and deliver insights with unrivaled speed, scale and cost effectiveness. Maxar's 4,400 team members in over 20 global locations are inspired to harness the potential of space to help our customers create a better world. Maxar trades on the New York Stock Exchange and Toronto Stock Exchange as MAXR. For more information, visit www.maxar.com .
Forward-Looking Statements
This press release may contain forward-looking statements that reflect management's current expectations, assumptions and estimates of future performance and economic conditions. Any such forward-looking statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The Company cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements, including those included in the Company's filings with U.S. securities and Canadian regulatory authorities. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, other than as may be required under applicable securities law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20221205005197/en/
Investor Relations Contact:
Jonny Bell
Maxar Investor Relations
1-303-684-5543
[email protected]
Media Contact:
Fernando Vivanco
Maxar Media Relations
1-720-877-5220
[email protected]
News Provided by Business Wire via QuoteMedia
SXM-11 and -12 join SXM-9 and -10 in Maxar development pipeline for SiriusXM
Maxar Technologies (NYSE:MAXR) (TSX:MAXR) and SiriusXM (NASDAQ: SIRI) today announced a new agreement commissioning Maxar to build and deliver two new geostationary communications satellites for SiriusXM.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221129006004/en/
The Maxar-built SXM-11 and SXM-12 satellites for SiriusXM as shown in an artist rendering. Credit: Maxar.
The SXM-11 and -12 satellite orders increase the total number of spacecraft in development for SiriusXM by Maxar to four, following the 2021 agreement for the construction of SXM-9 and -10.
"This investment reaffirms our commitment to satellite content delivery systems and cutting-edge technology," said Bridget Neville, SiriusXM's Senior Vice President of Satellite and Terrestrial Engineering and Operations. "SXM-11 and -12, along with SXM-9 and -10, will allow us to innovate and improve our service offerings for subscribers and will extend the continuous and reliable delivery of our audio entertainment content."
"This agreement, in combination with SXM-9 and -10 ordered last year, shows one of Maxar's greatest strengths—the advantage of performance at scale," said Chris Johnson, Maxar's Senior Vice President of Space. "These satellites will provide more capability to SiriusXM's fleet, including an expanded service area and higher service quality. We continue to push for new ways to expand capability for commercial geostationary customers, keeping our leadership in this market secure and growing."
There are more than 150 million SiriusXM-equipped vehicles on the road today that rely on SiriusXM's proprietary satellite network, which is also a key delivery mechanism for the company's 360L platform. SiriusXM with 360L combines satellite and streaming to ensure the best possible coverage across the U.S. and Canada and the best customer experience. SiriusXM also offers a suite of satellite-delivered Marine and Aviation services that provide pilots and boaters important weather data and information directly to their cockpits.
SXM-11 and -12 will be twin high-powered digital audio radio satellites, built on Maxar's proven 1300-class platform at the company's manufacturing facilities in Palo Alto and San Jose, California. Maxar has been building satellites for SiriusXM for more than two decades, including the first-generation Sirius satellites launched in 2000; the second-generation Sirius satellites launched in 2009 and 2013; and the company's current third-generation satellites, the first one of which started service in 2021. The delivery of SXM-11 and -12 will bring the number of Maxar-built spacecraft for SiriusXM to 13.
About Maxar
Maxar Technologies is a provider of comprehensive space solutions and secure, precise, geospatial intelligence. We deliver disruptive value to government and commercial customers to help them monitor, understand and navigate our changing planet; deliver global broadband communications; and explore and advance the use of space. Our unique approach combines decades of deep mission understanding and a proven commercial and defense foundation to deploy solutions and deliver insights with unrivaled speed, scale and cost effectiveness. Maxar's 4,400 team members in over 20 global locations are inspired to harness the potential of space to help our customers create a better world. Maxar trades on the New York Stock Exchange and Toronto Stock Exchange as MAXR. For more information, visit www.maxar.com .
About SiriusXM
Sirius XM Holdings Inc. is the leading audio entertainment company in North America, and the premier programmer and platform for subscription and digital advertising-supported audio products. SiriusXM's platforms collectively reach approximately 150 million listeners, the largest digital audio audience across paid and free tiers in North America, and deliver music, talk, news, comedy, entertainment and podcasts. SiriusXM offers the most extensive lineup of professional and college sports in audio. Pandora, a subsidiary of SiriusXM, is the largest ad-supported audio entertainment streaming service in the U.S. SiriusXM's subsidiaries Stitcher, Simplecast and AdsWizz make it a leader in podcast hosting, production, distribution, analytics and monetization. The Company's advertising sales arm, SXM Media, leverages its scale, cross-platform sales organization, and ad tech capabilities to deliver results for audio creators and advertisers. SiriusXM, through Sirius XM Canada Holdings, Inc., also offers satellite radio and audio entertainment in Canada. In addition to its audio entertainment businesses, SiriusXM offers connected vehicle services to automakers. For more about SiriusXM, please go to: www.siriusxm.com .
This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, our plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as "will likely result," "are expected to," "will continue," "is anticipated," "estimated," "believe," "intend," "plan," "projection," "outlook" or words of similar meaning. Such forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements.
The following factors, among others, could cause actual results and the timing of events to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: we have been, and may continue to be, adversely affected by supply chain issues as a result of the global semiconductor supply shortage; we face substantial competition and that competition is likely to increase over time; if our efforts to attract and retain subscribers and listeners, or convert listeners into subscribers, are not successful, our business will be adversely affected; we engage in extensive marketing efforts and the continued effectiveness of those efforts is an important part of our business; we rely on third parties for the operation of our business, and the failure of third parties to perform could adversely affect our business; we may not realize the benefits of acquisitions and other strategic investments and initiatives; the ongoing COVID-19 pandemic has introduced significant uncertainty to our business; a substantial number of our Sirius XM service subscribers periodically cancel their subscriptions and we cannot predict how successful we will be at retaining customers; our ability to profitably attract and retain subscribers to our Sirius XM service as our marketing efforts reach more price-sensitive consumers is uncertain; our business depends in part on the auto industry; failure of our satellites would significantly damage our business; our Sirius XM service may experience harmful interference from wireless operations; our Pandora ad-supported business has suffered a substantial and consistent loss of monthly active users, which may adversely affect our Pandora business; our failure to convince advertisers of the benefits of our Pandora ad-supported service could harm our business; if we are unable to maintain revenue growth from our advertising products our results of operations will be adversely affected; changes in mobile operating systems and browsers may hinder our ability to sell advertising and market our services; if we fail to accurately predict and play music, comedy or other content that our Pandora listeners enjoy, we may fail to retain existing and attract new listeners; privacy and data security laws and regulations may hinder our ability to market our services, sell advertising and impose legal liabilities; consumer protection laws and our failure to comply with them could damage our business; failure to comply with FCC requirements could damage our business; if we fail to protect the security of personal information about our customers, we could be subject to costly government enforcement actions and private litigation and our reputation could suffer; interruption or failure of our information technology and communications systems could impair the delivery of our service and harm our business; the market for music rights is changing and is subject to significant uncertainties; our Pandora services depend upon maintaining complex licenses with copyright owners, and these licenses contain onerous terms; the rates we must pay for "mechanical rights" to use musical works on our Pandora service have increased substantially and these new rates may adversely affect our business; failure to protect our intellectual property or actions by third parties to enforce their intellectual property rights could substantially harm our business and operating results; some of our services and technologies may use "open source" software, which may restrict how we use or distribute our services or require that we release the source code subject to those licenses; rapid technological and industry changes and new entrants could adversely impact our services; we have a significant amount of indebtedness, and our debt contains certain covenants that restrict our operations; we are a "controlled company" within the meaning of the NASDAQ listing rules and, as a result, qualify for, and rely on, exemptions from certain corporate governance requirements; while we currently pay a quarterly cash dividend to holders of our common stock, we may change our dividend policy at any time; our principal stockholder has significant influence, including over actions requiring stockholder approval, and its interests may differ from the interests of other holders of our common stock; if we are unable to attract and retain qualified personnel, our business could be harmed; our facilities could be damaged by natural catastrophes or terrorist activities; the unfavorable outcome of pending or future litigation could have an adverse impact on our operations and financial condition; we may be exposed to liabilities that other entertainment service providers would not customarily be subject to; and our business and prospects depend on the strength of our brands. Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found in our Annual Report on Form 10-K for the year ended December 31, 2021, and our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022, which are filed with the Securities and Exchange Commission (the "SEC") and available at the SEC's Internet site ( http://www.sec.gov ). The information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward looking statements as a result of developments occurring after the date of this communication.
View source version on businesswire.com: https://www.businesswire.com/news/home/20221129006004/en/
Kristin Carringer
Maxar Media Relations
1-303-684-4352
[email protected]
Kevin Bruns
SiriusXM
[email protected]
News Provided by Business Wire via QuoteMedia
The satellite also known as EchoStar XXIV is expected to launch in the first half of 2023
EchoStar Corporation (Nasdaq: SATS) today announced an amended agreement with Maxar Technologies (NYSE:MAXR) (TSX:MAXR) for production of the EchoStar XXIV satellite, also known as JUPITER™ 3. The satellite, designed for EchoStar's Hughes Network Systems division, is under production at Maxar's facility in Palo Alto, CA. The amended agreement compensates EchoStar for past production delays by providing relief on future payments and expands EchoStar's recourse in the event of any further delays. The satellite is currently planned to launch in the first half of 2023.
"Launching and bringing the Hughes JUPITER 3 satellite into service is our highest priority to meet our customers' needs for connectivity," said Hamid Akhavan , CEO, EchoStar. "This agreement ensures that Maxar shares that priority with us and reinforces our joint commitment to complete production of the satellite to world-class standards, as expeditiously as possible."
"We look forward to continuing our strong collaboration with EchoStar to complete construction of the JUPITER 3 satellite in line with the current schedule," said Daniel Jablonsky , President and CEO, Maxar. "This agreement underscores Maxar's state-of-the-art manufacturing capabilities as we enter into the final phases of construction of this ground-breaking spacecraft."
Once in service, JUPITER 3 will deliver over 500 Gbps of high-throughput satellite capacity, doubling the size of the Hughes JUPITER fleet over North and South America . The satellite will bring ample capacity to grow the company's flagship satellite internet service, HughesNet ® , and help meet consumer, aeronautical and enterprise demand for more bandwidth and higher speeds.
The satellite is now undergoing final integration in preparation for dynamics testing. Remaining work on the satellite consists of the launch dynamics test, final spacecraft performance tests and shipment to the launch base.
EchoStar Corporation (NASDAQ: SATS) is a premier global provider of satellite communication solutions. Headquartered in Englewood, Colo. , and conducting business around the globe, EchoStar is a pioneer in secure communications technologies through its Hughes Network Systems and EchoStar Satellite Services business segments. For more information, visit www.echostar.com . Follow @EchoStar on Twitter.
Hughes Network Systems, LLC (HUGHES), an innovator in satellite and multi-transport technologies and networks for 50 years, provides broadband equipment and services; managed services featuring smart, software-defined networking; and end-to-end network operation for millions of consumers, businesses, governments and communities worldwide. The Hughes flagship Internet service, HughesNet ® , connects millions of subscribers across the Americas, and the Hughes JUPITER™ System powers internet access for tens of millions more worldwide. Hughes supplies more than half the global satellite terminal market to leading satellite operators, in-flight service providers, mobile network operators and military customers. A managed network services provider, Hughes supports nearly 500,000 enterprise sites with its HughesON™ portfolio of wired and wireless solutions. Headquartered in Germantown, Maryland , USA, Hughes is owned by EchoStar. To learn more, visit www.hughes.com or follow HughesConnects on Twitter and LinkedIn.
Maxar Technologies (NYSE:MAXR) (TSX:MAXR) is a provider of comprehensive space solutions and secure, precise, geospatial intelligence. We deliver disruptive value to government and commercial customers to help them monitor, understand and navigate our changing planet; deliver global broadband communications; and explore and advance the use of space. Our unique approach combines decades of deep mission understanding and a proven commercial and defense foundation to deploy solutions and deliver insights with unrivaled speed, scale and cost effectiveness. Maxar's 4,400 team members in over 20 global locations are inspired to harness the potential of space to help our customers both create a better world. Maxar trades on the New York Stock Exchange and Toronto Stock Exchange as MAXR. For more information, visit www.maxar.com .
©2022 Hughes Network Systems, LLC, an EchoStar company. Hughes and HughesNet are registered trademarks and JUPITER is a trademark of Hughes Network Systems, LLC. 
View original content to download multimedia: https://www.prnewswire.com/news-releases/echostar-and-maxar-amend-agreement-for-hughes-jupiter-3-satellite-production-301685660.html
SOURCE EchoStar Corporation
News Provided by PR Newswire via QuoteMedia
Maxar Technologies (NYSE:MAXR) (TSX:MAXR), provider of comprehensive space solutions and secure, precise, geospatial intelligence, today announced that Galaxy 31 and Galaxy 32, built for Intelsat, are performing as expected after being launched aboard a SpaceX Falcon 9 rocket from Cape Canaveral, Florida.
These two geostationary satellites will enable Intelsat, operator of the world's largest integrated satellite and terrestrial network and leading provider of inflight connectivity, to transfer its services—uninterrupted—as part of the U.S. Federal Communications Commission (FCC) plan to reallocate parts of the C-band spectrum for 5G terrestrial wireless services. Galaxy 31 and Galaxy 32 are the first of five satellites that Intelsat contracted Maxar to build for the C-band transition. All five satellites will be built on Maxar's proven 1300-class platform , which offers the flexibility and power needed for a broad range of customer missions.
Shortly after launch earlier today, both satellites deployed their solar arrays and began receiving and sending signals. Next, Galaxy 31 and Galaxy 32 will begin firing thrusters to commerce their journeys to final geostationary orbit.
"Today's launch of Galaxy 31 and Galaxy 32 is another milestone in Maxar and Intelsat's decades-long relationship," said Chris Johnson, Maxar Senior Vice President and General Manager of Space. "Our team will begin initial on-orbit checkout and Intelsat will proceed with commissioning activities of these satellites so that Intelsat can start moving their services to the new spectrum."
"The Intelsat Galaxy fleet is the most reliable and efficient media content distribution system in North America, enabled by Maxar's engineering and manufacturing expertise," said David C. Wajsgras, Intelsat CEO. "This investment will deliver a high-performance technology path through the next decade."
Maxar also manufactured Intelsat's Galaxy 35 and Galaxy 36, which are preparing for launch in mid-December 2022.
About Maxar
Maxar Technologies (NYSE:MAXR) (TSX:MAXR) is a provider of comprehensive space solutions and secure, precise, geospatial intelligence. We deliver disruptive value to government and commercial customers to help them monitor, understand and navigate our changing planet; deliver global broadband communications; and explore and advance the use of space. Our unique approach combines decades of deep mission understanding and a proven commercial and defense foundation to deploy solutions and deliver insights with unrivaled speed, scale and cost effectiveness. Maxar's 4,400 team members in over 20 global locations are inspired to harness the potential of space to help our customers create a better world. Maxar trades on the New York Stock Exchange and Toronto Stock Exchange as MAXR. For more information, visit www.maxar.com .
Forward-Looking Statements
This press release may contain forward-looking statements that reflect management's current expectations, assumptions and estimates of future performance and economic conditions. Any such forward-looking statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The Company cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements, including those included in the Company's filings with U.S. securities and Canadian regulatory authorities. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, other than as may be required under applicable securities law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20221112005055/en/
Investor Relations Contact:
Jonny Bell
Maxar Investor Relations
1-303-684-5543
[email protected]
Media Contact:
Kristin Carringer
Maxar Media Relations
1-303-684-4352
[email protected]
News Provided by Business Wire via QuoteMedia
The robotics industry is one of the largest markets in the technology space today, with applications across diverse sectors. However, this diversity may leave market watchers wondering how to invest in robotics.
In simple terms, robotics is defined as the "science and technology behind the design, manufacturing and application of robots." Robots themselves are devices that can perform tasks the same way people do, but without the assistance of human interaction.
Some experts believe a "robot revolution" will completely change the global economy over the next 20 years or so, and with the rise of robotics all but guaranteed, the Investing News Network has put together a primer on the sector. Read on to learn more.
googletag.cmd.push(function() {
var slot = googletag.defineSlot(‘/3404235/inn_com_inarticle’, [[728, 90]]).defineSizeMapping(window.__article_mapping).addService(googletag.pubads());
var div = document.createElement(‘div’);
div.id = slot.getSlotElementId(); // auto-generated by GPT
document.querySelector(‘#gpt_81RB8D’).appendChild(div);
googletag.enableServices();
googletag.display(slot);
});
According to Market Research Future, the global robotics market is expected to grow at a compound annual growth rate (CAGR) of 22.8 percent between 2021 and 2030 to reach US$214.68 billion. This growth will be tied to the adoption of artificial intelligence (AI) and robotics technology across industries like defense and security, manufacturing, electronics, automotive and healthcare.
Research firm Markets and Markets projects that the industrial segment of the robotics market alone will grow at a CAGR of 14.3 percent from 2022 to 2027 to reach a value of US$30.8 billion. The outlet predicts that the robotics market will play a key role in the coming age of automation, with smart factories increasing demand for robots — in fact, robots are already making their way into consumer goods manufacturing, food processing and packaging and ecommerce supply chain automation.
Demand for industrial robots is also rising in the medical field, including surgical robotics. Grand View Research projects that this segment of the robotics market will experience a CAGR of 19.3 percent from 2022 to 2030 to reach US$18.2 billion.
Aside from that, the automotive industry has long been a sector where industrial robotics has played a hugely transformative role. Not long ago, auto manufacturer BMW (ETR:BMW) signed a supply agreement with robotics firm KUKA (OTC Pink:KUKAF,ETR:KU2) for 5,000 robots to help manufacture BMW's current and future vehicle models.
More recently, in 2021, Nissan (OTC Pink:NSANY,TSE:7201) announced its Intelligent Factory initiative, which will harness AI, the internet of things and robotics technology for vehicle manufacturing to create a zero-emission production system.
For investors looking to enter this emerging tech sector, robotics stocks may be a good place to start.
Stocks are generally the more popular route to take when it comes to investment opportunities, and there's certainly no shortage of robotics stocks to choose from. Major companies in the robotics sector include:
For investors who would rather put their money into the robotics sector as a whole as opposed to a single company, exchange-traded funds (ETFs) may be the way to go. There are a handful of robotics ETFs for investors to choose from, and they track a variety of companies in the industry. Here are three examples to consider:
In summary, the robotics industry isn't going anywhere anytime soon and it looks to have a wealth of investment heading its way. It seems likely to be an attractive space for investors for many years.
This is an updated version of an article originally published by the Investing News Network in 2017.
Don't forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Maxar Technologies (NYSE:MAXR) (TSX:MAXR) ("Maxar" or the "Company"), a provider of comprehensive space solutions and secure, precise, geospatial intelligence, today announced financial results for the quarter ended September 30, 2022.
Key points from the quarter include:
"We made good progress in our business during the quarter. In Earth Intelligence, we continue to gain wider traction with the investments we've been making, especially in our 3D and platform capabilities, and are looking forward to the enhanced capacity coming online soon from the WorldView Legion satellites," said Dan Jablonsky, President and Chief Executive Officer. "The Space Infrastructure segment performed well this quarter, generating solid margin expansion and program execution; and continues to be well positioned for wins across national defense, commercial and civil missions."
"We generated positive free cash flow in the quarter and book-to-bill now stands at 1.8x on a year-to-date basis, driven by solid awards at both Earth Intelligence and Space Infrastructure," said Biggs, Porter, Chief Financial Officer. "With Legion nearing launch, our existing backlog and the growth we expect from our diverse and expanding product offerings, we remain committed to substantial growth in earnings and free cash flow next year and over the long term. We are maintaining our prior targets for 2023, having only adjusted them for our recent refinancing activity."
Total revenues remained relatively flat and were $436 million for the three months ended September 30, 2022, compared to $437 million for the same period of 2021.
For the three months ended September 30, 2022, our net loss was $4 million compared to net income of $14 million for the same period of 2021. The decrease in net income was primarily due to an increase in selling, general and administrative costs of $21 million, an increase in other expenses of $14 million, an increase in interest expense of $5 million and an increase in income tax expense of $5 million. This decrease was partially offset by a decrease in product costs of $19 million within our Space Infrastructure segment and a decrease in depreciation and amortization of $10 million for the three months ended September 30, 2022, compared to the same period of 2021.
For the three months ended September 30, 2022, Adjusted EBITDA was $110 million and Adjusted EBITDA margin was 25.2%. This is compared to Adjusted EBITDA of $113 million and Adjusted EBITDA margin of 25.9 % for the same period of 2021. The decrease was primarily driven by lower Adjusted EBITDA from our Earth Intelligence segment and an increase in corporate and other expenses. The decrease was partially offset by an increase in Adjusted EBITDA from our Space Infrastructure segment. The increase in corporate and other expenses was primarily driven by a $5 million foreign exchange loss for the three months ended September 30, 2022, compared to a $1 million foreign exchange loss for the same period of 2021.
We had total order backlog of $2,955 million as of September 30, 2022 compared to $1,893 million as of December 31, 2021. The increase in backlog was primarily driven by an increase in the Earth Intelligence segment partially offset by a decrease in the Space Infrastructure segment. Our unfunded contract options totaled $2,130 million and $650 million as of September 30, 2022 and December 31, 2021, respectively. Unfunded contract options represent estimated amounts of revenue to be earned in the future from negotiated contracts with unexercised contract options and indefinite delivery/indefinite quantity contracts. Unfunded contract options as of September 30, 2022 were primarily comprised of option years in the EOCL Contract (for the periods June 15, 2027 through June 14, 2032) and other U.S. government contracts. Unfunded contract options as of December 31, 2021 were primarily comprised of the option year in the EnhancedView Contract (September 1, 2022 through July 12, 2023) and other U.S. government contracts. On May 25, 2022, we were awarded the EOCL Contract by the NRO, which is a 10-year contract worth up to $3.24 billion, inclusive of a firm 5-year base contract commitment worth $1.5 billion and options worth up to $1.74 billion. The EOCL Contract transitioned the imagery acquisition requirements previously addressed by the EnhancedView Contract and, with this award, replaces the scope of the EnhancedView Contract with respect to such requirements.
Financial Highlights
In addition to results reported in accordance with U.S. GAAP, we use certain non-GAAP financial measures as supplemental indicators of its financial and operating performance. These non-GAAP financial measures include EBITDA, Adjusted EBITDA and Adjusted EBITDA margin . We believe these supplementary financial measures reflect our ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in its business.
Three Months Ended
Nine Months Ended
September 30,
September 30,
2022
2021
2022
2021
($ millions, except per share amounts)
Revenues
$
436
$
437
$
1,279
$
1,302
Net (loss) income
$
(4
)
$
14
$
(41
)
$
(25
)
EBITDA 1
94
112
291
311
Total Adjusted EBITDA 1
110
113
313
312
Net (loss) income per common share:
Basic
$
(0.05
)
$
0.19
$
(0.56
)
$
(0.36
)
Diluted
$
(0.05
)
$
0.19
$
(0.56
)
$
(0.36
)
Weighted average number of common shares outstanding (millions) :
Basic
74.3
72.6
73.8
69.9
Diluted
74.3
74.7
73.8
69.9
1 This is a non-GAAP financial measure. Refer to section "Non-GAAP Financial Measures" in this earnings release.
Revenues by segment were as follows:
Three Months Ended
Nine Months Ended
September 30,
September 30,
2022
2021
2022
2021
($ millions)
Revenues:
Earth Intelligence
$
275
$
271
$
810
$
804
Space Infrastructure
186
180
549
541
Intersegment eliminations
(25
)
(14
)
(80
)
(43
)
Total revenues
$
436
$
437
$
1,279
$
1,302
We analyze financial performance by segment, which combine related activities within the Company.
Three Months Ended
Nine Months Ended
September 30,
September 30,
($ millions)
2022
2021
2022
2021
Adjusted EBITDA:
Earth Intelligence
$
115
$
124
$
343
$
362
Space Infrastructure
33
14
71
29
Intersegment eliminations
(10
)
(5
)
(28
)
(17
)
Corporate and other expenses
(28
)
(20
)
(73
)
(62
)
Total Adjusted EBITDA 1
$
110
$
113
$
313
$
312
1 This is a non-GAAP financial measure. Refer to section "Non-GAAP Financial Measures" in this earnings release.
Earth Intelligence
Three Months Ended
Nine Months Ended
September 30,
September 30,
2022
2021
2022
2021
($ millions)
Revenues
$
275
$
271
$
810
$
804
Adjusted EBITDA
$
115
$
124
$
343
$
362
Adjusted EBITDA margin (as a % of total revenues)
41.8
%
45.8
%
42.3
%
45.0
%
Revenues from the Earth Intelligence segment increased to $275 million from $271 million, or by $4 million, for the three months ended September 30, 2022, compared to the same period in 2021. The increase was primarily driven by a $15 million increase in revenues from the U.S. government, including $11 million from crisis support services, and a $3 million increase in revenues from international defense and intelligence customers. These increases in revenues were partially offset by a $14 million decrease in revenues from commercial programs primarily driven by revenue recognized from a significant commercial contract in the third quarter of 2021.
Adjusted EBITDA decreased to $115 million from $124 million, or by $9 million, for the three months ended September 30, 2022, compared to the same period of 2021. The decrease was primarily driven by increased spending, including on marketing and sales costs of $5 million, IT costs of $4 million, our ERP project of $3 million and other selling, general and administrative costs partially offset by higher revenues.
Space Infrastructure
Three Months Ended
Nine Months Ended
September 30,
September 30,
2022
2021
2022
2021
($ millions)
Revenues
$
186
$
180
$
549
$
541
Adjusted EBITDA
$
33
$
14
$
71
$
29
Adjusted EBITDA margin (as a % of total revenues)
17.7
%
7.8
%
12.9
%
5.4
%
Revenues from the Space Infrastructure segment increased to $186 million from $180 million, or by $6 million, for the three months ended September 30, 2022, compared to the same period of 2021. Revenues for the three months ended increased primarily as a result of a $4 million increase in revenues from U.S. government contracts and a $2 million increase in revenues from recurring commercial programs.
Adjusted EBITDA in the Space Infrastructure segment increased to $33 million from $14 million, or by $19 million, for the three months ended September 30, 2022, compared to the same period of 2021. The increase was primarily due to higher margins driven by reduced risks on certain programs nearing completion for the three months ended September 30, 2022, compared to the same period of 2021.
Corporate and other expenses
Corporate and other expenses include items such as corporate office costs, regulatory costs, executive and director compensation, foreign exchange gains and losses, retention costs and fees for legal and consulting services.
Corporate and other expenses increased to $28 million from $20 million, or by $8 million, for the three months ended September 30, 2022, compared to the same period in 2021. The increase was primarily driven by a $5 million foreign exchange loss for the three months ended September 30, 2022, compared to a $1 million foreign exchange loss for the same period in 2021. The increase was also driven by a $3 million increase in selling, general and administrative costs.
Intersegment eliminations
Intersegment eliminations are related to projects between our segments, including the construction of our WorldView Legion satellites. Intersegment eliminations increased to $10 million from $5 million, or by $5 million, for the three months ended September 30, 2022, compared to the same period in 2021, primarily related to an increase in intersegment satellite construction activity.
MAXAR TECHNOLOGIES INC.
Unaudited Condensed Consolidated Statements of Operations
(In millions, except per share amounts)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2022
2021
2022
2021
Revenues:
Product
$
161
$
166
$
469
$
498
Service
275
271
810
804
Total revenues
436
437
1,279
1,302
Costs and expenses:
Product costs, excluding depreciation and amortization
125
144
380
448
Service costs, excluding depreciation and amortization
95
93
280
286
Selling, general and administrative
110
89
320
261
Depreciation and amortization
64
74
199
221
Gain on sale of assets
(1
)
—
(1
)
—
Operating income
43
37
101
86
Interest expense, net
30
25
129
127
Other expense (income), net
12
(2
)
7
(6
)
Income (loss) before taxes
1
14
(35
)
(35
)
Income tax expense (benefit)
5
—
6
(10
)
Net (loss) income
$
(4
)
$
14
$
(41
)
$
(25
)
Net (loss) income per common share:
Basic
$
(0.05
)
$
0.19
$
(0.56
)
$
(0.36
)
Diluted
$
(0.05
)
$
0.19
$
(0.56
)
$
(0.36
)
MAXAR TECHNOLOGIES INC.
Unaudited Condensed Consolidated Balance Sheets
(In millions, except per share amounts)
September 30,
December 31,
2022
2021
Assets
Current assets:
Cash and cash equivalents
$
28
$
47
Trade and other receivables, net
399
355
Inventory, net
39
39
Advances to suppliers
27
31
Prepaid assets
32
35
Other current assets
64
22
Total current assets
589
529
Non-current assets:
Orbital receivables, net
348
368
Property, plant and equipment, net
1,036
940
Intangible assets, net
712
787
Non-current operating lease assets
136
145
Goodwill
1,627
1,627
Other non-current assets
109
102
Total assets
$
4,557
$
4,498
Liabilities and stockholders' equity
Current liabilities:
Accounts payable
$
91
$
75
Accrued liabilities
73
43
Accrued compensation and benefits
65
111
Contract liabilities
245
289
Current portion of long-term debt
22
24
Current operating lease liabilities
33
42
Other current liabilities
70
38
Total current liabilities
599
622
Non-current liabilities:
Pension and other postretirement benefits
125
134
Operating lease liabilities
136
138
Long-term debt
2,172
2,062
Other non-current liabilities
64
79
Total liabilities
3,096
3,035
Commitments and contingencies
Stockholders' equity:
Common stock ($0.0001 par value, 240 million common shares authorized; 74.3 million and 72.7 million issued and outstanding at September 30, 2022 and December 31, 2021, respectively)
—
—
Additional paid-in capital
2,256
2,235
Accumulated deficit
(763
)
(720
)
Accumulated other comprehensive loss
(32
)
(53
)
Total Maxar stockholders' equity
1,461
1,462
Noncontrolling interest
—
1
Total stockholders' equity
1,461
1,463
Total liabilities and stockholders' equity
$
4,557
$
4,498
MAXAR TECHNOLOGIES INC.
Unaudited Condensed Consolidated Statements of Cash Flows
(In millions)
Nine Months Ended
September 30,
2022
2021
Cash flows provided by (used in):
Operating activities:
Net loss
$
(41
)
$
(25
)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization
199
221
Stock-based compensation expense
35
31
Amortization of debt issuance costs and other non-cash interest expense
12
11
Loss from early extinguishment of debt
53
41
Cumulative adjustment to SXM-7 revenue
—
30
Deferred income tax expense
1
2
Other
11
(3
)
Changes in operating assets and liabilities:
Trade and other receivables, net
(31
)
(33
)
Accounts payable and liabilities
5
(57
)
Contract liabilities
(44
)
(20
)
Other
(9
)
(12
)
Cash provided by operating activities – continuing operations
191
186
Cash used in operating activities – discontinued operations
—
(1
)
Cash provided by operating activities
191
185
Investing activities:
Purchase of property, plant and equipment and development or purchase of software
(226
)
(156
)
Acquisition of investment
(2
)
—
Cash used in investing activities – continuing operations
(228
)
(156
)
Financing activities:
Cash paid to extinguish existing Term Loan B
(1,341
)
—
Proceeds from amendment of Term Loan B, net of discount
1,329
—
Repurchase of 9.75% 2023 Notes, including premium
(537
)
(384
)
Proceeds from issuance of 7.75% 2027 Notes
500
—
Net proceeds from Revolving Credit Facility
125
—
Debt issuance costs paid
(27
)
—
Settlement of securitization liability
(10
)
(9
)
Repayments of long-term debt
(12
)
(7
)
Net proceeds from issuance of common stock
—
380
Other
(10
)
(4
)
Cash provided by (used in) financing activities – continuing operations
17
(24
)
(Decrease) increase in cash, cash equivalents, and restricted cash
(20
)
5
Effect of foreign exchange on cash, cash equivalents, and restricted cash
—
—
Cash, cash equivalents, and restricted cash, beginning of year
48
31
Cash, cash equivalents, and restricted cash, end of period
$
28
$
36
Reconciliation of cash flow information:
Cash and cash equivalents
$
28
$
36
Restricted cash included in prepaid and other current assets
—
—
Total cash, cash equivalents, and restricted cash
$
28
$
36
NON-GAAP FINANCIAL MEASURES
In addition to results reported in accordance with U.S. GAAP, we use certain non-GAAP financial measures as supplemental indicators of our financial and operating performance. These non-GAAP financial measures include EBITDA, Adjusted EBITDA and Adjusted EBITDA margin.
We define EBITDA as earnings before interest, taxes, depreciation and amortization, Adjusted EBITDA as EBITDA adjusted for certain items affecting the comparability of our ongoing operating results as specified in the calculation and Adjusted EBITDA margin as Adjusted EBITDA divided by revenue. Certain items affecting the comparability of our ongoing operating results between periods include restructuring, impairments, insurance recoveries, gain (loss) on sale of assets, (gain) loss on orbital receivables allowance, offset obligation fulfillment and transaction and integration related expense. Transaction and integration related expense includes costs associated with de-leveraging activities, acquisitions and dispositions and the integration of acquisitions. Management believes that exclusion of these items assists in providing a more complete understanding of our underlying results and trends, and management uses these measures along with the corresponding U.S. GAAP financial measures to manage our business, evaluate our performance compared to prior periods and the marketplace, and to establish operational goals. Adjusted EBITDA is a measure being used as a key element of our incentive compensation plan. Our Syndicated Credit Facility also uses Adjusted EBITDA in the determination of our debt leverage covenant ratio. The definition of Adjusted EBITDA in the Syndicated Credit Facility includes a more comprehensive set of adjustments that may result in a different calculation therein.
We believe that these non-GAAP measures, when read in conjunction with our U.S. GAAP results, provide useful information to investors by facilitating the comparability of our ongoing operating results over the periods presented, the ability to identify trends in our underlying business, and the comparison of our operating results against analyst financial models and operating results of other public companies.
EBITDA, Adjusted EBITDA and Adjusted EBITDA margin are not recognized terms under U.S. GAAP and may not be defined similarly by other companies. EBITDA and Adjusted EBITDA should not be considered alternatives to net (loss) income as indications of financial performance or as alternate to cash flows from operations as measures of liquidity. EBITDA and Adjusted EBITDA have limitations as an analytical tool and should not be considered in isolation or as a substitute for our results reported under U.S. GAAP. The table below reconciles our net income to EBITDA and Total Adjusted EBITDA and presents Total Adjusted EBITDA margin for the three and nine months ended September 30, 2022 and 2021.
Three Months Ended
Nine Months Ended
September 30,
September 30,
2022
2021
2022
2021
($ millions)
Net (loss) income
$
(4
)
$
14
$
(41
)
$
(25
)
Income tax expense (benefit)
5
—
6
(10
)
Interest expense, net
30
25
129
127
Interest income
(1
)
(1
)
(2
)
(2
)
Depreciation and amortization
64
74
199
221
EBITDA
$
94
$
112
$
291
$
311
Restructuring
5
—
10
—
Transaction and integration related expense
—
1
1
1
Gain on sale of asset
(1
)
—
(1
)
—
Offset obligation fulfillment
12
—
12
—
Total Adjusted EBITDA
$
110
$
113
$
313
$
312
Adjusted EBITDA:
Earth Intelligence
115
124
343
362
Space Infrastructure
33
14
71
29
Intersegment eliminations
(10
)
(5
)
(28
)
(17
)
Corporate and other expenses
(28
)
(20
)
(73
)
(62
)
Total Adjusted EBITDA
$
110
$
113
$
313
$
312
Net (loss) income margin
(0.9
)
%
3.2
%
(3.2
)
%
(1.9
)
%
Total Adjusted EBITDA margin
25.2
%
25.9
%
24.5
%
24.0
%
Cautionary Note Regarding Forward-Looking Statements
This release contains "forward-looking statements" as defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements usually relate to future events and include statements regarding, among other things, our anticipated revenues, cash flows or other aspects of our operations or operating results. Forward-looking statements are often identified by the words "believe," "expect," "anticipate," "plan," "intend," "foresee," "should," "would," "could," "may," "estimate," "outlook" and similar expressions, including the negative thereof.
These forward-looking statements are based on management's current expectations and assumptions based on information currently known to us and our projections of the future, about which we cannot be certain. Forward-looking statements are subject to various risks and uncertainties which could cause actual results to differ materially from the anticipated results or expectations expressed in this press release. As a result, although we believe we have a reasonable basis for each forward-looking statement contained in this press release, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be accurate. Risks and uncertainties that could cause actual results to differ materially from current expectations include: risks related to the conflict in Ukraine or related geopolitical tensions; our ability to generate a sustainable order rate for our satellite and space manufacturing operations within our Space Infrastructure segment, including our ability to develop new technologies to meet the needs of existing or potential customers; risks related to our business with various governmental entities, which is subject to the policies, priorities, regulations, mandates and funding levels of such governmental entities; our ability to meet our contractual requirements and the risk that our products contain defects or fail to operate in the expected manner; the risk of any significant disruption in or unauthorized access to our computer systems or those of third parties that we utilize in our operations; the ability of our satellites to operate as intended and risks related to launch delays, launch failures or damage or destruction to our satellites during launch; risks related to the interruption or failure of our infrastructure or national infrastructure; the COVID-19 pandemic and its impact on our business operations, financial performance, results of operations and stock price; and the risk factors set forth in Part II, Item 1A, "Risk Factors" in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 and filed with the Securities and Exchange Commission (the "SEC") on August 9, 2022, as such risks and uncertainties may be updated or superseded from time to time by subsequent reports we file with the SEC.
The forward-looking statements contained in this press release speak only as of the date hereof are expressly qualified in their entirety by the foregoing risks and uncertainties. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially adversely affect our business, prospects, financial condition, results of operations and cash flows. The Company undertakes no obligation to publicly update or revise any of its forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.
Unless stated otherwise or the context otherwise requires, references to the terms "Company," "Maxar," "we," "us," and "our" to refer collectively to Maxar Technologies Inc. and its consolidated subsidiaries.
Investor/Analyst Conference Call
Maxar President and Chief Executive Officer, Dan Jablonsky, and Executive Vice President and Chief Financial Officer, Biggs Porter, will host an earnings conference call Thursday, November 3, 2022, reviewing the third quarter results, followed by a question and answer session. The call is scheduled to begin promptly at 3:00 p.m. MT (5:00 p.m. ET).
Investors and participants must register for the call in advance by visiting:
https://conferencingportals.com/event/poKRyurD
After registering, participants will receive dial-in information, a passcode, and registrant ID. At the time of the call, participants must dial in using the numbers in the confirmation email and enter their passcode and ID.
The Conference Call will be webcast live and then archived at:
http://investor.maxar.com/events-and-presentations/default.aspx
A replay of the conference call will also be available from Thursday, November 3, 2022 at 6:00 p.m. MT (8:00 p.m. ET) to Thursday, November 17, 2022 at 9:59 p.m. MT (11:59 p.m. ET) at the following numbers:
Toll free North America: 1-800-770-2030
International Dial-In: 1-647-362-9199
Passcode: 81317#
About Maxar
Maxar Technologies (NYSE:MAXR) (TSX:MAXR) is a provider of comprehensive space solutions and secure, precise, geospatial intelligence. We help government and commercial customers monitor, understand and navigate our changing planet; deliver global broadband communications; and explore and advance the use of space. Our approach combines decades of deep mission understanding and a proven commercial and defense foundation to deploy solutions and deliver insights with speed, scale and cost-effectiveness. Maxar's 4,400 team members in over 20 global locations are inspired to harness the potential of space to help our customers create a better world. Maxar's stock trades on the New York Stock Exchange and Toronto Stock Exchange under the symbol "MAXR". For more information, visit www.maxar.com .
View source version on businesswire.com: https://www.businesswire.com/news/home/20221103006220/en/
Jonny Bell | Investor Relations | 1-303-684-5543 | [email protected]
Fernando Vivanco | Media Relations | 1-720-877-5220 | [email protected]
News Provided by Business Wire via QuoteMedia
Maxar Technologies (NYSE:MAXR) (TSX:MAXR), provider of comprehensive space solutions and secure, precise, geospatial intelligence, today announced that it has completed the acquisition of AI and software development company Wovenware . This acquisition significantly adds to Maxar's software engineering and AI capabilities and talent.
Founded in Puerto Rico in 2003, Wovenware has roughly 150 employees specializing in software development, service design, artificial intelligence and geospatial production. The company will become one of Maxar's software development and AI/machine learning (ML) centers of excellence, with its software delivery experts partnering closely with other Maxar teams to develop new solutions for customers.
"In today's everchanging world, our customers are continuously looking for ways to access our industry-leading products faster and more efficiently—AI and machine learning is critical to accelerating growth," said Dan Jablonsky, Maxar President and Chief Executive Officer. "Wovenware's incredibly talented team of software engineers complements Maxar's product development and delivery talent. Our teams already have a track record of working together to deliver customer solutions, and we are excited to work even more closely together to grow and expand our installed customer base."
Since 2017, Wovenware has worked closely with Maxar on numerous customer delivery and internal software engineering initiatives, including for Maxar's global imagery basemaps, Precision3D applications and more.
Specifically, Wovenware's AI/ML and Data Production talent has supported Maxar projects ranging from UI design to full-stack delivery, producing new 3D terrain analytics tools, thousands of ML training data sets and dozens of automated object detection models. Wovenware's co-founders, Christian González and Carlos Meléndez, will continue to oversee day-to-day operations of the company.
"Wovenware is excited to join the Maxar team. Having worked together for five years, we've experienced first-hand the synergies between our companies and the shared commitment to technology innovation and customer and employee success," said Christian González, co-founder of Wovenware.
"Becoming one of Maxar's software development and AI/ML centers of excellence enables us to accelerate our commitment to expand our employee footprint and bring the most exciting innovation and technology projects to Puerto Rico," added Carlos Meléndez, co-founder of Wovenware.
Wovenware will operate as a wholly owned subsidiary of Maxar, which will continue to invest in Wovenware's growth in Puerto Rico. Maxar will provide additional resources to help the company draw from the best engineering talent across the island as well as to support its efforts to bring more talent from the mainland and elsewhere back to the island.
About Maxar
Maxar Technologies (NYSE:MAXR) (TSX:MAXR) is a provider of comprehensive space solutions and secure, precise, geospatial intelligence. We deliver disruptive value to government and commercial customers to help them monitor, understand and navigate our changing planet; deliver global broadband communications; and explore and advance the use of space. Our unique approach combines decades of deep mission understanding and a proven commercial and defense foundation to deploy solutions and deliver insights with unrivaled speed, scale and cost effectiveness. Maxar's 4,400 team members in over 20 global locations are inspired to harness the potential of space to help our customers create a better world. Maxar trades on the New York Stock Exchange and Toronto Stock Exchange as MAXR. For more information, visit www.maxar.com .
About Wovenware
As a design-driven software firm, Wovenware delivers custom and patented AI, computer vision and other digital transformation solutions and services that create measurable value for customers. Through its nearshore capabilities, the company has become the partner of choice for organizations needing to re-engineer their systems and processes to increase profitability, boost user experience and seize new market opportunities. Wovenware leverages a multidisciplinary team of world-class experience designers, software engineers, data scientists and data specialists to create solutions for cloud transformation, advanced AI innovation and application modernization. Headquartered in Puerto Rico, Wovenware partners with customers across North America and around the world. To learn more about Wovenware, visit www.wovenware.com .
Forward-Looking Statements
This press release may contain forward-looking statements that reflect management's current expectations, assumptions and estimates of future performance and economic conditions. Any such forward-looking statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The Company cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements, including those included in the Company's filings with U.S. securities and Canadian regulatory authorities. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, other than as may be required under applicable securities law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20221102006162/en/
Investor Relations Contact:
Jonny Bell
Maxar Investor Relations
1-303-684-5543
[email protected]
Media Contacts:
Tomi Maxted
Maxar Media Relations
1-303-684-4162
[email protected]
Linda Savage
Wovenware Media Relations
508-224-7905
[email protected]
News Provided by Business Wire via QuoteMedia
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.
