Maxar

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2022
or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number: 001-38228
Maxar Technologies Inc.
Delaware
83-2809420
(State or Incorporation)
(IRS Employer Identification Number)
1300 W. 120th Avenue, Westminster, Colorado 
80234
(Address of principal executive offices)
(Zip Code)
303-684-7660
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbols
Name of Each Exchange on Which
Registered
Common Stock par value of $0.0001 per share
MAXR
New York Stock Exchange
Toronto Stock Exchange
Securities registered pursuant to section 12(g) of the Act:
None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒  No ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes ☐ No ☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act
during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405
of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such
files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or
an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company”, and emerging growth
company in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒
Accelerated filer ☐
Non-accelerated filer ☐
Smaller reporting company ☐ Emerging Growth Company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with
any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its
internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that
prepared or issued its audit report. ☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in
the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant’s executive officers during the relevant recovery period pursuant to (§240.10D-1(b)). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐  No ☒
At June 30, 2022, the aggregate market value of the registrant’s common stock, par value of $0.0001 per share, held by non-affiliates of the
registrant was approximately $1,936 million (based upon the closing sale price of the common stock on June 30, 2022 on The New York Stock
Exchange).
As of February 16, 2023, there were 74,710,276 shares of the registrant’s common stock, par value of $0.0001 per share, outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the registrant’s definitive proxy statement relating to its 2023 annual meeting of stockholders are incorporated by reference into Part III of
this Annual Report on Form 10-K where indicated. The 2023 proxy statement will be filed with the U.S. Securities and Exchange Commission within 120
days after the end of the fiscal year to which this report relates.

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1
Maxar Technologies Inc.
Annual Report on Form 10-K
For the Fiscal Year Ended December 31, 2022
Item
Number
Table of Contents
PART I
1.
Business
3
1A.
Risk Factors
18
1B.
Unresolved Staff Comments
46
2.
Properties
46
3.
Legal Proceedings
46
4.
Mine Safety Disclosures
46
PART II
5.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity
Securities
46
6.
[Reserved]
47
7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
47
7A.
Quantitative and Qualitative Disclosures about Market Risk
68
8.
Financial Statements and Supplementary Data
69
9.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
130
9A.
Controls and Procedures
130
9B.
Other Information
130
9C.
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
130
PART III
10.
Directors, Executive Officers and Corporate Governance
131
11.
Executive Compensation
131
12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
131
13.
Certain Relationships and Related Transactions and Director Independence
131
14.
Principal Accountant Fees and Services
131
PART IV
15.
Exhibits and Financial Statement Schedules
132
16.
Form 10-K Summary
136
Signatures
137

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2
Cautionary Note Regarding Forward-Looking Statements
This Annual Report on Form 10-K contains “forward-looking statements” as defined in Section 27A of the United
States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as
amended (the “Exchange Act”). Forward-looking statements usually relate to future events and anticipated
revenues, earnings, 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. The absence of these
words, however, does not mean that the statements are not forward-looking. These forward-looking statements are
based on our current expectations, beliefs and assumptions concerning future developments and business
conditions and their potential effect on us. While management believes that these forward-looking statements are
reasonable as and when made, there can be no assurance that future developments affecting us will be those that we
anticipate.
All of our forward-looking statements involve risks and uncertainties (some of which are significant or beyond our
control) and assumptions that could cause actual results to differ materially from our historical experience and our
present expectations or projections. Known material factors that could cause actual results to differ materially from
those contemplated in the forward-looking statements include those set forth in Part I, Item 1A, “Risk Factors” and
elsewhere in this Annual Report on Form 10-K. We caution you not to place undue reliance on any forward-looking
statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of
our 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.

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3
PART I
ITEM 1. BUSINESS
Maxar is a provider of comprehensive space solutions and secure, precise, geospatial intelligence. Maxar helps
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 stock trades on the New York Stock Exchange (“NYSE”) and
Toronto Stock Exchange (“TSX”) under the symbol “MAXR.”
Agreement and Plan of Merger with Advent International Corporation
On December 15, 2022, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Galileo
Parent, Inc., a Delaware corporation (“Parent”), Galileo Bidco, Inc., a Delaware corporation and wholly owned
subsidiary of Parent (“Merger Sub”), and solely for the purposes set forth therein, Galileo Topco, Inc., a Delaware
corporation and an indirect parent of Parent (“Preferred Equity Issuer”). Parent, Merger Sub and Preferred Equity
Issuer are affiliates of funds advised by Advent International Corporation (“Advent”), a private equity firm
headquartered in Boston, Massachusetts. British Columbia Investment Management Corporation (“BCI”) or one or
more of its affiliates will also be a minority investor in Preferred Equity Issuer. The Merger Agreement provides that,
on the terms and subject to the conditions of the Merger Agreement, at the closing of the transactions contemplated
therein, Merger Sub will merge with and into Maxar (the “Merger”). Parent has obtained equity financing, preferred
equity financing and debt financing commitments for the purpose of financing the transactions contemplated by the
Merger Agreement and paying related fees and expenses. Under the terms of the Merger Agreement, our
stockholders will receive $53.00 in cash for each share of our common stock they hold on the transaction closing
date. Pursuant to the terms of the Merger Agreement, the closing of the Merger is subject to customary closing
conditions, including, among others, adoption of the Merger Agreement by our stockholders, the expiration or early
termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as
amended (the “HSR Act”), clearance by the Committee on Foreign Investment in the United States and the receipt of
other regulatory approvals. The waiting period under the HSR Act expired at 11:59 p.m. Eastern Time on January 30,
2023. In addition, the closing is subject to the fulfillment or waiver of certain customary mutual closing conditions,
including, the absence of any temporary restraining order, preliminary or permanent injunction or other order having
been issued by any court of competent jurisdiction or other governmental authority preventing the consummation of
the Merger, and the absence of any statute, rule, regulation or order that makes consummation of the Merger illegal.
The obligation of each party to consummate the Merger is also conditioned upon certain unilateral closing
conditions, including the other party’s representations and warranties being accurate (subject to certain customary
materiality exceptions) and the other party having performed in all material respects its obligations under the Merger
Agreement, and the obligation of Parent to consummate the Merger is additionally conditioned upon the absence of
a material adverse effect on us that is continuing. The closing of the Merger is not subject to any financing
condition.
For additional information regarding the Merger, please refer to our Form 8-K filed with the U.S. Securities and
Exchange Commission (“SEC”) on December 16, 2022.
Segments
We serve our customers and organize our businesses through the following two operating and reportable segments:
●
Earth Intelligence-a global leader in high-resolution, high-accuracy Earth imagery and other geospatial
data sourced from our own advanced satellite constellation and third-party providers to our Public
Sector and Enterprise customers, as well as a provider of advanced geospatial information,
applications and analytic services for national security and commercial solutions.

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●
Space Infrastructure-a supplier of space-based infrastructure, robotics, subsystems and information
solutions to satellite operators and government agencies.
The following is a description of our reportable segments.
Earth Intelligence
Overview
In the Earth Intelligence segment, we are a global leader in high-resolution, space-based Earth observation imagery
products and analytics. We launched the world’s first high-resolution commercial imaging satellite in 1999 and
currently operate a four satellite Earth observation constellation, providing us with over two decades and
approximately 150 petabytes of imagery over our history (referred to as our “Image Library”) of the highest
resolution, commercially available imagery. Our imagery solutions provide customers with timely, accurate and
mission critical information about our changing planet and support a wide variety of government and enterprise
applications, including mission planning, mapping and analysis, environmental monitoring, disaster management,
crop management, oil and gas exploration and infrastructure management. We continue to innovate as demands for
new satellite technology and advanced analytic tools increase. In addition to our Earth observation capabilities, we
offer Radio Frequency (“RF”) and Synthetic Aperture Radar (“SAR”) data, which provides more comprehensive and
accurate geospatial insights for our customers. Through our updated National Oceanic and Atmospheric
Administration (“NOAA”) remote sensing license, we are also able to collect non-Earth imaging (“NEI”) for our
current constellation and our next generation WorldView Legion satellites. Through this new license authority, we
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. In the commercial
satellite Earth observation industry, we are a leader across U.S. government agencies, international government
agencies and enterprise customer verticals. The U.S. government is the largest customer of our Earth Intelligence
segment through the Electro-Optical Commercial Layer Program (“EOCL Contract”), Global Enhanced GEOINT
Delivery (“G-EGD”) and One World Terrain (“OWT”) programs and various classified and unclassified contract
vehicles.
We also provide geospatial services that combine imagery, analytic expertise and innovative technology to deliver
intelligence solutions to customers. Our approximately 1,500 cleared personnel support analytic solutions that
accurately document change and enable geospatial modeling and analysis that help predict where events will occur.
Our primary customer of geospatial services is the U.S. government, but we also support intelligence requirements
for other U.S. allied governments, global development organizations and enterprise customers. We are also a global
leader in satellite-derived 3D data for defense and intelligence markets, with software and products that enhance 3D
mapping, Earth intelligence data, military simulation and training and precision-guided munitions.
Our Offerings
Customers can license our imagery and data archives or place custom orders to task our satellites for a specific area
of interest. We process our imagery to varying levels according to our customers’ specifications and deliver our
products using the distribution methods and subscription services that are designed to best suit our customers’
needs. We offer a number of Earth Intelligence solutions, including:
●
Satellite access-direct collection and access to our satellite constellation anywhere in the world. The
Direct Access Program (“DAP”) enables customers to directly task our satellites using the customer’s
own ground station for secure, real-time imagery acquisition and downlink. The Rapid Access Program
(“RAP”) allows customers to virtually control our constellation through priority tasking, predictable
access and imaging operations with a web interface, while we own and manage the ground
infrastructure. Additionally, we support the U.S. government with direct tasking utilizing our integrated
imagery production, distribution and operations with U.S. government systems. This offering is
currently contracted under our EOCL Contract, which was awarded to us by the National
Reconnaissance Office (“NRO”) in May 2022 as a five-year base contract and with up to five 1-year
option periods. The EOCL Contract transitioned the imagery acquisition requirements previously
addressed by the EnhancedView Follow-On

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5
contract (“EnhancedView Contract”) and replaces the scope of the EnhancedView Contract with
respect to such requirements.
●
Geospatial foundation-highest quality foundational satellite imagery, basemaps and 3D data over any
location on Earth. This foundation allows our customers to fully understand, immerse and strategically
plan outcomes before setting foot in a specific location or to immediately use our robust imagery for
their artificial intelligence (“AI”) / machine learning (“ML”) models, real-world metaverse applications
and/or training purposes. Our Vivid imagery basemaps stitch high-resolution satellite imagery together
into a single cloudless global view that provides an accurate, consistent and actionable foundation to
support the leading mapping apps, global-scale environmental governance analytics and risk
management decisions. High-definition (“HD”) imagery leverages our proprietary HD technology to
improve visual clarity of our native 30cm imagery to 15cm, giving analysts and ML models cleaner and
more accurate data to analyze and deliver results. This technology allows us to provide best-in-class
accuracy of the world’s terrain in GPS-denied environments or when ground conditions are not ideal
for human assessment or navigation. Analysis-Ready Data (“ARD”) is preprocessed time-series stacks
of imagery that are aligned and produced at a set standard to provide templated imagery and
associated meta data for change detection, mapping and monitoring use cases. Our Precision3D
offerings leverage our over two decades high-resolution Image Library to construct accurate,
consistent and fully immersive 3D visualizations at global scale, including 3D surface models, 3D
vectors, digital surface models and digital terrain models.
●
Precision mapping-GIS-ready datasets for expedited analysis. These offerings include Persistent-
Change Monitoring (“PCM”), BaseVue and Human Landscape. PCM leverages our Image Library and
ML models running on our approximately 3.8 million square kilometer daily take to identify change
indicators, historical patterns of development and infrastructure changes and provide actionable
insights to our customers. BaseVue is the global standard for land classification, including for natural
resource management and environmental impact monitoring. Human Landscape utilizes key human
geography features to enable analysts to better understand and develop responses that reduce
operating costs and enable timely decision-making.
●
On-demand intelligence-industry-leading technology, data and expertise to help solve the most
complex geospatial challenges. We offer a variety of subscription-based services that maximize the
value of our imagery, information products and analytic outputs for a diverse set of customer needs.
Our flexible subscription options include cloud-based access to our global image archive, in-house
tools to search, exploit and share imagery and simplified integration for a customer’s existing
workflows. These offerings include SecureWatch, Spatial on Demand, Crow’s Nest Maritime
Monitoring and Security, WeatherDesk, SeaStar Information Service and our analytic reports.
SecureWatch is a subscription software as a service offering that provides customers a cloud-based
source of near real-time global imagery basemaps, optical and radar imagery and analytics on features
(e.g. roads, railways) and objects (e.g. cars, planes). This includes supporting the U.S. government
with G-EGD.
●
Geospatial services-We provide advanced geospatial information and analytic services to national
security and enterprise customers that combine Maxar imagery and other sources of geospatial data,
such as low-resolution satellite imagery, radar, weather and oceanographic data, elevation and social
media, to reveal insights that help our customers make better decisions. We also develop applications
to support global Intelligence, Surveillance and Reconnaissance (“ISR”) missions with constellation
modeling, simulation and mission management, secure ground systems, data analytics to automate
object detection, feature extraction, mission planning and predictive analytics. We deploy these
services through various cloud and on-premise computing platforms. Our intellectual property
portfolio, including U.S. and foreign patents, and Small Business Innovation Research (“SBIR”) Phase
III data rights, supports the unique technology we provide to our customers.
Additionally, we support people, organizations and initiatives dedicated to improving the health and sustainability of
our planet. Through our Purpose Partners, we contribute geospatial data and expertise to nonprofits that
significantly benefit from using our data to achieve their missions. These Purpose Partners include Amazon
Conservation Team, Jane

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Goodall Institute, International Justice Mission, Team Rubicon and Humanitarian OpenStreetMap Team. With our
Open Data Program, when crises occur, we support humanitarian organizations and communities with critical
information to assist response efforts. The Maxar News Bureau is a partnership program with trusted media
organizations around the world. We provide satellite imagery as visual evidence of ground truth to promote global
transparency and expose injustice. Access to our high-resolution satellite imagery has enabled journalists to
accurately report on areas that are too remote or dangerous to visit or are otherwise inaccessible.
Our Earth Observation Constellation
As of December 31, 2022, we operated a constellation of four in-orbit and fully commissioned Earth observation
satellites: GeoEye-1, WorldView-1, WorldView-2 and WorldView-3. Our annual collection capacity is approximately 1.4
billion square kilometers. We have collected, and have available for use, approximately 150 petabytes in our Image
Library.
We re-evaluate the depreciable lives of our satellites annually based on established methodologies used for
accounting purposes. The lives we assign for depreciation purposes are typically shorter than the lives we use for
planning purposes and our history shows that in most cases the estimated useful lives of our satellites have
increased from the initial lives determined upon launch.
The following table summarizes the primary characteristics of the in-orbit and fully-commissioned Earth observation
satellites in our constellation as of December 31, 2022:
Satellite
Launch Date
Expected End
of
Depreciable
Life
Best Ground Resolution
Orbital Altitude
(kilometers)
WorldView-3
August
2014
Q1 2026
31-centimeters black and white, or color 1.24-meter
multi-spectral
618
WorldView-2
October
2009
Q4 2024
46-centimeters black and white, or color 1.84-meter
multi-spectral
770
WorldView-1
September
2007
Q3 2024
50-centimeters panchromatic
496
GeoEye-1
September
2008
Q3 2024
41-centimeters black and white, or color 1.64-meter
multi-spectral
681
WorldView Legion will be a fleet of six high performing satellites for which our Space Infrastructure segment is acting
as prime contractor. We expect that WorldView Legion, in addition to our current constellation, will revisit rapidly
changing areas up to 15 times per day, an increase from four times per day currently, which will more than triple both
our capacity to collect 30 cm-class imagery and our overall capacity in high demand areas.
Our Earth observation satellites have advanced technical capabilities, such as maneuverability, size of collection
area, collection speed, revisit time, resolution, accuracy and spectral diversity. Additionally, our satellites are
designed, manufactured and operated in the U.S. for assurance of U.S. national security missions and data
protection.

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We procure insurance to protect us from the risks associated with our satellite operations, including the partial or
total loss of the functional capacity of the satellite. We insure satellites in our constellation to the extent that
insurance is available at acceptable premiums. As of December 31, 2022, we maintained the following insurance
coverage on our in-orbit and fully-commissioned Earth observation satellite constellation:
Satellite
Policy Period
Coverage
(in millions)
WorldView-3
10/2022-10/2023
$
255
WorldView-2
10/2022-10/2023
220
WorldView-1
10/2022-10/2023
220
GeoEye-1
10/2022-10/2023
38
Additionally, as of December 31, 2022, we have procured insurance for our WorldView Legion satellite launches of
$620 million. These policies cover the launches plus the first year in orbit. Following the first year in orbit, we will
seek to obtain in-orbit coverage similar to the coverage we currently have on our in-orbit and fully-commissioned
satellite constellation noted in the table above.
Competitive Conditions and Trends in Industry Demands
Our Earth Intelligence business operates in a highly competitive and rapidly growing industry. Our major existing
and potential competitors for our Earth Intelligence business include commercial satellite imagery companies, state-
owned imagery providers, aerial imagery companies, free sources of imagery, unmanned aerial vehicles and
companies that provide geospatial analytic information and services to the U.S. government, including defense prime
contractors. We face competition from companies that provide geospatial analytic information and services to the
U.S. government, including defense prime contractors such as L3Harris and Booz Allen Hamilton.
We compete on the basis of several factors, including: the technical capabilities of our satellites, such as size of
collection area, collection speed, revisit time, resolution, accuracy and spectral diversity; satellite availability for
tasked orders; the size, comprehensiveness and relevance of our Image Library; on-demand platforms and tools that
enable customers to easily access and integrate imagery; value-added services, including harnessing advancements
in ML by applying computer vision and pattern analysis technology to geospatial problems; and derivative products
such as 3D models and map vector data.
The Earth observation market includes the collection and processing of optical and non-optical imagery data of the
Earth. Specifically, the market is segmented into Data, Value-Added Services (“VAS”), Information Products and Big
Data Analytics. The Data segment consists of raw imagery transmitted from the satellite to the ground station and
products, such as stereo imaging and basic corrections (radiometric and geometric). VAS includes processing
through layering or data fusion (such as with traffic information and street names). Big Data Analytics includes
statistical analysis, change detection and predictive modeling using large quantities of imagery and meta data
overlays to provide insights over a given period of time.
Our Earth Intelligence business provides Earth observation services to customers in a variety of sectors, including
defense and intelligence, energy and natural resources, industrials, social media, mapping, managed living resources
(such as agriculture and forestry), public authorities, services (such as finance, insurance, news and media) and
weather. Providers of imagery and data in this market generally compete on resolution, accuracy, revisit frequency,
delivery (cloud versus traditional) and pricing.
Euroconsult reports that the commercial market for Earth observation data was $1.7 billion in 2021 and is forecasted
to top $2.7 billion by 2031, a compound annual growth rate of 5%. According to Euroconsult, defense represents
approximately 69% of the Earth observation data market, and sales to non-U.S. defense markets are forecasted to be
the most significant driver of revenue growth, driven by higher revisit constellations with higher resolutions.
Euroconsult reports the commercial market for Earth observation VAS was $2.8 billion in 2021 and is forecasted to
top $5.2 billion by 2031, a compound annual growth rate of 6%.

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In addition to the demands for commercial Earth observation data and VAS, we believe our Earth Intelligence
offerings address a number of multi-billion dollar military use-cases and sectors, including 3D mapping, precision
guided munitions and military simulation and virtual training. Additionally, as we further develop our 3D offerings,
we see additional commercial market opportunities for our data and services, particularly within the immersive 3D
environments of the augmented reality (“AR”)/virtual reality (“VR”) accessed metaverse, media and entertainment.
As businesses increasingly use 3D simulations for decision support and consumers spend more time in AR /VR
environments for education, gaming, entertainment, news, networking, shopping and more, our global 3D models can
help bridge the physical and digital worlds with increased accuracy and realism.
Space Infrastructure
Overview
In the Space Infrastructure segment, we provide solutions for communications, Earth observation, remote sensing,
on-orbit servicing, robotic assembly and space exploration. We address a broad spectrum of needs for our
customers, including mission systems engineering, product design, spacecraft manufacturing, assembly, integration
and testing. Our principal customers in the Space Infrastructure segment are commercial satellite operators and
government agencies worldwide. Our approach combines proven success gained over six decades in the industry
with the nimbleness and agility of a smaller space company.
Our Offerings
Our products, which are designed and manufactured in the U.S., include:
●
Communications and imaging satellites and payloads;
●
Platforms for space exploration and hosting instruments for Earth science;
●
Space subsystems for power, propulsion and communication;
●
Satellite ground systems and support services;
●
Space-based remote sensing-solutions;
●
Space robotics; and
●
Defense systems.
Spacecraft
Today, 155 custom Maxar-built spacecrafts for Geosynchronous Equatorial Orbit (“GEO”) satellites have launched
with a combined 2,022 years of service. 72 GEO satellites have completed their missions and provided Maxar
customers with an additional 386 years of operation beyond mission requirements. In addition, Maxar has
manufactured and placed into service 81 low Earth orbit (“LEO”) satellites.
Maxar continues as a world leader in commercial GEO communication satellites and a global leader in commercial
satellite manufacturing. With three decades of on-orbit heritage, our 1300-class spacecraft platform is the world’s
most popular GEO satellite; 94 spacecraft are currently in service, providing 99.9972% uptime availability for our
customers. We continue to provide a high level of value and partnership to communications customers around the
globe. Key platform features include a scalable, lightweight and high-strength structure, fuel-efficient attitude and
station-keeping subsystems, high-efficiency and reliable solar arrays and batteries, and advanced command and
control subsystems. A growing application for commercial geostationary communication satellites is the delivery of
data-centric applications (such as consumer broadband, in-flight communication, maritime and 4G/5G cellular
backhaul) via high-capacity spot beam satellites commonly referred to as high-throughput satellites (or “HTS”). We
introduced the first HTS satellite in 2005, which used the 1300-class bus, and believe it offers the highest capability
for the cost. Maxar is building JUPITER 3, a transformational Ultra High Density Satellite, for Hughes Network
Systems (“Hughes”) to be designated EchoStar

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XXIV. This satellite is expected to be the world’s largest commercial communications satellite when it launches, and
will power future generations of Hughes consumer, enterprise and aeronautical services across the Americas.
In addition to continued leadership in the commercial communications sector, we collaborate closely with customers
to design and deliver smaller satellites to address growing demand for LEO and medium Earth orbit (“MEO”)
constellations. We believe Maxar’s LEO capabilities will be effective for applications that require a multiple satellite
constellation of identical satellites produced in a cost-efficient manner. Designed, engineered and built in-house,
these modular satellite platforms illustrate Maxar’s ability to adapt and extend its deep experience to provide agile,
affordable solutions in proliferated, LEO constellations. In 2022 Maxar was selected by L3Harris and the U.S. Space
Development Agency to design and build the platform for 14 spacecraft platforms for the Tranche 1 Tracking Layer
supporting missile warning and tracking.
The 1300-class platform is key to our continued and growing partnership with NASA as well. The Psyche mission is
a journey to a unique metal asteroid, named 16 Psyche, that appears to be the exposed metal core of an early planet-a
building block of a solar system. The spacecraft leverages Maxar’s 1300-class platform and solar electric propulsion
system, the highly efficient SPT-140. In addition, Maxar is hosting NASA’s Tropospheric Emissions: Monitoring of
Pollution (“TEMPO”)-a commercially hosted pollution monitoring payload on a commercial communications satellite
Maxar is building for satellite operator Intelsat. By hosting payloads on its commercial satellites, Maxar can help
government agencies obtain access to space for instruments, sensors and other small missions without the cost of
building a dedicated spacecraft. Similarly, the hosted payload helps commercial customers share the cost of the
satellite bus, launch and operations.
Competitive Conditions and Trends in Industry Demands
Our principal customers in the Space Infrastructure segment are commercial satellite operators and government
agencies worldwide.
We sell our products and technologies in a highly competitive industry and we compete on the basis of cost,
reliability, design life, technological capabilities and efficiencies. Our primary competitors for satellite manufacturing
contracts are: The Boeing Company, Lockheed Martin Corporation and Northrop Grumman Corporation in the United
States; Thales S.A. and Airbus Defence and Space, a subsidiary of the Airbus Group, in Europe; and Mitsubishi
Electric Corporation in Japan. Additionally, we face competition from newer entrants. In addition, many of our
competitors are larger and have greater resources than we do. We may also face competition in the future from
emerging low-cost competitors in India, Russia and China.
GEO satellites track with the rotation of the Earth and remain over a fixed point over the Earth’s surface. GEO
satellites cover more area from a higher vantage point and tend to carry more advanced sensor or communication
suites, as used in broad area communications and global-scale weather payloads. Due to this unique property of
their orbit, GEO slots are limited, which motivates operators to maximize the use of their slot, leading to generally
larger satellites to support the required power and bandwidth, as well as a longer design life to maximize return on
investment. Due to their greater distance from Earth, however, there is increased latency.
The satellite industry has undergone a significant change with the proliferation of LEO satellites, which have been
primarily used for both Earth observation and communications payloads. Typically, LEO constellation satellites are
cheaper to launch as they are significantly smaller and require less fuel to reach orbit. Additionally, due to the lower
orbital altitude, LEO observation satellites enable higher resolution imagery. This factor also enables LEO
communication satellites to reduce latency but require a much larger constellation to ensure coverage over a given
area as, unlike GEO satellites, LEO satellites move in and out of view of ground locations as they complete their orbit.
In addition to altitude class, satellites are classified by functions, such as communications or Earth observation.
Euroconsult projects satellite demand will experience a five-fold increase over the next ten years. While LEO is
expected to account for the majority of the demand, Euroconsult expects an average of 13 GEO commercial satellite
orders per year over the next ten years, representing one-third of the total market value. According to Euroconsult,
the

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total market for manufacturing and launch services is expected to reach $400 billion over the next decade, a 46%
increase from the previous decade of $273 billion in revenue.
LEO proliferation is expected to greatly increase access to space, thus enabling new commercial customers across
diversified industries including oil and gas, insurance, agriculture and asset management firms, as well as nonprofit
organizations, to benefit from satellite imagery.
Discontinued Operations
On April 8, 2020, we completed the sale of our former Canadian subsidiary (“MDA Business”) to Neptune
Acquisition Inc., a corporation existing under the laws of the Province of British Columbia and an affiliate of
Northern Private Capital Ltd. See Note 3, “Discontinued Operations”, to the Consolidated Financial Statements in
Part II, Item 8, “Financial Statements and Supplementary Data” for additional information regarding our sale of the
MDA Business.
Industry Overview
Large and Growing Addressable Market
We believe that there is potential for growth among three key components of our addressable market: the U.S.
government, other governments and commercial customers. For both the U.S. and other governments, drivers of
growth include persistent global security threats, defense budgets, demand for high-quality imagery and value-
added services and a focus on space as an investment. We believe that the U.S. government is interested in
expanding the use of commercial alternatives to owned assets and that other governments present an opportunity
for growth. We seek to align our products and services with the U.S. Department of Defense (“DOD”)’s National
Defense Strategy needs, as well as growing international defense and intelligence demand. For civil customers, in
particular NASA, growth is being driven by space exploration programs such as Artemis and Earth science projects.
For commercial customers, drivers of growth include strong demand for 3D imagery and more frequent imagery
refreshes, as well as insights driven by AI and ML, space-based remote sensing, GEO replacement demand and LEO
communications programs.
Diverse Solutions for Diverse End Market Users
While traditionally spending in space has been dominated by military defense programs and the communications
industry, the proliferation of technology and cheaper access to space has led to a diversification in end market users.
AI, ML and cloud computing have given rise to multiple use cases across industries, such as mobility and logistics,
insurance, finance, environmental, social and governance (“ESG”) matters, non-governmental organizations and
emerging technologies in simulation, gaming, AR/VR and the metaverse. Concurrently, geopolitical competition in
space as a contested domain is leading to further investment by global militaries. We have evolved with this
changing environment to serve a multitude of customers.
Government Investment in Space Programs
With more than half of our revenues coming from U.S. government customers, we expect that our Space
Infrastructure and Earth Intelligence segments will benefit from growing defense and space infrastructure budgets.
We expect the proliferation of space-based ISR and communications to drive increased government investments in
the sector through the mid-2020s.
Global
Euroconsult reports that government space budgets reached $103 billion in 2022, a 9% increase over 2021 figures.
Additionally, Euroconsult reports the gap between civil and defense space budgets continues to decrease, with civil
budgets totaling $55 billion and defense space programs totaling $48 billion in 2022. Looking forward, Euroconsult
expects that the rapid growth of defense budgets will continue in the short-term but will eventually lessen later in the
decade as current growth trajectories do not appear sustainable in the long-term.

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United States
In the U.S., there is a concerted effort by the government to accelerate space investment. Congress appropriated
$26.3 billion for the fiscal year (“FY”) 2023 for the National Security Space (“NSS”) programs, representing growth of
45% from FY 2022 of $18.1 billion. The request is now inclusive of the budgets for Space Force and the Space
Development Agency.
The NSS budget generally excludes funding for the NRO and NGA. Specific funding levels for these organizations,
which are long-term historical customers of our Earth Intelligence segment, are generally classified. However, the
NRO and NGA are included in the funding for the National Intelligence Program (“NIP”). The requested funding for
the NIP for FY 2023 was $67.1 billion, a 2% increase from the FY 2022 enacted budget of $65.7 billion. Additionally,
the requested funding for the Military Intelligence Program (“MIP”) was $26.6 billion for FY 2023, a 10% increase
from the FY 2022 enacted budget of $24.1 billion.
Furthermore, NASA received $25.4 billion in FY 2023, an increase of 5% from FY 2022. The NASA budget further
highlights an effort by the government to invest in space exploration and development, with $8.7 billion of the total
allocated for deep space exploration systems and space technology. These include the key components of On-Orbit
Servicing, Assembly and Manufacturing (“OSAM-1”) and the Artemis program that will send astronauts to the
Moon and beyond, including the lunar Gateway.
Growth Strategy
Our vision is to hold leading positions in each of the sectors we serve. We aim to achieve this by applying
innovative technologies and capabilities that provide value to our customers across their entire value chain,
including components, subsystems, systems, data and services. Specific elements of our strategy across our two
segments include:
Earth Intelligence
Driving revenue growth through improvements in our products-We seek to improve and develop new Earth
Intelligence products with WorldView Legion by productizing technologies and derivative content developed in
support of individual customer contracts, such as using more AI/ML to extract features, detect objects and detect
change in our satellite imagery and complementary content. We believe we provide imagery with better than three
times the accuracy of the nearest small-sat competitor and we believe that our accuracy advantage is even greater in
areas where we have leveraged our 3D and elevation capabilities. We believe we will be able to provide even greater
quality imagery and with higher revisit rates upon deployment of our WorldView Legion satellites. The revisit rate
and increase in capacity enables a clearer understanding of on-ground conditions, allowing for more real-time,
actionable analysis to deliver insights on rapidly changing environments and populations, while providing for more
frequent monitoring for defense and intelligence applications, enhanced emergency responsiveness and maritime
surveillance, among other applications. We have developed technology used to enhance the quality and usability of
imagery (e.g. eliminate atmospheric distortions, increase positional accuracy, improved interpretability, etc.), create
information derivatives (e.g. road vectors, material types, land classification, etc.), fuse multiple types of content (e.g.
Internet of Things, optical imagery, synthetic aperture radar imagery, radio frequency information, vectors, social
media, etc.), to detect change, understand patterns of life and gain early warning of trending events. We believe this
type of high-resolution, highly accurate collection capacity will power wide-area, AI/ML modeling, sensor-to-
decision applications and a reference globe for AR/VR metaverse applications. Additionally, we believe our
resolution and accuracy are key enablers for deriving highly accurate and life-like 3D models, which will allow
customers to transition from 2D to 3D capabilities that address critical missions such as GPS-denied navigation,
digital twin simulations, synthetic and real-world training environments, autonomous vehicle routing and
telecommunications network planning. We believe that creating standard products using this technology will grow
our product-based revenue with customers in the technology, defense and intelligence, civil government and global
development organization sectors.
Expanding our relationship with the U.S. government-The U.S. government is the largest customer of our Earth
Intelligence segment through the EOCL Contract, G-EGD and OWT programs and various classified and unclassified
contract vehicles. Demand for geospatial intelligence and services continues to grow given the geopolitical
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and the confluence of high-performance computing and ML algorithms that allow for insights to be extracted from
ever greater levels of data being produced by Earth observation sensors and national and commercial satellite
assets. The U.S. government has expressed interest in increasingly relying on commercial partners to harness the
rapid pace of commercial innovation more effectively, including the continued use of geospatial data given cost
affordability and advances in technology that provide high-quality imagery. We seek to grow our business with the
U.S. government by leveraging the investments we have made across our capability set, including in AI and ML and
our strong record of historic performance.
Growing our installed base and penetration of international defense and intelligence customers-We currently
provide service to U.S.-allied nations through our DAP, RAP, SecureWatch and Precision-3D products. These
customers use our imagery in their civil and intelligence related missions. Our imagery and services are either
complementary to national assets owned by these countries, or in some cases defer the need for a country to invest
in owned and operated national assets. We believe there are many prospective customers that have both the mission
need and budget for our services which we seek to add to our installed base. We also seek to further penetrate
existing customers through the provision of additional data and services. Lastly, we believe there are opportunities
to provide our services to U.S. allied nations who might seek a complement to national capabilities in geospatial
analytics. Our strategy focuses on those countries that currently have deep and longstanding relationships with our
Earth Intelligence segment and other close U.S. allies.
Growing with and expanding our installed base among enterprise customers-We have over 500 enterprise
customers that use our data in their products and applications across a variety of industries including technology,
telecommunications, transportation, mining, mapping, social media and oil and gas. The confluence of high-
performance computing and ML algorithms are allowing for insights to be extracted from ever greater quantities of
imagery and meta data, which in turn is driving innovation across our customer base. We expect this trend to
continue, and we seek to grow with our existing customers as well as to grow our installed base in new industry
verticals by leveraging our sector leading imagery capabilities. Furthermore, we believe our capabilities in AI and
ML, 3D and Big Data Analytics products will position us to sell additional solutions and services to our commercial
customers.
Providing products that leverage artificial intelligence and machine learning-AI and ML enable us to extract
greater insight from our geospatial data to deliver actionable intelligence to our customers. We have continued to
refine and improve our approach to AI and ML, which benefit from our large volumes of historical training data and
high-quality imagery. Our recent acquisition of Wovenware Inc. exemplifies this approach. Productization of our
AI/ML capability will enable delivery of higher value, enriched geospatial data that we expect will facilitate deeper
penetration of the U.S. government, international governments and commercial markets.
Delivering 3D products to global defense, intelligence and commercial customers-We are expanding the demand
for global-scale 3D products. 3D products allow decision-makers to understand their operational environment in 3D -
developing new insights that enable them to make better, faster decisions. We see a growing opportunity to sell 3D
data and software products to the military and intelligence community to support virtual training environments and
provide better information to the warfighter. U.S. and allied defense and intelligence customers are seeking solutions
to support intelligence fusion, maneuver and other mission requirements. We also see significant opportunity with
our commercial customers as they look for more accurate 3D geodata to deliver their products through new mediums
like AR and VR. Additionally, we have entered into license arrangements related to certain consumer applications.
The current investment in 5G networks and Internet of Things provides a unique opportunity to deliver network
operators a better data solution to improve their future networks. Additional use cases continue to grow as 3D
products and precision data-sets become better understood.
Space Infrastructure
Driving revenue through improvement in our products and manufacturing and program capabilities-We are
developing differentiated capabilities that are designed for future space exploration, including propulsion, power and
robotics. We believe these elements will be critical to helping our customers operate in an increasingly contested
space environment and in achieving successful space exploration missions. We are also developing our satellite
architectures and manufacturing capabilities as we strive to assure that we can successfully fulfill both government
and commercial

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customer requirements on future programs, including high volume / low mix and variable volume / high mix programs.
We plan to team with providers of digital payload technology to enhance our offering if our customers express
interest in it. We are also developing relationships across the supply chain to assure that we can seamlessly provide
a broad breadth of mission sets to our customers. Finally, we are working to transform our operations (e.g., location
strategy, workforce shaping, technology and systems investment and Cost Accounting Standard / Federal
Acquisition Regulation (“FAR”) compliance) so that we can address a larger set of opportunities across our
government and commercial customers.
Growing our U.S. and international civil exposure-We have a long history with civil space programs dating back to
the Apollo missions. Current NASA programs include the Power and Propulsion Element for the Lunar Gateway,
OSAM-1, Psyche and TEMPO. We have also built robotic arms on six of NASA’s Mars rovers and landers. We seek
to leverage our investments and expertise in propulsion, power and robotics, as well as our strong legacy of
performance, when pursuing further civil work in the U.S. and abroad.
Deepening our penetration of U.S. national programs-To date, we have won several classified and unclassified
study contracts with U.S. defense and intelligence customers. We seek to further penetrate these markets by utilizing
our flexible satellite architectures, design and engineering capabilities and commercial business practices-all of which
we believe can create compelling value propositions.
Providing flexible platforms to our commercial customers-We currently provide components, subsystems and
system architectures to our customers for communications and Earth observation satellites in LEO, MEO and GEO.
In communications, we offer flexible platforms across various architecture platforms and mission payloads from
standard analog to high throughput, and we are investing in digital systems. In Earth observation, we also offer
flexible solutions across various architecture platforms and mission payloads, including electro-optical. Our goal is
to be positioned well to compete for future single satellite or full constellation build orders from our customers,
across a wide range of the architectures, payloads or Earth orbit chosen to fulfill mission requirements.
Government Contracts and Compliance with Government Regulations
Our operations are heavily regulated under various federal, state, local and international laws. Our operations in the
U.S. government market are subject to significant government regulation. We contract with numerous U.S.
government agencies and entities, including branches of the U.S. military and NASA. We must comply with, and are
affected by, laws and regulations relating to the formation, administration and performance of U.S. government and
other governments’ contracts, including foreign governments. Compliance with legislation or regulations
promulgated by these authorities could result in material adverse effects on our capital expenditures, earnings and
competitive position. In addition, noncompliance with legislation or regulations promulgated by these authorities
could result in limitations on, or the suspension or revocation of, our licenses or registrations, the termination or loss
of contracts or the imposition of contractual damages, civil fines or criminal penalties, any of which could have a
material adverse effect on our business, financial condition and results of operations. Furthermore, any government
policy changes, which may be substantial, could increase regulatory uncertainty. The adoption or modification of
laws or regulations relating to our business could limit or otherwise adversely affect the manner in which we
currently conduct our business. In addition, the manner in which regulations or legislation in these areas may be
interpreted and enforced cannot be precisely determined, which in turn could have an adverse effect on our
business, financial condition and results of operations. Additional information about the government regulations
affecting our business and the risks relating to government contracts and regulations appears in "Risk Factors" in
Item 1A of this Annual Report on Form 10-K.
U.S. Government Contracts
All of our reportable segments have contracts with various governmental entities, which are concentrated in a small
number of primary contracts. The U.S. government may terminate or suspend our contracts, including the EOCL
Contract with the U.S. government in our Earth Intelligence segment, at any time with or without cause. In May 2022,
the NRO awarded us a 10-year contract, inclusive of a 5-year base contract as part of the EOCL Contract. The EOCL
Contract transitioned the imagery acquisition requirements previously addressed by the EnhancedView Contract and
replaces the scope of the EnhancedView Contract with respect to such requirements. While the imagery acquisition
portion of the EnhancedView Contract has moved to EOCL, we will continue to perform other awarded services on
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EnhancedView Contract through 2025, concurrent with the new EOCL Contract. The opportunity to increase services
beyond the awarded amount is also built into the EOCL Contract. Any changes in the size, scope or term of the EOCL
Contract could impact our satellite replenishment strategy and our ability to repay or refinance our long-term debt.
Although our U.S. government contracts generally involve fixed annual minimum commitments, such commitments,
along with all other contracts with the U.S. government, are subject to annual Congressional appropriations and the
federal budget process and as a result, the U.S. government may not continue to fund these contracts at current or
anticipated levels. The loss or reduction in scope of any one of our primary U.S. government contracts would
materially reduce our revenue and adversely impact our operating results and competitive position.
Foreign Operations
Our international contracts may include industrial cooperation agreements requiring specific in-country purchases,
investments, manufacturing agreements or other financial obligations, known as offset obligations, and provide for
penalties in the event we fail to meet such requirements.
Environmental Regulations
Our operations are regulated under various federal, state, local and international laws governing the environment,
including laws governing the discharge of pollutants into the soil, air and water, the management and disposal of
hazardous substances and wastes and the cleanup of contaminated sites. We have infrastructure in place to ensure
that our operations are in compliance with all applicable environmental regulations. We do not believe that the costs
of compliance with these laws and regulations will have a material adverse effect on our capital expenditures,
operating results or competitive position. The imposition of more stringent standards or requirements under
environmental laws or regulations or a determination that we are responsible for the release of hazardous substances
at our sites could result in expenditures in excess of amounts currently estimated to be required for such matters. We
have been designated, along with numerous other companies, as a potentially responsible party for the clean-up of
several hazardous waste sites. Based on available information, we do not believe that any costs incurred in
connection with such sites will have a material adverse effect on our financial condition, results of operations, capital
expenditures or competitive position. There can be no assurance that additional environmental matters will not arise
in the future, or that costs will not be incurred with respect to sites at which no problem is currently known.
Resources
Intellectual Property
We own a substantial intellectual property portfolio that includes many U.S. and foreign patents, as well as many
U.S. and international trademarks, service marks, domain names and copyrights. We actively pursue internal
development of intellectual property. In addition to our patent portfolio, we own other intellectual property such as
unpatented trade secrets, know-how, data and software. Additionally, we rely on licenses of certain intellectual
property to conduct our business operations, including certain proprietary rights to and from third parties. While our
intellectual property rights in the aggregate are important to our operations, we do not believe that any particular
trade secret, patent, trademark, copyright, license or other intellectual property right is of such importance that its
loss, expiration or termination would have a material effect on our business.
Raw Materials
Our businesses are generally engaged in limited manufacturing activities and have minimal near-term exposure to
fluctuations in the supply of raw materials. For those businesses that manufacture and sell products and systems,
most of the value that we provide is labor oriented, such as design, engineering, assembly and test activities. In
manufacturing our products, we use our own production capabilities as well as third-party suppliers and
subcontractors. Certain aspects of our manufacturing activities require relatively scarce raw materials or specialty
component parts; occasionally, we have experienced difficulty in our ability to procure raw materials, components,
sub-assemblies and other supplies

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required in our manufacturing processes. As we have several firm fixed price contracts, we bear some risk to supply
chain delivery issues and price increases.
Research and Development
We have a history of investing in development of technological advancements in our field of aerospace. We have
both internally and externally funded research and development projects. Our current and future business is
dependent on developing new enhancements and technology that go into our existing and future products and
services. Our annual research and development expenses from continuing operations were $40 million in 2022, $27
million in 2021 and $15 million in 2020. We intend to continue our focus on research and development and product
and service enhancements as a key strategy for innovation and growth. One of our current areas of focus is our
development of the WorldView Legion program, a capital project, and other new offerings within our Earth
Intelligence segment, including 3D technology. In our Space Infrastructure segment, we are also focused on the
further development of components to be used in a variety of our products. Our efforts will continue to be directed
into fields that we believe offer the greatest opportunities for long-term growth and profitability.
Human Capital
We endeavor to cultivate a positive employee experience as we deliver on Maxar and customer missions by
attracting, engaging and growing current and future Maxar team members; creating strong partnerships across the
business; championing culture and fostering an inclusive and diverse environment; and impacting the broader
community. We take great pride in our values:
Behind the words are leaders, managers and team members who believe in our values and live by them. As of
December 31, 2022, we employed 4,600 team members globally of which 95.3% are U.S. based and 4.7% are
international. Within the U.S., no team members are unionized, while in Europe a small number of team members are
represented by a trade union. Additionally, Maxar employs a highly technical workforce, with 64.2% of our U.S.
employees working in technical roles as defined by technical occupations in engineering and information
technology. All of these roles require deep technical specialization and knowledge, as well as managers, directors
and executives who oversee technical employees and the development and delivery of technical products.
Attracting Talent
The success of Maxar’s business depends largely on our ability to attract, engage and grow a diverse population of
talented technical and skilled team members at all levels. To succeed in highly competitive labor markets and for skill
sets that are scarce in the market, we have developed talent acquisition, total rewards and team member engagement
strategies, to achieve and maintain a competitive position.
Total Rewards
Our employee rewards programs are designed to provide an innovative, equitable, competitive, sustainable and
scalable package that allows us to compete for and retain top talent in our industry and markets, aligned with
Maxar’s business and strategic objectives.

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We strive to offer comprehensive benefits at a highly competitive cost-share to U.S. team members, including health
insurance, direct round-the-clock access to doctors virtually and on-site, an array of targeted wellbeing programs,
paid and unpaid leave, parental leave for all new parents for birth or adoption, retirement, life and disability programs,
voluntary benefit options flexible to individual team member and family needs, tuition reimbursement, student loan
forgiveness, adoption reimbursement, pet insurance and enhanced mental and emotional health support.
In order to encourage our value “We Act Like Owners”, we offer an Employee Stock Purchase Plan with a discount
for team members in countries where it is practical to offer the program. We also offer short- and long-term incentive
programs to eligible team members.
Outside of the U.S., we provide benefits, retirement and time-off in countries where we have a meaningful population
of team members, designed based upon, among other things, market-specific practices and culture alignment.
Engaging Talent
Our culture at Maxar is designed to enable our team members to do their most meaningful work through innovative,
adaptable, and unmatched experiences. We focus on attracting and retaining the right talent for Maxar to drive future
business outcomes and enrich the experience by enabling our people grow to and develop as individuals. We
regularly seek to engage team members in an ongoing dialogue through town-halls, surveys, quarterly check-ins and
listening sessions. We focus on topics including Maxar strategy and business updates, understanding leadership
effectiveness, communications clarity, and other areas for improvements. All employees are encouraged to recognize
each other and celebrate successes through our STAR recognition program.
In 2022, we implemented a new learning management system, through Workday Learning, which provides a
centralized, streamlined platform for employees to access learning content and offerings provided by Maxar. This
platform, with over 8,500 pieces of learning content makes learning more accessible to the whole of the organization.
Maxar equips our managers to engage their teams more effectively by offering live, in-person training as well as self-
direct on demand training. Catalyst and Ignite, our cohort-based leadership development programs, provide people
managers with curriculum topics that include a focus on competencies tied to personal grit, team engagement and
accountability and results. Spark, a new addition to Maxar’s leadership development offerings, is a self-paced, self-
directed leadership development preparation tool. Based in the Maxar Leadership Framework, Spark is a 10-hour
program for individual contributors.
With a focus on retention and filling critical positions, we have dedicated efforts towards awareness across Maxar of
our open positions. We promote internal mobility, growth through career opportunities and developmental roles. We
also encourage employee referrals for critical roles knowing referrals are the number one source of hires.
Diversity, Inclusion and Belonging
As a purpose-driven organization built on our values, our Diversity, Inclusion and Belonging (“DIB”) strategy is to
foster a culture of inclusion and belonging. We know that our greatest strength comes from our team members.
When our team members feel like they belong and their opinions are respected, everyone can perform to their
greatest potential.
The DIB strategy is a three-pronged approach that informs and guides us in this journey to:
●
Build a diverse, high-performing workforce by focusing on increasing diverse candidates in early
career roles and in technical positions.
●
Foster a culture of inclusion and belonging by growing inclusive leaders and increasing cultural
awareness.
●
Make an impact in the community and marketplace through together the efforts of the Maxar
Better World Foundation.

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In 2022, to focus on attracting and retaining female and nonbinary technical talent, we became partners with
AnitaB.org and attended the Grace Hopper Celebration. Through the partnership, we provided AnitaB.org
memberships to our team members focusing on mentorship. Additionally, we invited female and nonbinary
technologists to attend the Grace Hopper Celebration which provided networking and professional development
opportunities.
We also continue to focus on increasing the number of diverse candidates in director-level and above leadership
roles. For director-level and above roles, we are striving to ensure that a diverse slate of candidates, including at
least one female and one ethnically diverse, disabled or veteran candidate, is presented. We have a goal to ensure a
diverse slate for 50% or more of our director-level and above leadership roles. In 2022, 75% of open requisitions met
the diverse slate requirement and 50% of the positions were filled by diverse candidates.
To foster a culture of inclusion and belonging, we launched a new Global Inclusion Course to all team members to
raise awareness of implicit bias and teach the foundations of what it takes to be inclusive within a complex, diverse
global working environment.
Maxar continues to be committed to making progress on this journey and will stay curious and focused on
cultivating an inclusive environment that promotes and values diversity, inclusion and belonging. Maxar, as a
values-based company, makes this a priority, not just because it’s the right thing to do, but because it makes Maxar
stronger.
Our 2022 data of our U.S. workforce is below:

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Available Information
Our website can be accessed at http://www.maxar.com. The website contains information about us and our
operations. Through a link on the Investor Relations section of our website, copies of our filings with the U.S.
Securities and Exchange Commission (“SEC”), including any Annual Reports on Form 10-K, Quarterly Reports on
Form 10-Q, Current Reports on Form 8-K, Proxy Statements and Forms 3, 4 and 5 filed on behalf of directors and
executive officers and amendments to each of those reports and statements can be viewed and downloaded free of
charge as soon as reasonably practicable after the reports have been filed or furnished with the SEC. The information
on our website is not incorporated by reference and is not a part of this Annual Report on Form 10-K. Additionally,
our reports, proxy and information statements and other information filed with the SEC are available on the SEC’s
website at http://www.sec.gov. Our reports, proxy and information statements and other information filed can also be
found under our SEDAR profile at www.sedar.com.
ITEM 1A. RISK FACTORS
We operate in a changing global environment that involves numerous known and unknown risks and uncertainties
that could materially adversely affect our business, financial condition and results of operations. The occurrence of
any of the following risks could materially and adversely affect our business, financial condition, prospects, results
of operations and cash flows. 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.
Risk Factors Summary
Below is a summary of the principal risk factors that could adversely affect our business. This summary does not
address all the risks that we face. Additional discussion of the risks summarized in this risk factor summary, and
other risks, can be found after this summary in Item 1A of this Annual Report on Form 10-K.
●
There are material uncertainties and risks associated with the proposed Merger, including the timing of the
consummation of the Merger, which may adversely affect our business and ongoing operations, financial
condition and results of operations, employees, customers, shareholders, other parties and business
prospects and a failure to complete the Merger on the terms reflected in the Merger Agreement or at all could
have a material and adverse effect on our business, financial condition, results of operations, financial
condition, cash flows, and stock price.

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●
Our business, financial condition and results of operations could be materially adversely affected by impacts
resulting from the conflict in Ukraine or related geopolitical tensions.
●
The future revenue and operating results of the Space Infrastructure segment are dependent on our ability to
generate a sustainable order rate for the satellite and space manufacturing operations and develop new
technologies to meet the needs of our customers or potential new customers.
●
Our business with various governmental entities is subject to the policies, priorities, regulations, mandates
and funding levels of such governmental entities and may be negatively or positively impacted by any
change thereto.
●
Our revenue, results of operations and reputation may be negatively impacted if our programs fail to meet
contractual requirements or our products contain defects or fail to operate in the expected manner.
●
Any significant disruption in or unauthorized access to our computer systems or those of third parties that
we utilize in our operations, including those relating to cybersecurity or arising from cyber-attacks, and
security threats could result in a loss or degradation of service, unauthorized disclosure of data, or theft or
tampering of intellectual property, any of which could materially adversely impact our business.
●
Satellites are subject to construction and launch delays, launch failures, damage or destruction during
launch, the occurrence of which can materially and adversely affect our operations.
●
If our satellites fail to operate as intended, it could have a material adverse effect on our business, financial
condition and results of operations.
●
Loss of, or damage to, a satellite and the failure to obtain data or alternate sources of data for our products
may have an adverse impact on our results of operations and financial condition.
●
Interruption or failure of our infrastructure or national infrastructure could hurt our ability to effectively
perform our daily operations and provide and produce our products and services, which could damage our
reputation and harm our operating results.
●
Our business with various governmental entities is concentrated in a small number of primary contracts. The
loss or reduction in scope of any one of our primary contracts would materially reduce our revenue.
●
We operate in highly competitive industries and in various jurisdictions across the world, which may cause
us to have to reduce our prices or to lose market share.
●
Uncertain global macro-economic and political conditions could materially adversely affect our results of
operations and financial condition.
●
We are a party to legal proceedings, investigations and other claims or disputes, which are costly to defend
and, if determined adversely to us, could require us to pay fines or damages, undertake remedial measures or
prevent us from taking certain actions, any of which could adversely affect our business.
●
We are dependent on our ability to attract, train and retain employees. Our inability to do so, or the loss of
key personnel, would cause serious harm to our business.
●
Disruptions in U.S. government operations and funding could have a material adverse effect on our
revenues, earnings and cash flows and otherwise adversely affect our financial condition.
●
Changes in U.S. government policy regarding use of commercial data or space infrastructure providers, or
material delay or cancellation of certain U.S. government programs, may have a material adverse effect on our
revenue and our ability to achieve our growth objectives.
●
Our business involves significant risks and uncertainties that may not be covered by insurance.
●
We often rely on a single vendor or a limited number of vendors to provide certain key products or services
and the inability of these key vendors to meet our needs could have a material adverse effect on our
business.
●
Disruptions in the supply of key raw materials or components and difficulties in the supplier qualification
process, as well as increases in prices of raw materials, could adversely impact us.

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●
Changes in our accounting estimates and assumptions could negatively affect our financial position and
results of operations.
●
We may be required to recognize impairment charges.
●
Our business is capital intensive, and we may not be able to raise adequate capital to finance our business
strategies, including funding future satellites, or to refinance or renew our debt financing arrangements, or we
may be able to do so only on terms that significantly restrict our ability to operate our business.
●
Our ability to obtain additional debt or equity financing or government grants to finance operating working
capital requirements and growth initiatives may be limited or difficult to obtain, which could adversely affect
our operations and financial condition.
●
Our indebtedness and other contractual obligations could adversely affect our financial condition, our ability
to raise additional capital to fund our operations, our ability to operate our business, our ability to react to
changes in the economy or our industry and our ability to pay our debts and could divert our cash flow from
operations for debt payments.
●
Our current financing arrangements contain certain restrictive covenants that impact our future operating and
financial flexibility.
●
Our actual operating results may differ significantly from our guidance.
●
We could be adversely impacted by actions of activist stockholders, and such activism could impact the
value of our securities.
●
The price of our common stock has been volatile and may fluctuate substantially.
●
Our operations in the U.S. government market are subject to significant regulatory risk.
●
Failure to comply with the requirements of the National Industrial Security Program Operating Manual could
result in interruption, delay or suspension of our ability to provide our products and services, and could
result in loss of current and future business with the U.S. government.
●
Our business is subject to various regulatory risks that could adversely affect our operations.
●
Changes in tax law, in our tax rates or in exposure to additional income tax liabilities or assessments may
materially and adversely affect our financial condition, results of operations and cash flows.
●
Our ability to use our U.S. federal and state net operating loss carryforwards and certain other tax attributes
may be limited.
●
Our operations are subject to governmental law and regulations relating to environmental matters, which may
expose us to significant costs and liabilities that could negatively impact our financial condition.
Risks Related to Our Proposed Merger
There are material uncertainties and risks associated with the proposed Merger, including the timing of the
consummation of the Merger, which may adversely affect our business and ongoing operations, financial
condition and results of operations, employees, customers, shareholders, other parties and business prospects and
a failure to complete the Merger on the terms reflected in the Merger Agreement or at all could have a material
and adverse effect on our business, financial condition, results of operations, financial condition, cash flows, and
stock price.
●
The announcement and pendency of the proposed Merger may adversely affect our business, financial
condition and results of operations.
On December 15, 2022, we entered into the Merger Agreement with affiliates of funds advised by Advent,
and BCI. Uncertainty about the effect of the proposed Merger on our employees, customers, shareholders
and other parties may have an adverse effect on our business, financial condition and results of operation
regardless of

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whether the proposed Merger is completed. These risks to our business include the following, all of which
could be exacerbated by a delay in the completion of the proposed Merger:
•
the impairment of our ability to attract, retain, and motivate our employees, including key
personnel;
•
the diversion of significant management time and resources towards the completion of the
proposed Merger;
•
difficulties maintaining relationships with customers, suppliers, and other business partners;
•
delays or deferments of certain business decisions by our customers, suppliers, and other
business partners;
•
the inability to pursue alternative business opportunities or make appropriate changes to our
business because the Merger Agreement requires us to use reasonable best efforts to conduct
our business in the ordinary course of business and not engage in certain kinds of transactions
prior to the completion of the proposed Merger;
•
litigation relating to the proposed Merger and the costs related thereto;
•
the incurrence of significant costs, expenses, and fees for professional services and other
transaction costs in connection with the proposed Merger; and
•
the limitation on our ability to utilize our existing deferred tax assets related to the U.S. federal and
state net operating loss (“NOL”) carryforwards and our U.S. tax credit carryforwards
Additionally, in approving the Merger Agreement, our Board of Directors considered a number of factors
and potential benefits, including the fact that the Merger consideration to be received by holders of our
common stock represented an approximately 129% premium over Maxar’s closing stock price of $23.10 on
December 15, 2022, the last full trading day prior to the announcement of the proposed Merger. If the
Merger is not completed, neither we nor the holders of our common stock will realize this benefit of the
Merger. Moreover, we would have incurred substantial transaction-related fees and costs and the loss of
management time and resources.
●
Failure to consummate the proposed Merger within the expected timeframe or at all could have a material
adverse impact on our business, financial condition and results of operations.
There can be no assurance that the proposed Merger will be consummated. The consummation of the
proposed Merger is subject to certain regulatory approvals and customary closing conditions. The
obligation of each party to consummate the Merger is also conditioned upon the other party’s
representations and warranties being true and correct to the extent specified in the Merger Agreement and
the other party having performed in all material respects its obligations under the Merger Agreement. There
can be no assurance that these and other conditions to closing will be satisfied in a timely manner or at all.
The Merger Agreement also includes customary termination provisions for both the Company and Parent,
and we may be required to pay Parent a termination fee equal to $124.5 million in certain specified
circumstances, including, among other circumstances, if Parent terminates the Merger Agreement pursuant
to its Triggering Event Termination Right (as defined in the Merger Agreement) or if the Company
terminates the Merger Agreement pursuant to its Superior Proposal Termination Right (as defined in the
Merger Agreement). If we are required to make this payment, doing so may materially adversely affect our
business, financial condition and results of operations.
There can be no assurance that a remedy will be available to us in the event of a breach of the Merger
Agreement by Parent or its affiliates or that we will wholly or partially recover for any damages incurred by
us in connection with the proposed Merger. A failed transaction may result in negative publicity and a
negative impression of us among our customers or in the investment community or business community
generally. Further, any disruptions to our business resulting from the announcement and pendency of the
proposed Merger, including any adverse changes in our relationships with our customers, partners,
suppliers and employees, could continue or accelerate in the event of a failed transaction. In addition, if the
proposed Merger is not completed, and there are no other parties willing and able to acquire the Company
at a price of $53.00 per share or higher, on terms acceptable to us, the share price of our common stock will
likely decline to the extent

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that the current market price of our common stock reflects an assumption that the proposed Merger will be
completed. Also, we have incurred, and will continue to incur, significant costs, expenses and fees for
professional services and other transaction costs in connection with the proposed Merger, for which we
will have received little or no benefit if the proposed Merger is not completed. Many of these fees and costs
will be payable by us even if the proposed Merger is not completed and may relate to activities that we
would not have undertaken other than to complete the proposed Merger.
●
Prior to the completion of the Merger or the termination of the Merger Agreement in accordance with its terms,
we are prohibited from entering into certain transactions and taking certain actions that might otherwise be
beneficial to us and our stockholders.
After the date of the Merger Agreement and prior to the effective time, the Merger Agreement restricts us
from taking specified actions without the consent of Parent (which consent may not be unreasonably
withheld, conditioned or delayed) and requires that our business be conducted in all material respects in the
ordinary course of business. These restrictions may prevent us from making appropriate changes to our
businesses or organizational structures or from pursuing attractive business opportunities that may arise
prior to the completion of the Merger and could have the effect of delaying or preventing other strategic
transactions. Adverse effects arising from the pendency of the Merger could be exacerbated by any delays
in consummation of the Merger or termination of the Merger Agreement.
●
The Merger, including uncertainty regarding the Merger, may cause customers, suppliers, distributors or
strategic partners to delay or defer decisions, which could negatively affect our business and adversely affect
our ability to effectively manage our business.
The Merger will happen only if certain conditions are met. Many of the conditions are outside our control,
and both we and Parent also have the right to terminate the Merger Agreement in certain circumstances.
Accordingly, there may be uncertainty regarding the completion of the Merger. This uncertainty may cause
customers, suppliers, distributors, strategic partners or others that deal with us to delay or defer entering
into contracts with us or making other decisions concerning us or seek to change or cancel existing
business relationships, which could negatively affect our business. Any delay or deferral of those
decisions or changes in existing agreements could have a material adverse effect on our business,
regardless of whether the Merger is ultimately completed.
●
The Merger may cause difficulty in attracting, motivating and retaining employees.
Our current and prospective employees may experience uncertainty about their future role with the
Company until strategies with regard to these employees are announced or executed, which may impair our
ability to attract, retain and motivate key management, technical, business development, operational and
customer-facing employees and other personnel prior to the Merger. If we are unable to retain and replace
personnel, we could face disruptions in our operations, loss of existing customers, loss of key information,
expertise or know-how, and unanticipated additional recruitment and training costs.
●
The Merger Agreement limits our ability to pursue alternatives to the Merger and may discourage other
companies from trying to acquire us for greater consideration than what Parent has agreed to pay.
The Merger Agreement contains provisions that make it more difficult for us to sell our business to a
company other than Parent. These provisions include a general prohibition on us soliciting any acquisition
proposal or offer for a competing transaction following the conclusion of the “go-shop” period provided for
in the Merger Agreement, which concluded at 11:59 p.m. New York City time on February 14, 2023. To date,
no party has made an acquisition proposal following the execution of the Merger Agreement. If we
terminate the Merger Agreement in connection with our Board of Directors’ authorization for us to enter
into a definitive agreement to consummate an alternative transaction contemplated by a superior proposal,
we will be required to pay a termination fee of $124.5 million. We may also be required to pay the $124.5
million termination fee if we or Parent terminate the Merger Agreement under certain other circumstances
specified in the Merger Agreement.

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These provisions might discourage a third party that has an interest in acquiring all or a significant part of
the Company from considering or proposing an acquisition, even if the party were prepared to pay
consideration with a higher per share cash or market value than the cash value proposed to be received in
the Merger, or might result in a potential competing acquirer proposing to pay a lower price than it might
otherwise have proposed to pay because of the added expense of the termination fee that may become
payable in certain circumstances.
●
Stockholder litigation could result in substantial costs and may delay or prevent the Merger from being
completed.
In connection with the announcement of the Merger, as is common in the context of mergers and
acquisitions of publicly-traded companies, we (along with our directors and officers) have been named in
lawsuits and may attract additional lawsuits seeking to enjoin us from proceeding with or consummating the
Merger, or seeking to have the Merger rescinded after its consummation. Defending against such claims,
even those without merit, could result in substantial costs and divert management’s time and resources,
which may negatively impact our financial condition and adversely affect our business and results of
operations. Such claims could prevent or delay the consummation of the Merger, including through an
injunction, and result in additional costs to us. The ultimate resolution of any such lawsuit cannot be
predicted, and an adverse ruling in any such lawsuit may cause the Merger to be delayed or not to be
completed, which could cause us not to realize some or all of the anticipated benefits of the Merger. For a
discussion of the lawsuits that are currently pending, see Note 22 “Commitments and Contingencies” to the
Consolidated Financial Statements in Part II, Item 8, “Financial Statements and Supplemental Data” in this
Annual Report on Form 10-K, which is hereby incorporated by reference.
Risks Related to Our Business
Our business, financial condition and results of operations could be materially adversely affected by impacts
resulting from the conflict in Ukraine or related geopolitical tensions.
U.S. and global businesses and markets are experiencing volatility and disruption following the escalation of
geopolitical tensions and military conflict between Russia and Ukraine. The recent military conflict in Ukraine has
also led to sanctions and other penalties being levied by the United States, European Union and other countries
against Russia. Additional potential sanctions and penalties have also been proposed and/or threatened. Although
the length and impact of the ongoing military conflict is highly unpredictable, the conflict in Ukraine has led to and
could lead to further regional instability, market disruptions, geopolitical shifts and adverse effects on
macroeconomic conditions, security conditions, currency exchange rates, and the supply chain, which could create
or exacerbate risks facing our business.
For example, market disruptions caused by Russian military actions and the resulting sanctions have adversely
affected and could continue to adversely affect the global economy and financial markets, leading to significant
volatility and instability in credit and capital markets and a lack of liquidity in capital markets, potentially making it
more difficult for us to raise capital.
Further, because of our recent prominence in the media and continued support of the U.S. government and other
governments and various media outlets throughout the world, we (and/or partners we use) may be susceptible to
attacks by advanced, persistent and highly organized adversaries, including nation states and hostile foreign
governments such as Russia and its allies. These attacks could come in the form of, among others, anti-satellite
devices, electromagnetic or radio interference with our satellites, cyber and other security attacks, and other similar
types of attacks, any or all of which are potentially capable of destroying our satellites or ground systems
architecture or rendering them permanently impaired or inoperable. In the event of one or more of these attacks on us
and/or our partners, there can be no assurance that any insurance proceeds will be available for any partial or total
loss of a satellite or a satellite’s performance or any resulting business interruption, and our business, financial
condition and results of operations could be materially adversely affected. See also “Our business involves
significant risks and uncertainties that may not be covered by insurance” below.

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Additionally, although we believe there are alternative sources available to us for products, materials, components
and services, if these conditions continue for a prolonged period, we may also experience supply chain disruptions,
logistics restrictions, shortages in the availability of key materials and components and our reputation and
relationships with our customers may become impaired if we are unable to meet a customer’s expectations or
contractual requirements. The occurrence of any of the foregoing, especially over a prolonged period, could have a
material adverse effect on our financial condition and results of operations.
We are actively monitoring the situation in Ukraine and globally and assessing its potential impact on our business.
The recent military conflict in Ukraine has positively impacted our revenues and earnings. This may not reoccur in
the future in the event of any future resolution of conflict or ease of tensions in Ukraine and it is possible that the
conflict may adversely affect our operations in the future. The extent and duration of the military action, sanctions
and resulting market disruptions are impossible to predict, but could be substantial, and it is impossible to predict
the extent to which our operations, or those of our suppliers, vendors and customers, will be impacted in the short
and long term, or the ways in which the conflict may impact or disrupt our business. Any such impacts or
disruptions may also magnify the impact of other risks described in this Annual Report on Form 10-K.
The future revenue and operating results of the Space Infrastructure segment are dependent on our ability to
generate a sustainable order rate for the satellite and space manufacturing operations and develop new
technologies to meet the needs of our customers or potential new customers.
The Space Infrastructure segment’s financial performance is dependent on its ability to generate a sustainable order
rate for its satellite and space manufacturing operations. This can be challenging and may fluctuate on an annual
basis as the number of satellite construction contracts awarded varies and in 2018 there was a substantial step down
in the total number and dollar value of geostationary communication satellite contracts awarded compared to such
historical averages prior to 2015. The industry now expects an average of 13 GEO commercial satellite orders per year
over the next ten years; however, the actual number of awards may fluctuate. Many satellite operators in the
communications industry have continued to defer new satellite construction awards to evaluate geostationary and
other competing satellite system architectures and other market factors. If we are unable to win new awards or
execute existing contracts as expected, our business, results of operations and financial position could be further
adversely affected.
The cyclical nature of the commercial satellite market could negatively impact our ability to accurately forecast
customer demand. The markets that we serve may not grow in the future and we may not be able to maintain
adequate gross margins or profits in these markets. Specifically, sales of the 1300-class bus have historically been
important to our results and there is no assurance that this market will continue to grow or demand levels will
increase, nor is there assurance that the market for the smaller bus, which spans a range from 500kg to 1300kg, will
offset any decreases in the market for the 1300-class bus or provide future growth. Our growth is dependent on the
growth in the sales of services provided by our customers, our customers’ ability to anticipate market trends and our
ability to anticipate changes in the businesses of our customers and to successfully identify and enter new markets.
If we fail to anticipate such changes in demand, our business, results of operations and financial position could be
adversely affected.
The satellite manufacturing industry is driven by continued investment in technologies to meet changing customer
demand for complex and reliable services. Our satellite systems embody complex technologies and may not always
be compatible with current and evolving technical standards and systems developed by others. Other satellite
manufacturers have developed or are developing digital payloads which increase flexibility for geostationary
satellites in circumstances with unpredictable demand. We plan to team with providers of this technology to enhance
our offering if our customers express interest in it.
Failure or delays to develop technologies or team with providers to obtain technologies to meet the requisite and
evolving industry or user standards could have a material adverse effect on our business, results of operations and
financial condition. Failure of suppliers to deliver against end customer requirements could lead to a material adverse
effect on our financial results within the Space Infrastructure segment.

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Our business with various governmental entities is subject to the policies, priorities, regulations, mandates and
funding levels of such governmental entities and may be negatively or positively impacted by any change thereto.
Changes in government policies, priorities, regulations, use of commercial data providers to meet U.S. government
imagery needs, government agency mandates, funding levels through agency budget reductions, the imposition of
budgetary constraints or a decline in government support or deferment of funding for programs in which we or our
customers participate could result in contract terminations, delays in contract awards, reduction in contract scope,
performance penalties or breaches of our contracts, the failure to exercise contract options, the cancellation of
planned procurements and fewer new business opportunities, all of which could negatively impact our business,
financial condition, results of operations and cash flows.
We are subject to the procurement policies and procedures set forth in the FAR. FAR governs all aspects of
government contracting, including contractor qualifications and acquisition procedures. The FAR provisions in U.S.
government contracts must be complied with in order for the contract to be awarded and provides for audits and
reviews of contract procurement, performance and administration. Failure to comply with the provisions of the FAR
could result in contract termination.
In addition, contracts with any government, including the U.S. government, may be terminated or suspended by the
government at any time and could result in significant liability obligations for us. We seek to have in place as
standard provisions, termination for convenience language which reimburses us for reasonable costs incurred,
subcontractor and employee termination and wind-down costs plus a reasonable amount of profit thereon. However,
reparations for termination may fall short of the financial benefit associated with full completion and operation of a
contract. In addition, we may not be able to procure new contracts to offset the revenue or backlog lost as a result of
any termination of government contracts. The loss of one or more large contracts could have a material adverse
impact on our business, financial condition, results of operations and cash flows. See also “Our business with
various governmental entities is concentrated in a small number of primary contracts. The loss or reduction in
scope of any one of our primary contracts would materially reduce our revenue” below.
Our revenue, results of operations and reputation may be negatively impacted if our programs fail to meet
contractual requirements or our products contain defects or fail to operate in the expected manner.
We sell complex and technologically advanced systems, including satellites, products, hardware and software.
Sophisticated software, including software developed by us, may contain defects that can unexpectedly interfere
with the software’s intended operation. Defects may also occur in components and products that we manufacture or
purchase from third parties. Most of the satellites and systems we have developed must function under demanding
and unpredictable operating conditions and in harsh and potentially destructive environments. In addition, we may
agree to the in-orbit delivery of a satellite, adding further risks to our ability to perform under a contract. Failure to
achieve successful in-orbit delivery could result in significant penalties and other obligations on us.
We employ sophisticated design and testing processes and practices, which include a range of stringent factory and
on-site acceptance tests with criteria and requirements that are jointly developed with customers. Our systems may
not be successfully implemented, pass required acceptance criteria, or operate or give the desired output, or we may
not be able to detect and fix all defects in the satellites, products, hardware and software we sell or resolve any
delays or availability issues in the launch services we procure. Failure to do so could result in increased costs, lost
revenue and damage to our reputation and may adversely affect our ability to win new contract awards. We
manufacture satellites with the intention of receiving full contractual value for builds; however, due to the inherent
complexity, a number of adverse variables could negatively impact our ability to collect on the full amount of
contractual consideration including circumstances where we may work in advance of customer funding. Such
variables include, among others, schedule delays, including those caused by suppliers or major subcontractors,
contractual disputes, failure to meet technological requirements and customer solvency concerns. These variables
could lead to termination for convenience or default on our contracts which could have a material adverse effect on
our financial results. Historically, we have experienced significant delays in the building of certain satellites. For
example, on November 22, 2022, we publicly disclosed material financial impacts of an amendment of the JUPITER 3
contract with a subsidiary of EchoStar Corporation, which was related to certain delays in the JUPITER 3 program.
The schedule delays we from time to time experience in our satellite builds, some of which are

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significant, are due to a number of factors, inclusive of COVID-19 delays, supply chain disruptions, subcontractor
issues and technological requirements and we work closely with our customers to address these delays. We have,
where appropriate, asserted force majeure provisions in our contracts but these can be subject to dispute.
Any significant disruption in or unauthorized access to our computer systems or those of third parties that we
utilize in our operations, including those relating to cybersecurity or arising from cyber-attacks, and security
threats could result in a loss or degradation of service, unauthorized disclosure of data, or theft or tampering of
intellectual property, any of which could materially adversely impact our business.
Our operations, products, solutions, analysis and intellectual property are inherently at risk of loss, unauthorized
access, tampering by both insider threats and external bad actors, or disruption due to inadvertent misconfiguration
of our computers and networks. In particular, our operations face various cyber and other security threats, including
those caused by physical or electronic break-ins, computer viruses, malware, worms, attacks by hackers or foreign
governments, disruptions from unauthorized access and tampering, including through social engineering such as
phishing attacks, coordinated denial-of-service attacks and similar incidents. These cyber and other security threats
could result in attempts to gain unauthorized access to sensitive information, intellectual property, mission
operations and networks. Our systems (internal, customer and partner systems) and assets may also be subject to
damage or interruption from natural and other disaster events or disruptions including tsunamis, floods,
earthquakes, fires, water shortages, other extreme weather conditions, epidemics or pandemics, acts of domestic or
foreign terrorism, workplace violence, power shortages and blackouts, aging infrastructures and telecommunications
failures. In addition, threats to the safety of our directors and employees, threats to the security of our facilities,
infrastructure and supply chain, or the release of misleading or deceptive information by criminal, terrorist, or other
bad actors, could have a material adverse impact on our business.
Our products, solutions and analysis that we develop or deliver to our customers are also at risk of disruption, loss,
or tampering. The integrity of the data (e.g., pixels), information, and analysis in our products and services is at risk
of being manipulated either before or after delivery to a customer. Our products with derived information
characteristics are also at risk of being incorrect due to errors of deceptive practices by others.
Our customers and partners (including our supply chain and joint ventures) face similar threats. Customer or partner
proprietary, classified, or sensitive information stored on our networks is at risk. Assets and intellectual property and
products in customer or partner environments are also inherently at risk. We also have risk where we have access to
customer and partner networks and face risks of breach, disruption or loss as well. Our supply chain for products
and services also is becoming more diverse and therefore the risk is growing.
We have implemented certain systems and processes to help thwart bad actors and protect our data and our systems
and assets. The techniques used to gain unauthorized access are constantly evolving, however, and we may be
unable to prevent or mitigate all unauthorized access, disruption, loss, or harm. Because of our highly desired
intellectual property and our support of the U.S. government and other governments, we (and/or partners we use)
may be a particularly attractive target for such attacks by advanced, persistent and highly organized adversaries,
including nation states and hostile foreign governments, such as Russia and its allies. The risk of these attacks
could be exacerbated by the conflict between Russian and Ukraine discussed above. From time to time, we have
experienced attacks on our systems from bad actors that, to date, have not had a material adverse effect on our
business. We cannot offer assurances, however, that future attacks will not materially adversely affect our business.
A security event or other significant disruption of our systems, assets, products or solutions could:
•
disrupt the proper functioning of our networks, applications and systems and therefore our operations
and/or those of certain of our customers, or partners;
•
result in the unauthorized access to, and destruction, loss, theft, misappropriation or release of, our or our
customers’ proprietary, confidential, sensitive or otherwise valuable information, including trade secrets,
which others could use to compete against us or for disruptive, destructive or otherwise harmful purposes
and outcomes;
•
destroy or degrade assets including space, ground and intellectual property assets;

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•
manipulate or tamper with our products, solutions, analysis, or other systems delivered to our customers or
partners;
•
compromise other sensitive government functions; and
•
damage our reputation with our customers (particularly agencies of various governments) and the public
generally.
A security event that involves classified or other sensitive government information or certain controlled technical
information, could subject us to civil or criminal penalties and could result in loss of our secure facility clearance and
other accreditations, loss of our government contracts, loss of access to classified information, loss of export
privileges or debarment as a government contractor. The risk that these types of events could seriously harm our
business is likely to increase as we expand the number of web-based products and services we offer as well as
increase the number of countries within which we do business.
Satellites are subject to construction and launch delays, launch failures, damage or destruction during launch,
the occurrence of which can materially and adversely affect our operations.
Delays in the construction of satellites and the procurement of requisite components and launch vehicles, limited
availability of appropriate launch windows, possible delays in obtaining regulatory approvals, satellite damage or
destruction during launch, launch failures, or incorrect orbital placement could have a material adverse effect on our
business, financial condition and results of operations. The loss of, or damage to, a satellite due to a launch failure
could result in significant delays in anticipated revenue to be generated by that satellite. Any significant delay in the
commencement of service of a satellite would delay or potentially permanently reduce the revenue anticipated to be
generated by that satellite. In addition, if the loss of a satellite were to occur, such as with our loss of WorldView-4,
we may not be able to accommodate affected customers with our other satellites or data from another source until a
replacement satellite is available, and we may not have on hand, or be able to obtain in a timely manner, the
necessary funds to cover the cost of any necessary satellite replacement. We may also dispute with customers the
extent and consequences of any loss or delay. Any launch delay, launch failure, underperformance, delay or
perceived delay could have a material adverse effect on our results of operations, business prospects and financial
condition.
If our satellites fail to operate as intended, it could have a material adverse effect on our business, financial
condition and results of operations.
The manufacturing, testing, launching and operation of satellites involves complex processes and technology. Our
satellites employ advanced technologies and sensors that are exposed to severe environmental stresses in space
that have and could affect the performance of our satellites. Hardware component problems in space could lead to
deterioration in performance or loss of functionality of a satellite. In addition, human operators may execute improper
implementation commands that may negatively impact a satellite’s performance. Exposure of our satellites to an
unanticipated catastrophic event, such as a meteor shower or a collision with space debris, could reduce the
performance of, or completely destroy, the affected satellite. In December 2018, our WorldView-4 satellite experienced
a failure in its control moment gyros, preventing the satellite from collecting imagery.
We cannot provide assurances that our satellites will continue to operate successfully in space throughout their
expected operational lives. Even if a satellite is operated properly, technical flaws in that satellite’s sensors or other
technical deficiencies or anomalies could significantly hinder its performance, which could materially affect our
ability to collect imagery and market our products and services successfully. While some anomalies are covered by
insurance policies, others are not or may not be covered, or may be subject to large deductibles.
If we suffer a partial or total loss of a deployed satellite, such as the failure of WorldView-4, we would need a
significant amount of time and would incur substantial expense to replace that satellite. We may experience other
problems with our satellites that may reduce their performance. During any period of time in which a satellite is not
fully operational, we may lose most or all of the revenue that otherwise would have been derived from that satellite.
Our inability to repair or replace a defective satellite or correct any other technical problem in a timely manner could
result in a significant loss of revenue. If a satellite experiences a significant anomaly such that it becomes impaired or
is no longer functional, it

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would significantly impact our business, prospects and profitability. Additionally, our review of satellite lives could
extend or shorten the depreciable lives of our satellites, which would have an impact on the depreciation we
recognize.
Loss of, or damage to, a satellite, adversarial actions impacting the function of our satellites and the failure to
obtain data or alternate sources of data for our products may have an adverse impact on our results of
operations and financial condition.
In the Earth Intelligence segment, we rely on data collected from a number of sources including data obtained from
satellites. We may become unable or limited in our ability to collect such data. For example, satellites can temporarily
go out of service and be recovered, or cease to function for reasons beyond our control, including the quality of
design and construction, the supply of fuel, the expected gradual environmental degradation of solar panels, the
durability of various satellite components and the orbits and space environments in which the satellites are placed
and operated. Electrostatic storms, collisions with other objects or actions by malicious actors, including cyber
related, could also damage the satellites. Our satellites may be subject to an increased risk of collision with other
space objects due to growth in the number of commercial and government satellites. In addition, the functioning of
our satellites could be adversely impacted by potential adversarial actions that may create more space debris or
through anti-satellite devices, electromagnetic or radio interference with our satellites, cyber and other security
attacks, and other similar types of attacks, any or all of which are potentially capable of destroying our satellites or
ground systems architecture or rendering them permanently impaired or inoperable. The risk of these malicious and
adversarial actions could be exacerbated by the conflict between Russia and Ukraine discussed above. Additionally,
in certain instances, governments may discontinue for periods of time the access to or operation of a satellite for any
particular area on the Earth and for various reasons may not permit transmission of certain data, whether from a
satellite owned by the government or not.
We cannot offer assurances that each of our satellites will remain in operation. Our satellites have certain redundant
systems which can fail partially or in their entirety and accordingly satellites may operate for extended periods
without all redundant systems in operation, but with single points of failure. The failure of satellite components
could cause damage to or loss of the use of a satellite before the end of its expected operational life. Certain of our
satellites are nearing the end of their expected operational lives and we can offer no assurance that our satellites will
maintain their prescribed orbits or remain operational and we may not have replacement satellites that are
immediately available.
Interruption or failure of our infrastructure or national infrastructure could hurt our ability to effectively
perform our daily operations and provide and produce our products and services, which could damage our
reputation and harm our operating results.
We are vulnerable to natural disasters and significant disruptions including tsunamis, floods, earthquakes, fires,
water shortages, other extreme weather conditions, epidemics or pandemics, acts of domestic or foreign terrorism,
workplace violence, power shortages and blackouts, aging infrastructures and telecommunications failures.
Furthermore, climate change has increased, and may continue to increase, the rate, size and scope of these natural
disasters. In the event of such a natural disaster or other disruption, we could experience: disruptions to our
operations or the operations of suppliers, subcontractors, distributors or customers; destruction of facilities; and/or
loss of life.
The availability of many of our products and services depends on the continuing operation of our satellite
operations infrastructure, satellite manufacturing operations, information technology, communications systems and
national infrastructure. Any downtime, damage to or failure of our systems could result in interruptions in our
service, which could reduce our revenue and profits. Our systems are vulnerable to damage or interruption from
floods, fires, power loss, aging infrastructure, telecommunications failures, computer viruses, computer denial of
service attacks or other attempts to harm our systems. We do not currently maintain a fully comprehensive back-up
production facility from which we can continue to collect, process and deliver imagery in the event of the loss of our
primary facility. In the event we are unable to collect, process and deliver imagery from our facility, our daily
operations and operating results would be materially and adversely affected. In addition, our ground terminal centers
are vulnerable to damage or interruption from human error, intentional bad acts, earthquakes, hurricanes, floods,
fires, war, terrorist attacks, power losses, hardware failures, systems failures, aging infrastructure,
telecommunications failures and similar events. Our satellite manufacturing operations are located in California in
proximity to the San Andreas fault line, one of the longest

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and most heavily populated earthquake-prone rifts in the world. Our satellite manufacturing facilities are also subject
to risks associated with an aging infrastructure. An infrastructure failure could result in the destruction of satellites
under construction or inventory, manufacturing delays or additional costs incurred. We do not maintain back-up
manufacturing facilities or operations. The occurrence of any of the foregoing could result in lengthy interruptions in
our services and/or damage our reputation, which could have a material adverse effect on our financial condition and
results of operations.
Our business with various governmental entities is concentrated in a small number of primary contracts. The loss
or reduction in scope of any one of our primary contracts would materially reduce our revenue.
Our business with various governmental entities is concentrated in a small number of primary contracts. We
recognize significant revenue from U.S. government agencies and a significant amount of our U.S. government
revenue is currently generated from a single contract, the EOCL Contract. On May 25, 2022, we were awarded the
EOCL Contract by the National Reconnaissance Office (“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 $1.74 billion in exercisable options. The
EOCL Contract has transitioned the imagery acquisition requirements previously addressed by the EnhancedView
Contract. The EOCL Contract is a service level agreement to provide image-tasking capacity on our satellites, and
other imagery-derived products and services to the U.S. government. Our ability to service other customers could be
negatively impacted if we are unable to maintain our current collection capacity. In addition, any inability on our part
to meet the performance requirements of the EOCL Contract could result in a performance penalty or breach of that
contract. A breach of our contract with government customers or reduction in service to our other customers could
have a material adverse effect on our business, financial condition and results of operations. The U.S. government
may also terminate or suspend our contracts, including the EOCL Contract, at any time with or without cause. Any
changes in the size, scope or term of the EOCL Contract, could impact our satellite replenishment strategy and our
ability to repay or refinance our long-term debt. Although our contracts generally involve fixed annual minimum
commitments, such commitments, along with all other contracts with the U.S. government, are subject to annual
Congressional appropriations and the federal budget process, and as a result, the U.S. government may not continue
to fund these contracts at current or anticipated levels. Similarly, our contracts in other jurisdictions are also subject
to government procurement policies and procedures.
We face competition that may cause us to have to either reduce our prices for imagery and related services or to
lose market share.
Our services compete with satellite and aerial imagery and related services offered by a range of private and
government providers. Our current or future competitors may have superior technologies or greater financial,
personnel and other resources than we have. The value of our imagery may also be diluted by Earth imagery that is
available free of charge.
The U.S. government and foreign governments may develop, construct, launch and operate their own imagery
satellites, which could reduce their need to rely on us and other commercial suppliers. In addition, such governments
could sell or provide free of charge Earth imagery from their satellites and thereby compete with our imagery and
related services. Also, governments may at times make our imagery freely available for humanitarian purposes, which
could impair our revenue growth with non-governmental organizations. These governments could also subsidize the
development, launch and operation of imagery satellites by our current or future competitors.
Our competitors or potential competitors could, in the future, offer satellite-based imagery or other services with
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more attractive features than our services. The emergence of new remote imaging technologies or the continued
growth of low-cost imaging satellites, could negatively affect our marketing efforts. More importantly, if competitors
develop and launch satellites or other imagery-content sources with more advanced capabilities and technologies
than ours, or offer services at lower prices than ours, our business and results of operations could be harmed. Due to
competitive pricing pressures, such as new product introductions by us or our competitors or other factors, the
selling price of our services may further decrease. If we are unable to offset decreases in our average selling prices
by increasing our sales volumes or by adjusting our service mix, our revenue and operating margins may decline and
our financial position may be harmed.

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We operate in highly competitive industries and in various jurisdictions across the world, which may cause us to
have to reduce our prices.
We operate in highly competitive industries and many of our competitors are larger and have substantially greater
resources than we have. Our primary competitors for satellite manufacturing contracts include the Boeing Company,
Lockheed Martin Corporation and Northrop Grumman Corporation in the United States and Thales S.A. and Airbus
Defence and Space, a subsidiary of the Airbus Group, in Europe. We may also face competition in the future from
more emerging low-cost competitors, some of which could be subsidized or well-funded. Competition in our Earth
Intelligence segment is highly diverse, and while our competitors offer different products, there is often competition
for contracts that are part of governmental budgets. Our major existing and potential competitors for our Earth
Intelligence segment include commercial satellite imagery companies, state-owned imagery providers, aerial imagery
companies, free sources of imagery and unmanned aerial vehicles. Our Earth Intelligence segment faces competition
from companies that provide geospatial analytic information and services to the U.S. government, including defense
prime contractors such as L3Harris and Booz Allen Hamilton.
In addition, some of our foreign competitors currently benefit from, and others may benefit in the future from,
protective measures by their home countries where governments are providing financial support, including
significant investments in the development of new technologies. Government support of this nature greatly reduces
the commercial risks associated with satellite development activities for these competitors. This market environment
may result in increased pressures on our pricing and other competitive factors.
Uncertain global macro-economic and political conditions could materially adversely affect our results of
operations and financial condition.
Our results of operations are materially affected by economic and political conditions in the United States and
internationally, including inflation, rising interest rates, availability of capital, labor shortages, supply chain
disruptions, energy and commodity prices, trade laws, the spread of infectious diseases and governmental
responses thereto, the effects of governmental initiatives to manage economic conditions, geopolitical tensions and
military conflicts, such as the current situation in Ukraine. Current or potential customers may delay or decrease
spending on our products and services as their business and/or budgets are impacted by economic conditions. The
inability of current and potential customers to pay us for our products and services may adversely affect our
earnings and cash flows.
We are a party to legal proceedings, investigations and other claims or disputes, which are costly to defend and,
if determined adversely to us, could require us to pay fines or damages, undertake remedial measures or prevent
us from taking certain actions, any of which could adversely affect our business.
We are, and in the future may be, a party to legal proceedings, investigations and other claims or disputes, which
may relate to subjects including commercial transactions, intellectual property, securities, employee relations, or
compliance with applicable laws and regulations.
For instance, in January 2019, a Maxar stockholder filed a putative class action lawsuit in the Federal District Court of
Colorado, naming Maxar and members of management as defendants alleging, among other things, that our public
disclosures were false or misleading in violation of the Securities Exchange Act of 1934 and seeking monetary
damages. An amended consolidated complaint was filed in that case in October 2019. In September 2020, the court
granted in part, and denied in part, Maxar’s motion to dismiss. In July 2021, the Federal District Court of Colorado
certified a class consisting of investors who purchased or acquired Maxar stock between May 9, 2018 and October
30, 2018, inclusive. The parties have reached an agreement to resolve the action on a class-wide basis for a one-time
payment of $27 million, to be funded by insurance maintained by Maxar. The agreement is contingent on Court
approval. As part of the Court approval process, class members will have an opportunity to object to, or opt-out of,
the settlement pursuant to procedures established by the Court. Also, in January 2019, a Maxar stockholder resident
in Canada issued a putative class action lawsuit in the Ontario Superior Court of Justice against Maxar and members
of management claiming misrepresentations in our public disclosures and seeking monetary damages under
Canadian securities laws. In November 2019, a second putative class action lawsuit was issued by the same Maxar
stockholder resident in Canada, adding a second representative plaintiff and three additional defendants. In
February 2020, the January 2019 Canadian

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lawsuit was discontinued. And, in March 2022, the November 2019 Canadian lawsuit was dismissed against all of the
Maxar defendants. The plaintiffs have not appealed the dismissal and the time period for such appeal expired in April
2022. In October 2019, a Maxar stockholder filed a putative class action lawsuit in California state court, naming
Maxar and certain members of management and the Board of Directors as defendants. The lawsuit is based upon
many of the same underlying factual allegations as the federal class action but asserts claims under the Securities
Act of 1933. An amended complaint was filed in April 2020. In November 2020, defendants filed a demurrer to the
operative complaint, and in January 2021, the court largely overruled the demurrer. On August 20, 2021, the court
certified a class consisting of investors who acquired Maxar stock in exchange for DigitalGlobe stock pursuant to the
Company’s June 2, 2017 Registration Statement and Prospectus issued in connection with Maxar’s October 2017
acquisition of DigitalGlobe. In November 2019, a purported derivative complaint was filed against Maxar, certain
current and former members of management and the Board of Directors in the Federal District Court of Delaware, also
based on the same factual allegations as the federal putative class action. In September 2020, a second purported
derivative case was filed in the Federal District Court of Delaware, based on the same allegations as the earlier
derivative case. The two derivative cases pending in the Federal District Court of Delaware have been consolidated
and are stayed. In September 2021, a third purported derivative complaint was filed against Maxar, certain current and
former members of management and the Board of Directors in the Court of Chancery of the State of Delaware, also
based on the same factual allegations as the federal class action. In November 2021, the parties stipulated to a stay
of this action.
These legal proceedings could result in substantial costs and diversion of management’s attention and resources
and could harm our stock price, business, prospects, results of operations and financial condition. These and other
legal proceedings and investigations are inherently uncertain and we cannot predict their duration, scope, outcome
or consequences. There can be no assurance that these or any such matters that have been or may in the future be
brought against us will be resolved favorably. In connection with any government investigations, in the event the
government takes action against us or the parties resolve or settle the matter, we may be required to pay substantial
fines or civil and criminal penalties and/or be subject to equitable remedies, including disgorgement or injunctive
relief. Other legal or regulatory proceedings, including lawsuits filed by private litigants, may also follow as a
consequence. These matters are likely to be expensive and time-consuming to defend, settle and/or resolve and may
require us to implement certain remedial measures that could prove costly or disruptive to our business and
operations. They may also cause damage to our business reputation. The unfavorable resolution of one or more of
these matters could have a material adverse effect on our business, results of operations, financial condition or cash
flows.
We are dependent on our ability to attract, train and retain employees. Our inability to do so, or the loss of key
personnel, would cause serious harm to our business.
Our success is largely dependent on the abilities and experience of our executive officers and other key personnel to
oversee all aspects of our operations and to deliver on our corporate strategies. Competition for highly skilled
management, technical, research and development and other personnel is intense in our industry. In order to
maintain our ability to compete, we must continuously retain the services of a core group of specialists in a wide
variety of disciplines. To the extent that the demand for qualified personnel exceeds supply, we have and could in the
future experience higher labor, recruiting or training costs in order to attract and retain such employees, or could
experience difficulties in performing under contracts if our need for such employees is unmet. We may not be able to
retain our current executive officers or key personnel or attract and retain additional executive officers or key
personnel as needed to deliver on our corporate strategy. Furthermore, the recent volatility in our stock price may
undermine the use of our equity as a retention tool and may make it more difficult to retain key personnel.
Acquisitions or divestitures could result in adverse impacts on our operations.
In order to grow our business, we may acquire additional assets or companies, including for example, our Vricon
Acquisition completed on July 1, 2020. In connection with the Vricon Acquisition or any future acquisitions, there
can be no assurance that we will be able to identify, acquire, or obtain the required regulatory approvals, or
profitably manage the additional businesses or successfully integrate any acquired businesses, products or
technologies without substantial expenses, delays or other operational, regulatory, or financial problems. In addition,
any acquired businesses, products or technologies may not achieve anticipated revenues and income growth.

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Further, acquisitions may involve a number of additional risks, including diversion of management’s attention, failure
to retain key personnel, or failure to attract the necessary talent to manage organizational growth. We may become
responsible for unexpected liabilities that were not discovered or disclosed in the course of due diligence in
connection with historical acquisitions and any future acquisitions. Additionally, acquisitions with international
operations such as the Vricon Acquisition with operations in Sweden, expose us to greater international business
risks. If we do not realize the expected benefits or synergies of an acquisition, such as revenue gains or cost
reductions, there could be a material adverse effect on our business, results of operations and financial condition.
We may also seek to divest portions of our businesses which may no longer be aligned with our strategic initiatives
and long-term objectives. Various factors could materially affect our ability to successfully do so, including the
availability of buyers willing to purchase the assets on terms acceptable to us, difficulties in the separation of
operations, the diversion of management's attention from other business concerns, the disruption of our business,
the potential loss of key employees and the retention of uncertain contingent liabilities related to the divested
business. We cannot assure that we will be successful in managing these or any other significant risks that we
encounter in divesting a business or product line, and any divestiture we undertake could materially and adversely
affect our business, financial condition, results of operations and cash flows.
Disruptions in U.S. government operations and funding could have a material adverse effect on our revenues,
earnings and cash flows and otherwise adversely affect our financial condition.
Any disruptions in federal government operations could have a material adverse effect on our revenues, earnings
and cash flows. A prolonged failure to maintain significant U.S. government operations, particularly those pertaining
to our business, could have a material adverse effect on our revenues, earnings and cash flows. Continued
uncertainty related to recent and future U.S. federal government shutdowns, the U.S. budget including the federal
debt ceiling and/or failure of the U.S. government to enact annual appropriations, such as long-term funding under a
continuing resolution, could have a material adverse effect on our revenues, earnings and cash flows. Further, if the
federal debt ceiling is not raised, the U.S. could default on its debt which could have a material adverse effect on our
revenues, earnings and cash flows which are difficult to predict. The current split control of the U.S. government
increases these risks. Additionally, disruptions in federal government operations may negatively impact regulatory
approvals and guidance that are important to our operations.
Changes in U.S. government policy regarding use of commercial data or space infrastructure providers, or
material delay or cancellation of certain U.S. government programs, may have a material adverse effect on our
revenue and our ability to achieve our growth objectives.
Current U.S. government policy encourages the U.S. government’s use of commercial data and Space Infrastructure
providers to support U.S. national security objectives. Under the EOCL Contract, our contractual counterparty
acquires imagery and imagery-derived products on behalf of our customers within the U.S. government. We are
considered by the U.S. government to be a commercial data provider. U.S. government policy is subject to change
and any change in policy away from supporting the use of commercial data and Space Infrastructure providers to
meet U.S. government imagery and Space Infrastructure needs, or any material delay or cancellation of planned U.S.
government programs, including the EOCL Contract, could materially adversely affect our revenue and our ability to
achieve our growth objectives.
Our business involves significant risks and uncertainties that may not be covered by insurance.
A significant portion of our business relates to designing, developing and manufacturing advanced space
technology products and systems. New technologies may be untested or unproven. Failure of some of these
products and services could result in extensive property damage. Accordingly, we may incur liabilities that are
unique to our products and services.
We endeavor to obtain insurance coverage from established insurance carriers to cover these risks and liabilities.
However, the amount of insurance coverage that we maintain may not be adequate to cover all claims or liabilities.

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Existing coverage may be canceled while we remain exposed to the risk and it is not possible to obtain insurance to
protect against all operational risks, natural hazards and liabilities.
We have historically insured satellites in our constellation to the extent that insurance was available on acceptable
premiums and other terms. The insurance proceeds received in connection with a partial or total loss of the
functional capacity of any of our satellites would not be sufficient to cover the replacement cost, if we choose to do
so, of an equivalent high-resolution satellite. In addition, this insurance will not protect us against all losses to our
satellites due to specified exclusions, deductibles and material change limitations customary in the industry.
Exclusions generally include, for example, acts of war or other hostile actions for which exclusions are customary in
the industry at the time the policy is written. In the event we experience potential adversarial actions that destroy or
impair the operability or functioning of any of our satellites, whether through actions creating more space debris or
through anti-satellite devices, electromagnetic or radio interference with our satellites, cyber and other security
attacks affecting our satellites or ground systems architecture, or other similar types of attacks, there can be no
assurance that any insurance proceeds will be available for any partial or total loss of a satellite or a satellite’s
performance. In addition, it may be difficult or impossible to insure against certain risks, including a partial
deterioration in satellite performance and satellite re-entry.
The price and availability of insurance fluctuate significantly. Although we have historically been able to obtain
insurance coverage for in-orbit satellites, we cannot guarantee that we will be able to do so in the future. We intend
to maintain insurance for our operating satellites, but any determination we make as to whether to obtain insurance
coverage will depend on a variety of factors, including the availability of insurance in the market, the cost of
available insurance and the redundancy of our operating satellites. Insurance market conditions or factors outside
our control at the time we are in the market for the required insurance, such as failure of a satellite using similar
components, could cause premiums to be significantly higher than current estimates and could reduce amounts of
available coverage. The cost of our insurance has been increasing and may continue to increase. Higher premiums
on insurance policies will reduce our operating income by the amount of such increased premiums. If the terms of in-
orbit insurance policies become less favorable than those currently available, there may be limits on the amount of
coverage that we can obtain, or we may not be able to obtain insurance at all.
In addition, even though we carry business interruption insurance policies, any business interruption losses could
exceed the coverage available or be excluded from our insurance policies, which include customary exclusions such
as acts of war, among others. Any disruption of our ability to operate our business could result in a material decrease
in our revenues or significant additional costs to replace, repair or insure our assets, which could have a material
adverse impact on our financial condition and results of operations.
We often rely on a single vendor or a limited number of vendors to provide certain key products or services and
the inability of these key vendors to meet our needs could have a material adverse effect on our business.
Historically, we have contracted with a single vendor or a limited number of vendors to provide certain key products
or services, such as construction of satellites and launch vehicles and management of certain remote ground
terminals and direct access facilities. In addition, our manufacturing operations depend on specific technologies and
companies for which there may be a limited number of vendors. We are increasingly dependent upon subcontractors
and suppliers which subjects our business and results of operations to risks of supplier interruption. If these
vendors are unable to meet our needs because they fail to perform adequately, are unable to match new
technological requirements or opportunities, or are unable to dedicate engineering and other resources necessary to
provide the services contracted for, our business, financial position and results of operations may be adversely
affected. While alternative sources for these products, services and technologies may exist, we may not be able to
develop these alternative sources quickly and cost-effectively, which could materially impair our ability to operate
our business. Furthermore, these vendors may request changes in pricing, payment terms or other contractual
obligations, which could cause us to make substantial additional investments.
Additionally, some of our suppliers’ employees are represented by labor unions. Labor union actions at suppliers
can also affect us. Work stoppages and instability in our relationships with labor unions could delay the production
and/or development of our products, which could strain relationships with customers, cause a loss of revenues and
adversely affect our operations.

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Disruptions in the supply of key raw materials or components and difficulties in the supplier qualification
process, as well as increases in prices of raw materials, could adversely impact us.
Many raw materials, major components and product equipment items, particularly in our Space Infrastructure
segment, are procured or subcontracted on a single or sole-source basis. Although we maintain a qualification and
performance surveillance process and we believe that near-term sources of supply for raw materials and components
are generally adequate, it is difficult to predict what effects shortages or price increases may have in the future.
Supply shortages related to electronic chips is an example of some of the challenges we may face with materials. Our
ability to manage inventory and meet delivery requirements may be constrained by our suppliers’ inability to scale
production and adjust delivery of long-lead time products during times of volatile demand. Our inability to fill our
supply needs would jeopardize our ability to fulfill obligations under commercial and government contracts, which
could, in turn, result in reduced sales and profits, contract penalties or terminations and damage to customer
relationships and could have a material adverse effect on our operating results, financial condition, or cash flows.
Key raw materials used in our operations include metals such as aluminum and titanium, which are usually procured
by our suppliers who manufacture parts in accordance with our drawings. We also purchase materials such as
chemicals; composites; electronic, electro-mechanical and mechanical components; subassemblies; and subsystems
that are integrated with the manufactured parts for final assembly into finished products and systems. We are
impacted by increases in the prices of raw materials used in production on fixed-price business.
We monitor sources of supply to attempt to assure that adequate raw materials and other supplies needed in
manufacturing processes are available.
We have experienced and may continue to experience significant difficulty in our ability to procure certain raw
materials, components, sub-assemblies and other supplies required in our manufacturing processes. Prolonged
disruptions in the supply of any of our key raw materials or components, difficulty completing qualification of new
sources of supply, implementing use of replacement materials, components or new sources of supply, or a continuing
increase in the prices of raw materials, energy or components could have a material adverse effect on our operating
results, financial condition, or cash flows.
We are dependent on resellers of our services for a portion of our revenue. If these resellers fail to market or sell
our services successfully, our business could be harmed.
The Earth Intelligence segment has historically generated a portion of its revenue from foreign and domestic
resellers. In the Earth Intelligence segment, we rely on foreign resellers and partners to market and sell the majority of
our services in the international market. Our foreign resellers and partners may not have the skill or experience to
develop regional commercial markets for our services, or may have competing interests that negatively affect their
sales of our services. If we fail to enter into reseller agreements on a timely basis or if our resellers and partners fail to
market and sell our services successfully, these failures could negatively impact our business, financial condition
and results of operations.
We may not be successful in developing new technology and the technology we are successful in developing may
not meet the needs of our customers or potential new customers.
The markets in which we operate are characterized by changing technology and evolving industry standards.
Despite years of experience in meeting customer systems requirements with the latest in technological solutions, we
may not be successful in identifying, developing and marketing products or systems that respond to rapid
technological change, evolving technical standards and systems developed by others. Our competitors may develop
technology that better meets the needs of our customers. If we do not continue to develop, manufacture and market
innovative technologies or applications that meet customers’ requirements, sales may suffer and our business may
not continue to grow in line with historical rates or at all. If we are unable to achieve sustained growth, we may be
unable to execute our business strategy, expand our business or fund other liquidity needs and our business
prospects, financial condition and results of operations could be materially and adversely affected.

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Our technology may violate the proprietary rights of third parties and our intellectual property may be
misappropriated or infringed upon by third parties, each of which could have a negative impact on our
operations.
If any of our technology violates proprietary rights, including copyrights and patents, third parties may assert
infringement claims against us. Certain software modules and other intellectual property used by us or in our
satellites, systems and products make use of or incorporate licensed software components and other licensed
technology. These components are developed by third parties over whom we have no control. Any claims brought
against us may result in limitations on our ability to use the intellectual property subject to these claims. We may be
required to redesign our satellites, systems or products or to obtain licenses from third parties to continue offering
our satellites, systems or products without substantially re-engineering such products or systems.
Our intellectual property rights may be invalidated, circumvented, challenged, infringed or required to be licensed to
others. An infringement or misappropriation could harm any competitive advantage we currently derive or may
derive from our proprietary rights.
To protect our proprietary rights, we rely on a combination of patent protections, copyrights, trade secrets,
trademark laws, confidentiality agreements with employees and third parties and protective contractual provisions
such as those contained in license agreements with consultants, subcontractors, vendors and customers. Although
we apply rigorous standards, documents and processes to protect our intellectual property, there is no absolute
assurance that the steps taken to protect our technology will prevent misappropriation or infringement. Litigation
may be necessary to enforce or protect our intellectual property rights, our trade secrets or determine the validity
and scope of the proprietary rights of others. Such litigation may be time-consuming and expensive to prosecute or
defend and could result in the diversion of our time and resources. In addition, competitors may design around our
technology or develop competing technologies.
The acceptance of our imagery services may not continue and our historic growth rates should not be relied upon
as an indicator of future growth.
We cannot accurately predict the extent of the market acceptance of our services or whether there will continue to be
a market for our services on terms we find acceptable. Market acceptance of our commercial high-resolution Earth
imagery and related services depends on a number of factors, including the quality, scope, timeliness, sophistication,
price and the availability of substitute services. Changes in the market acceptance of our offerings, or other services
that utilize our imagery, failure of new markets to develop, the impact of competitive conditions, or our need to make
significant investments to achieve acceptance by the market would negatively affect our business, financial
condition and results of operations. We may not continue to grow in line with historical rates or at all. If we are
unable to achieve sustained growth, we may be unable to execute our business strategy, expand our business or
fund other liquidity needs and our business prospects, financial condition and results of operations could be
materially and adversely affected.
We are unable to predict the extent to which the global COVID-19 pandemic or other pandemics, epidemics or
infectious disease outbreaks may adversely impact our business operations, financial performance, results of
operations and stock price.
Our business and operations have been and may continue to be adversely affected by the ongoing COVID-19
pandemic, which has also caused significant disruption in the operations of third parties upon whom we rely. Our
supply chain is under stress inside and outside of the U.S., and we continue to monitor and assess the actual and
potential COVID-19 or related force majeure impacts on the supply chain, our operations and customer commitments.
There is a risk that these schedule delays could result in obligations for material liquidated damages owed to our
customers. We have received some force majeure claims from suppliers related to COVID-19; however, at this time we
do not expect the claims to result in a material financial impact. Future outbreaks of COVID-19 or other pandemics,
epidemics or infectious diseases may further disrupt our supply chain.
From time to time, we have experienced, and could in the future experience, a variation in the consumption of access
minutes by our customers as a result of COVID-19, or other pandemics, epidemics or infectious outbreaks and the
preventative measures instituted by governments and businesses to mitigate their spread, which resulted, and may
in the future result, in periods of business slowdown. This impact could be more significant in the future, which
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negatively impact revenue. In many instances, COVID-19 represents a force majeure event and as such, we have
notified certain customers that we will be exercising our contractual legal rights, and in some instances we have made
claims exercising such rights, given the uncertain nature of the current pandemic and its near and long-term impacts
on the cost and schedule of the numerous programs in our existing backlog. Additionally, our customers may slow
down their development of new projects or may experience financial difficulties impacting their ability to fund
projects already in backlog as a result of COVID-19, or other pandemics, epidemics or infectious disease outbreaks.
We cannot predict the degree to which, or the time period that, global economic conditions, the global supply chain
and our sales and operations will be affected by COVID-19 or other pandemics, epidemics or infectious diseases and
preventative measures imposed from time to time by governments and businesses to prevent their spread. The
degree to which COVID-19 or other pandemics, epidemics or infectious disease outbreaks could impact us will
depend on numerous factors and future developments that are difficult to predict. The effects of the COVID-19
pandemic or another pandemic, epidemic or infectious disease outbreak on our business, sales, financial condition,
liquidity and results of operations could be material.
Changes in our accounting estimates and assumptions could negatively affect our financial position and results
of operations.
We prepare our consolidated financial statements in accordance with U.S. GAAP. These accounting principles
require us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the
disclosure of contingent assets and liabilities at the date of our financial statements. We are also required to make
certain judgments that affect the reported amounts of revenues and expenses during each reporting period. We
periodically evaluate our estimates and assumptions including, but not limited to, those relating to our critical
accounting policies of revenue recognition, including our long-term contracts accounted for utilizing the cost-to-
cost method and income taxes in addition to other estimates related to restructuring costs, recoverability of assets
including customer receivables, valuation of goodwill and intangibles, contingencies and stock-based
compensation. We base our estimates on historical experience and various assumptions that we believe to be
reasonable based on specific circumstances. These assumptions and estimates involve the exercise of judgment and
discretion, which may evolve over time in light of operational experience, regulatory direction, developments in
accounting principles and other factors. Actual results could differ from these estimates as a result of changes in
circumstances, assumptions, policies or developments in the business, which could materially affect our
consolidated financial statements.
We may be required to recognize impairment charges.
Long-lived assets, including goodwill and intangible assets, are tested annually for impairment in the fourth quarter
or whenever there is an indication that an asset may be impaired. In the past, we have recognized significant
impairment losses related to goodwill, intangible assets, property, plant and equipment, inventory and orbital
receivables.
Disruptions to our business, unexpected significant declines in our operating results, adverse technological events
or changes in the regulatory markets in which we operate, and significant declines in our stock price have resulted
and may result in further impairment charges to our tangible and intangible assets. Any future impairment charges
could substantially affect our reported results.
Pension and other postretirement benefit obligations may materially impact our earnings, stockholders’ equity
and cash flows from operations, and could have significant adverse impacts in future periods.
We maintain defined benefit pension and other postretirement benefits plans for some of our employees. Potential
pension contributions include discretionary contributions to improve the plans’ funded status. The extent of future
contributions depends heavily on market factors such as the discount rate and the actual return on plan assets. We
estimate future contributions to these plans using assumptions with respect to these and other items. Changes to
those assumptions could have a significant effect on future contributions, annual pension and other postretirement
costs, the value of plan assets and our benefit obligations.

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Significant changes in actual return on pension assets, discount rates and other factors could adversely affect our
results of operations and require cash pension contributions in future periods. Changes in discount rates and actual
asset returns different than our expected asset returns can result in significant non-cash actuarial gains or losses
which we record in the fourth quarter of each fiscal year and, if applicable, in any quarter in which an interim re-
measurement is triggered. With regard to cash pension contributions, funding requirements for our pension plans are
largely dependent upon interest rates, actual investment returns on pension assets and the impact of legislative or
regulatory changes related to pension funding obligations.
We also provide other postretirement benefits to certain of our employees, consisting principally of health care,
dental and life insurance for eligible retirees and qualifying dependents. Our estimates of future costs associated
with these benefits are also subject to assumptions, including estimates of the level of medical cost increases and
discount rates.
Fluctuations in foreign exchange rates could have a negative impact on our business.
Our revenues, expenses, assets and liabilities denominated in currencies other than the U.S. dollar are translated into
U.S. dollars for the purposes of compiling our Consolidated Financial Statements. We have in the past and may in
the future, use hedging strategies to manage and minimize the impact of exchange rate fluctuations on our cash flow
and economic profits. There are complexities inherent in determining whether and when foreign exchange exposures
will materialize, in particular given the possibility of unpredictable revenue variations arising from schedule delays
and contract postponements. Furthermore, if we use hedging strategies in the future, we could be exposed to the risk
of non-performance of our hedging counterparties. We may also have difficulty with our hedging strategy in the
future depending on the willingness of hedging counterparties to extend credit. Accordingly, no assurances may be
given that our exchange rate hedging strategy would protect us from significant changes or fluctuations in revenues
and expenses denominated in U.S. dollars.
Our restructuring activities and cost saving initiatives may not achieve the results we anticipate.
We have previously and may in the future undertake cost reduction initiatives and organizational restructurings to
improve operating efficiencies, optimize our asset base and generate cost savings. We cannot be certain that these
initiatives have been or will be completed as planned or without business interruption, that these initiatives will not
generate additional costs, such as severance or other charges, or that the estimated operating efficiencies or cost
savings from such activities will be fully realized or maintained over time.
Risks Related to Our Indebtedness and Our Common Stock
Our business is capital intensive, and we may not be able to raise adequate capital to finance our business
strategies, including funding future satellites, or to refinance or renew our debt financing arrangements, or we
may be able to do so only on terms that significantly restrict our ability to operate our business.
The implementation of our business strategies, such as expanding our satellite constellation and our products and
services offerings, requires a substantial outlay of capital. As we pursue our business strategies and seek to
respond to opportunities and trends in our industry, our actual capital expenditures may differ from our expected
capital expenditures, and there can be no assurance that we will be able to satisfy our capital requirements in the
future. We are highly leveraged, but we currently expect that our ongoing liquidity requirements for sustaining our
operations will be satisfied by cash on hand and cash generated from our existing and future operations
supplemented, where necessary, by available credit. However, we cannot provide assurances that our businesses
will generate sufficient cash flow from operations in the future or that additional capital will be available in amounts
sufficient to enable us to execute our business strategies or refinance our indebtedness. Our ability to refinance or
increase our debt financing and/or renew existing credit facilities may be limited by our existing financial and non-
financial covenants, credit objectives, or the conditions of the debt capital market generally. Furthermore, our current
financing arrangements contain certain restrictive financial and non-financial covenants (e.g., the achievement or
maintenance of stated financial ratios) that may impact our access to those facilities and significantly limit future
operating and financial flexibility.

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Finally, the recent Russian military actions and the resulting sanctions have adversely affected and could continue
to adversely affect the global economy and financial markets leading to significant volatility and instability and lack
of liquidity in capital markets, potentially making it more difficult for us to raise adequate capital to finance our
business strategies, refinance or increase our debt financing, and/or renew existing credit facilities. See also “Our
business, financial condition and results of operations could be materially adversely affected by impacts resulting
from the conflict in Ukraine or any other geopolitical tensions” above.
Our ability to obtain additional debt or equity financing or government grants to finance operating working
capital requirements and growth initiatives may be limited or difficult to obtain, which could adversely affect our
operations and financial condition.
We need capital to finance operating working capital requirements and growth initiatives and to pay our outstanding
debt obligations as they become due for payment. If the cash generated from our businesses, together with the
credit available under existing bank facilities, is not sufficient to fund future capital requirements, we will require
additional debt or equity financing. Our ability to access capital markets on terms that are acceptable to us will be
dependent on prevailing market conditions, as well as our future financial condition. Further, our ability to refinance
or increase our debt financing and/or renew existing facilities may be limited by our existing leverage, financial and
non-financial covenants, credit objectives and debt capital market conditions.
We have in the past, and may continue in the future to, receive government grants for research and development
activities and other business initiatives. Any agreement or grant of this nature with government may be
accompanied by contractual obligations applicable to us, which may result in the grant money becoming repayable if
certain requirements are not met. A failure to meet contractual obligations under such agreements and grants and a
consequent requirement to repay money received could negatively impact our results of operations and financial
condition.
Our indebtedness and other contractual obligations could adversely affect our financial condition, our ability to
raise additional capital to fund our operations, our ability to operate our business, our ability to react to changes
in the economy or our industry and our ability to pay our debts and could divert our cash flow from operations
for debt payments.
We have a significant amount of indebtedness and leverage. Our level of indebtedness increases the possibility that
we may be unable to generate cash sufficient to pay the principal of, interest on, or other amounts due with respect
to our indebtedness. Our long-term debt under our Syndicated Credit Facility bears interest at floating rates related
to the Secured Overnight Financing Rate (“SOFR”) (for U.S. dollar borrowings), plus a margin. As a result, our
interest payment obligations on such indebtedness will increase if such interest rates increase to the extent these
changes are not mitigated by our interest rate swaps. Our leverage and debt service obligations could adversely
impact our business, including by:
•
impairing our ability to meet one or more of the financial ratios contained in our credit facilities or to
generate cash sufficient to pay interest or principal, including periodic principal payments;
•
increasing our vulnerability to general adverse economic and industry conditions;
•
limiting our ability to obtain additional debt or equity financing on favorable terms, if at all;
•
requiring the dedication of a portion of our cash flow from operations to service our debt, thereby reducing
the amount of our cash flow available for other purposes, including capital expenditures, dividends to
stockholders or to pursue future business opportunities;
•
requiring us to sell debt or equity securities or to sell some of our core assets, possibly on unfavorable
terms, to meet payment obligations;
•
limiting our flexibility in planning for, or reacting to, changes in our business and the industries in which we
compete; and
•
placing us at a possible competitive disadvantage with less leveraged competitors and competitors that
may have better access to capital resources.
Any of the forgoing factors could have negative consequences on our financial condition and results of operation.

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Our current financing arrangements contain certain restrictive covenants that impact our future operating and
financial flexibility.
Our current financing arrangements contain certain restrictive covenants that may impact our future operating and
financial flexibility. Our debt funding is provided under our financing agreements, which contains a series of positive
and negative covenants with which we must comply, including financial and non-financial covenants. If we fail to
comply with any covenants and are unable to obtain a waiver or other cure thereof, the lenders under the Syndicated
Credit Facility or the holders of the 7.75% 2027 Notes or 7.54% 2027 Notes (as such terms are defined below) may be
able to take certain actions with respect to the amounts owing under such agreements or notes, as applicable,
including requiring early payment thereof. Any such actions could have a material adverse effect on our financial
condition. These covenants could also have the effect of limiting our flexibility in planning for or reacting to changes
in our business and the markets in which we compete.
Our actual operating results may differ significantly from our guidance.
From time to time, we release guidance regarding our future performance that represents our management’s estimates
as of the date of release. This guidance, which consists of forward-looking statements, is prepared by our
management and is qualified by, and subject to, the assumptions and the other information contained or referred to
in the release. Our guidance is not prepared with a view toward compliance with published guidelines of the
American Institute of Certified Public Accountants, and neither any independent registered public accounting firm
nor any other independent expert or outside party compiles, examines or reviews the guidance and, accordingly, no
such person expresses any opinion or any other form of assurance with respect thereto.
Guidance is based upon a number of assumptions and estimates that, while presented with numerical specificity, is
inherently subject to significant business, economic and competitive uncertainties and contingencies, many of
which are beyond our control and are based upon specific assumptions with respect to future business decisions,
some of which will change. We generally state possible outcomes as high and low ranges which are intended to
provide a sensitivity analysis as variables are changed but are not intended to represent that actual results could not
fall outside of these ranges. The principal reason that we release this data is to provide a basis for our management
to discuss our business outlook with analysts and investors. We do not accept any responsibility for any
projections or reports published by any such persons.
Guidance is necessarily speculative in nature, and it can be expected that some or all of the assumptions of the
guidance furnished by us will not materialize or will vary significantly from actual results, particularly any guidance
relating to the results of operations of acquired businesses or companies as our management will be less familiar with
their business, procedures and operations. Accordingly, our guidance is only an estimate of what management
believes is realizable as of the date of release. Actual results will vary from the guidance and the variations may be
material. Investors should also recognize that the reliability of any forecasted financial data will diminish the farther
in the future that the data are forecast. In light of the foregoing, investors are urged to put the guidance in context
and not to place undue reliance on it.
Any failure to successfully implement our operating strategy or the occurrence of any of the events or
circumstances set forth in this Annual Report on Form 10-K could result in the actual operating results being
different than the guidance, and such differences may be adverse and material.
We could be adversely impacted by actions of activist stockholders, and such activism could impact the value of
our securities.
We value constructive input from our stockholders and the investment community. However, there is no assurance
that the actions taken by our Board of Directors and management in seeking to maintain constructive engagement
with our stockholders will be successful. Certain of our stockholders have expressed views with respect to the
operation of our business, our business strategy, corporate governance considerations or other matters. Responding
to actions by activist stockholders can be costly and time-consuming, disrupting our operations and diverting the
attention of management and our employees. The perceived uncertainties as to our future direction due to activist
actions could affect the market price

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of our stock, result in the loss of potential business opportunities and make it more difficult to attract and retain
qualified personnel, board members and business partners.
The price of our common stock has been volatile and may fluctuate substantially.
Our common stock is listed on the NYSE and the TSX and the price for our common stock has historically been
volatile. The market price of our common stock may continue to be highly volatile and may fluctuate substantially
due to the following factors (in addition to the other risk factors described in this section):
•
general economic conditions;
•
fluctuations in our operating results;
•
variance in our financial performance from the expectations of equity and/or debt research analysts;
•
techniques employed by short sellers to drive down the market price of our common stock;
•
conditions and trends in the markets we serve;
•
additions of or changes to key employees;
•
changes in market valuations or earnings of our competitors;
•
trading volumes of our common stock;
•
future sales of our equity securities and/or future issuances of indebtedness;
•
changes in the estimation of the future sizes and growth rates of our markets; and
•
legislation or regulatory policies, practices or actions.
In addition, the stock markets in general have experienced extreme price and volume fluctuations that have at times
been unrelated or disproportionate to the operating performance of the particular companies affected. Technical
factors in the public trading market for our common stock may produce price movements that may or may not
comport with macro, industry or company-specific fundamentals, including, without limitation, the sentiment of retail
investors (including as may be expressed on financial trading and other social media sites), the amount and status of
short interest in our common stock, access to margin debt and trading in options and other derivatives on our
common stock. These market and industry factors may materially harm the market price of our common stock
irrespective of our operating performance.
A significant or prolonged decrease in our market capitalization, including a decline in stock price, or a negative long-
term performance outlook, could result in an impairment of our assets which results when the carrying value of our
assets exceed their fair value.
In the past several years, our securities have been the subject of short selling. Reports and information have been
published about us that we believe are mischaracterized or incorrect, and which have in the past been followed by a
decline in our stock price. If there are short seller allegations in the future, we may have to expend a significant
amount of resources to investigate such allegations and/or defend ourselves.
In addition, in 2019, we became subject to certain securities class action litigation as a result of volatility in the price
of our common stock, which could result in substantial costs and diversion of management’s attention and resources
and could harm our stock price, business, prospects, results of operations and financial condition. See Part I, Item 3,
“Legal Proceedings” in this Annual Report on Form 10-K for additional information.
If securities or industry analysts discontinue publishing research or reports about our business, or publish
negative reports about our business, our stock price and trading volume could decline.
The trading market for our common stock depends in part on the research and reports that securities or industry
analysts publish about us, our business, our market and our competitors. We do not have any control over these
analysts. If one or more of the analysts who cover us downgrade our stock or change their opinion of our stock, our
stock price would likely decline. If one or more of these analysts cease coverage of our company or fail to regularly
publish reports on us, we could lose visibility in the financial markets, which could cause our stock price or trading
volume to decline.

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Our amended and restated certificate of incorporation and our amended and restated bylaws may impede or
discourage a takeover, changes in management or changes in the Board of Directors, which could reduce the
market price of our common stock.
Certain provisions in our amended and restated certificate of incorporation and our amended and restated bylaws
may delay or prevent a third-party from acquiring control of us, even if a change in control would be beneficial to our
existing stockholders. These provisions include:
•
no cumulative voting in the election of directors, which limits the ability of minority stockholders to elect
director candidates;
•
the exclusive right of the Board of Directors to elect a director to fill a vacancy created by the expansion of
the Board of Directors or the resignation, death or removal of a director, which prevents stockholders from
being able to fill vacancies on the Board of Directors;
•
the ability of the Board of Directors to issue shares of preferred stock and to determine the price and other
terms of those shares, including preferences and voting rights, without stockholder approval, which could
be used to significantly dilute the ownership of a hostile acquirer;
•
a prohibition on stockholder action by written consent, which forces stockholder action to be taken at an
annual or special meeting of stockholders;
•
the requirement that a special meeting of stockholders may be called only by the chairman of the Board of
Directors or two or more stockholders who hold, in the aggregate, at least ten percent (10%) of the voting
power of our outstanding shares, which may delay the ability of our stockholders to force consideration of
a proposal or to take action, including the removal of directors;
•
a supermajority vote of our stockholders to amend our amended and restated bylaws and certain
provisions of our amended and restated certificate of incorporation; and
•
advance notice procedures that stockholders must comply with in order to nominate candidates to the
Board of Directors or to propose matters to be acted upon at a stockholders’ meeting, which may
discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s own
slate of directors or otherwise attempting to obtain control of our business.
These provisions could impede a merger, takeover or other business combination involving us or discourage a
potential acquirer from making a tender offer for our common stock, which, under certain circumstances, could
reduce the market price of our common stock.
In addition, our amended and restated certificate of incorporation requires, to the fullest extent permitted by law, that
derivative actions brought in our name, actions against our directors, officers and employees for breach of fiduciary
duty and other similar actions may be brought only in the Court of Chancery in the State of Delaware (“Delaware
Exclusive Forum Provision”). Our amended and restated bylaws further provide that the federal district courts of the
United States of America will, to the fullest extent permitted by law, be the exclusive forum for resolving any
complaint asserting a cause of action under the Securities Act of 1933, as amended (“Federal Forum Provision”).
The Delaware Exclusive Forum Provision is intended to apply to claims arising under Delaware state law and would
not apply to claims brought pursuant to the Exchange Act or the Securities Act or any other claim for which the
federal courts have exclusive jurisdiction. In addition, the Federal Forum Provision is intended to apply to claims
arising under the Securities Act and would not apply to claims brought pursuant to the Exchange Act. These
exclusive forum provisions will not relieve us of our duties to comply with the federal securities laws and the rules
and regulations thereunder and, accordingly, actions by our stockholders to enforce any duty or liability created by
the Exchange Act or the rules and regulations thereunder must be brought in federal courts.
These exclusive forum provisions may limit a stockholders’ ability to bring a claim in a judicial forum of its choosing
for disputes with the company or its directors, officers or other employees, which may discourage lawsuits against
the Company and its directors, officers and other employees. In addition, stockholders who do bring a claim in the
Court of Chancery of the State of Delaware pursuant to the Delaware Exclusive Forum Provision could face
additional litigation costs in pursuing any such claim, particularly if they do not reside in or near Delaware. The court
in the designated forum under our exclusive forum provisions may also reach different judgments on results than
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including courts where a stockholder would otherwise choose to bring the action, and such judgments or results
may be more favorable to the Company than to our stockholders. Further, the enforceability of similar exclusive
forum provisions in other companies’ organizational documents has been challenged in legal proceedings, and it is
possible that a court could find any of our exclusive forum provisions to be inapplicable to, or unenforceable in
respect of, one or more of the specified types of actions or proceedings. If a court were to find all or any part of our
exclusive forum provisions to be inapplicable or unenforceable in an action, we might incur additional costs
associated with resolving such action in other jurisdictions.
There can be no assurance that we will continue to pay dividends on our common stock.
Our Board of Directors significantly reduced our dividends in the first quarter of 2019. Although our Board of
Directors has historically declared a quarterly cash dividend which we have paid, the payment of future dividends is
subject to a number of risks and uncertainties, and we may not pay quarterly dividends in the same amounts or at all
in the future. The declaration, amount and timing of cash dividends are subject to capital availability and
determinations by our Board of Directors that such dividends are in the best interest of our stockholders and are in
compliance with all respective laws and applicable agreements. Our ability to pay dividends will depend upon,
among other factors, our cash balances and potential future capital requirements for strategic transactions, including
acquisitions, debt service requirements, results of operations, financial condition and other factors that our Board of
Directors may deem relevant. The elimination of our dividend payments and/or our dividend program could have a
negative effect on our stock price.
Risks Related to Legal and Regulatory Matters
Our operations in the U.S. government market are subject to significant regulatory risk.
Our operations in the U.S. government market are subject to significant government regulation. A failure by us to
maintain the relevant clearances and approvals could limit our ability to operate in the U.S. market. Further, there can
be no assurance that we will continue to be awarded contracts by the U.S. government. In addition, a failure by us to
keep current and compliant with relevant U.S. regulations could result in fines, penalties, repayments, or suspension
or debarment from U.S. government contracting or subcontracting for a period of time and could have an adverse
effect on our standing and eligibility for future U.S. government contracts.
Failure to comply with the requirements of the National Industrial Security Program Operating Manual could
result in interruption, delay or suspension of our ability to provide our products and services, and could result in
loss of current and future business with the U.S. government.
We and our subsidiaries are parties to certain contracts with various departments and agencies of the U.S.
government, including the U.S. Department of Defense, which require that certain of our legal entities be issued
facility security clearances under the National Industrial Security Program. The National Industrial Security Program
requires that a corporation maintaining a facility security clearance be effectively insulated from foreign ownership,
control or influence (“FOCI”). We have entered into a Board Resolution to mitigate remaining FOCI risks as seen by
the U.S. government. Failure to maintain an agreement with the U.S. Department of Defense regarding the
appropriate FOCI mitigation arrangement could result in invalidation or termination of the facility security clearances,
which in turn would mean that our U.S. subsidiaries would not be able to enter into future contracts with the U.S.
government requiring facility security clearances, and may result in the loss of the ability of those subsidiaries to
complete existing contracts with the U.S. government.
Our business is subject to various regulatory risks that could adversely affect our operations.
The environment in which we operate is highly regulated due to the sensitive nature of our complex and
technologically advanced systems, including satellites, products, hardware and software, in addition to those
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applicable to publicly listed corporations. There are numerous regulatory risks that could adversely affect
operations, including but not limited to:
•
Changes in laws and regulations. It is possible that the laws and regulations governing our business and
operations will change in the future. A substantial portion of our revenue is generated from customers
outside of the U.S. There may be a material adverse effect on our financial condition and results of
operations if we are required to alter our business to comply with changes in both domestic and foreign
regulations, telecommunications standards, foreign policy, tariffs or taxes and other trade barriers that
reduce or restrict our ability to sell our products and services on a global basis, or by political and
economic instability in the countries in which we conduct business. Any failure to comply with such
regulatory requirements could also subject us to various fines, penalties or sanctions.
•
Export Restrictions. Certain of our businesses and satellites, systems, products, services or technologies
we have developed require the implementation or acquisition of products or technologies from third parties,
including those in other jurisdictions. In addition, certain of our satellites, systems, products or
technologies may be required to be forwarded or exported to other jurisdictions. In certain cases, if the use
of the technologies can be viewed by the jurisdiction in which that supplier or subcontractor resides as
being subject to export constraints or restrictions relating to national security, we may not be able to obtain
the technologies and products that we require from suppliers or subcontractors who would otherwise be
our preferred choice or may not be able to obtain the export permits necessary to transfer or export our
technology. To the extent that we are able, we obtain pre-authorization for re-export prior to signing
contracts which oblige us to export subject technologies, including specific foreign government approval
as needed. In the event of export restrictions, we may have the ability through contract force majeure
provisions to be excused from our obligations. Notwithstanding these provisions, the inability to obtain
export approvals, export restrictions or changes during contract execution or non-compliance by our
customers could have an adverse effect on our revenues and margins.
•
U.S. Government Approval Requirements. For certain aspects of our business operations, we are required
to obtain U.S. government licenses and approvals to enter into agreements or engage in commercial
transactions with various end users (including government bodies) in order to export satellites and related
equipment, disclose technical data or provide defense services to foreign persons. The delayed receipt of
or the failure to obtain the necessary U.S. government licenses, approvals and agreements may prohibit
entry into or interrupt the completion of contracts which could lead to a customer’s termination of a
contract for default, monetary penalties and/or the loss of incentive payments.
•
Competitive Impact of U.S. Regulations on Satellite Sales. Some of our customers and potential customers,
along with insurance underwriters and brokers, have asserted that U.S. export control laws and regulations
governing disclosures to foreign persons excessively restrict their access to information about the satellite
during construction and on-orbit. Office of Foreign Assets Control (“OFAC”) sanctions and requirements
may also limit certain business opportunities or delay or restrict our ability to contract with potential
foreign customers or operators. To the extent that our non-U.S. competitors are not subject to OFAC or
similar export control or economic sanctions laws and regulations, they may enjoy a competitive advantage
with foreign customers, and it could become increasingly difficult for the U.S. satellite manufacturing
industry, including us, to recapture this lost market share. Customers concerned over the possibility that
the U.S. government may deny the export license necessary for us to deliver their purchased satellite to
them, or the restrictions or delays imposed by the U.S. government licensing requirements, even where an
export license is granted, may elect to choose a satellite that is purportedly free of International Traffic in
Arms Regulations (“ITAR”) offered by a non-U.S. supplier. We are further disadvantaged by the fact that a
purportedly “ITAR-free” satellite may be launched less expensively in China on the Chinese Long March
rocket, a launch vehicle that, because of ITAR restrictions, is not available to us.
•
Anti-Corruption Laws. As part of the regulatory and legal environments in which we operate, we are
subject to global anti-corruption laws that prohibit improper payments directly or indirectly to government
officials, authorities or persons defined in those anti-corruption laws in order to obtain or retain business or
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improper advantages in the conduct of business. Our policies mandate compliance with anti-corruption
laws. Failure by our employees, agents, subcontractors, suppliers and/or partners to comply with anti-
corruption laws could impact us in various ways that include, but are not limited to, criminal, civil and
administrative fines and/or legal sanctions and the inability to bid for or enter into contracts with certain
entities, all of which could have a significant adverse effect on our reputation, operations and financial
results.
Changes in tax law, in our tax rates or in exposure to additional income tax liabilities or assessments may
materially and adversely affect our financial condition, results of operations and cash flows.
Changes in law and policy relating to taxes, including those with retroactive effect, may materially and adversely
affect our financial condition, results of operations and cash flows. These changes may alter existing tax law, such as
increasing the corporate tax rate and enacting a minimum tax on worldwide book income. We continue to monitor tax
law developments and assess the impact on the Company.
For example, on August 16, 2022, the U.S. enacted the Inflation Reduction Act of 2022 (“IRA 2022”) which, among
other things, creates a 15% corporate alternative minimum tax on profits of corporations whose average annual
adjusted financial statement income over a three-year period exceeds $1 billion and creates an excise tax of 1% on
stock repurchases by publicly traded U.S. corporations. These provisions of the IRA 2022 are generally effective for
tax years beginning after December 31, 2022. We continue to evaluate the future impacts of these provisions, if we
become subject to additional taxes it could adversely affect our financial conditions, results of operations and cash
flows.
The U.S. enacted the Tax Cuts and Jobs Act of 2017 (“2017 Tax Act”) on December 22, 2017, which significantly
changed the U.S. federal income taxation of U.S. corporations. The 2017 Tax Act remains unclear in many respects
and has been, and may continue to be, the subject of amendments and technical corrections, as well as
interpretations and implementing regulations by the Treasury and IRS, which have mitigated or increased certain
adverse impacts of the 2017 Tax Act and may continue to do so in the future.
Our ability to use our U.S. federal and state net operating loss carryforwards and certain other tax attributes may
be limited.
As of December 31, 2022, we had approximately $310 million, $875 million and $4 million of federal, state and foreign
net operating loss (“NOL”) carryforwards and $85 million of U.S. tax credit carryforwards primarily related to research
and development expenditures, net of unrecognized tax benefits.
Under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended (“Code”), if a corporation undergoes
an “ownership change,” the corporation’s ability to use its pre-change U.S. federal NOL carryforwards and other tax
attributes (such as research tax credits) to offset its post-change income and taxes may be limited. In general, an
“ownership change” occurs if there is a greater than 50 percentage point change (by value) in a corporation’s equity
ownership by certain stockholders over a rolling three-year period. Similar provisions of state tax law may also apply
to limit our use of accumulated state tax attributes. While we do not believe that we have experienced ownership
changes in the past that would materially limit our ability to utilize our NOL carryforwards, the Section 382 rules are
complex and there is no assurance our view is correct. In the event that we experience ownership changes in the
future, our ability to use pre-change NOL carryforwards and other tax attributes to offset post-change taxable income
will be subject to limitations. As a result, we may be unable to use a material portion of our NOL carryforwards and
other tax attributes, which could adversely affect our future cash flows.
Our operations are subject to governmental law and regulations relating to environmental matters, which may
expose us to significant costs and liabilities that could negatively impact our financial condition.
We are subject to various federal, state, provincial and local environmental laws and regulations relating to the
operation of our businesses, including those governing pollution, the handling, storage, disposal and transportation
of hazardous substances and the ownership and operation of real property. In addition, we could be affected by
future regulations imposed in response to concerns over climate change, other aspects of the environment or natural
resources. We have been designated, along with other companies, as a named discharger potentially responsible for
the cleanup of

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groundwater contamination at certain sites in California where we operate and there can be no assurance that the
previous owners of those properties strictly complied with such environmental laws and regulations. Such laws and
regulations may result in significant liabilities and costs to us due to the actions or inactions of the previous owners.
In addition, new laws and regulations, more stringent enforcement of existing laws and regulations or the discovery
of previously unknown contamination could result in additional costs.
We have incurred and will continue to incur increased costs and demands in order to comply with laws and
regulations applicable to public companies.
In January 2019, we became a “domestic issuer” for SEC reporting purposes and a reporting issuer in each of the
jurisdictions in Canada in which Maxar Canada was a reporting issuer. The obligations of being a public company in
the U.S. and Canada require significant expenditures and will place significant demands on our management and
other personnel, including costs resulting from public company reporting obligations under the U.S. Securities
Exchange Act of 1934, as amended, applicable Canadian securities laws, and the rules and regulations regarding
corporate governance practices, including those under the Sarbanes-Oxley Act of 2002, the Dodd-Frank Wall Street
Reform and Consumer Protection Act, and the listing requirements of the NYSE and the TSX. These rules require
that we maintain effective disclosure and financial controls and procedures, internal control over financial reporting
and changes in corporate governance practices, among many other complex rules that are often difficult to monitor
and maintain compliance with. Additionally, new standards, as well as investor expectations are developing around
ESG and other emerging socioeconomic trends and matters, which require continual monitoring and compliance. Our
management and other personnel will continue to devote a substantial amount of time to ensure compliance with all
of these requirements and to keep pace with new regulations, otherwise we may fall out of compliance and risk
becoming subject to reputational damage, litigation or being delisted, among other potential problems.
Our international business exposes us to risks relating to regulation, currency fluctuations and political or
economic instability in foreign markets, which could adversely affect our revenue, earnings, cash flows and our
financial condition.
A significant portion of our revenue is derived from non-U.S. sales, and we intend to continue to pursue
international contracts. International operations are subject to certain risks, such as: changes in domestic and
foreign governmental regulations and licensing requirements; deterioration of relations between the U.S. and/or a
particular foreign country; increases in tariffs and taxes and other trade barriers; foreign currency fluctuations;
changes in political and economic stability both in the U.S. and internationally; effects of austerity programs or
similar significant budget reduction programs; potential preferences by prospective customers to purchase from
local (non-U.S.) sources; difficulties in obtaining or enforcing judgments in foreign jurisdictions; and unforeseen
developments and conditions, including war, epidemics and pandemics and international tensions and conflicts.
In addition, our international contracts may include industrial cooperation agreements requiring specific in-country
purchases, investments, manufacturing agreements or other financial obligations, known as offset obligations, and
provide for penalties if we fail to meet such requirements. The impact of these factors is difficult to predict, but one
or more of them could adversely affect our financial position, results of operations, or cash flows.
Exposure to United Kingdom political developments, including the effect of its withdrawal from the European
Union, could be costly and difficult to comply with and could harm our business.
Our United Kingdom operations service customers in the United Kingdom as well as in other countries in the
European Union, and these operations continue to face risks and potential disruptions related to the withdrawal of
the United Kingdom from the European Union, commonly referred to as “Brexit.” Although the United Kingdom and
the European Union have entered into a trade and cooperation agreement, the long-term nature of the United
Kingdom’s relationship with the European Union remains unclear. For example, Brexit could lead to potentially
divergent laws and regulations, such as with respect to data protection and data transfer laws, that could lead to
uncertainty surrounding how data transfers will be regulated and could also be costly and difficult to comply with.
While we continue to monitor these

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developments, the full effect of Brexit on our operations is uncertain and our business could be harmed by trade
disputes or political differences between the United Kingdom and the European Union in the future.
ITEM 1B. UNRESOLVED STAFF COMMENTS
None.
ITEM 2.
PROPERTIES
Our corporate headquarters are located at a leased facility in Westminster, Colorado. As of December 31, 2022, we
had approximately two million square feet of total leased floor space at multiple locations in the United States,
Europe, the Middle East and Asia, used for manufacturing, warehousing, research and testing, administrative and
various other uses.
As of December 31, 2022, we had major operations in the following locations:
Space Infrastructure
Our Space Infrastructure segment primarily operates out of multiple locations in California. We lease approximately
one million square feet of manufacturing and office space.
Earth Intelligence
Our Earth Intelligence segment primarily operates out of our U.S. locations in Colorado, Virginia, Michigan, Florida,
and Missouri and the U.S. territory of Puerto Rico, our Sweden location and small sales offices located
internationally. We lease approximately one million square feet of office and operations space.
We maintain our properties in good operating condition and believe that the productive capacity of our properties is
adequate to meet our current requirements and those for the foreseeable future. See Note 9, “Leases”, to the
Consolidated Financial Statements in Part II, Item 8, “Financial Statements and Supplementary Data” for additional
information regarding our lease commitments.
ITEM 3.
LEGAL PROCEEDINGS
Currently, we are involved in a number of legal proceedings. For a discussion of material legal proceedings, see Note
22, “Commitments and Contingencies” to the Consolidated Financial Statements in Part II, Item 8, “Financial
Statements and Supplementary Data” in this Annual Report on Form 10-K, which is hereby incorporated by
reference.
ITEM 4.
MINE SAFETY DISCLOSURES
Not applicable.
PART II
ITEM 5.
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND
ISSUER PURCHASES OF EQUITY SECURITIES
Maxar’s common stock trades on the NYSE and TSX under the ticker “MAXR”. As of February 16, 2023, there were
approximately 105 stockholders of record of our common stock. This stockholder figure does not include a
substantially greater number of "street name" holders or beneficial holders of our common stock whose shares are
held of record by banks, brokers and other financial institutions.

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47
Dividends
Dividends are declared at the discretion of our Board of Directors and will depend on our financial position, results
of operations, cash flows, capital requirements, credit facility and other indebtedness covenants (which include
limits on distributions by us), applicable law and other factors as our Board of Directors deems relevant. Holders of
our common stock receive dividends when and as declared by our Board of Directors. We may modify, suspend, or
cancel our cash dividends in any manner and at any time. We declared and paid dividends of $0.04 per share of
common stock during 2022 and 2021.
ITEM 6.
[RESERVED]
ITEM 7.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
OVERVIEW
We are 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. Our businesses are organized and managed in two reportable segments:
Earth Intelligence and Space Infrastructure, as described below under “Segment Results”.
RECENT DEVELOPMENTS
Agreement and Plan of Merger with Advent International Corporation
On December 15, 2022, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Galileo
Parent, Inc., a Delaware corporation (“Parent”), Galileo Bidco, Inc., a Delaware corporation and wholly owned
subsidiary of Parent (“Merger Sub”), and solely for the purposes set forth therein, Galileo Topco, Inc., a Delaware
corporation and an indirect parent of Parent (“Preferred Equity Issuer”). Parent, Merger Sub and Preferred Equity
Issuer are affiliates of funds advised by Advent International Corporation (“Advent”), a private equity firm
headquartered in Boston, Massachusetts. British Columbia Investment Management Corporation (“BCI”) or one or
more of its affiliates will also be a minority investor in Preferred Equity Issuer. The Merger Agreement provides that,
on the terms and subject to the conditions of the Merger Agreement, at the closing of the transactions contemplated
therein, Merger Sub will merge with and into Maxar (the “Merger”). Parent has obtained equity financing, preferred
equity financing and debt financing commitments for the purpose of financing the transactions contemplated by the
Merger Agreement and paying related fees and expenses. Under the terms of the Merger Agreement, our
stockholders will receive $53.00 in cash for each share of our common stock they hold on the transaction closing
date. Pursuant to the terms of the Merger Agreement, the closing of the Merger is subject to customary closing
conditions, including, among others, adoption of the Merger Agreement by our stockholders, the expiration or early
termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as
amended (the “HSR Act”), clearance by the Committee on Foreign Investment in the United States and the receipt of
other regulatory approvals. The waiting period under the HSR Act expired at 11:59 p.m. Eastern Time on January 30,
2023. In addition, the closing is subject to the fulfillment or waiver of certain customary mutual closing conditions,
including, the absence of any temporary restraining order, preliminary or permanent injunction or other order having
been issued by any court of competent jurisdiction or other governmental authority preventing the consummation of
the Merger, and the absence of any statute, rule, regulation or order that makes consummation of the Merger illegal.
The obligation of each party to consummate the Merger is also conditioned upon certain unilateral closing
conditions, including the other party’s representations and warranties being accurate (subject to certain customary
materiality exceptions) and the other party having performed in all material respects its obligations under the Merger
Agreement, and the obligation of Parent to consummate the Merger is additionally conditioned upon the absence of
a material adverse effect on us that is continuing. The closing of the Merger is not subject to any financing
condition.

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48
For additional information regarding the Merger, please refer to our Form 8-K filed with the U.S. Securities and
Exchange Commission (“SEC”) on December 16, 2022.
WorldView Legion satellites update
Due to our pending Merger Agreement, we are no longer providing forward-looking updates on the timing of the
launches of our WorldView Legion satellites. We are continuing integration testing for the WorldView Legion
satellites, and launch of the satellites will occur following completion of that process. As previously disclosed in our
public filings, and as more completely described in the Merger Agreement, no effect relating to or arising from the
Company’s WorldView Legion satellite program can constitute or contribute to a material adverse effect, and the
Closing is not conditioned on the absence of any such effect or the success of the WorldView Legion program.
JUPITER 3 satellite update
On November 9, 2022, we notified EchoStar Corporation (“EchoStar”), that the expected shipment of the JUPITER 3
satellite (“JUPITER 3”) had been delayed one month. Prior to the November 9, 2022 notification of the schedule
change, the prior schedule communicated to EchoStar was an expected shipment date of March 26, 2023. JUPITER 3
was originally scheduled for shipment to EchoStar on January 19, 2021, under the terms of a $445 million contract
between Maxar Space LLC and EchoStar, dated April 19, 2017 and amended October 1, 2018 (the “Contract”).
JUPITER 3 is an Ultra High-Density Satellite expected to be the world’s largest commercial communications satellite
when it launches, which contains significant technical innovations.
As a result of the additional delay of approximately one month, EchoStar stated its intent to immediately terminate
the Contract for default and claim a return of all monies paid to Maxar. To avoid this outcome, the two companies
entered into an amendment to the Contract on November 16, 2022. Under the terms of the amendment, we have
agreed to a $65 million reduction in the contract value which consists of (i) the forgiveness of all remaining milestone
amounts owed by EchoStar to us related to JUPITER 3 of $14 million, (ii) the forgiveness of all orbital incentive
payments of $43 million, which were payable by EchoStar with 6% interest over 15 years following launch and in-
orbit service of JUPITER 3 and (iii) further reductions of $8 million. The orbital incentive payments were conditioned
on the in-orbit performance of the satellite.
In addition, we have agreed to enter into a commercial agreement whereby we will purchase certain goods and/or
services from EchoStar in 2023 with the scope of such goods and/or services to be determined, but with a minimum
value of $30 million. As we have not yet identified the scope of goods and/or services to be purchased under this
agreement, we have reduced the contract value by $30 million. If at a later date the goods and/or services are
identified the reduction to the contract value will be adjusted.
We have also agreed to the payment of contingent additional liquidated damages if the delivery of JUPITER 3
extends beyond June 2023. The contingent additional liquidated damages are $8 million per month beginning in July
2023 and grow to $10 million per month beginning in October 2023 and thereafter. In return, EchoStar has agreed to
eliminate its right to terminate the Contract for default for late delivery until January 1, 2024. We expect to deliver
JUPITER 3 without incurring significant liquidated damages under the November 16, 2022, Contract amendment.
We recognized a cumulative adjustment to revenue of $92 million and an increase in products costs of $3 million for
the year ended December 31, 2022 related to the JUPITER 3 amendment and commercial agreement with EchoStar.
This resulted primarily from reducing the EAC transaction price for the amount of the remaining milestone and
expected orbital payments from EchoStar due to the delay of the expected shipment of JUPITER 3. Additionally, as
we have not yet identified the scope of goods and/or services to be purchased under the aforementioned commercial
agreement, the total $95 million cumulative adjustment includes a $29 million adjustment to revenue and a $1 million
adjustment to product costs related to these goods and/or services.

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49
Acquisition of Wovenware
On November 1, 2022, we completed the acquisition of Wovenware Inc., (“Wovenware”) a privately held artificial
intelligence and software development technology consulting firm, for total fair value consideration of $24 million, a
portion of which is contingent on certain operating metrics, that will be paid out over a period of five years. As of
November 1, 2022, Wovenware’s results are consolidated and reported within the results of the Earth Intelligence
segment.
Electro-Optical Commercial Layer (“EOCL”) contract
On May 25, 2022, the National Reconnaissance Office (“NRO”) awarded us a 10-year contract worth up to $3.24
billion, inclusive of a firm 5-year base contract commitment worth $1.5 billion and $1.74 billion in exercisable options,
as part of the Electro-Optical Commercial Layer Program (“EOCL Contract”). The EOCL Contract transitioned the
imagery acquisition requirements previously addressed by the EnhancedView Follow-On contract (“EnhancedView
Contract”) and replaces the scope of the EnhancedView Contract with respect to such requirements.
Under the EOCL Contract, we continue to provide high-resolution commercial satellite imagery services to the NRO
for use across the U.S. defense and intelligence community. The EOCL Contract has an initial contract value of $1.5
billion with a 5-year base period of performance with the imagery acquisition portion beginning on June 15, 2022.
This reflects a contractual commitment of just over $300 million for each of the first five years of the EOCL Contract
to continue at a level comparable to services previously provided by us under the EnhancedView Contract. The $300
million base period commitment provides NRO access to the current constellation, then access, at an equivalent
level, to the WorldView Legion satellites and the related imagery archive after satellites in our current constellation
are no longer operational. The EOCL Contract, however, is flexible and allows for growth to consider additional
capacity from the WorldView Legion satellites when they are operational. Accordingly, we retain growth capacity
from our WorldView Legion satellites for the NRO and other customers.
While the imagery acquisition portion of the EnhancedView Contract has moved to EOCL, we will continue to
perform other awarded services on the EnhancedView Contract through 2025, concurrent with the new EOCL
Contract. The opportunity to increase services beyond the awarded amount is also built into the EOCL Contract.
The EOCL Contract differs significantly from the EnhancedView Contract in that it is a 5-year commitment with option
years, instead of a one-year commitment with option years, and in addition, the EOCL Contract has built-in flexibility
to increase services.
For year five, the NRO has awarded an option for increased capabilities at a value of $40 million, bringing the
potential value for year five to $340 million. For years six through ten, the NRO has awarded additional options with a
potential annual value of up to $340 million.
Sale of senior secured notes and repurchase of debt
On June 14, 2022, we issued $500 million aggregate principal amount of 7.75% Senior Secured Notes due 2027
(“7.75% 2027 Notes”) in a private placement to qualified institutional buyers in the U.S. pursuant to Rule 144A under
the Securities Act of 1933, as amended (the “Securities Act”) and outside the U.S. pursuant to Regulation S under
the Securities Act. The 7.75% 2027 Notes have an interest rate of 7.75% per annum and were issued at a price equal
to 100% of their face value. The 7.75% 2027 Notes will mature on June 15, 2027, unless earlier redeemed or
repurchased. The 7.75% 2027 Notes are secured on a first-priority basis by liens on our and the guarantor’s assets
that also secure, equally and ratably, our indebtedness under the Syndicated Credit Facility and the 7.54% 2027
Notes (as such terms are defined below) pursuant to the terms of a first lien intercreditor agreement. The 7.75% 2027
Notes are also guaranteed on a senior secured basis by each of our subsidiaries that are guarantors under our
Syndicated Credit Facility and our 7.54% 2027 Notes.
On June 14, 2022, we used proceeds from the 7.75% 2027 Notes, along with cash on hand, to redeem the remaining
$500 million aggregate principal amount of our 9.75% Senior Secured Notes due 2023 (“9.75% 2023 Notes”). The

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50
9.75% 2023 Notes were redeemed at a price of 107.313% of the principal amount thereof, plus accrued but unpaid
interest.
Concurrent amendment and restatement of Syndicated Credit Facility
On June 14, 2022, we amended the terms of our senior secured Syndicated Credit Facility (“Syndicated Credit
Facility”) pursuant to an amended and restated credit agreement (“Amended and Restated Credit Agreement”). The
Syndicated Credit Facility is composed of the Revolving Credit Facility and Term Loan B (as such terms are each
defined below). The Amended and Restated Credit Agreement (i) replaced the Consolidated Leverage Ratio financial
maintenance covenant with the Consolidated Net Debt Leverage Ratio (as defined in the Amended and Restated
Credit Agreement) financial maintenance covenant not to exceed (1) 5.50:1.00 for each fiscal quarter ending on or
prior to December 31, 2022, (2) 5.00:1.00 for each fiscal quarter ending on or after March 31, 2023 through and
including December 31, 2023 and (3) 4.50:1.00 for each fiscal quarter ending on or after March 31, 2024, (ii) changed
the required level of the Interest Coverage Ratio maintenance covenant to 2.50:1.00 as of the last day of each fiscal
quarter, (iii) increased the total amount of the senior secured first lien term B facility (“Term Loan B”) outstanding to
$1.5 billion and (iv) permitted the issuance of the 7.75% 2027 Notes and the redemption of the 9.75% 2023 Notes. The
Amended and Restated Credit Agreement also extended the maturity date of the senior secured first lien revolving
credit facility (“Revolving Credit Facility”) to June 14, 2027; provided that if the 7.75% 2027 Notes are not repaid in
full by the date that is 91 days prior to the maturity date of the 7.75% 2027 Notes (“Springing Maturity Date”), the
maturity date for the Revolving Credit Facility will be the Springing Maturity Date, and extended the maturity date of
Term Loan B to June 14, 2029; provided that if the 7.75% 2027 Notes are not repaid in full by the Springing Maturity
Date, the maturity date for the Term Loan B will be the maturity date of the 7.75% 2027 Notes.
SEGMENT RESULTS
Our Chief Operating Decision Maker measures performance of our reportable segments based on revenue and
Adjusted EBITDA. Our operating and reportable segments are: Earth Intelligence and Space Infrastructure.
Earth Intelligence
In the Earth Intelligence segment, we are a global leader in high-resolution, space-based Earth observation imagery
products and analytics. We launched the world’s first high-resolution commercial imaging satellite in 1999 and
currently operate a four satellite Earth observation constellation, providing us with over two decades and
approximately 150 petabytes of imagery over our history (referred to as our “Image Library”) of the highest
resolution, commercially available imagery. Our imagery solutions provide customers with timely, accurate and
mission critical information about our changing planet and support a wide variety of government and enterprise
applications, including mission planning, mapping and analysis, environmental monitoring, disaster management,
crop management, oil and gas exploration and infrastructure management. We continue to innovate as demands for
new satellite technology and advanced analytic tools increase. In addition to our Earth observation capabilities, we
offer RF and SAR data, which provides more comprehensive and accurate geospatial insights for our customers.
Through our updated NOAA remote sensing license, we are also able to collect NEI for our current constellation and
our next generation WorldView Legion satellites. Through this new license authority, we can collect and distribute
images of space objects across the LEO - the area ranging from 200 kilometers up to 1,000 kilometers in altitude - to
both government and commercial customers. In the commercial satellite Earth observation industry, we are a leader
across U.S. government agencies, international government agencies and enterprise customer verticals. The U.S.
government is the largest customer of our Earth Intelligence segment through the EOCL Contract, G-EGD and OWT
programs and various classified and unclassified contract vehicles.
We also provide geospatial services that combine imagery, analytic expertise and innovative technology to deliver
intelligence solutions to customers. Our approximately 1,500 cleared personnel support analytic solutions that
accurately document change and enable geospatial modeling and analysis that help predict where events will occur.
Our primary customer of geospatial services is the U.S. government, but we also support intelligence requirements
for other U.S. allied governments, global development organizations and enterprise customers. We are also a global
leader in satellite-

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derived 3D data for defense and intelligence markets, with software and products that enhance 3D mapping, Earth
intelligence data, military simulation and training and precision-guided munitions.
Space Infrastructure
In the Space Infrastructure segment, we provide solutions for communications, Earth observation, remote sensing,
on-orbit servicing, robotic assembly and space exploration. We address a broad spectrum of needs for our
customers, including mission systems engineering, product design, spacecraft manufacturing, assembly, integration
and testing. Our principal customers in the Space Infrastructure segment are commercial satellite operators and
government agencies worldwide. Our approach combines proven success gained over six decades in the industry
with the nimbleness and agility of a smaller space company.
RESULTS OF OPERATIONS
The following table provides selected annual financial information for the years ended December 31, 2022, 2021 and
2020.
Year Ended December 31,
$
Change
%
Change
$
Change
%
Change
2022
2021
2020
2021 to 2022
2020 to 2021
($ millions)
Revenues:
Product
$
527
$
678
$
633
$ (151)
(22)%$
45
7 %
Service
1,078
1,092
1,090
(14)
(1)
2
0
Total revenues
$ 1,605
$ 1,770
$ 1,723
$ (165)
(9)%$
47
3 %
Costs and expenses:
Product costs, excluding depreciation and
amortization
531
601
615
(70)
(12)
(14)
(2)
Service costs, excluding depreciation and
amortization
393
383
378
10
3
5
1
Selling, general and administrative
431
369
332
62
17
37
11
Depreciation and amortization
239
290
348
(51)
(18)
(58)
(17)
(Gain) loss on orbital receivables
allowance
-
(49)
14
49
(100)
(63)
*
Impairment loss
-
-
33
-
*
(33)
(100)
Loss on sale of assets
-
-
1
-
*
(1)
(100)
Operating income
$
11
$
176
$
2
$ (165)
(94)%$
174
* %
Interest expense, net
158
151
175
7
5
(24)
(14)
Other expense (income), net
1
(8)
(104)
9
(113)
96
(92)
(Loss) income before taxes
$
(148) $
33
$
(69) $ (181)
* %$
102
(148)%
Income tax expense (benefit)
2
(13)
(22)
15
(115)
9
(41)
Equity in income from joint ventures, net
of tax
-
-
(1)
-
*
1
(100)
(Loss) income from continuing operations
$
(150) $
46
$
(46) $ (196)
* %$
92
(200)%
Discontinued operations:
Income from operations of discontinued
operations, net of tax
-
-
32
-
*
(32)
(100)
Gain on disposal of discontinued
operations, net of tax
-
-
317
-
*
(317)
(100)
Income from discontinued operations, net
of tax
-
-
349
-
*
(349)
(100)
Net (loss) income
$
(150) $
46
$
303
$ (196)
* %$ (257)
(85)%
*
Not meaningful.

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52
Product and service revenues
Year Ended December 31,
$
Change
%
Change
$
Change
%
Change
2022
2021
2020
2021 to 2022
2020 to 2021
($ millions)
Product revenues
$
527
$
678
$
633
$ (151)
(22)%$
45
7 %
Service revenues
1,078
1,092
1,090
(14)
(1)
2
0
Total revenues
$ 1,605
$ 1,770
$ 1,723
$ (165)
(9)%$
47
3 %
Total revenues decreased to $1,605 million from $1,770 million, or by $165 million, for the year ended December 31,
2022 compared to 2021. The decrease was primarily due to a decrease in product revenues in our Space Infrastructure
segment driven by a $92 million cumulative adjustment to revenue for the year ended December 31, 2022 related to
the JUPITER 3 amendment and commercial agreement with EchoStar that were entered into by the two companies in
order to avoid EchoStar terminating the Contract for default.
Total revenues increased to $1,770 million from $1,723 million, or by $47 million, for the year ended December 31, 2021
compared to 2020. The increase was primarily driven by an increase in revenues in our Space Infrastructure and Earth
Intelligence segments.
Further discussion of the drivers behind the change in revenues is included within the “Results by Segment” section
below.
See Note 15, “Revenues” to the Consolidated Financial Statements in Part II, Item 8, “Financial Statements and
Supplementary Data” for product and service revenues by segment.
Product and service costs
Year Ended December 31,
$
Change
%
Change
$
Change
%
Change
2022
2021
2020
2021 to 2022
2020 to 2021
($ millions)
Product costs, excluding depreciation and
amortization
$
531
$
601
$ 615
$
(70)
(12)%$
(14)
(2)%
Service costs, excluding depreciation and
amortization
393
383
378
10
3
5
1
Total costs
$
924
$
984
$ 993
$
(60)
(6)%$
(9)
(1)%
Total cost of product and services decreased to $924 million from $984 million, or by $60 million, for the year ended
December 31, 2022 compared to 2021. The decrease in costs was primarily due to a decrease in product costs within
our Space Infrastructure segment due to charges taken as a result of the non-performance of the SXM-7 satellite in
the first quarter of 2021, which did not reoccur for the year ended December 31, 2022. The decrease in product costs
was also driven by the impact of reduced volumes as programs near the end of completion for the year ended
December 31, 2022, compared to the same period of 2021.
Total cost of product and services decreased to $984 million from $993 million, or by $9 million, for the year ended
December 31, 2021 compared to 2020. The decrease in costs was driven by a decrease in product costs within our
Space Infrastructure segment partially offset by an increase in service costs within our Earth Intelligence segment.

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53
Selling, general and administrative
Year Ended December 31,
$
Change
%
Change
$
Change
%
Change
2022
2021
2020
2021 to 2022
2020 to 2021
($ millions)
Selling, general and administrative
$
431
$
369
$332
$
62
17 %$
37
11 %
Selling, general and administrative costs increased to $431 million from $369 million, or by $62 million, for the year
ended December 31, 2022, compared to the same period of 2021. The increase was primarily due to a $13 million
increase in research and developments costs, an $11 million increase in expenses related to our enterprise resource
planning (“ERP”) project, an $8 million increase in professional services expense, a $7 million increase in travel and
facilities costs due to more employees working from our onsite location offices, a $6 million increase in information
technology (“IT”) costs, a $6 million increase in transaction and integration related expenses and a $5 million
increase in restructuring expenses. There was also a $10 million increase in labor related expenses and marketing and
sales costs driven by increases in or reassignment of personnel, annual merit increases, increases in headcount and
increases in fringe benefits for the year ended December 31, 2022, compared to the same period of 2021.
Selling, general and administrative costs increased to $369 million from $332 million, or by $37 million, for the year
ended December 31, 2021 compared to 2020. The increase was primarily due to an increase in labor related expenses
of $28 million, an increase in research and development expenses within the Space Infrastructure segment of $11
million and an increase in other expenses of $4 million. The increase in labor related expenses was primarily driven by
an increase in headcount, employee compensation and fringe benefits. These increases were partially offset by a $6
million decrease in transaction and integration related expenses.
Depreciation and amortization
Year Ended December 31,
$
Change
%
Change
$
Change
%
Change
2022
2021
2020
2021 to 2022
2020 to 2021
($ millions)
Property, plant and equipment
$
76
$
86
$
93
$
(10)
(12)%$
(7)
(8)%
Intangible assets
163
204
255
(41)
(20)
(51)
(20)
Depreciation and amortization expense
$
239
$
290
$ 348
$
(51)
(18)%$
(58)
(17)%
Depreciation and amortization expense decreased to $239 million from $290 million, or by $51 million, for the year
ended December 31, 2022, compared to the same period of 2021. The decrease was primarily driven by a decrease in
amortization expense related to intangible assets that were fully amortized in 2021 and 2022. There was also a
decrease in depreciation expense of $9 million related to the extension of the useful lives of three satellites in the
fourth quarter of 2021 and a decrease in depreciation expense of $2 million related to the extension of the useful lives
of three satellites in the fourth quarter 2022.
Depreciation and amortization expense decreased to $290 million from $348 million, or by $58 million, for the year
ended December 31, 2021 compared to 2020. The decrease was primarily driven by a decrease in amortization expense
for backlog acquired as part of the acquisition of DigitalGlobe, Inc. on October 5, 2017. We recognized ten months of
amortization expense for the year ended December 31, 2020, compared to none for the year ended December 31, 2021,
as all of the U.S. government acquired backlog was fully amortized as of October 2020. The decrease was also driven
by a decrease in depreciation expense related to the extension of the useful lives of two satellites in the fourth
quarter of 2020 and three satellites in the fourth quarter of 2021. These decreases were partially offset by the
inclusion of a full year of depreciation and amortization expense from property, plant and equipment and intangible
assets acquired as part of the acquisition of Vricon on July 1, 2020, compared to two quarters of expense in 2020.

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54
(Gain) loss on orbital receivables allowance
Year Ended December 31,
$
Change
%
Change
$
Change
%
Change
2022
2021
2020
2021 to 2022
2020 to 2021
($ millions)
(Gain) loss on orbital receivables allowance
$
-
$
(49) $ 14
$
49
(100)%$
(63)
* %
*
Not meaningful.
During the year ended December 31, 2021, as a result of an increased certainty of collections of the outstanding
orbital receivables from our largest customer following their emergence from bankruptcy, we recognized a $49 million
reversal of our orbital receivables allowance. During the year ended December 31, 2020, we recognized a $14 million
loss on our orbital receivables allowance within the Space Infrastructure segment. The loss was primarily due to a
decrease in the credit rating associated with our largest orbital receivables customer. There were no changes in the
allowance for expected credit losses related to our orbital receivables allowance for the year ended December 31,
2022.
Impairment loss
Year Ended December 31,
$
Change
%
Change
$
Change
%
Change
2022
2021
2020
2021 to 2022
2020 to 2021
($ millions)
Impairment loss
$
-
$
-
$ 33
$
-
* %$
(33)
(100)%
*
Not meaningful.
During the year ended December 31, 2020, we recognized an impairment loss of $33 million related to the write-off of a
$33 million prepaid asset with a commercial provider of ground station services under a contract which was above
current market value. In December 2020, we executed a new multi-year contract with the provider for services at
reduced cost. As a result of the prior contract being terminated and the new contract being at market value, we
concluded the remaining prepaid asset from the prior contract with the provider had no continuing value. There were
no impairment losses recorded for the year ended December 31, 2022 or 2021.
Interest expense, net
Year Ended December 31,
$
Change
%
Change
$
Change
%
Change
2022
2021
2020
2021 to 2022
2020 to 2021
($ millions)
Interest expense:
Interest on long-term debt
$
156
$
144
$ 191
$
12
8 %$
(47)
(25)%
Loss on debt extinguishment
53
41
7
12
29
34
*
Interest on orbital securitization liability
3
4
5
(1)
(25)
(1)
(20)
Imputed interest and other
1
2
2
(1)
(50)
-
-
Interest expense on advance payments
from customers
-
-
3
-
*
(3)
(100)
Capitalized interest
(55)
(40)
(33)
(15)
38
(7)
21
Interest expense, net
$
158
$
151
$ 175
$
7
5 %$
(24)
(14)%
*
Not meaningful.
Interest expense, net increased to $158 million from $151 million, or by $7 million, for the year ended December 31,
2022 compared to the same period in 2021. The increase was primarily due to a $12 million increase in loss on debt
extinguishment during the year ended December 31, 2022 compared to the same period of 2021 driven by a $53 million
loss on debt extinguishment incurred in connection with the redemption of our 9.75% 2023 Notes (as defined below)
and the amendment of our Term Loan B (as defined below) and Revolving Credit Facility in the second quarter of
2022, compared to a $41 million loss on debt extinguishment recognized from the partial redemption of our 9.75% 2023
Notes in the first quarter of 2021. The increase was also due to an increase in interest on long-term debt of $12 million
driven by an increase in interest rates on our Term Loan B (as defined below) which was amended in the second
quarter of

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55
2022. These increases were partially offset by a $15 million increase in capitalized interest related to the building of
our WorldView Legion satellites.
Interest expense, net decreased to $151 million from $175 million, or by $24 million, for the year ended December 31,
2021 compared to 2020. The decrease was primarily due to a $47 million decrease in interest on long-term debt
primarily driven by lower principal balances on the 2023 Notes and Term Loan B (as defined below) due to a
repurchase of a portion of the 2023 Notes in the second quarter of 2020, a partial redemption of the 2023 Notes in the
first quarter of 2021 and a repayment made on Term Loan B in the second quarter of 2020. These decreases in interest
on long-term debt were partially offset by an increase in interest expense following our issuance of the 2027 Notes
(as defined below). There was also an increase in capitalized interest of $7 million related to the building of our
WorldView Legion satellites. These decreases were partially offset by a $41 million loss on debt extinguishment from
the partial redemption of our 2023 Notes using proceeds from the Offering for the year ended December 31, 2021,
compared to a $7 million loss on debt extinguishment for 2020.
Other expense (income), net
Year Ended December 31,
$
Change
%
Change
$
Change
%
Change
2022
2021
2020
2021 to 2022
2020 to 2021
($ millions)
Other expense (income), net
$
1
$
(8) $ (104) $
9
(113)%$
96
(92)%
Other expense (income), net changed to an expense of $1 million from income of $8 million, or by $9 million, for the
year ended December 31, 2022, compared to the same period in 2021. The change was primarily due to a $12 million
expense related to the satisfaction of an offset obligation incurred as a result of conducting business in a foreign
country, which was recorded for the year ended December 31, 2022, compared to no expense in 2021. The increase in
expense was partially offset by a decrease in amortization expense of the net loss on our pension plans for the year
ended December 31, 2022, compared to the same period of 2021.
Other income, net decreased to $8 million from $104 million, or by $96 million, for the year ended December 31, 2021
compared to 2020. The decrease was primarily driven by a gain of $85 million recorded as a result of the
remeasurement of our previously held equity interest in Vricon due to the acquisition of Vricon for the year ended
December 31, 2020 which did not recur in 2021. In addition, the decrease was driven by a $3 million foreign exchange
loss for the year ended December 31, 2021 compared to a $5 million foreign exchange gain for the year ended
December 31, 2020.
See Note 22, “Commitments and Contingencies” to the Consolidated Financial Statements in Part II, Item 8,
“Financial Statements and Supplementary Data” for further details on the offset obligation.
Income tax expense (benefit)
Year Ended December 31,
$
Change
%
Change
$
Change
%
Change
2022
2021
2020
2021 to 2022
2020 to 2021
($ millions)
Income tax expense (benefit)
$
2
$
(13)
$ (22) $
15
(115)%$
9
(41)%
Income tax expense (benefit) changed to an expense of $2 million from a benefit of $13 million, or by $15 million, for
the year ended December 31, 2022, compared to the same period in 2021, primarily due to the absence of a Base
Erosion and Anti-Abuse Tax (“BEAT”) benefit from the prior year.

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56
Income tax benefit decreased to $13 million from $22 million, or by $9 million, for the year ended December 31, 2021,
compared to 2020. This change was primarily due to a $13 million reduction in the December 31, 2020 estimated
federal BEAT driven by a change in tax strategy enabled by a reduction in forecasted interest expense.
Income from discontinued operations, net of tax
Year Ended December 31,
$
Change
%
Change
$
Change
%
Change
2022
2021
2020
2021 to 2022
2020 to 2021
($ millions)
Discontinued operations:
Income from operations of discontinued
operations, net of tax
$
-
$
-
$
32
$
-
* %$
(32)
(100)%
Gain on disposal of discontinued
operations, net of tax
-
-
317
-
*
(317)
(100)
Income from discontinued operations, net
of tax
$
-
$
-
$ 349
$
-
* %$ (349)
(100)%
*
Not meaningful.
There was no income from discontinued operations, net of tax for the years ended December 31, 2022 and 2021, as
the sale of our former Canadian subsidiary (“MDA Business”) to Neptune Acquisition, Inc. was completed in the
second quarter of 2020.
Income from discontinued operations, net of tax was $349 million for the year ended December 31, 2020 driven by the
after-tax gain on disposal of the MDA Business of $317 million and a $39 million recovery of a previously recorded
liability in relation to the Company’s dispute with a Ukrainian customer.
RESULTS BY SEGMENT
We analyze financial performance by segments, which group related activities within our business. We report our
financial performance based on two reportable segments: Earth Intelligence and Space Infrastructure. Intrasegment
transactions have been eliminated from the segmented financial information discussed below.
Year Ended December 31,
$
Change
%
Change
$
Change
%
Change
2022
2021
2020
2021 to 2022
2020 to 2021
($ millions)
Revenues:
Earth Intelligence
$ 1,078
$ 1,093
$ 1,081
$
(15)
(1)%$
12
1 %
Space Infrastructure
626
740
721
(114)
(15)
19
3
Intersegment eliminations
(99)
(63)
(79)
(36)
57
16
(20)
Total revenues
$ 1,605
$ 1,770
$ 1,723
$ (165)
(9)%$
47
3 %
Adjusted EBITDA:
Earth Intelligence
$
445
$
492
$
513
$
(47)
(10)%$
(21)
(4)%
Space Infrastructure
(32)
46
(3)
(78)
(170)
49
*
Intersegment eliminations
(36)
(25)
(27)
(11)
44
2
(7)
Corporate and other expenses
(91)
(89)
(61)
(2)
2
(28)
46
Total Adjusted EBITDA
$
286
$
424
$
422
$ (138)
(33)%$
2
0 %
*
Not meaningful.
Adjusted EBITDA disclosures throughout this section, “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” are non-GAAP measures. See “Non-GAAP Financial Measures” below for
further discussion of Adjusted EBITDA disclosures.

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57
Earth Intelligence
The following table provides selected financial information for the Earth Intelligence segment.
Year Ended December 31,
$
Change
%
Change
$
Change
%
Change
2022
2021
2020
2021 to 2022
2020 to 2021
($ millions)
Total revenues
$ 1,078
$ 1,093
$ 1,081
$
(15)
(1)%$
12
1 %
Adjusted EBITDA
$
445
$
492
$
513
$
(47)
(10)%$
(21)
(4)%
Adjusted EBITDA margin
(as a % of total revenues)
41.3 %
45.0 %
47.5 %
Revenues from the Earth Intelligence segment decreased to $1,078 million from $1,093 million, or by $15 million, for
the year ended December 31, 2022, compared to the same period in 2021. The decrease was primarily due to a $19
million decrease in revenues from commercial programs driven by a one-time license uplift on a commercial contract
in 2021. The decrease was also driven by a $17 million decrease in revenues from international defense and
intelligence customers primarily due to less orders on archive and 3D imagery. Additionally, certain transactions that
were expected to be completed in the fourth quarter of 2022 did not occur in the period. These decreases were
partially offset by a $21 million increase in revenues from the U.S. government. The increase in revenues from the
U.S. government was primarily due to a $56 million increase in imagery solutions revenues, including revenues from
crisis support services, partially offset by a $35 million decrease in geospatial service revenues from U.S. government
customers.
Revenues from the Earth Intelligence segment increased to $1,093 million from $1,081 million, or by $12 million, for the
year ended December 31, 2021, compared to 2020. The increase was primarily driven by a $48 million increase in
revenue from international defense and intelligence customers, a $36 million increase in new and expanded
commercial programs and a $7 million increase in revenue from new contracts with the U.S. government. These
increases were partially offset by an $80 million decrease in the recognition of deferred revenue related to the
EnhancedView Contract. We recognized $80 million of deferred revenue from the EnhancedView Contract for the year
ended December 31, 2020, compared to none for the year ended December 31, 2021, as it was fully recognized as of
August 31, 2020.
Adjusted EBITDA decreased to $445 million from $492 million, or by $47 million, for the year ended December 31,
2022, compared to the same period of 2021. The decrease was primarily related to the above-mentioned decrease in
revenues and a $23 million increase in selling, general and administrative costs, compared to the same period of 2021.
The increase in selling, general and administrative costs was primarily driven by increased spending, including
professional services expense of $7 million, an increase in travel costs and facilities costs of $6 million due to more
employees working from our onsite location offices, IT costs of $5 million and our ERP project of $4 million. The
decrease in Adjusted EBITDA was also due to an increase in service costs driven by increases in headcount, annual
merit increases and increases in fringe benefits for the year ended December 31, 2022, compared to the same period
of 2021.
Adjusted EBITDA decreased to $492 million from $513 million, or by $21 million, for the year ended December 31,
2021, compared to 2020. The decrease was primarily driven by a decrease in the recognition of deferred revenue
related to the EnhancedView Contract as mentioned above. The decrease was also driven by an increase in selling,
general and administrative costs due to an increase in labor related expenses driven by an increase in headcount,
employee compensation and fringe benefits for the year ended December 31, 2021, compared to 2020. These
decreases were partially offset by the expansion of contracts with existing commercial and international defense and
intelligence customers contributing to positive program margin growth.

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58
Space Infrastructure
The following table provides selected financial information for the Space Infrastructure segment.
Year Ended December 31,
$
Change
%
Change
$
Change
%
Change
2022
2021
2020
2021 to 2022
2020 to 2021
($ millions)
Total revenues
$ 626
$ 740
$ 721
$
(114)
(15)%$
19
3 %
Adjusted EBITDA
$
(32)
$
46
$
(3)
$
(78)
(170)
$
49
* %
Adjusted EBITDA margin
(as a % of total revenues)
(5.1)%
6.2 %
(0.4)%
*
Not meaningful.
Changes in revenues from year to year are influenced by the size, timing and number of satellite contracts awarded in
the current and preceding years and the length of the construction period for satellite contracts awarded. Revenues
on satellite contracts are recognized using the cost-to-cost method to determine the percentage of completion over
the construction period, which typically ranges between 20 to 36 months, and up to 48 months in certain situations.
Adjusted EBITDA margins can vary from quarter to quarter due to the mix of our revenues and changes in our
estimated total costs at completion (“EAC”) as our risks are retired and as our EACs are increased or decreased
based on contract performance. Adjusted EBITDA margins are also impacted by estimated contractual
consideration.
Revenues from the Space Infrastructure segment decreased to $626 million from $740 million, or by $114 million, for
the year ended December 31, 2022, compared to the same period of 2021. Revenues decreased primarily due to a $92
million cumulative adjustment to revenue for the year ended December 31, 2022 related to the JUPITER 3 amendment
and commercial agreement with EchoStar. This resulted primarily from adjusting the EAC transaction price for the
amount of the remaining milestone and expected orbital payments from EchoStar due to the delay of the expected
shipment of JUPITER 3 and an adjustment related to the commercial agreement as we have not yet identified the
scope of goods and/or services to be purchased. There was also a decrease in revenues from commercial programs
of $50 million driven by the impact of reduced volumes as programs near the end of completion, including C-Band
contracts, for the year-ended December 31, 2022, compared to the same period of 2021. The decrease in revenues was
also driven by a $5 million decrease in revenues from U.S. government contracts during the year ended December 31,
2022, compared to the same period of 2021. These decreases were partially offset by a $33 million aggregate impact
due to the non-performance of the SXM-7 satellite that was recorded during 2021, which did not reoccur for the year
ended December 31, 2022.
Revenues from the Space Infrastructure segment increased to $740 million from $721 million, or by $19 million, for the
year ended December 31, 2021, compared to 2020. Revenues increased primarily as a result of an increase in revenues
from commercial programs of $87 million due to higher volumes and lower EAC growth primarily due to no COVID-19
program impacts for the year ended December 31, 2021. Revenues were negatively impacted by a $19 million decrease
year over year related to our contract with Sirius XM Holdings Inc. (“Sirius XM”). The year ended December 31,
2021, included a $30 million cumulative adjustment to revenue primarily related to the loss of final milestone and
expected orbital payments from Sirius XM due to the non-performance of the SXM-7 satellite and other adjustments
that were recorded in 2021. After exhausting efforts to fully recover the SXM-7 satellite and further discussions with
Sirius XM, in April 2021, we made the determination to record the cumulative adjustment to revenue. In addition,
there were $3 million of costs incurred in the first quarter of 2021 related to attempts to repair and fully recover the
SXM-7 satellite. The aggregate impact for the year ended December 31, 2021, was $33 million. The $33 million
decrease was partially offset by the non-reoccurrence of a $14 million adjustment to revenue due to the identification
of a design anomaly on the commercial satellite program, which was recorded for the year ended December 31, 2020.
In addition, the total increase in revenues from the Space Infrastructure segment was partially offset by a $49 million
decrease in revenues from U.S. government contracts.
Adjusted EBITDA decreased to a loss of $32 million from $46 million, or by $78 million, for the year ended December
31, 2022, compared to 2021. The decrease was primarily driven by the $95 million reduction in revenue and increase in

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product costs related to the above-mentioned JUPITER 3 impacts. The decrease was also driven by an increase in
selling, general and administrative expenses of $26 million including marketing expenses and labor related expenses
of $11 million from increases in headcount and annual merit increases, research and development expense of $8
million, our ERP project of $5 million and a $2 million increase in other expense. There was also a decrease in product
margins driven by the impact of the above-mentioned reduced volumes on commercial programs for the year ended
December 31, 2022, compared to the same period of 2021. These decreases in Adjusted EBITDA were partially offset
by the above-mentioned SXM-7 satellite impacts which did not reoccur in the same period in 2022.
Adjusted EBITDA increased to $46 million from a loss of $3 million, or by $49 million, for the year ended December
31, 2021, compared to 2020. The increase in the Space Infrastructure segment was primarily related to a $92 million
increase driven by increased volumes on commercial programs which resulted in increased margins and fewer
negative EAC impacts during the year as compared to the year ended December 31, 2020, which included negative
EAC impacts due to COVID-19. The increase in commercial program margins has been driven by a change in program
mix related to the completion of less profitable programs offset by new, more profitable programs. These increases
were partially offset by the $19 million reduction in revenue related to the above-mentioned SXM-7 satellite impacts
and a $19 million increase in indirect costs and selling, general and administrative costs which was primarily driven
by an $11 million increase in research and development expenses.
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 for the year ended December 31, 2022 remained relatively unchanged year over year as
they increased to $91 million from $89 million, or by $2 million, compared to 2021.
Corporate and other expenses for the year ended December 31, 2021 increased to $89 million from $61 million, or by
$28 million, compared to 2020. The increase was primarily driven by a $14 million increase in selling, general and
administrative costs primarily due to an increase in labor related expenses driven by an increase in employee
compensation and fringe benefits. There was also an increase in stock-based compensation expense of $5 million
primarily due to a higher fair market value of equity awards granted. The increase was also driven by a $3 million
foreign exchange loss for the year ended December 31, 2021, compared to a $5 million foreign exchange gain for the
year ended December 31, 2020.
Intersegment eliminations
Intersegment eliminations are related to projects between our segments, including the construction of our WorldView
Legion satellites. Intersegment eliminations increased to $36 million from $25 million for the year ended December 31,
2022 compared to 2021, primarily related to an increase in satellite construction activity.
Intersegment eliminations decreased to $25 million from $27 million for the year ended December 31, 2021 compared
to 2020, primarily related to a decrease in satellite construction activity.

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60
BACKLOG
Our backlog by segment is as follows:
December
31,
December
31,
2022
2021
($ millions)
Earth Intelligence
$
2,048
$
1,028
Space Infrastructure
1,146
865
Total backlog
3,194
1,893
Unfunded contract options
2,089
650
Total
$
5,283
$
2,543
Order backlog, representing the estimated dollar value of firm contracts for which work has not yet been performed
(also known as the remaining performance obligations on a contract), was $3,194 million as of December 31, 2022
compared to $1,893 million as of December 31, 2021. The increase in backlog was driven by an increase in the Earth
Intelligence segment due to the EOCL contract and an increase in the Space Infrastructure segment primarily due to
new contracts with commercial customers. Order backlog generally does not include unexercised contract options
and potential orders under indefinite delivery/indefinite quantity contracts. Approximately 39% of the total $3,194
million backlog as of December 31, 2022 is expected to be converted into revenue in 2023.
Backlog in the Space Infrastructure segment is primarily comprised of multi-year awards, such as satellite builds.
Fluctuations in backlog are driven primarily by the timing of large program wins. Backlog in the Earth Intelligence
segment consists of both multi-year and annual contracts, which renew at various times throughout the year. As a
result, the timing of when contracts are awarded and when option years are exercised may cause backlog to fluctuate
significantly from period to period. Although backlog reflects business that is considered to be firm, terminations,
amendments or cancellations may occur, which could result in a reduction in our total backlog.
Our unfunded contract options totaled $2,089 million and $650 million as of December 31, 2022 and 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 December 31, 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 $1.74 billion in exercisable options. The EOCL Contract transitioned the imagery acquisition requirement
previously addressed by the EnhancedView Contract and, with this award, replaces the scope of the EnhancedView,
with respect to such requirements.
LIQUIDITY & CAPITAL RESOURCES
Our sources of liquidity include cash provided by operations, access to existing credit facilities, collection or
securitization of orbital receivables and, when available and efficient, access to the capital markets. We generally
maintain limited cash on hand and use available cash to pay down borrowings on our Syndicated Credit Facility (as
defined below). Our primary short-term cash requirements are to fund working capital, including requirements on
long-term construction contracts (including our geostationary satellite contracts), fixed overhead costs and to fund
the construction and launch of our WorldView Legion satellites and other capital expenditures. Working capital
requirements can vary significantly from period to period, particularly as a result of the timing of receipts and
disbursements related to long-term construction contracts.
Our medium-term to long-term cash requirements are to service and repay debt and make investments, including in
facilities, equipment, technologies and research and development for growth initiatives. These capital investments
include investments to replace the capability or capacity of satellites which have or will go out of service in the
future.

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61
Over the near-term to medium-term, it is also possible that our customers may fully or partially fund the construction
of additional Legion satellites. Cash is also used to pay dividends and finance other long-term strategic business
initiatives.
In June 2022, we issued $500 million aggregate principal amount of our 7.75% 2027 Notes and used the proceeds,
along with cash on hand, to redeem in full the remaining $500 million aggregate principal amount of our 9.75% 2023
Notes. Also in June 2022, we amended our Syndicated Credit Facility to increase the total amount of Term Loan B
outstanding to $1.5 billion and extended the maturity date of our Revolving Credit Facility to June 14, 2027. See
“Recent Developments” above for additional information. As a result, our first maturity of long-term debt is in June
of 2027 and relates to our Revolving Credit Facility and 7.75% 2027 Notes. Our 7.54% 2027 Notes (as defined below)
will mature in December of 2027.
We have significant purchase obligations in the normal course of business for goods and services, under
agreements with defined terms as to quantity, price and timing of delivery. Purchase obligations represent open
purchase orders and other commitments for the purchase or construction of property, plant and equipment or
intangible assets, operational commitments related to remote ground terminals, or with subcontractors on long-term
construction contracts that we have with customers in the normal course of business. As of the year ended
December 31, 2022, we had total short-term purchase obligations of $491 million and total long-term purchase
obligations of $223 million. These amounts are based on volumes consistent with anticipated requirements to fulfill
purchase orders or contracts for product deliveries received, or expected to be received, from customers.
We also have short and long-term requirements to fund our pension plans within the Space Infrastructure segment.
Funding requirements under applicable laws and regulations are a major consideration in making contributions to our
pension plans. Failure to satisfy the minimum funding thresholds with respect to appropriate laws and regulations
could result in restrictions on our ability to amend the plans or make benefit payments. With respect to our qualified
pension plan, we intend to contribute annually not less than the required minimum funding thresholds. The
American Rescue Plan Act of 2021 includes provisions for pension funding relief in future periods. We have elected
to take advantage of these provisions and anticipate lower required contributions for our qualified pension plan in
the upcoming years. We had no further required contributions on our qualified pension plan for the year ended
December 31, 2022. There are no required contributions for our qualified pension plan for the year ending December
31, 2023.
Our ability to fund our cash needs will depend, in part, on our ability to generate cash in the future, which depends
on our future financial results. Our future results are subject to general economic factors, including inflation and
rising interest rate costs, and financial, competitive, legislative and regulatory factors that may be outside of our
control. Our future access to, and the availability of credit on acceptable terms and conditions is impacted by many
factors, including capital market liquidity and overall economic conditions.
We believe that our cash from operating activities generated from continuing operations, together with available
borrowings under our Revolving Credit Facility, will be adequate for the next twelve months and the foreseeable
future to meet our anticipated uses of cash flow, including working capital, capital expenditure, debt service costs,
dividend and other commitments. While we intend to reduce debt over time using cash provided by operations, we
may also seek to meet long-term debt obligations, if necessary, and fund future capital investments by obtaining
capital from a variety of additional sources or by refinancing existing obligations. These sources include public or
private capital markets, bank financings, proceeds from dispositions or other third-party sources.

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62
Summary of cash flows
Year Ended December 31,
2022
2021
2020
($ millions)
Cash provided by operating activities - continuing operations
$
325
$
294
$
243
Cash used in operating activities - discontinued operations
-
(13)
(54)
Cash provided by operating activities
325
281
189
Cash used in investing activities - continuing operations
(327)
(234)
(406)
Cash provided by investing activities - discontinued operations
-
-
723
Cash (used in) provided by investing activities
(327)
(234)
317
Cash provided by (used in) financing activities - continuing operations
7
(31)
(555)
Cash used in financing activities - discontinued operations
-
-
(24)
Cash provided by (used in) financing activities
7
(31)
(579)
Effect of foreign exchange on cash, cash equivalents, and restricted cash
-
-
(5)
Cash, cash equivalents, and restricted cash, beginning of year
47
31
109
Cash, cash equivalents, and restricted cash, end of period
$
52
$
47
$
31
Operating activities
Cash flows from operating activities can vary significantly from period to period as a result of our working capital
requirements, given our portfolio of large construction programs and the timing of milestone receipts and payments
with customers and suppliers in the ordinary course of business. Investment in working capital is also necessary to
build our business and manage lead times in construction activities. We expect working capital account balances to
continue to vary from period to period. We efficiently fund our working capital requirements with the Revolving
Credit Facility.
Cash provided by operating activities from continuing operations increased to $325 million from $294 million, or by
$31 million, for the year ended December 31, 2022 compared to 2021. This change was primarily driven by favorable
changes in working capital for the year ended December 31, 2022, compared to 2021.
Cash provided by operating activities from continuing operations increased to $294 million from $243 million, or by
$51 million, for the year ended December 31, 2021 compared to 2020. This change was primarily driven by favorable
changes in working capital for the year ended December 31, 2021, compared to 2020.
Investing activities
Cash used in investing activities from continuing operations increased to $327 million from $234 million, or by $93
million, in the year ended December 31, 2022 compared to 2021. Our primary investing activities included
expenditures on property, plant and equipment of $226 million and $135 million, for the years ended December 31,
2022 and 2021, respectively, and investments in intangible assets primarily related to internally developed software of
$93 million and $99 million, for the years ended December 31, 2022 and 2021, respectively. Property, plant and
equipment expenditures for the years ended December 31, 2022 and 2021 primarily related to the build of our
WorldView Legion satellites.
Cash used in investing activities from continuing operations decreased to $234 million from $406 million, or by $172
million, in the year ended December 31, 2021 compared to 2020. Our primary investing activities included
expenditures on property, plant and equipment of $135 million and $221 million, for the years ended December 31,
2021 and 2020, respectively, and investments in intangible assets primarily related to internally developed software of
$99 million and $87 million, for the years ended December 31, 2021 and 2020, respectively. Property, plant and
equipment expenditures in 2021 and 2020 primarily related to the build of our WorldView Legion satellites. During the
year ended December 31, 2020, we also used cash of $120 million, net of cash received, to acquire the remaining
interest in Vricon.

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63
Financing activities
Cash provided by financing activities from continuing operations increased to $7 million compared to cash used by
financing activities of $31 million, or by $38 million, for the year ended December 31, 2022, compared to the same
period of 2021. During the year ended December 31, 2022, Term Loan B was refinanced, which resulted in net
proceeds of $1,329 million offset by the cash paid to extinguish the prior Term Loan B of $1,341 million, which
excluded amounts accounted for as a debt modification. Additionally, during the year ended December 31, 2022, cash
used in financing activities included $537 million used to redeem our 9.75% 2023 Notes, including approximately $37
million in premiums paid to redeem such 9.75% 2023 Notes, debt issuance costs of $27 million, repayments of long-
term debt of $18 million and settlement of the securitization liability of $14 million. These items were offset by $500
million in proceeds from the issuance of our 7.75% 2027 Notes and $125 million from the net proceeds of the
Revolving Credit Facility. During the year ended December 31, 2021, cash used in financing activities from
continuing operations included a repurchase of the 2023 Notes of $384 million, settlement of a securitization liability
of $13 million and debt repayments of $10 million, partially offset by proceeds from issuance of common stock of
$380 million.
Cash used in financing activities from continuing operations decreased to $31 million from $555 million, or by $524
million, for the year ended December 31, 2021 compared to 2020. During the year ended December 31, 2021, cash used
in financing activities from continuing operations included a repurchase of the 2023 Notes of $384 million, settlement
of a securitization liability of $13 million and debt repayments of $10 million, partially offset by proceeds from
issuance of common stock of $380 million. During the year ended December 31, 2020, cash used in financing
activities from continuing operations included debt repayments of $525 million, a repurchase of the 2023 Notes of
$169 million and settlement of securitization liability of $11 million, partially offset by net proceeds from bank
borrowings of $147 million.
Long-term debt
The following table summarizes our long-term debt:
December
31,
December
31,
2022
2021
($ millions)
Syndicated Credit Facility:
Revolving Credit Facility
$
125
$
-
Term Loan B
1,493
1,444
9.75% 2023 Notes
-
500
7.75% 2027 Notes
500
-
7.54% 2027 Notes
150
150
Deferred financing
19
26
Obligations under finance leases and other
5
5
Debt discount and issuance costs
(98)
(39)
Total long-term debt
$
2,194
$
2,086
Syndicated Credit Facility
As of December 31, 2022, the Syndicated Credit Facility is composed of: (i) the Revolving Credit Facility in an
aggregate capacity of up to $500 million maturing in June 2027 and (ii) Term Loan B in an aggregate principal amount
of $1.5 billion maturing in June 2029, which was issued with an original issue discount of 4.50%. The Revolving
Credit Facility includes an aggregate $200 million sub limit under which letters of credit can be issued. As of
December 31, 2022 and December 31, 2021, we had $24 million and $28 million, respectively, of issued and undrawn
letters of credit outstanding under the Revolving Credit Facility.

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64
9.75% Notes due 2023
On December 11, 2019, we issued $1.0 billion in aggregate principal amount of 9.75% 2023 Notes in a private
placement to institutional buyers. The 9.75% 2023 Notes were issued at a price of 98% and are recorded as long-term
debt in our consolidated financial statements. The 9.75% 2023 Notes bore interest at the rate of 9.75% per year,
payable semi-annually in cash in arrears, for which interest payments commenced in June 2020.
On June 14, 2022, we used the proceeds from the issuance of the 7.75% 2027 Notes, along with cash on hand, to
redeem the remaining $500 million aggregate principal amount of our 9.75% 2023 Notes. The 9.75% 2023 Notes were
redeemed at a price of 107.313% of the principal amount thereof, plus accrued but unpaid interest.
7.75% Notes due 2027
On June 14, 2022, we issued $500 million in aggregate principal amount of 7.75% 2027 Notes in a private placement to
qualified institutional buyers. The 7.75% 2027 Notes were issued at a price equal to 100% of their face value and are
recorded as long-term debt in the consolidated financial statements. The 7.75% 2027 Notes bear interest at the rate of
7.75% per year, payable semi-annually in cash in arrears on June 15 and December 15 of each year, beginning on
December 15, 2022. The 7.75% 2027 Notes will mature on June 15, 2027, unless earlier redeemed or repurchased. The
7.75% 2027 Notes are guaranteed on a senior secured basis by each of our subsidiaries that are guarantors under the
Syndicated Credit Facility and its 7.54% 2027 Notes (as defined below).
7.54% Notes due 2027
On June 25, 2020, we issued $150 million in aggregate principal amount of 7.54% Senior Secured Notes due 2027
(“7.54% 2027 Notes”) in a private placement to institutional buyers. The 7.54% 2027 Notes were issued at a price of
98.25% and are recorded as long-term debt in our consolidated financial statements. The 7.54% 2027 Notes bear
interest at the rate of 7.54% per year, payable semi-annually in cash in arrears, for which interest payments
commenced in December 2020. The 7.54% 2027 Notes are guaranteed on a senior secured basis by each of our
existing and future subsidiaries that guarantee the Syndicated Credit Facility and the 9.75% 2023 Notes.
Leaseback Deferred Financing
On December 10, 2019, we completed the sale and subsequent leaseback of our owned properties in Palo Alto,
California for proceeds of $291 million. We determined that the leaseback terms were off-market. In accordance with
Accounting Standards Codification 842 - Leases, we accounted for the excess of the leaseback payments over the
present value of market rental payments as additional financing, separate from the lease liability. This resulted in
recognition of a deferred financing liability of $33 million which is repayable over the 10-year leaseback term.
See Note 11, “Long-term debt and interest expense, net” to the Consolidated Financial Statements in Part II, Item 8,
“Financial Statements and Supplementary Data” for further details on our long-term debt.
Securitization liability
We have in place a revolving securitization facility agreement with an international financial institution. Under the
terms of the Syndicated Credit Facility, we may offer to sell eligible orbital receivables from time to time with terms of
seven years or less, discounted to face value using prevailing market rates. During the years ended December 31,
2022, 2021 and 2020, we did not sell or repurchase any orbital receivables.
The orbital receivables that were securitized remain on our balance sheet as the accounting criteria for surrendering
control of the orbital receivables were not met. The net proceeds received have been recognized as a securitization
liability that has been subsequently measured at amortized cost using the effective interest rate method. The
securitized orbital receivables and the securitization liabilities are being drawn down as payments are received from
customers and passed on to the international financial institution. We continue to recognize orbital revenue on the
orbital receivables that are subject to the securitization transactions and recognize interest expense to accrete the
securitization liability.

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65
Off-balance sheet arrangements
As of December 31, 2022, we had no outstanding foreign exchange sales contracts. As of December 31, 2022, we had
$24 million in letters of credit issued under the Revolving Credit Facility. Such arrangements are not expected to have
a material effect on our liquidity or capital resources, financial position or results of operations.
We use, from time to time, derivative financial instruments to manage existing foreign currency exposures. We
consider the management of financial risks to be an important part of our overall corporate risk management policy.
Foreign exchange forward contracts are used to hedge our exposure to currency risk on sales, purchases, cash, net
investments and loans denominated in a currency other than the functional currency of our domestic and foreign
operations.
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
Management’s Discussion and Analysis of Financial Condition and Results of Operations discusses our
Consolidated Financial Statements, which have been prepared in accordance with U.S. GAAP. The preparation of
these financial statements requires management to make judgments, assumptions and estimates that affect the
amounts reported in the Consolidated Financial Statements and accompanying notes. For a summary of our
significant accounting policies, see Note 2, “Summary of significant accounting policies” to the Consolidated
Financial Statements in Part II, Item 8, “Financial Statements and Supplementary Data”.
We consider the following accounting policies to be critical to an understanding of our financial condition and
results of operations because these policies require the most difficult, subjective or complex judgments on the part of
management in their application. Actual results could differ from our estimates and assumptions, and any such
differences could be material to our Consolidated Financial Statements.
Revenue recognition
The recognition and measurement of revenue requires the use of judgments and estimates. Specifically, judgment is
used in interpreting complex arrangements with nonstandard terms and conditions and determining when all criteria
for revenue recognition have been met.
Space Infrastructure
Revenue in the Space Infrastructure segment is primarily generated from long-term construction contracts. Due to
the long-term nature of these contracts, we generally recognize revenue over time using the cost-to-cost method to
measure progress. Under the cost-to-cost method, revenue is recognized based on the proportion of total costs
incurred to EAC. Revenue recognition is also contingent on estimated contractual consideration. An EAC includes
all direct costs and indirect costs directly attributable to a program or allocable based on program cost pooling
arrangements. Estimates regarding the Company’s cost associated with the design, manufacture and delivery of
products and services are used in determining the EAC. Changes to EAC cost or estimated contractual consideration
are recorded as a cumulative catch-up adjustment.
Our cost estimation process is based on the professional knowledge of our engineering, program management and
financial professionals and draws on their significant experience and judgment. We prepare EACs for our contracts
and calculate estimated revenues and costs over the life of our contracts. Variable consideration is included in our
estimates to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will
not occur when the uncertainty associated with the variable consideration is subsequently resolved. We estimate
variable consideration as the most likely amount to which we expect to be entitled. Since our contracts typically span
a period of several years, estimation of revenue, cost and progress toward completion requires the use of judgment.
Judgments and estimates are re-assessed at least quarterly with most estimates being updated on a monthly basis.
Adjustments in estimates could have a material impact on revenue recognition based on the significance of the
adjustments. Factors considered in these estimates include our historical performance, the availability, productivity
and cost of labor, the nature and complexity of work to be performed, availability and cost of materials, components
and subcontracts, the risk and impact of delayed performance and the level of indirect cost allocations.

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Earth Intelligence
Revenue in the Earth Intelligence segment is generated from imagery and geospatial intelligence service contracts.
Revenue from imagery service contracts is recognized based on satellite capacity made available to the customer in a
particular period, when imagery is delivered to the customer, or ratably over the subscription period. Many of our
imagery service contracts relate to the transfer of a series of distinct goods or services over time for which
management has determined are a single performance obligation. Revenue from our geospatial intelligence service
contracts is recognized from the rendering of services that compensate us at a cost-plus-fixed-fee, firm fixed price, or
on a time and materials basis.
Some of our contracts contain multiple performance obligations, which requires us to estimate the standalone selling
price of each performance obligation in order to allocate consideration transferred from the customer. We have not
historically been able to use third-party evidence for determining standalone selling price due to the unique nature of
our products and services and lack of visibility into competitor pricing. Standalone selling prices are determined
based on management estimates that involve significant judgment. Multiple factors are considered based on the
nature of the deliverables included within the contract, which include market conditions, competitive landscape,
geographic or regional specific factors, internal costs, profit margin objectives and pricing practices used by us.
Income Taxes
We are subject to income taxes in the United States, Sweden and other foreign jurisdictions. We compute the
provision for income taxes using the asset and liability method, under which deferred tax assets and liabilities are
determined based on the temporary differences between the financial reporting and tax bases of assets and liabilities.
Deferred tax assets and liabilities are measured at the currently enacted tax rates that are expected to apply in years in
which they are expected to be paid for or realized. All deferred income taxes are classified as non-current on our
Consolidated Balance Sheets. Significant judgments are required in order to determine the realizability of tax assets.
In assessing the need for a valuation allowance, we evaluate all significant available positive and negative evidence,
including historical operating results, estimates of future sources of taxable income, carry-forward periods available,
the existence of prudent and feasible tax planning strategies and other relevant factors.
For further information regarding our deferred tax assets and liabilities see Note 2, “Summary of significant
accounting policies” and Note 20, “Income taxes” to the Consolidated Financial Statements in Part II, Item 8,
“Financial Statements and Supplementary Data.”
RECENT ACCOUNTING PRONOUNCEMENTS
See Note 2, “Summary of Significant Accounting Policies” to the Consolidated Financial Statements in Part II, Item 8,
“Financial Statements and Supplementary Data” for a discussion of recent accounting pronouncements.
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, amortization of deferred
ERP implementation costs 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

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67
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. The 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 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 (loss) income to EBITDA and Adjusted EBITDA for the years ended December
31, 2022, 2021 and 2020:
Year Ended December 31,
2022
2021
2020
($ millions)
Net (loss) income
$
(150)
$
46
$
303
Income tax benefit
2
(13)
(22)
Interest expense, net
158
151
175
Interest income
(2)
(3)
(3)
Depreciation and amortization
239
290
348
EBITDA
$
247
$
471
$
801
Income from discontinued operations, net of tax
-
-
(349)
Restructuring
18
2
-
Offset obligation fulfillment
12
-
-
Transaction and integration related expense
6
1
7
Amortization of deferred ERP implementation costs
2
-
-
Loss (gain) on remeasurement of equity interest
1
-
(85)
(Gain) loss on orbital receivables allowance
-
(49)
14
Impairment loss
-
-
33
Insurance recovery
-
(1)
-
Loss on sale of assets
-
-
1
Total Adjusted EBITDA
$
286
$
424
$
422
Adjusted EBITDA:
Earth Intelligence
445
492
513
Space Infrastructure
(32)
46
(3)
Intersegment eliminations
(36)
(25)
(27)
Corporate and other expenses
(91)
(89)
(61)
Total Adjusted EBITDA
$
286
$
424
$
422
Net (loss) income margin
(9.3)%
2.6 %
17.6 %
Total Adjusted EBITDA margin
17.8 %
24.0 %
24.5 %

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68
ITEM 7A.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Interest Rate Risk
We are exposed to interest rate risk on our variable-rate borrowings under our Syndicated Credit Facility, which is
comprised of the Revolving Credit Facility and Term Loan B. We use interest rate swap agreements to manage a
portion of interest rate risk associated with cash outflows from long-term debt.
There was $1.5 billion and $1.4 billion outstanding under our Term Loan B as of December 31, 2022 and 2021,
respectively. The Term Loan B bears interest equal to, at our option, either (i) Adjusted Term SOFR plus an
applicable margin ranging from 4.00% to 4.25%, or (ii) adjusted base rate (“ABR”), plus an applicable margin ranging
from 3.00% to 3.25%, in each case depending on the total Consolidated Net Debt Leverage Ratio.
As of December 31, 2022, there was $125 million outstanding under our Revolving Credit Facility. The Revolving
Credit Facility bears interest at a rate equal to, at our option, if such borrowings are in U.S. dollars, either (i) Adjusted
Term SOFR plus an applicable margin ranging from 2.75% to 3.50%, or (ii) ABR, plus an applicable margin ranging
from 1.75% to 2.50%, in each case depending on the total Consolidated Net Debt Leverage Ratio. We may also, at
our option, borrow in Canadian dollars, Euros or British Pounds Sterling using the same applicable margins as noted
for U.S. dollars.
On April 29, 2022, $500 million of our interest rate swaps matured. On June 22, 2022, we entered into SOFR interest
rate swaps having a notional value of $500 million. In June 2022, we amended our existing interest rate swaps that
mature in June 2023 to modify the designated hedge interest rate risk from LIBOR to SOFR in connection with our
Amended and Restated Credit Agreement. In total, as of December 31, 2022, an aggregate of $1 billion of our variable
rate long-term debt is fixed at an average one-month SOFR rate of 1.71% (excluding the margin specified in the
Syndicated Credit Facility) pursuant to our outstanding interest rate swaps. In each of June 2023 and June 2024, we
will have interest rate swap maturities of $500 million.
Based upon the amounts outstanding under the Syndicated Credit Facility as of December 31, 2022, net of the
interest rate swaps and assuming the amounts were outstanding for a full calendar year, a 50 basis point increase in
interest rates would increase interest expense under the Syndicated Credit Facility by approximately $3 million for the
year ended December 31, 2022 compared to $2 million for the year ended December 31, 2021 prior to our entry into the
Amended and Restated Credit Agreement. We may decide in future periods to engage in hedging transactions to
further mitigate the interest rate risk under our Syndicated Credit Facility.
Foreign Currency Risk
Although the majority of our transactions are denominated in U.S. dollars, some of our transactions are denominated
in foreign currencies. Certain contractual relationships with customers and vendors mitigate risks from currency
exchange rate changes that arise from normal purchasing and normal sales activities. Our revenue and purchase
contracts are primarily denominated in U.S. dollars. However, fluctuations in the value of foreign currencies may
make payments in U.S. dollars, as provided for under our existing contracts, more difficult for foreign customers. In
addition, fluctuations in foreign currencies could introduce volatility into our financial statements for contracts
denominated in a foreign currency.

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ITEM 8.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
Page
Reports of Independent Registered Public Accounting Firm (Auditor Firm ID: 185)
70
Consolidated Statements of Operations
74
Consolidated Statements of Comprehensive (Loss) Income
75
Consolidated Balance Sheets
76
Consolidated Statements of Cash Flows
77
Consolidated Statements of Changes in Stockholders’ Equity
78
Notes to Consolidated Financial Statements
79

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70
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Stockholders and Board of Directors 
Maxar Technologies Inc.:
Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated balance sheets of Maxar Technologies Inc. and subsidiaries (the
Company) as of December 31, 2022 and 2021, the related consolidated statements of operations, comprehensive
(loss) income, cash flows, and changes in stockholders’ equity for each of the years in the three-year period ended
December 31, 2022, and the related notes (collectively, the consolidated financial statements). In our opinion, the
consolidated financial statements present fairly, in all material respects, the financial position of the Company as of
December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the years in the three-
year period ended December 31, 2022, in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board
(United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2022, based on
criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring
Organizations of the Treadway Commission, and our report dated February 22, 2023 expressed an unqualified opinion
on the effectiveness of the Company’s internal control over financial reporting.
Change in Accounting Principle
As discussed in Note 2 to the consolidated financial statements, the Company has changed its method of
accounting for contract modifications and hedge accounting as of June 30, 2022 due to the adoption of Accounting
Standards Update No. 2020-04, Reference Rate Reform (Topic 848).
Basis for Opinion
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is
to express an opinion on these consolidated financial statements based on our audits. We are a public accounting
firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with
the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of
material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks
of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing
procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the
amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the
accounting principles used and significant estimates made by management, as well as evaluating the overall
presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our
opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated
financial statements that was communicated or required to be communicated to the audit committee and that: (1)
relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our
especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter
in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by
communicating the critical

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audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to
which it relates.
Revenue recognition for certain long-term fixed-price contracts in the Space Infrastructure segment
As discussed in Notes 2 and 15 to the consolidated financial statements, the Company recognizes revenue over time
using the cost-to-cost method to measure progress. Under the cost-to-cost method, revenue is recognized based on
the proportion of total costs incurred to estimated total costs-at-completion (EAC). An EAC includes all direct costs
and indirect costs attributable to a program or allocable costs based on program cost pooling arrangements.
Estimates regarding the Company’s costs associated with the design, manufacture and delivery of products and
services are used in determining the EAC. Changes to an EAC are recorded as a cumulative adjustment to revenue.
We identified the evaluation of revenue recognition for certain long-term fixed-price contracts in the Space
Infrastructure segment as a critical audit matter. In particular, evaluating the Company’s estimated costs to complete
required a high degree of subjective auditor judgment given the nature and complexity of the work to be performed.
The determination of, and changes to, those estimates may have a significant impact on revenue recorded.
The following are the primary procedures we performed to address this critical audit matter. We evaluated the design
and tested the operating effectiveness of certain internal controls over the Company’s process to estimate costs to
complete for fixed-price, long-term contracts. For certain contracts, we compared the Company’s original or prior
period estimate of total contract costs to be incurred to changes in total actual and estimated future contract costs to
be incurred to assess the Company’s ability to estimate costs. We inquired of financial and operational personnel of
the Company and inspected supporting documents to identify factors that should be considered within the cost to
complete estimates for indications of possible management bias. We evaluated the Company’s estimated costs to
complete by:
●
reading the underlying contracts and related amendments to obtain an understanding of the contractual
requirements and related performance obligations
●
considering costs incurred to-date and the relative progress towards completion of the contracts
●
considering, if relevant, the estimated costs to complete on similar or historical contracts
●
considering, if relevant, the estimated reserves on specific contracts that include estimation uncertainty
based on the nature of the contract
●
inspecting correspondence, if any, between the Company and the customer regarding actual costs to date
and expected performance remaining
●
evaluating the Company’s assessment of contract performance risks included within the estimated costs to
complete.
/s/ KPMG LLP
We have served as the Company’s auditor since 2018.
Denver, Colorado
February 22, 2023

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72
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Stockholders and Board of Directors
Maxar Technologies Inc.:
Opinion on Internal Control Over Financial Reporting
We have audited Maxar Technologies Inc. and subsidiaries’ (the Company) internal control over financial reporting
as of December 31, 2022, based on criteria established in Internal Control - Integrated Framework (2013) issued by
the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained,
in all material respects, effective internal control over financial reporting as of December 31, 2022, based on criteria
established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring
Organizations of the Treadway Commission.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board
(United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2022 and December
31, 2021, the related consolidated statements of operations, consolidated statements of comprehensive (loss)
income, cash flows, and changes in stockholders’ equity for each of the years in the three-year period ended
December 31, 2022, and the related notes (collectively, the consolidated financial statements), and our report dated
February 22, 2023 expressed an unqualified opinion on those consolidated financial statements.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for
its assessment of the effectiveness of internal control over financial reporting, included in the accompanying
Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on
the Company’s internal control over financial reporting based on our audit. We are a public accounting firm
registered with the PCAOB and are required to be independent with respect to the Company in accordance with the
U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and
the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting
was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an
understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and
testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our
audit also included performing such other procedures as we considered necessary in the circumstances. We believe
that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A company’s internal control over financial reporting
includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that receipts and expenditures of the company are being made
only in accordance with authorizations of management and directors of the company; and (3) provide reasonable
assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s
assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may
become

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73
inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may
deteriorate.
/s/ KPMG LLP
Denver, Colorado
February 22, 2023

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74
MAXAR TECHNOLOGIES INC.
Consolidated Statements of Operations
(In millions, except per share amounts)
Year Ended December 31,
2022
2021
2020
Revenues:
Product
$
527
$
678
$
633
Service
1,078
1,092
1,090
Total revenues
1,605
1,770
1,723
Costs and expenses:
Product costs, excluding depreciation and amortization
531
601
615
Service costs, excluding depreciation and amortization
393
383
378
Selling, general and administrative
431
369
332
Depreciation and amortization
239
290
348
(Gain) loss on orbital receivables allowance
-
(49)
14
Impairment loss
-
-
33
Loss on sale of assets
-
-
1
Operating income
11
176
2
Interest expense, net
158
151
175
Other expense (income), net
1
(8)
(104)
(Loss) income before taxes
(148)
33
(69)
Income tax expense (benefit)
2
(13)
(22)
Equity in income from joint ventures, net of tax
-
-
(1)
(Loss) income from continuing operations
(150)
46
(46)
Discontinued operations:
Income from operations of discontinued operations, net of tax
-
-
32
Gain on disposal of discontinued operations, net of tax
-
-
317
Income from discontinued operations, net of tax
-
-
349
Net (loss) income
$
(150)
$
46
$
303
Basic net (loss) income per common share:
(Loss) income from continuing operations
$
(2.03)
$
0.65
$
(0.76)
Income from discontinued operations, net of tax
-
-
5.75
Basic net (loss) income per common share
$
(2.03)
$
0.65
$
4.99
Diluted net (loss) income per common share:
(Loss) income from continuing operations
$
(2.03)
$
0.63
$
(0.76)
Income from discontinued operations, net of tax
-
-
5.75
Diluted net (loss) income per common share
$
(2.03)
$
0.63
$
4.99
See accompanying notes to the Consolidated Financial Statements.

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75
MAXAR TECHNOLOGIES INC.
Consolidated Statements of Comprehensive (Loss) Income
(In millions)
Year Ended December 31,
2022
2021
2020
Net (loss) income
$
(150) $
46
$
303
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments 1
(1)
(2)
(47)
Reclassification of currency translation adjustment to gain on disposal of
discontinued operations
-
-
(68)
Unrealized gain (loss) on interest rate swaps
22
19
(3)
Gain (loss) on pension and other postretirement benefit plans
16
50
(43)
Other comprehensive income (loss), net of tax
37
67
(161)
Comprehensive (loss) income, net of tax
$
(113) $
113
$
142
1
Included within Foreign currency translation adjustments is a net gain on hedge of net investment in foreign operations of $47
million for the year ended December 31, 2020.
See accompanying notes to the Consolidated Financial Statements.

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76
MAXAR TECHNOLOGIES INC.
Consolidated Balance Sheets
(In millions)
December
31,
December
31,
2022
2021
Assets
Current assets:
Cash and cash equivalents
$
52
$
47
Trade and other receivables, net
380
355
Inventory, net
46
39
Advances to suppliers
25
31
Prepaid assets
35
35
Other current assets
70
22
Total current assets
608
529
Non-current assets:
Orbital receivables, net
307
368
Property, plant and equipment, net
1,094
940
Intangible assets, net
718
787
Non-current operating lease assets
133
145
Goodwill
1,649
1,627
Other non-current assets
97
102
Total assets
$
4,606
$
4,498
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable
$
87
$
75
Accrued liabilities
76
43
Accrued compensation and benefits
77
111
Contract liabilities
364
289
Current portion of long-term debt
22
24
Current operating lease liabilities
34
42
Other current liabilities
76
38
Total current liabilities
736
622
Non-current liabilities:
Pension and other postretirement benefits
106
134
Operating lease liabilities
133
138
Long-term debt
2,172
2,062
Other non-current liabilities
71
79
Total liabilities
3,218
3,035
Commitments and contingencies
Stockholders’ equity:
Common stock ($0.0001 par value, 240 million common shares authorized; 74.7 million and
72.7 million issued and outstanding at December 31, 2022 and 2021, respectively)
-
-
Additional paid-in capital
2,276
2,235
Accumulated deficit
(873)
(720)
Accumulated other comprehensive loss
(16)
(53)
Total Maxar stockholders' equity
1,387
1,462
Noncontrolling interest
1
1
Total stockholders' equity
1,388
1,463
Total liabilities and stockholders' equity
$
4,606
$
4,498
See accompanying notes to the Consolidated Financial Statements.

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77
MAXAR TECHNOLOGIES INC.
Consolidated Statements of Cash Flows
(In millions)
Year Ended December 31,
2022
2021
2020
Cash flows (used in) provided by:
Operating activities:
Net (loss) income
$
(150)
$
46
$
303
Income from operations of discontinued operations, net of tax
-
-
(32)
Gain on disposal of discontinued operations, net of tax
-
-
(317)
(Loss) income from continuing operations
(150)
46
(46)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating
activities:
Depreciation and amortization
239
290
348
Stock-based compensation expense
48
45
43
Amortization of debt issuance costs and other non-cash interest expense
16
15
16
Loss (gain) on remeasurement of equity interest
1
-
(85)
Loss from early extinguishment of debt
53
41
7
(Gain) loss on orbital receivables allowance
-
(49)
14
Cumulative adjustment to JUPITER 3
95
-
-
Cumulative adjustment to SXM-7 revenue
-
30
-
Impairment losses
-
-
33
Deferred income tax expense (benefit)
1
-
(17)
Other
32
15
2
Changes in operating assets and liabilities:
Trade and other receivables, net
(5)
(20)
33
Accounts payable and liabilities
(8)
(95)
(84)
Contract liabilities
26
10
5
Other
(23)
(34)
(26)
Cash provided by operating activities - continuing operations
325
294
243
Cash used in operating activities - discontinued operations
-
(13)
(54)
Cash provided by operating activities
325
281
189
Investing activities:
Purchase of property, plant and equipment and development or purchase of software
(319)
(234)
(308)
Acquisitions, net of cash acquired
(8)
-
(120)
Return of capital from discontinued operations
-
-
20
Other
-
-
2
Cash used in investing activities - continuing operations
(327)
(234)
(406)
Cash provided by investing activities - discontinued operations
-
-
723
Cash (used in) provided by investing activities
(327)
(234)
317
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)
(169)
Proceeds from issuance of 7.75% 2027 Notes
500
-
-
Net proceeds from issuance of 7.54% 2027 Notes
-
-
147
Net proceeds from Revolving Credit Facility
125
-
-
Debt issuance costs paid
(27)
-
-
Settlement of securitization liability
(14)
(13)
(11)
Repayments of long-term debt
(18)
(10)
(525)
Net proceeds from issuance of common stock
-
380
-
Other
(10)
(4)
3
Cash provided by (used in) financing activities - continuing operations
7
(31)
(555)
Cash used in financing activities - discontinued operations
-
-
(24)
Cash provided by (used in) financing activities
7
(31)
(579)
Increase (decrease) in cash, cash equivalents, and restricted cash
5
16
(73)
Effect of foreign exchange on cash, cash equivalents, and restricted cash
-
-
(5)
Cash, cash equivalents, and restricted cash, beginning of year
47
31
109
Cash, cash equivalents, and restricted cash, end of period
$
52
$
47
$
31
Reconciliation of cash flow information:
Cash and cash equivalents
$
52
$
47
$
27
Restricted cash included in prepaid and other current assets
-
-
4
Total cash, cash equivalents, and restricted cash
$
52
$
47
$
31
See accompanying notes to the Consolidated Financial Statements.

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78
MAXAR TECHNOLOGIES INC.
Consolidated Statements of Changes in Stockholders’ Equity
(In millions, except per share amounts)
Accumulated
other
Total
Common stock
Additional Accumulated comprehensive Noncontrolling stockholders’
Shares Amount
paid-in
capital
deficit
income (loss)
interest
equity
Balance as of December 31, 2019
59.9 $
-
$
1,784
$
(1,064) $
41 $
1
$
762
Reclassification of stock-based
compensation awards
-
-
4
-
-
-
4
Common stock issued under
employee stock purchase plan
0.6
-
6
-
-
-
6
Common stock issued upon vesting or
exercise of stock-based compensation
0.7
-
-
-
-
-
-
Equity classified stock-based
compensation expense
-
-
24
-
-
-
24
Dividends ($0.04 per common share)
-
-
-
(2)
-
-
(2)
Comprehensive income (loss)
-
-
-
303
(161)
-
142
Balance as of December 31, 2020
61.2 $
-
$
1,818
$
(763) $
(120) $
1
$
936
Common stock issuance, net of
transaction fees
10.0
-
380
-
-
-
380
Common stock issued under
employee stock purchase plan
0.3
-
8
-
-
-
8
Equity classified stock-based
compensation expense
1.2
-
29
-
-
-
29
Dividends ($0.04 per common share)
-
-
-
(3)
-
-
(3)
Comprehensive income
-
-
-
46
67
-
113
Balance as of December 31, 2021
72.7 $
-
$
2,235
$
(720) $
(53) $
1
$
1,463
Common stock issued under
employee stock purchase plan
0.5
-
9
-
-
-
9
Equity classified stock-based
compensation expense
1.5
-
25
-
-
-
25
Equity contingent consideration
-
7
-
-
-
7
Dividends ($0.04 per common share)
-
-
-
(3)
-
-
(3)
Comprehensive (loss) income
-
-
-
(150)
37
-
(113)
Balance as of December 31, 2022
74.7 $
-
$
2,276
$
(873) $
(16) $
1
$
1,388
See accompanying notes to the Consolidated Financial Statements.

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MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements
(Tabular amounts in millions of dollars, unless otherwise noted)
79
1. GENERAL BUSINESS DESCRIPTION
Maxar Technologies Inc. (the “Company” or “Maxar”) is a provider of comprehensive space solutions and secure,
precise, geospatial intelligence. Maxar helps government and commercial customers monitor, understand and
navigate our changing planet; deliver global broadband communications; and explore and advance the use of space.
The Company’s 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 stock trades
on the New York Stock Exchange and Toronto Stock Exchange under the symbol “MAXR.”
On January 1, 2019, the Company completed a reorganization of its corporate structure pursuant to which the
Company directly acquired all of the issued and outstanding shares of Maxar Technologies Ltd. (“Maxar Canada”),
and the Company replaced Maxar Canada as the publicly-held parent company of the Maxar group (“U.S.
Domestication”).
Agreement and Plan of Merger with Advent International Corporation
On December 15, 2022, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with
Galileo Parent, Inc., a Delaware corporation (“Parent”), Galileo Bidco, Inc., a Delaware corporation and wholly owned
subsidiary of Parent (“Merger Sub”), and solely for the purposes set forth therein, Galileo Topco, Inc., a Delaware
corporation and an indirect parent of Parent (“Preferred Equity Issuer”). Parent, Merger Sub and Preferred Equity
Issuer are affiliates of funds advised by Advent International Corporation (“Advent”), a private equity firm
headquartered in Boston, Massachusetts. British Columbia Investment Management Corporation (“BCI”) or one or
more of its affiliates will also be a minority investor in Preferred Equity Issuer. The Merger Agreement provides that,
on the terms and subject to the conditions of the Merger Agreement, at the closing of the transactions contemplated
therein, Merger Sub will merge with and into Maxar (the “Merger”). Parent has obtained equity financing, preferred
equity financing and debt financing commitments for the purpose of financing the transactions contemplated by the
Merger Agreement and paying related fees and expenses. Under the terms of the Merger Agreement, the Company’s
stockholders will receive $53.00 in cash for each share of our common stock they hold on the transaction closing
date. Pursuant to the terms of the Merger Agreement, the closing of the Merger Agreement is subject to the
satisfaction of customary closing conditions, including adoption of the Merger Agreement by the Company’s
stockholders and receipt of regulatory approvals.
Acquisitions
On November 1, 2022, the Company completed the acquisition of Wovenware Inc., (“Wovenware”) a privately held
artificial intelligence and software development technology consulting firm. On July 1, 2020, the Company closed the
acquisition of Vricon, Inc. (“Vricon”) by purchasing the remaining 50% ownership interest in Vricon (“Vricon
Acquisition”). See Note 4 for additional details.
Completion of the sale of MDA
On April 8, 2020, the Company completed the sale of its former Canadian subsidiary (“MDA Business”), to Neptune
Acquisition Inc. (“MDA Purchaser”), a corporation existing under the laws of the Province of British Columbia and
an affiliate of Northern Private Capital Ltd. (“MDA Transaction”). This divestiture represented a strategic shift in the
Company’s business and, in accordance with U.S. GAAP, the MDA Business qualified as a discontinued operation.
As a result, the operating results and cash flows related to the MDA Business have been reflected as discontinued
operations in the Consolidated Statements of Operations and the Consolidated Statements of Cash Flows. See Note
3 for additional details.

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MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
80
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation
The Consolidated Financial Statements include the accounts of Maxar Technologies Inc., and all consolidated
subsidiary entities. The Company’s Consolidated Financial Statements have been prepared in accordance with
generally accepted accounting principles in the United States (“U.S. GAAP”) and the rules and regulations of the
U.S. Securities and Exchange Commission. All intercompany balances and transactions are eliminated on
consolidation.
The Company's Consolidated Financial Statements are presented in U.S. dollars and have been prepared on a
historical cost basis, except for certain financial assets and liabilities including derivative financial instruments which
are stated at fair value.
Unless otherwise indicated, amounts provided in the Notes to the Consolidated Financial Statements pertain to
continuing operations (See Note 3 for information on discontinued operations).
Use of estimates, assumptions and judgments
The preparation of the Consolidated Financial Statements in accordance with U.S. GAAP requires the Company to
make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of
contingencies at the reporting date, as well as the reported amounts of revenues and expenses during the reporting
period. Estimates have been prepared using the most current and best available information; however, actual results
could differ materially from those estimates.
Leases
The Company has both operating and finance leases. The majority of the Company’s leases are operating leases
related to buildings. The Company’s finance leases are primarily related to equipment.
The Company determines if a contract is or contains a lease at inception based on whether it conveys the right to
control the use of an identified asset. The Company recognizes lease liabilities and right-of-use assets based on the
present value of the future minimum lease payments over the lease term at the commencement date. Right-of-use
assets are adjusted for any prepayments, lease incentives received and initial direct costs incurred. If the rate implicit
in the lease is not readily determinable, the Company’s incremental borrowing rate with a similar term to the lease
term is used to determine the present value of future payments and appropriate lease classification. The lease term
includes renewal options that are reasonably certain to be exercised. The Company elected the practical expedient
not to separate lease and non-lease components. The Company also elected to include in minimum lease payments
any executory costs that are part of the fixed lease payment.
Some of the Company’s building lease agreements contain incentives for leasehold improvements. If the leasehold
improvement has been determined to be owned by the lessee, the Company generally recognizes an incentive
received at or before the commencement date as a reduction to the right-of-use asset. Incentives receivable at
commencement that are probable of being received and within the Company’s control are included in the
measurement of the lease liability and right-of-use asset. The Company uses the date of initial possession as the
commencement date, which is generally when the Company has been given rights to access the space.
Leases with an initial term of 12 months or less are not recorded on the Company’s Consolidated Balance Sheets and
are recognized as lease expense on a straight-line basis in the Consolidated Statements of Operations. Certain
leasing arrangements require variable payments, such as insurance and tax payments. Variable lease payments that
do not

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MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
81
depend on an index or rate are excluded from lease payments in the measurement of the right-of-use asset and lease
liability and are recognized as expense in the period in which the payment occurs.
The Company does not have any material restrictions or covenants in our lease agreements, sale leaseback
transactions or residual value guarantees. The Company recognizes fixed lease expense for operating leases on a
straight-line basis over the lease term. The Company recognizes amortization expense on finance lease right-of-use
assets and interest expense on finance lease liabilities over the lease term.
Business combinations and divestitures
Business combinations are accounted for using the acquisition method. The consideration for an acquisition is
measured at the fair values of the assets transferred, the liabilities assumed and the equity interests issued at the
acquisition date. The excess of the consideration over the fair value of the identifiable net assets acquired is
recorded as goodwill. Transaction costs that are incurred in connection with a business combination, other than
costs associated with the issuance of debt or equity securities, are expensed as incurred.
The Company reports the results of operations of a business as discontinued operations if a disposal represents a
strategic shift that has (or will have) a major effect on the Company’s operations and financial results when the
business is classified as held for sale. The results of discontinued operations are reported in Income from
discontinued operations, net of tax in the Consolidated Statements of Operations for current and prior periods,
including any gain or loss recognized on closing or adjustment of the carrying amount to fair value less cost to sell.
Assets and liabilities of a discontinued operation are reported separately in the Consolidated Balance Sheets as held
for sale and classified as either current or non-current in the prior periods. If it is probable that the sale will occur and
proceeds will be collected within one year of meeting the held for sale criteria both assets and liabilities classified as
held for sale are reported in the current period Consolidated Balance Sheet as current.
Foreign currency
Assets and liabilities of non-U.S. subsidiaries that operate in local currencies are translated to U.S. dollars at
exchange rates in effect at the balance sheet date, with the resulting translation adjustments, net of tax, recorded in
Accumulated other comprehensive income (loss) within the Stockholders’ equity section of the Consolidated
Balance Sheets. Income and expense accounts are translated at average monthly exchange rates during the year.
Revenue recognition
Revenue is recognized in accordance with the five-step model set forth by Accounting Standards Codification
(“ASC”) 606, which involves identification of the contract(s), identification of performance obligations in the
contract, determination of the transaction price, allocation of the transaction price to the previously identified
performance obligations and recognition of revenue as the performance obligations are satisfied.
Revenue is measured at the fair value of consideration received or receivable, net of discounts as of the date of the
transaction. When consideration received from customers includes advance payments that contain a financing
element, the Company imputes interest on such advance payments and recognizes such amounts as a component of
revenue.
Contract costs generally include direct costs such as materials, labor and subcontract costs. Costs are expensed as
incurred except for incremental costs incurred to obtain or fulfill a contract, which are capitalized and amortized on a
systematic basis consistent with the transfer of goods or services to the customer to which the capitalized costs
relate. As of December 31, 2022 and 2021, current costs to obtain or fulfill a contract were $13 million and $8 million,
respectively, and are included in Other current assets within the Consolidated Balance Sheets. As of December 31,
2022

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MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
82
and 2021, non-current costs to obtain or fulfill a contract were $42 million and $47 million, respectively, and are
included in Other non-current assets within the Consolidated Balance Sheets.
Space Infrastructure
Revenue in the Space Infrastructure segment is primarily generated from long-term construction contracts. Due to
the long-term nature of these contracts, the Company generally recognizes revenue over time using the cost-to-cost
method to measure progress. Under the cost-to-cost method, revenue is recognized based on the proportion of total
costs incurred to estimated total costs at completion ("EAC"). Revenue recognition is also contingent on estimated
contractual consideration. Variable consideration is included in the Company’s estimates to the extent it is probable
that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty
associated with the variable consideration is subsequently resolved. The Company estimates variable consideration
as the most likely amount to which it expects to be entitled. An EAC includes all direct costs and indirect costs
directly attributable to a program or allocable based on program cost pooling arrangements. Estimates regarding the
Company’s cost associated with the design, manufacture and delivery of products and services are used in
determining the EAC. Changes to EAC cost or estimated contractual consideration are recorded as a cumulative
catch-up adjustment.
Satellite construction contracts may include performance incentives whereby payment for a portion of the purchase
price is contingent upon in-orbit performance of the satellite. These performance incentives are structured in two
forms. As a warranty payback, the customer pays the entire amount of the performance incentive during the period
of the satellite construction and such incentives are subject to refund if satellite performance does not achieve
certain predefined operating specifications. As an orbital receivable, the customer makes payment of performance
incentives over the in-orbit life of the satellite. Performance incentives, whether warranty payback or orbital
receivables, are included in revenue during the construction period to the extent it is probable that a significant
reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the
variable consideration is subsequently resolved. A portion of performance incentives may be allocated to services in
the post-launch period if a separate performance obligation for such services has been determined to exist within the
contract. In addition to the in-orbit performance incentives, satellite construction contracts may include liquidated
damages clauses. Liquidated damages can be incurred on programs as a result of delays due to slippage or for
programs which fail to meet all milestone requirements as outlined within the contractual arrangements with
customers. Losses related to liquidated damages result in a reduction of revenue recognized and are recorded in the
period in which, based on available facts and circumstances, management believes it is probable that liquidated
damages will be incurred and enforced.
Construction contracts have termination clauses. If a contract is terminated for convenience by a customer, the
Company is typically entitled to costs incurred plus a reasonable profit.
Earth Intelligence
Revenue in the Earth Intelligence segment is generated from imagery and geospatial intelligence service contracts.
Revenue from imagery service contracts is recognized based on satellite capacity made available to the customer in a
particular period, when imagery is delivered to the customer, or ratably over the subscription period. Many of our
imagery service contracts relate to the transfer of a series of distinct goods or services over time for which
management has determined are a single performance obligation.
Electro-Optical Commercial Layer Program - On May 25, 2022, the Company was awarded the Electro-Optical
Commercial Layer contract (“EOCL Contract”) by the National Reconnaissance Office (“NRO”). The EOCL Contract
transitioned the capacity requirements, previously addressed by the EnhancedView Contract and, with this award,
replaces the scope of the EnhancedView Contract with respect to such requirements. The EOCL Contract includes
one performance obligation to deliver a certain amount of capacity to the U.S. government over a 5-year base
contractual term beginning on June 15, 2022 and up to five 1-year option periods. Revenue is recognized as capacity
is provided to

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MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
83
the customer. As a consistent amount of capacity is being made available, revenue is recognized on a ratable basis.
The Company determined the option years do not provide a material right to the NRO, and therefore do not give rise
to additional performance obligations. As each option year is exercised, the consideration payable by the NRO will
be recognized as revenue as capacity is provided over that option period. While the imagery acquisition portion of
the EnhancedView Follow-On contract (“EnhancedView Contract”) has moved to the EOCL Contract, the Company
will continue to perform other awarded services on the EnhancedView Contract through 2025, concurrent with the
new EOCL Contract.
Direct Access Program - Direct Access Program arrangements generally include construction of the direct access
facility, access to the satellites to task and download imagery and facility maintenance services. The facility is
generally delivered at the beginning of the contractual period of performance with access and maintenance services
delivered over the duration of the contractual term. The Company has determined that distinct performance
obligations exist; the access and related non-distinct promised goods and services are included together as a
combined performance obligation with maintenance services representing a standalone performance obligation.
Where a direct access facility is to be constructed under a new Direct Access Program or upgraded to maintain an
existing level of service, the access and the facility are considered a single combined performance obligation as the
customer cannot benefit from the facility on its own or with other readily available resources. The transaction price
allocated to the combined performance obligation is recognized as access minutes are consumed during the
contractual period. The remaining transaction price allocated to the maintenance services is recognized ratably over
the maintenance period.
Other Imagery Arrangements - Revenue is recognized for imagery licenses when the imagery is delivered to the
customer. Revenues related to online imagery subscriptions are generally recognized ratably over the subscription
period. Other imagery arrangements transfer a series of distinct goods or services over time for which management
has determined are a single performance obligation or include multiple performance obligations.
Revenue from geospatial intelligence service contracts is recognized from the rendering of services that compensate
the Company at a cost-plus-fixed-fee, firm fixed price, or on a time and materials basis. Revenue is typically
recognized for these contracts over time based on the stage of services completed to date as a percentage of total
services to be performed, or on the basis of time plus reimbursable costs incurred during the period. As the customer
typically controls the related work-in-progress, an input measure is the most appropriate basis with which to measure
progress. Finally, as cost of labor is the predominant measure by which these contracts are structured, the Company
recognizes revenue using a cost-incurred approach.
Contract liabilities
Contract liabilities primarily consist of advance payments from customers and deferred revenue. Changes in contract
liabilities are primarily due to the timing difference between the Company’s performance of services and payments
from customers. To determine revenue recognized from contract liabilities during the reporting periods, the Company
allocates revenue to individual contract liability balances and applies revenue recognized during the reporting
periods first to the beginning balances of contract liabilities until the revenue exceeds the balances.
Net (loss) income per common share
Net (loss) income per common share is computed by dividing net (loss) income by the sum of the weighted average
number of common shares outstanding during the period.
Diluted income per common share is computed by adjusting the basic income per common share calculation, as
described above, for the effects of all potentially dilutive shares. The Company calculates the effects of all
potentially dilutive shares using the treasury stock method unless they are anti-dilutive.

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MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
84
Research and development
Research and development costs are expensed in the period incurred. For the years ended December 31, 2022, 2021
and 2020, the Company expensed research and development costs of $40 million, $27 million, and $15 million,
respectively, in Selling, general and administrative expense within the Consolidated Statements of Operations.
Implementation costs incurred in cloud computing arrangements
Deferred implementation costs for hosted cloud computing service arrangements are stated at historical cost and
amortized on a straight-line basis over the term of the hosting arrangement to which the implementation costs relate
to, including any probable renewals. Deferred implementation costs for these arrangements are included in Prepaid
assets and Other non-current assets in the Consolidated Balance Sheets and amortized to the same line item as the
related hosting fees in the Consolidated Statements of Operations. There was $2 million of amortization for the year
ended December 31, 2022. There was no amortization for the years ended December 31, 2021 and 2020. The cash
flows for deferred implementation costs and fees for the associated hosting arrangements are reporting in the same
line within operating activities in the Consolidated Statements of Cash Flows. As of December 31, 2022 and 2021,
unamortized deferred implementation costs for cloud computing arrangements were $30 million and $20 million,
respectively.
Interest expense, net
Interest expense, net is comprised of borrowing cost on debt, interest expense on advance payments from customers
and other liabilities, interest expense on the orbital securitization liability and losses incurred on the extinguishment
of debt, net of capitalized interest.
Debt issuance costs related to the Company’s revolving line of credit are recorded in Prepaid assets and in Other
non-current assets in the Consolidated Balance Sheets. Debt issuance costs and debt discount related to the
Company’s term loan and senior secured notes are recorded as a direct deduction from the carrying amount of the
related debt.
Derivative financial instruments and hedging activities
Derivative financial instruments used by the Company consist of interest rate swap agreements. The Company uses
interest rate swap agreements to manage interest rate risk associated with cash outflows from long-term debt.
Derivative financial instruments are measured at fair value and are included as components of Other current assets
and Other non-current assets or Other current liabilities and Other non-current liabilities in the Consolidated Balance
Sheets. When derivative financial instruments are designated in a qualifying hedging relationship and hedge
accounting is applied, the effectiveness of the hedges is measured at the end of each reporting period and the
effective portion of changes in fair value are deferred in Accumulated other comprehensive income (loss). Amounts
deferred in Accumulated other comprehensive income (loss) are reclassified to income when the hedged transaction
has occurred. The ineffective portion of the change in the fair value of the derivative is recorded in income in each
period. Cash transactions related to the Company’s derivative contracts accounted for as hedges are classified in the
same category as the item being hedged in the Consolidated Statements of Cash Flows. For foreign exchange
contracts not in a qualifying hedging relationship, changes in fair value are recognized immediately as a foreign
exchange gain or loss in Other (income) expense, net within the Consolidated Statements of Operations.
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised or no longer
qualifies for hedge accounting. At that time, if the forecasted transaction within a cash flow hedge remains probable,
any cumulative gain or loss on the hedging instrument recognized in Other comprehensive income (loss) is retained
in equity until the forecasted transaction occurs. If the forecasted transaction is no longer expected to occur, the net
cumulative gain or loss previously recognized in other comprehensive income is transferred to income. As of
January 1, 2019, the

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MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
85
Company discontinued hedge accounting on foreign exchange forward contracts related to its manufacturing and
service programs.
The Company does not offset the fair value amounts recognized with derivative instruments against the change in
fair value of assets, liabilities or firm commitments executed with the same counterparty under a master netting
agreement.
Cash, cash equivalents and restricted cash
Cash and cash equivalents is comprised of cash on hand, cash balances with banks and similar institutions and term
deposits redeemable within three months or less from date of acquisition with banks and similar institutions.
Restricted cash is excluded from cash and cash equivalents and is included in Other current assets or Other non-
current assets in the Consolidated Balance Sheets.
Trade and other receivables, net
Trade and other receivables include amounts billed to customers, unbilled receivables in which the Company’s right
to consideration is unconditional and current portion of orbital receivables, net of allowance for expected credit
losses. The Company bills customers as work progresses in accordance with agreed-upon contractual terms, either
at periodic intervals, upon achievement of contractual milestones or upon deliveries.
The Company maintains an allowance for expected credit losses for estimated losses resulting from the inability of its
customers to make required payments, which results in bad debt expense. The Company periodically determines the
adequacy of this allowance by evaluating the comprehensive risk profiles of all individual customer receivable
balances including, but not limited to, the customer’s financial condition, credit agency reports, financial statements,
credit limit and overall current economic conditions.
Orbital Receivables
Orbital receivables relate to performance incentives due under certain satellite construction contracts that are paid
over the in-orbit life of the satellite. Orbital receivables are recognized as revenue when measuring progress under
the cost-to-cost method during the construction period. The interest portion of the in-orbit payments is recognized
as orbital revenue. Current orbital receivables are included in Trade and other receivables, net and long-term orbital
receivables are included in Non-current assets, net of allowances in the Consolidated Balance Sheets.
The Company records an allowance on its orbital receivables when, based on current events and circumstances, it
believes it is probable that the outstanding amounts will not be collected. The Company utilizes customer credit
ratings, expected credit loss and other credit quality indicators, as well as contractual terms to evaluate the
collectability of orbital receivables on a quarterly basis. When qualitative factors indicate that all or a portion of an
outstanding orbital receivable is uncollectable, or that all or a portion of an outstanding orbital receivable previously
deemed uncollectable is collectable, a fair value assessment is performed using a discounted cash flow model as an
indicator to determine whether an increase or decrease in the allowance is necessary. Increases and decreases in the
orbital receivables allowance are included in (Gain) loss on orbital receivables allowance in the Consolidated
Statements of Operations.
If the Company does not fulfill its performance obligation associated with its orbital receivables, a write-off of those
orbital receivables will occur resulting in a reduction in the contractual value and revenue recognition associated
with the performance obligation.
The Company has a revolving securitization facility agreement with an international financial institution. Under the
terms of the agreement, the Company may offer to sell eligible orbital receivables from time to time with terms of
seven years or less, discounted to face value using prevailing market rates.

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MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
86
The Company has sold certain orbital receivables in tranches that span multiple years and include longer-term
maturities. The orbital receivables that have been securitized remain recognized on the Consolidated Balance Sheets
as the Company does not meet the accounting criteria for surrendering control of the receivables. The net proceeds
received on the orbital receivables have been recognized as securitization liabilities and are subsequently measured
at amortized cost using the effective interest rate method. Securitization liabilities are presented in Other current
liabilities and Other non-current liabilities on the Consolidated Balance Sheets. The securitized orbital receivables
and the securitization liabilities are being drawn down as payments are received from the customers and passed on
to the purchaser of the tranche. The Company continues to recognize orbital revenue on the orbital receivables that
are subject to the securitization transactions and recognizes interest expense to accrete the securitization liability.
Investments
Short-term investments consist of mutual funds and financial instruments purchased with a term to maturity at
inception between three months and one year. Short-term investments are measured at fair value through net income.
Short-term investments are included within Other current assets in the Consolidated Balance Sheets.
The Company has investments in joint ventures where it does not have a controlling financial interest but has the
ability to exercise significant influence. These investments are accounted for under the equity method and are
included within Other non-current assets in the Consolidated Balance Sheets. The Company’s share of the joint
venture’s net income or loss is included within Equity in (income) loss from joint ventures, net of tax in the
Consolidated Statements of Operations.
The Company’s most significant joint venture was Vricon, a joint venture with Saab AB, specializing in the
production of 3D models using high resolution imagery. On July 1, 2020, the Company closed the acquisition of
Vricon by purchasing the remaining 50% ownership interest in Vricon. The operating results of Vricon are included in
the Company’s Consolidated Statement of Operations beginning July 1, 2020. Equity method investments are
insignificant for the years ended December 31, 2022 and 2021.
Inventory
Inventories are measured at the lower of cost or net realizable value and consist primarily of parts and sub-
assemblies used in the manufacturing of satellites. The cost of inventories is determined on a first-in-first-out basis
or weighted average cost basis, depending on the nature of the inventory. Net realizable value is the estimated
selling price in the ordinary course of business, less the estimated costs of completion and selling expense.
Inventory is impaired when it is probable inventory values exceed their net realizable value.
Property, plant and equipment
Property, plant and equipment is measured at cost less accumulated depreciation. Cost for satellite assets includes
amounts related to design, construction, launch and commissioning. Cost for ground system assets include amounts
related to construction and testing. Interest expense is capitalized on certain qualifying assets that take a substantial
period of time to prepare for their intended use. When the costs of certain components of an item of property, plant
and equipment are significant in relation to the total cost of the item and the components have different useful lives,
they are accounted for and depreciated separately. Property, plant and equipment under construction are measured
at cost less any impairment losses.
Depreciation expense is recognized in income on a straight-line basis over the estimated useful life of the related
asset to its residual value. Expected useful lives are reviewed at least annually. Land is not depreciated.

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MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
87
The estimated useful lives are as follows:
Estimated useful
life
Land improvements
20 years
Buildings
7 - 45 years
Leasehold improvements
lesser of
useful life or
term of lease
Equipment
2 - 40 years
Satellites 1
11.5 - 17 years
Furniture and fixtures
2 - 10 years
Computer hardware
2 - 13 years
1
The estimated useful life over which the Company depreciates its satellites is determined once a satellite has been placed into
orbit. The initial determination of a satellites useful life involves an analysis that considers design life, random part failure
probabilities, expected component degradation and cycle life, predicted fuel consumption and experience with satellite parts,
vendors and similar assets.
Intangible assets
Intangible assets consist of customer relationships, backlog, acquired technologies and software, image library, trade
names, licenses and non-compete agreements. Intangible assets are generally amortized on a straight-line basis over
their estimated useful lives and are recorded at fair value at the time of acquisition, or in the case of internally
developed software, at cost. Image library intangibles assets are amortized using the double declining balance
method. Intangible assets are currently amortized over the following estimated useful lives:
Estimated useful
life
Customer relationships
9 - 21 years
Backlog
2 - 5 years
Technologies
5 - 13 years
Software
2 - 10 years
Image library
5 years
Trade names and other
1 - 20 years
Non-compete agreements
2 years
Impairment
Intangible assets and property, plant and equipment and other long-lived assets
Finite-lived intangible assets, property, plant and equipment and other long-lived assets are tested for impairment at
least annually on October 1, or whenever events or changes in circumstances indicate that the carrying amount may
not be recoverable.
Finite-lived intangible assets and property, plant and equipment and other long-lived assets are reviewed for
impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of an
asset may not be recoverable. An impairment loss is recognized when the undiscounted cash flows expected to be
generated by an asset (or group of assets) are less than the asset’s carrying value. Any required impairment loss is
measured as the amount by which the asset’s carrying value exceeds its fair value and recorded as a reduction in the
carrying value of the related asset.

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MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
88
If an owned satellite were to fail during launch or while in-orbit, the resulting loss would be charged to expense in the
period it is determined the satellite is not recoverable. The amount of loss would be reduced to the extent of
insurance proceeds received. The timing of the loss and the insurance recovery will likely differ, as an insurance
recovery generally cannot be recognized until final settlement with the insurance company is reached.
Goodwill
Goodwill is tested for impairment at least annually on October 1, or whenever events or changes in circumstances
indicate that its carrying amount may be less than its recoverable amount.
Goodwill is tested for impairment at the reporting unit level. The Company may use either a qualitative or quantitative
approach when testing a reporting unit’s goodwill for impairment. Where a qualitative approach is used, an
evaluation of events and circumstances impacting the reporting unit is performed to determine the likelihood of
goodwill impairment. Based on that qualitative evaluation if it is determined that it is more likely than not that the fair
value of a reporting unit exceeds its carrying amount, no further evaluation is necessary. Otherwise, a quantitative
impairment test is performed.
Where a quantitative approach is used, management typically uses an income approach to estimate the fair value of
a reporting unit, which requires the use of significant judgments and estimates, including future cash flows, terminal
growth rates and discount rates. Any changes to these inputs could have a material impact on the impairment
calculation. An impairment loss is recognized to the extent that the carrying value of a reporting unit exceeds its fair
value. Management assesses the reasonableness of the results by reconciling the sum of the estimated fair values of
the reporting units, including the Company’s Corporate balance sheet, to the Company’s market capitalization and
market value of invested capital as of the date of our annual impairment test.
The Company used a qualitative approach for its goodwill impairment assessment as of October 1, 2022 and 2021 and
determined that no impairment existed.
Warranty and after-sale service costs
A liability for warranty and after-sale service costs is recognized when the underlying product is sold. Warranty and
after-sale service provisions are based on management’s best estimate of the expected obligation using historical
warranty data and experience. Warranty and after-sale service liabilities related to products delivered under
construction contracts are included in the EAC for revenue recognition. Warranty and after-sale service liabilities are
presented in Other current liabilities and Other non-current liabilities on the Consolidated Balance Sheets. Warranty
and after-sale service costs are recognized within Product costs, excluding depreciation and amortization in the
Consolidated Statement of Operations.
Restructuring costs
A liability for restructuring costs is recognized when the Company has approved a detailed and formal restructuring
plan and the restructuring either has commenced or has been announced publicly. Restructuring liabilities are
presented in Other current liabilities and Other non-current liabilities on the Consolidated Balance Sheets.
Restructuring costs are recognized within Selling, general and administrative expense or within Product costs and
Service costs, excluding depreciation and amortization in the Consolidated Statements of Operations.

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MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
89
Employee benefits
Defined benefit pension and other postretirement benefit plans
The Company maintains defined benefit pension and other postretirement benefit plans for certain employees within
its Space Infrastructure segment. The pension and other postretirement plan benefits were frozen on December 31,
2013.
The Company recognizes the funded status of each pension and other postretirement benefit plan in the
Consolidated Balance Sheets. The calculation of pension and other postretirement benefit obligations is performed
annually by qualified actuaries using the projected unit credit actuarial cost method. The projected benefit obligation
is the sum of the actuarial present value of all pension benefits attributed to benefit service completed to the
determination date.
Pension and other postretirement plan liabilities are revalued annually, or when an event occurs that requires
remeasurement, based on updated assumptions and information about the individuals covered by the plan. The
Company’s net obligation in respect of the pension and other postretirement benefit plans is calculated separately
for each plan by estimating the amount of future benefit that employees have earned in the prior periods,
discounting that amount and deducting the fair value of associated plan assets.
The Company uses the net asset value (“NAV”) practical expedient to measure the fair value of the plan’s
commingled fund investments. These commingled fund investments for which the fair value is measured using the
NAV practical expedient are excluded from the fair value hierarchy.
The Company recognizes the amortization of prior service costs as a component of Selling, general and
administrative expense. All other costs are recognized outside of operating income within Other (income) expense,
net. The Company recognizes administrative expenses related to frozen plans outside of Operating income (loss)
within Other (income) expense, net.
When the benefits of a plan are changed or when a plan is curtailed, the resulting change in the net benefit liability
that relates to past service or the gain or loss on curtailment is recognized immediately in Accumulated other
comprehensive income (loss). The Company recognizes gains or losses on the settlement of a defined benefit plan
when settlement occurs.
For the Company’s pension and other postretirement benefit plans, accumulated actuarial gains and losses in excess
of a 10 percent corridor and the prior service cost are amortized on a straight-line basis from the date recognized over
the average remaining service period of active participants or over the average life expectancy for plans with
significant inactive participants.
Defined contribution plans
The Company also maintains defined contribution plans for some of its employees whereby the Company pays
contributions based on a percentage of the employees’ annual salary. Obligations for contributions to defined
contribution pension plans are recognized as an employee benefit expense in Operating income (loss) as the services
are provided.
Stock-based compensation plans
The Company maintains a number of stock-based compensation plans for certain employees and directors that may
be settled with cash and/or equity. For certain stock-based compensation plans, the Company has the ability to
mandate equity settlement by issuing reserved shares. Stock-based compensation plans are measured at fair value
using either the Black-Scholes option pricing model, the closing price of the Company’s common stock on the grant
date or the Monte

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MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
90
Carlo simulation model and the fair value is expensed on a graded vesting schedule over the vesting period.
Management uses judgment to determine the inputs to the models including the expected plan lives, underlying
stock price volatility and forfeiture rates. Volatility is estimated by considering the Company’s historic stock price
volatility over similar periods to the expected life of the awards under consideration. Changes in these assumptions
will impact the calculation of fair value and the amount of compensation expense recognized within Selling, general
and administrative expense in the Consolidated Statements of Operations.
The fair value of liability classified awards is recognized as a liability within Accrued compensation and benefits and
Pension and other postretirement benefit liabilities in the Consolidated Balance Sheets. The Company classifies
stock-based compensation awards as liability when the expectation is the awards will be settled in cash. The liability
is re-measured and charged to income at each reporting date until the award is settled.
The fair value of equity-settled plans is recognized in Additional paid-in capital in the Consolidated Balance Sheets.
Equity-settled plans are measured based on the grant date fair value of the award including the impact of estimated
forfeitures and are not re-measured. The Company classifies stock-based compensation awards as equity when the
expectation is the awards will be settled in equity.
Income taxes
The Company is subject to income taxes in the United States, Sweden and other foreign jurisdictions. The Company
computes its provision for income taxes using the asset and liability method, under which deferred tax assets and
liabilities are determined based on the temporary differences between the financial reporting and tax bases of assets
and liabilities. Deferred tax assets and liabilities are measured at the currently enacted tax rates that are expected to
apply in years in which they are expected to be paid for or realized. All deferred income taxes are classified as non-
current in the Company's Consolidated Balance Sheets. Significant judgments are required in order to determine the
realizability of deferred tax assets. In assessing the need for a valuation allowance, the Company's management
evaluates all significant available positive and negative evidence, including historical operating results, estimates of
future sources of taxable income, carry-forward periods available, the existence of prudent and feasible tax planning
strategies and other relevant factors.
The recognition of uncertain tax positions is evaluated based on whether it is considered more likely than not that
the position taken, or expected to be taken, on a tax return will be sustained upon examination through litigation or
appeal. For those positions that meet the recognition criteria, they are measured as the largest amount that is more
than 50 percent likely to be realized upon ultimate settlement. The Company believes that the reserves for
unrecognized tax benefits are adequate to cover all open tax years based on its assessment. If the expected outcome
of the matter changes, the Company will adjust income tax expense (benefit) or the deferred tax asset accordingly in
the period in which the expected outcome has changed. The Company classifies interest and penalties related to
income taxes as income tax expense.
Reclassifications
Certain amounts in the prior year financial statements have been reclassified to conform to the current year
presentation.
Recently Adopted Accounting Pronouncements
Reference Rate Reform
In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2020-04,
Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,
which together with subsequent amendments, is intended to provide temporary optional expedients and exceptions
to the U.S.

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MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
91
GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to
the market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to
alternative reference rates. This guidance was effective beginning on March 12, 2020, and the Company elected to
apply the amendments beginning in 2022. On June 30, 2022, the Company amended its existing interest rate swaps
that mature in June 2023 to modify the designated hedged interest rate risk from LIBOR to the Secured Overnight
Financing Rate (“SOFR”) in connection with the Company's amendment and restatement of its Syndicated Credit
Facility (as defined below) and elected to apply the contract modification optional expedient to the amendments and
consider the amendments as a continuation of the existing contracts without performing an assessment that would
otherwise be required under U.S. GAAP. See Note 13 for additional details regarding the amendments to the existing
interest swaps.
Recently Issued Accounting Pronouncements
Accounting pronouncements issued, but not effective until after December 31, 2022, are not expected to have a
material effect on the Company’s consolidated financial statements.
3. DISCONTINUED OPERATIONS
On April 8, 2020, the Company completed the sale of the MDA Business to MDA Purchaser for an aggregate
purchase price of $729 million ($1.0 billion Canadian dollars). The Company recognized an after-tax gain on disposal
of discontinued operations of $317 million, net of $12 million in taxes, on the MDA Transaction for the year ended
December 31, 2020. The tax on the MDA Transaction was primarily due to the estimated U.S. federal Base Erosion
and Anti-Abuse Tax and California legislation suspending the use of net operating loss (“NOL”) carryforwards. The
gain on the MDA Transaction includes a reclassification primarily related to the foreign currency translation
adjustment balance of $68 million from Accumulated other comprehensive (loss) income. See Note 11 for details on
the use of proceeds from the MDA Transaction.
In addition, the Company and the MDA Purchaser entered into a Transition Services Agreement pursuant to which
the MDA Purchaser received certain services (“Services”). The Services were provided based on an agreed upon fee
arrangement that ended on April 8, 2021.
The Company determined that as of December 29, 2019, the MDA Business met the criteria to be classified as held
for sale. The MDA Business was a separate reportable segment prior to the announcement of the MDA Transaction
and constituted all the Company’s Canadian operations. As the MDA Transaction represented a strategic shift that
had a major effect on the Company’s operations, the MDA Business results met the criteria to be reported as
discontinued operations in accordance with ASC 205-20 - Discontinued Operations.
The results of MDA are classified as discontinued operations in the Consolidated Statements of Operations and the
Consolidated Statements of Cash Flows for all periods presented. For the year ended December 31, 2020, the
Company reported the operating results and cash flows related to the MDA Business through April 7, 2020. There
was no activity within discontinued operations in the Consolidated Statements of Operations for the year ended
December 31, 2022 and 2021. For the years ended December 31, 2022 and 2021, the Company made $0 million and $13
million in payments, respectively, on a previously recorded liability in relation to the Company’s dispute with a
Ukrainian customer that is reflected within discontinued operations in the Consolidated Statements of Cash Flows.

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MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
92
Income from discontinued operations, net of tax for the MDA Business in the Consolidated Statements of
Operations consists of the following:
Year Ended
December 31,
2020 1
Revenues:
Product
$
44
Service
42
Total revenues
86
Costs and expenses:
Product costs, excluding depreciation and amortization
38
Service costs, excluding depreciation and amortization
24
Selling, general and administrative
13
Depreciation and amortization
4
Impairment loss
12
Operating (loss) income
(5)
Interest expense, net
1
Other (income) expense, net2
(34)
Income before taxes
28
Income tax benefit
(4)
Income from operations of discontinued operations, net of tax
32
Gain on disposal of discontinued operations, net of tax
317
Income from discontinued operations, net of tax
$
349
1
For the year ended December 31, 2020, MDA Business results are presented through April 7, 2020.
2
Other (income) expense, net includes the $39 million recovery of the previously recorded liability in relation to the
Company’s dispute with the Ukrainian Customer.
4. BUSINESS COMBINATION
Acquisition of Wovenware
On November 1, 2022, the Company completed the acquisition of Wovenware, a privately held artificial intelligence
and software development technology consulting firm, for total fair value consideration of $24 million, a portion of
which is contingent on certain operating metrics, that will be paid out over a period of five years. As part of the
acquisition, the Company acquired $5 million in net identifiable assets which resulted in the recognition of $19 million
in goodwill. The goodwill is attributable primarily to the synergies expected to be achieved from integrating
Wovenware with the Company’s existing capabilities. As of November 1, 2022, Wovenware is included in the
Company’s Consolidated Statements of Operations. Wovenware results are consolidated within the Earth
Intelligence Segment. The Wovenware acquisition is not material to the Company’s financial position or results of
operations, and therefore, pro forma operating results for the acquisition are not presented.

Table of Contents
MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
93
Acquisition of Vricon
On July 1, 2020, the Company closed the acquisition of Vricon by purchasing the remaining 50% ownership interest
in Vricon for $143 million or, excluding Vricon cash on hand of $23 million, for $120 million. Vricon is a global leader in
satellite-derived 3D data for defense and intelligence markets, with software and products that enhance 3D mapping,
Earth intelligence data, military simulation and training and precision-guided munitions. Vricon was formed as a joint
venture between Maxar and Saab AB in 2015 to combine patented Saab AB intellectual property with the Company’s
commercial satellite imagery to build highly accurate, immersive 3D products at scale. Prior to the closing of the
Vricon Acquisition, Vricon was the Company’s most significant joint venture.
To fund the Vricon Acquisition, the Company issued $150 million in aggregate principal amount of 7.54% senior
secured notes due 2027 (“7.54% 2027 Notes”). See Note 11 for additional details on the issuance of the 7.54% 2027
Notes. As part of the Vricon Acquisition, Vricon’s stock-based awards vested upon the consummation of the Vricon
Acquisition and were settled in cash for $26 million. The unvested awards were forfeited.
The Vricon Acquisition was achieved in stages, which required the Company to remeasure its previously held equity
interest in Vricon at its acquisition date fair value. As no material control premium was determined to exist, the call
option purchase price of $117 million paid in the Vricon Acquisition was used to estimate the fair value of the
previously held equity interest. The Company performed a business enterprise valuation to corroborate the resulting
total implied purchase consideration. This remeasurement resulted in a gain of approximately $85 million which was
recorded in Other (income) expense within the Company’s Consolidated Statements of Operations for the year ended
December 31, 2020.
The operating results of Vricon are included in the Company’s Consolidated Statements of Operations beginning
July 1, 2020. Vricon results are consolidated within the Earth Intelligence Segment. See Note 2 for summarized
financial information for Vricon for periods prior to the date of acquisition.
The following table presents unaudited pro forma financial information as if Vricon had been included in the
Company’s financial results for the year ended December 31, 2020:
Year Ended
December 31,
2020
Revenues
$
1,734
Net income
$
302
The Company did not close any transactions qualifying as a business combination during the year ended December
31, 2021.
5. TRADE AND OTHER RECEIVABLES, NET

Table of Contents
MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
94
December
31,
December
31,
2022
2021
U.S. government receivables:
Billed
$
67
$
65
Unbilled
92
124
159
189
Other governments and commercial receivables:
Billed
131
97
Unbilled
42
19
173
116
Total trade receivables
332
305
Orbital receivables, current portion
44
49
Other
4
2
Allowance for doubtful accounts
-
(1)
Trade and other receivables, net
$
380
$
355
During the year ended December 31, 2022, the Company reduced its outstanding receivables due to the amendment
of its contract with EchoStar XXIV L.L.C., a subsidiary of EchoStar Corporation. (“EchoStar”) as a result of the
expected shipment delay on the JUPITER 3 satellite (“JUPITER 3”) for the expected orbital payments by $42 million.
See Note 15 for additional details regarding the adjustment to revenue. During the year ended December 31, 2021, the
Company reduced its outstanding receivables related to the SXM-7 satellite for the final milestone and expected
orbital payments by $15 million and $14 million, respectively. See Note 15 for additional details regarding the
adjustment to revenue.
As of December 31, 2022 and 2021, non-current orbital receivables, net of allowances were $307 million and $368
million, respectively.
The Company has orbital receivables from 13 customers for which the largest customer’s value represents 33% and
30% of the stated current and non-current balance sheet values for the years ended December 31, 2022 and 2021,
respectively.
There were no changes in the allowance for expected credit losses related to non-current orbital receivables for the
year ended December 31, 2022. For the year ended December 31, 2021, as a result of an increased certainty of
collections of the outstanding orbital receivables from the Company’s largest customer, due to their emergence from
bankruptcy, the Company reversed its $49 million allowance for expected credit losses.
The expected timing of total contractual cash flows, including principal and interest payments for orbital receivables
is as follows:
2023
2024
2025
2026
2027
Thereafter
Total
Contractual cash flows from orbital receivables
$
69
$
70
$
64 $
59 $
55 $
270 $ 587
During the years ended December 31, 2022 and 2021, the Company did not sell any eligible orbital receivables or
repurchase any orbital receivables. The net proceeds received on previously sold orbital receivables have been
recognized as securitization liabilities.

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MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
95
Securitization liabilities as of December 31, 2022 and 2021, are as follows:
December
31,
December
31,
2022
2021
Current portion
$
15
$
16
Non-current portion
18
32
Total securitization liabilities
$
33
$
48
6. INVENTORY, NET
December
31,
December
31,
2022
2021
Raw materials
$
44
$
34
Work in process
4
6
Total
$
48
$
40
Inventory reserve
(2)
(1)
Inventory, net
$
46
$
39
7. PROPERTY, PLANT AND EQUIPMENT, NET
December
31,
December
31,
2022
2021
Satellites
$
398
$
397
Equipment
209
221
Computer hardware
114
95
Leasehold improvements
95
83
Furniture and fixtures
17
16
Construction in process1
855
668
Property, plant and equipment, at cost
1,688
1,480
Accumulated depreciation
(594)
(540)
Property, plant and equipment, net
$
1,094
$
940
1
Construction in process is primarily related to the construction of the Company’s WorldView Legion satellites.
Depreciation expense for property, plant and equipment was $76 million, $86 million and $93 million for the years
ended December 31, 2022, 2021 and 2020, respectively.

Table of Contents
MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
96
8. INTANGIBLE ASSETS AND GOODWILL
December 31, 2022
December 31, 2021
Gross 
carrying
value
Accumulated
amortization
Net 
carrying
value
Gross 
carrying
value
Accumulated
amortization
Net 
carrying
value
Customer relationships
$
615
$
(234) $
381
$
615
$
(190) $
425
Software
461
(174)
287
379
(152)
227
Technologies
49
(14)
35
367
(278)
89
Trade names and other
28
(13)
15
37
(18)
19
Backlog
-
-
-
107
(89)
18
Image library
-
-
-
80
(71)
9
Intangible assets
$
1,153
$
(435) $
718
$
1,585
$
(798) $
787
The gross carrying value and accumulated amortization balances for fully amortized backlog, image library,
technologies and trade names and other were removed from the Consolidated Balance Sheets and excluded from the
table above as of December 31, 2022. Amortization expense related to intangible assets was $163 million, $204 million
and $255 million for the years ended December 31, 2022, 2021 and 2020, respectively.
The estimated annual amortization expense related to finite-lived intangible assets as of December 31, 2022, is as
follows:
2023
2024
2025
2026
2027
2028 and
thereafter
Amortization expense
$ 109 $ 108 $ 105 $
77 $
66 $
253
Goodwill balances for each reporting segment are as follows:
Earth
Intelligence
Space
Infrastructure
Total
Balance as of December 31, 2020
Goodwill
$
1,769
$
17
$
1,786
Accumulated impairment losses
(142)
(17)
(159)
1,627
-
1,627
Balance as of December 31, 2021
Goodwill
1,769
17
1,786
Accumulated impairment losses
(142)
(17)
(159)
1,627
-
1,627
Acquisition of Wovenware
19
-
19
Acquisition of other
3
-
3
Balance as of December 31, 2022
Goodwill
1,791
17
1,808
Accumulated impairment losses
(142)
(17)
(159)
$
1,649
$
-
$
1,649

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MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
97
9. LEASES
The Company’s leases have remaining lease terms up to 12 years, some of which include options to extend the lease
anywhere from six months to ten years.
Sale Leaseback
On December 10, 2019, the Company completed the sale and subsequent leaseback of Company owned properties in
Palo Alto, California. The Company determined the leaseback of both properties to be operating leases, as the criteria
to be classified as financing leases were not met. The Company recorded operating lease assets and liabilities of $63
million, representing the fair value of the minimum lease payments associated with the agreements to lease the assets
back over a period of two to ten years. The Company also recorded a deferred financing liability representing the off-
market terms of the lease. See Note 11 for additional details. During 2020, the Company recognized a $4 million
reduction in the gain due to the extension of the lease term on one of the properties, which is included in Loss (gain)
on sale of assets in the Company’s Consolidated Statement of Operations.
The Company recorded the current portions of the operating lease liabilities and the deferred financing liability in
Current lease liabilities and Current portion of long-term debt, respectively, in the Consolidated Balance Sheets. The
non-current portions of the operating lease assets, the operating lease liabilities and the deferred financing liability
have been recorded in Non-current operating lease assets, Non-current operating lease liabilities and Long-term
debt, respectively, in the Consolidated Balance Sheets. Interest expense on the financial liability has been recorded
in Interest expense, net in the Consolidated Statements of Operations.
Finance lease expense, variable lease expense, short-term lease expense and sublease income are not material. The
components of operating lease expense are as follows:
Year Ended December 31,
Classification
2022
2021
2020
Operating lease
expense
Selling, general, and administrative expense, Product costs, and
Service costs1
$
45
$
44
$
47
1
Excluding depreciation and amortization
Supplemental lease balance sheet information consists of the following:
December
31,
December
31,
Classification
2022
2021
Assets:
Operating
Non-current operating lease assets
$
133
$
145
Finance
Property, plant, and equipment, net
7
5
Total lease assets
$
140
$
150
Liabilities:
Current
Operating
Current operating lease liabilities
$
34
$
42
Finance
Current portion long-term debt
4
3
Non-current
Operating
Operating lease liabilities
133
138
Finance
Long-term debt
1
2
Total lease liabilities
$
172
$
185

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MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
98
Supplemental lease cash flow information is as follows:
December
31,
December
31,
2022
2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases
$
38
$
44
Right-of-use assets obtained in exchange for lease obligations:
Operating leases
$
16
$
12
Other supplemental lease information consists of the following:
December
31,
December
31,
2022
2021
Weighted average remaining lease term (in years)
Operating leases
7
7
Finance leases
2
2
Weighted average discount rate
Operating leases
6.7%
6.4%
Finance leases
4.0%
3.2%
Maturities of lease liabilities are as follows:
2023
2024
2025
2026
2027 Thereafter
Less:
imputed
interest
Total
minimum
lease
payments
Operating leases
$
35
$
31 $
27 $
25 $
25 $
71 $
(47) $
167
Finance leases
4
1
-
-
-
-
-
5
10. WARRANTY AND RESTRUCTURING OBLIGATIONS
Changes to warranty and restructuring obligations during the years ended December 31, 2022 and 2021, are as
follows:
Warranty
and
after-sale
service
Restructuring
Balance as of December 31, 2020
$
38
$
-
Obligations incurred
2
2
Payments/uses
(5)
-
Reversals
(1)
-
Balance as of December 31, 2021
$
34
$
2
Obligations incurred
1
13
Payments/uses
(5)
(10)
Reversals
(3)
-
Balance as of December 31, 2022
$
27
$
5
The Company incurred restructuring costs of $18 million for the year ended December 31, 2022, which included $5
million in restructuring costs incurred from the disposal of fixed assets related to the write-off of certain assets
related to the outsourcing of certain components of contract manufacturing within the Space Infrastructure segment.
The restructuring

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MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
99
costs for 2022 are primarily related to retention costs, severance costs and the write-off of certain assets related to
the outsourcing of certain components of contract manufacturing within the Space Infrastructure segment. The
Company incurred restructuring costs of $2 million and $0 million for the years ended December 31, 2021 and 2020,
respectively.
11. LONG-TERM DEBT AND INTEREST EXPENSE, NET
December
31,
December
31,
2022
2021
Syndicated Credit Facility:
Revolving Credit Facility
$
125
$
-
Term Loan B
1,493
1,444
9.75% 2023 Notes
-
500
7.75% 2027 Notes
500
-
7.54% 2027 Notes
150
150
Deferred financing
19
26
Obligations under finance leases and other
5
5
Debt discount and issuance costs
(98)
(39)
Total long-term debt
$
2,194
$
2,086
Current portion of long-term debt
(22)
(24)
Non-current portion of long-term debt
$
2,172
$
2,062
Syndicated Credit Facility
As of December 31, 2022, the Company’s senior secured syndicated credit facility (“Syndicated Credit Facility”) is
composed of: (i) a senior secured first lien revolving credit facility in an aggregate capacity of up to $500 million
maturing in June 2027 (“Revolving Credit Facility”) and (ii) a senior secured first lien term B facility in an aggregate
principal amount of $1.5 billion maturing in June 2029, which was issued with an original issue discount of 4.50%
(“Term Loan B”). As of December 31, 2022, 2021 and 2020, the Company was in compliance with its debt covenants.
On October 5, 2017, in connection with the acquisition of DigitalGlobe, the Company entered into the Syndicated
Credit Facility in the aggregate principal amount of $3.75 billion, which was comprised of: (i) a four-year senior
secured first lien revolving credit facility, (ii) a four-year senior secured first lien operating facility, (iii) a senior
secured first lien term A facility and (iv) the Term Loan B. The net proceeds of the Syndicated Credit Facility were
used, along with cash on hand, to consummate the acquisition of DigitalGlobe, to refinance all amounts outstanding
under the Company’s existing syndicated credit facility and senior term loans, to repay DigitalGlobe’s outstanding
indebtedness, to pay transaction fees and expenses, to fund working capital and for general corporate purposes.
On December 21, 2018, the Company amended the Syndicated Credit Facility (“Second Amending Agreement”). The
Second Amending Agreement provided that, so long as certain conditions were satisfied (the period during which
such conditions are satisfied, the “Covenant Relief Period”) the maximum consolidated debt leverage ratios permitted
under the Syndicated Credit Facility were increased and the interest rate incurred by the Company thereunder at
certain consolidated debt leverage ratios were increased. The Second Amending Agreement also adjusted the
definition of EBITDA for the purpose of calculating the financial ratios under U.S. GAAP. In addition to the above,
during the Covenant Relief Period, the Second Amending Agreement restricted the use of certain asset sale
proceeds, limited the type of new debt issuances and limited certain restricted payments and permitted acquisitions
under the Syndicated Credit Facility.
On November 4, 2019, the Company further amended the Syndicated Credit Facility (“Third Amending Agreement”),
certain portions of which became effective immediately and certain portions of which became effective in December
2019 upon the issuance of the 2023 Notes. The Third Amending Agreement, during the Covenant Relief Period, (i)

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MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
100
modified the priority of the application of certain voluntary prepayments resulting from certain asset sales (but which
did not affect the prepayments owed to the Term Loan B), and (ii) restricted use of proceeds of future borrowings. In
addition, the Third Amending Agreement increased the maximum consolidated debt leverage ratios permitted under
the Syndicated Credit Facility to 7.25x at the end of the fiscal quarter ended December 31, 2019, 7.50x at the end of the
fiscal quarter ending March 31, 2020, 7.75x at the end of each fiscal quarter thereafter until the fiscal quarter ending
September 30, 2021, 7.50x at the end of each fiscal quarter thereafter until the quarter ending September 30, 2022, 6.50x
at the end of each fiscal quarter thereafter until the fiscal quarter ending March 31, 2023, and 5.75x for each fiscal
quarter thereafter (subject to a 0.25x reduction in each maximum level upon a disposition of a business line for greater
than $500 million). The Third Amending Agreement also extended the maturity of the Revolving Credit Facility by
two years to December 2023, updated the Interest Coverage Ratio to be less than 2.0x at the end of each fiscal
quarter, restricted investment capacity in certain permitted investments, restricted future increases in quarterly
dividend payment levels and modified certain margin and standby fee terms. In addition, the Company canceled the
operating credit facility and reduced committed borrowing capacity under the Revolving Credit Facility from $1.25
billion to $500 million.
On June 14, 2022, the Company further amended the terms of the Syndicated Credit Facility pursuant to an amended
and restated credit agreement (“Amended and Restated Credit Agreement”). The Amended and Restated Credit
Agreement (i) replaced the Consolidated Leverage Ratio financial maintenance covenant with the Consolidated Net
Debt Leverage Ratio (as defined in the Amended and Restated Credit Agreement) financial maintenance covenant
not to exceed (1) 5.50:1.00 for each fiscal quarter ending on or prior to December 31, 2022, (2) 5.00:1.00 for each fiscal
quarter ending on or after March 31, 2023 through and including December 31, 2023 and (3) 4.50:1.00 for each fiscal
quarter ending on or after March 31, 2024, (ii) changed the required level of the Interest Coverage Ratio maintenance
covenant to 2.50:1.00 as of the last day of each fiscal quarter, (iii) increased the total amount of Term Loan B
outstanding to $1.5 billion and (iv) permitted the issuance of the 7.75% Senior Secured Notes due 2027 (“7.75% 2027
Notes”) and the redemption of the 9.75% Senior Secured 2023 Notes (“9.75% 2023 Notes”).
The Syndicated Credit Facility is guaranteed by the Company and certain designated subsidiaries (“Subsidiary
Guarantors”) of the Company. The security for the Syndicated Credit Facility, subject to customary exceptions,
includes substantially all the tangible and intangible assets of the Company and its Subsidiary Guarantors. The
Company is required to make mandatory prepayments of the outstanding principal and accrued interest of the
Syndicated Credit Facility (i) upon the occurrence of certain events and (ii) to the extent of a specified percentage of
annual excess cash flow that is not reinvested or used for other specified purposes. The Syndicated Credit Facility is
subject to customary affirmative and negative covenants, default provisions, representations and warranties and
other terms and conditions.
Term Loan B
Borrowings under Term Loan B bear interest at a rate equal to, at the Company’s option, either Adjusted Term SOFR
plus an applicable margin ranging from 4.00% to 4.25% or adjusted base rate (“ABR”) plus an applicable margin
ranging from 3.00% to 3.25%, in each case depending on the total Consolidated Net Debt Leverage Ratio. Starting
September 30, 2022, the Company must make equal quarterly installment payments in aggregate annual amounts
equal to 1% of the original principal amount of Term Loan B, with the final balance payable at maturity on June 14,
2029; provided that if the 7.75% 2027 Notes are not repaid in full by the date that is 91 days prior to the maturity date
of the 7.75% 2027 Notes (“Springing Maturity Date”), the maturity date for the Term Loan B will be the maturity date
of the 7.75% 2027 Notes. Borrowings under Term Loan B may be repaid by the Company, in whole or in part, together
with accrued interest, without premium or penalty.
During the year ended December 31, 2020, the Company repaid $511 million of borrowings under Term Loan B using
proceeds from the MDA Transaction. The Company expensed $7 million of unamortized debt issuance costs
attributed to the partial pay down, which is included in Interest expense, net in the Consolidated Statements of
Operations.

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MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
101
On June 14, 2022, in conjunction with the Amended and Restated Credit Facility, the Company evaluated the
amendment of Term Loan B on a lender-by-lender basis and accounted for $1.3 billion as a debt extinguishment and
$103 million as a debt modification. The portion accounted for as a debt modification is excluded from the
presentation of cash flows from financing activities in the Consolidated Statement of Cash Flows as it represents a
non-cash transaction. The Company recognized a loss on debt extinguishment of $10 million equal to the write-off of
unamortized debt issuance costs.
Revolving Credit Facility
The Revolving Credit Facility includes an aggregate $200 million sub limit under which letters of credit can be issued.
As of December 31, 2022 and December 31, 2021, the Company had $24 million and $28 million of issued and undrawn
letters of credit outstanding under the Revolving Credit Facility.
Borrowings under the Revolving Credit Facility bear interest at a rate equal to, at the Company’s option, if such
borrowings are in U.S. dollars, either Adjusted Term SOFR plus an applicable margin ranging from 2.75% to 3.50% or
ABR plus an applicable margin ranging from 1.75% to 2.50%, in each case depending on the total Consolidated Net
Debt Leverage Ratio. The Company may also, at its option, borrow in Canadian dollars, Euros or British Pounds
Sterling using the same applicable margins as noted for U.S. dollars. The Revolving Credit Facility is payable at
maturity on June 14, 2027. The Revolving Credit Facility may be repaid by the Company, in whole or in part, together
with accrued interest, without premium or penalty.
On June 14, 2022, in conjunction with the Amended and Restated Credit Facility, the modification of the Revolving
Credit Facility resulted in the recognition of a loss on debt extinguishment of $1 million equal to the write-off of
unamortized debt issuance costs. The Company recognized the loss on debt extinguishment in Interest expense, net
in the Consolidated Statements of Operations.
9.75% Notes due 2023
On December 11, 2019, the Company issued $1.0 billion in aggregate principal amount of 9.75% 2023 Notes. The
9.75% 2023 Notes were offered and sold to qualified institutional buyers in the U.S. pursuant to Rule 144A and
outside the U.S. pursuant to Regulation S under the Securities Act of 1933, as amended. The 9.75% 2023 Notes were
issued at a price of 98% and recorded as long-term debt in the Consolidated Financial Statements. The 9.75% 2023
Notes bore interest at the rate of 9.75% per year, payable semi-annually in cash in arrears, which interest payments
commenced in June 2020.
On June 25, 2020, the Company repurchased $150 million aggregate principal amount of its 9.75% 2023 Notes using
proceeds from the MDA Transaction. The 9.75% 2023 Notes were repurchased (“2023 Notes Repurchase”) at a price
of approximately 112.45% of the principal amount repurchased.
On March 26, 2021, the Company redeemed $350 million aggregate principal amount of its 9.75% 2023 Notes using a
portion of the net proceeds from an underwritten offering of 10 million shares of its common stock (“Offering”). The
Company paid premiums of approximately $34 million related to the early redemption. This resulted in a loss on debt
extinguishment of $41 million that was recorded in the first quarter of 2021, which is included as part of Interest
expense, net within the Consolidated Statements of Operations for the year ended December 31, 2021.
On June 14, 2022, the Company used the proceeds from the issuance of the 7.75% 2027 Notes, along with cash on
hand, to redeem the remaining $500 million aggregate principal amount of its 9.75% 2023 Notes. The 9.75% 2023
Notes were redeemed at a price of 107.313% of the principal amount thereof, plus accrued but unpaid interest.

Table of Contents
MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
102
The Company accounted for the issuance of the 7.75% 2027 Notes and the redemption of the 9.75% 2023 Notes as a
debt extinguishment. As a result, the 7.313% premium paid on the redemption of the 9.75% 2023 Notes is accounted
for as a loss on debt extinguishment. Additionally, at the time of the extinguishment there were $1 million of
unamortized debt issuance costs and an unamortized debt discount of $5 million associated with the 9.75% 2023
Notes, which were written off as a loss on debt extinguishment. The Company recognized a total loss on
extinguishment of the 9.75% 2023 Notes of $42 million, which is included in Interest expense, net in the Consolidated
Statement of Operations for the year ended December 31, 2022.
7.75% Notes due 2027
On June 14, 2022, the Company issued $500 million in aggregate principal amount of 7.75% 2027 Notes in a private
placement to qualified institutional buyers in the U.S. pursuant to Rule 144A under the Securities Act of 1933, as
amended (“Securities Act”) and outside the U.S. pursuant to Regulation S under the Securities Act. The 7.75% 2027
Notes were issued at a price equal to 100% of their face value and are recorded as long-term debt in the consolidated
financial statements. The 7.75% 2027 Notes bear interest at the rate of 7.75% per year, payable semi-annually in cash
in arrears on June 15 and December 15 of each year, beginning on December 15, 2022. The 7.75% 2027 Notes will
mature on June 15, 2027, unless earlier redeemed or repurchased.
The 7.75% 2027 Notes are guaranteed (“7.75% 2027 Guarantees”) on a senior secured basis by each of the
Company’s subsidiaries that are guarantors (“7.75% 2027 Guarantors”) under the Syndicated Credit Facility and its
7.54% 2027 Notes (as defined below). The 7.75% 2027 Notes are secured on a first-priority basis by liens on the
Company’s and the 7.75% 2027 Guarantors’ assets that also secure, equally and ratably, the Company’s
indebtedness under the Syndicated Credit Facility and the 7.54% 2027 Notes pursuant to the terms of a first lien
intercreditor agreement.
The 7.75% 2027 Notes and 7.75% 2027 Guarantees will be the Company’s and the 7.75% 2027 Guarantors’ senior
secured obligations. The 7.75% 2027 Notes and the 7.75% 2027 Guarantees rank senior in right of payment to any of
the Company’s and the 7.75% 2027 Guarantors’ future subordinated indebtedness, will rank equally in right of
payment with all of the Company’s and the 7.75% 2027 Guarantors’ existing and future senior indebtedness
(including the Syndicated Credit Facility and the Existing Notes), rank equally to all of Company’s and the 7.75%
2027 Guarantors’ existing and future senior secured indebtedness to the extent of the value of the collateral securing
such indebtedness be effectively senior to all of Company’s and the 7.75% 2027 Guarantors’ existing and future
unsecured indebtedness and all of Company’s and the Guarantors’ existing and future indebtedness secured on a
junior basis to the extent of the value of the collateral securing the 7.75% 2027 Notes and the related 7.75% 2027
Guarantees, and will be structurally subordinated to all existing and future liabilities of each of the Company’s
existing and future subsidiaries that does not guarantee the 7.75% 2027 Notes.
The 7.75% 2027 Notes may be redeemed, in whole or in part, at the Company’s option, at any time during the 12
months beginning on June 15, 2024, at a redemption price of 103.875%, during the 12 months beginning on June 15,
2025, at a redemption price of 101.938%, and at any time on or after June 15, 2026 at a redemption price of 100%, in
each case plus accrued and unpaid interest, if any, to, but excluding, the date of redemption. The Company may also
redeem up to 40% of the aggregate principal amount of the 7.75% 2027 Notes at any time before June 15, 2024 with
the net cash proceeds from certain equity offerings at a redemption price of 107.750% plus accrued and unpaid
interest, if any, to, but excluding, the date of redemption. If the Company experiences specific kinds of changes of
control, it may be required to offer to purchase the Notes at a purchase price equal to 101% of the principal amount
thereof, plus accrued and unpaid interest, if any, to, but excluding the date of the repurchase.
The indenture governing the 7.75% 2027 Notes contains covenants limiting the Company’s and its restricted
subsidiaries’ ability to, among other things incur, assume or guarantee additional debt; issue redeemable stock and
preferred stock; pay dividends, make distributions or redeem or repurchase capital stock; prepay, redeem or
repurchase debt that is junior in right of payment to the 7.75% 2027 Notes; make loans and investments; grant or
incur liens; pay

Table of Contents
MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
103
dividends, make loans or asset transfers from restricted subsidiaries; sell or otherwise dispose of assets, including
capital stock of subsidiaries; enter into transactions with affiliates; and consolidate or merge with, or sell
substantially all of their assets to, another person.
7.54% Notes due 2027
On June 25, 2020, the Company issued $150 million in aggregate principal amount of 7.54% Senior Secured Notes due
2027. The 7.54% 2027 Notes were offered and sold to qualified institutional buyers in the U.S. pursuant to Rule 144A
and outside the U.S. pursuant to Regulation S under the Securities Act. The 7.54% 2027 Notes were issued at a price
of 98.25% and are recorded as long-term debt in the consolidated financial statements. The 7.54% 2027 Notes bear
interest at the rate of 7.54% per year, payable semi-annually in cash in arrears, for which interest payments
commenced in December 2020. The 7.54% 2027 Notes will mature on December 31, 2027, unless earlier redeemed or
repurchased.
The Company accounted for the issuance of the 7.54% 2027 Notes and 9.75% 2023 Notes Repurchase as debt
modifications. As a result, the 12.45% premium paid on the repurchase of the $150 million aggregate principal amount
of 9.75% 2023 Notes is accounted for as an incremental discount that is amortized over the life of the 7.54% 2027
Notes. Separately, the previously incurred unamortized debt discount and debt issuance costs are amortized over the
remaining life of the outstanding 9.75% 2023 Notes.
The 7.54% 2027 Notes are guaranteed (“7.54% 2027 Guarantees”) on a senior secured basis by each of the
Company’s existing and future subsidiaries that guarantees the 9.75% 2023 Notes and the Syndicated Credit Facility
(“7.54% 2027 Guarantors”). The 7.54% 2027 Notes are secured, equally and ratably with the 9.75% 2023 Notes, the
Syndicated Credit Facility and any future first lien debt, by liens on the same assets that secure the Revolving Credit
Facility and Term Loan B.
The 7.54% 2027 Notes and the 7.54% 2027 Guarantees are the Company’s general senior secured obligations and
rank equally in right of payment with all of the Company’s and the 7.54% 2027 Guarantors’ existing and future
unsubordinated debt (including the 9.75% 2023 Notes and the Syndicated Credit Facility). The 7.54% 2027 Notes and
the 7.54% 2027 Guarantees are effectively senior to all of the Company’s and the 7.54% 2027 Guarantors’ existing and
future unsecured debt as well as to all of any permitted junior lien debt that may be incurred in the future, in each
case to the extent of the value of the assets securing the 7.54% 2027 Notes and the 7.54% 2027 Guarantees. The
7.54% 2027 Notes and the 7.54% 2027 Guarantees are effectively subordinated to any obligations that are secured by
liens on assets that do not constitute a part of the collateral securing the 7.54% 2027 Notes or the 7.54% 2027
Guarantees, are structurally subordinated to all existing and future liabilities (including trade payables) of the
Company’s subsidiaries that do not guarantee the 7.54% 2027 Notes, and are senior in right of payment to all of the
Company’s and the Guarantors’ existing and future subordinated indebtedness.
The 7.54% 2027 Notes may be redeemed, in whole or in part, at any time during the 12 months beginning on June 25,
2024, at a redemption price of 105.655%, during the 12 months beginning on June 25, 2025, at a redemption price of
103.770%, and at any time on or after June 25, 2026, at a redemption price of 101.885%, in each case plus accrued and
unpaid interest, if any, thereon to the redemption date. The Company may also redeem the 7.54% 2027 Notes, in
whole or in part, at the Company’s option at any time prior to June 25, 2024, at a price equal to 100% of the principal
amount of such 7.54% 2027 Notes plus a “make-whole” premium, together with accrued but unpaid interest, if any,
to, but excluding, the date of redemption. In addition, the Company may redeem up to 40% of the aggregate principal
amount of the 7.54% 2027 Notes at any time before June 25, 2024, with the net cash proceeds from certain equity
offerings at a specified redemption price, plus accrued and unpaid interest, if any, to, but excluding, the date of
redemption.
The indenture governing the 7.54% 2027 Notes limits, among other things, the Company’s and the Company’s
restricted subsidiaries’ ability to: incur, assume or guarantee additional debt; issue redeemable stock and preferred
stock; pay dividends, make distributions or redeem or repurchase capital stock; prepay, redeem or repurchase
subordinated debt;

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MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
104
make loans and investments; grant or incur liens; restrict dividends, loans or asset transfers from restricted
subsidiaries; sell or otherwise dispose of assets; enter into transactions with affiliates; reduce the Company’s
satellite insurance; and consolidate or merge with, or sell substantially all of the Company’s assets to, another
person.
In the event a change of control occurs (as defined in the indenture governing the 7.54% 2027 Notes), each holder
will have the right to require us to repurchase all or any part of such holder’s 7.54% 2027 Notes at a purchase price in
cash equal to 101% of the aggregate principal amount of the 7.54% 2027 Notes repurchased, plus accrued and
unpaid interest, if any, to the date of purchase (subject to the right of holders of record on the relevant record date to
receive interest due on the relevant interest payment date).
Leaseback Deferred Financing
On December 10, 2019, the Company completed the sale and subsequent leaseback of company owned properties in
Palo Alto, California for proceeds of $291 million. The Company determined that the leaseback terms were off-market.
In accordance with ASC 842 - Leases, the Company accounted for the excess of the leaseback payments over the
present value of market rental payments as additional financing, separate from the lease liability. This resulted in
recognition of a deferred financing liability of $33 million, which is repayable over the 10-year leaseback term. This
liability was calculated using a weighted average discount rate of 4.62%. The deferred financing liability is recorded
as part of Current portion of long-term debt and Long-term debt within the Consolidated Balance Sheets. Refer to
Note 9 for additional information.
Interest expense, net on long-term debt and other obligations is as follows:
Year Ended December 31,
2022
2021
2020
Interest on long-term debt
$
156
$
144
$
191
Loss on debt extinguishment
53
41
7
Interest on orbital securitization liability
3
4
5
Imputed interest and other
1
2
2
Interest expense on advance payments from customers
-
-
3
Capitalized interest
(55)
(40)
(33)
Interest expense, net
$
158
$
151
$
175
Scheduled minimum debt repayments for the year ended December 31, 2022 are as follows:
2023
2024
2025
2026
2027
Thereafter
Total
Syndicated Credit Facility
Revolving credit facility
$
-
$
-
$
-
$
-
$ 125
$
-
$
125
Term Loan B
15
15
15
15
15
1,418
1,493
7.75% 2027 Notes
-
-
-
-
500
-
500
7.54% 2027 Notes
-
-
-
-
150
-
150
Deferred financing
2
2
2
3
3
7
19
Finance leases and other
4
1
-
-
-
-
5
Total principal payments
$ 21
$ 18
$ 17
$ 18
$ 793
$
1,425
$ 2,292
Debt discount and issuance costs
(98)
Total long-term debt
$ 2,194

Table of Contents
MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
105
12. FINANCIAL INSTRUMENTS AND FAIR VALUE DISCLOSURES
Factors used in determining the fair value of financial assets and liabilities are summarized into three categories in
accordance with ASC 820 - Fair Value Measurements:
Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical,
unrestricted assets or liabilities
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e. derived from prices)
Level 3: Inputs for the asset or liability that are based on unobservable inputs
The following tables present assets and liabilities that are measured at fair value on a recurring basis (at least
annually) by level within the fair value hierarchy. A financial asset or liability’s classification within the hierarchy is
determined based on the lowest level input that is significant to the fair value measurement.
Recurring Fair Value Measurements as of
December 31, 2022
Level 1
Level 2
Level 3
Total
Assets
Orbital receivables 1
$
-
$
392
$
-
$
392
Interest rate swaps
-
21
-
21
$
-
$
413
$
-
$
413
Liabilities
Long-term debt 2
$
-
$
2,168
$
-
$
2,168
$
-
$
2,168
$
-
$
2,168
Recurring Fair Value Measurements as of
December 31, 2021
Level 1
Level 2
Level 3
Total
Assets
Orbital receivables 1
$
-
$
481
$
-
$
481
Interest rate swaps
-
3
-
3
$
-
$
484
$
-
$
484
Liabilities
Interest rate swaps
$
-
$
4
$
-
$
4
Long-term debt 2
-
2,132
-
2,132
$
-
$
2,136
$
-
$
2,136
1
The carrying value of orbital receivables was $351 million and $417 million at December 31, 2022 and December 31, 2021,
respectively. See Note 5 regarding the gain on orbital receivables allowance for the year ended December 31, 2021.
2
Long-term debt excludes borrowings under the Revolving Credit Facility, deferred financing and obligations under finance
leases and other, and is carried at amortized cost. The outstanding carrying value was $2,045 million and $2,055 million as of
December 31, 2022 and 2021, respectively. The carrying value of borrowings under the Revolving Credit Facility
approximates their fair value.
The Company determines fair value of its derivative financial instruments and orbital receivables based on internal
valuation models, such as a discounted cash flow analysis, using management estimates and observable market-
based inputs, as applicable. Management estimates include assumptions concerning the amount and timing of
estimated future cash flows and application of appropriate discount rates. Observable market-based inputs are
sourced from third parties and include interest rates and yield curves, currency spot and forward rates and credit
spreads, as applicable.

Table of Contents
MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
106
The Company determines fair value of long-term debt that is actively traded in the secondary market using external
pricing data, including any available quoted market prices and other observable inputs from available market
information. For debt that is not actively traded in the secondary market, the fair value is based on the Company’s
indicative borrowing cost derived from dealer quotes or discounted cash flows.
Cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities are all short-term in nature;
therefore, the carrying value of these items approximates their fair value.
There were no transfers into or out of each of the levels of the fair value hierarchy during the years ended December
31, 2022 or December 31, 2021.
13. DERIVATIVES AND HEDGING
Cash Flow Hedges
The Company is exposed to fluctuations in interest rates under the Syndicated Credit Facility. The Company enters
into interest rate swap agreements in order to fix the base interest rate to be paid over an aggregate amount of the
Company’s variable rate long-term debt. On April 29, 2022, $500 million of the Company’s interest rate swaps
matured. On June 22, 2022, the Company entered into SOFR interest rate swaps having a notional value of $500
million. In June 2022, the Company amended its existing interest rate swaps that mature in June 2023 to modify the
designated hedged interest rate risk from LIBOR to SOFR in connection with the Company’s Amended and Restated
Credit Agreement. In total, as of December 31, 2022, an aggregate of $1 billion of the Company’s variable rate long-
term debt is fixed at an average one-month SOFR rate of 1.71% (excluding the margin specified in the Syndicated
Credit Facility) pursuant to the Company’s outstanding interest rate swaps. In each of June 2023 and June 2024, the
Company will have interest rate swap maturities of $500 million.
The Company had no foreign exchange forward contracts at December 31, 2022 or 2021.
December 31, 2022
Notional
amount
Maximum Contract
term
Derivatives designated as hedging instruments
Interest rate swaps
$
1,000
1.5 years
December 31, 2021
Notional
amount
Maximum Contract
term
Derivatives designated as hedging instruments
Interest rate swaps
$
1,000
1.5 years
The effective portion of gains included in Other comprehensive income (loss), net of tax related to the Company’s
interest rate swaps was $22 million and $19 million for the years ended December 31, 2022 and 2021, respectively.
The effective portion of losses included in Other comprehensive income (loss), net of tax related to the Company’s
interest rate swaps was $3 million for the year ended December 31, 2020. As of December 31, 2022, the estimated gain
included in Accumulated other comprehensive income (loss) expected to be recognized in Net income (loss) in the
next twelve months is $19 million.
In implementing all its derivative financial instruments, the Company deals with counterparties and is therefore
exposed to credit related losses in the event of non-performance by these counterparties. However, the Company
deals with counterparties that are major financial institutions and does not expect any of the counterparties to fail to
meet their obligations.

Table of Contents
MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
107
14. STOCKHOLDERS’ EQUITY
Changes in the components of Accumulated other comprehensive income (loss) are as follows:
Foreign
currency
translation
adjustments
Unrealized
(loss) gain
on interest
rate swaps
Pension and
other
postretirement
plan
adjustments
Total
accumulated
other
comprehensive
income (loss)
Balance as of December 31, 2019
$
126
$
(12)
$
(73)
$
41
Other comprehensive loss
(47)
(3)
(43)
(93)
Reclassification to gain on disposal of discontinued
operations1
(78)
(5)
15
(68)
Tax benefit (expense)
-
-
-
-
Balance as of December 31, 2020
$
1
$
(20)
$
(101)
$
(120)
Other comprehensive (loss) income
(2)
19
50
67
Tax benefit (expense)
-
-
-
-
Balance as of December 31, 2021
$
(1)
$
(1)
$
(51)
$
(53)
Other comprehensive (loss) income
(1)
22
16
37
Tax benefit (expense)
-
-
-
-
Balance as of December 31, 2022
$
(2)
$
21
$
(35)
$
(16)
1
Relates to the reclassification of foreign currency translation from Accumulated other comprehensive (loss) income to
the gain on disposal of discontinued operations due to the completion of the MDA Transaction. See Note 3 for details.
On March 22, 2021, the Company completed the Offering of 10 million shares of common stock at a public offering
price of $40 per share. The Company received proceeds of $380 million, net of $20 million of transaction fees.
As of December 31, 2020, the Company had 2.4 million shares authorized and no shares outstanding of the Series A
Preferred Stock. On May 17, 2021, the Company filed a Certificate of Elimination of Series A Junior Participating
Preferred Stock with the Delaware Secretary of State, thereby removing the Certificate of Designations of the Series
A Preferred Stock from the Company’s Amended and Restated Certificate of Incorporation. Therefore, as of
December 31, 2021 and 2022, the Company had no shares authorized and no shares outstanding of the Series A
Preferred Stock.
15. REVENUES
As of December 31, 2022, the Company had $3,194 million of remaining performance obligations, which represents
the transaction price of firm orders less inception to date revenues recognized. Remaining performance obligations
generally exclude unexercised contract options and indefinite delivery/indefinite quantity contracts. The Company
expects to recognize revenues relating to existing performance obligations of approximately $1,250 million, $757
million, and $1,187 million for the fiscal years 2023, 2024 and thereafter, respectively.

Table of Contents
MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
108
Contract liabilities by segment are as follows:
As of December 31, 2022
Earth
Intelligence
Space
Infrastructure
Total
Contract liabilities
$
107
$
257
$
364
As of December 31, 2021
Earth
Intelligence
Space
Infrastructure
Total
Contract liabilities
$
32
$
257
$
289
Contract liabilities increased to $364 million as of December 31, 2022 from $289 million as of December 31, 2021. The
increase of $75 million in contract liabilities is primarily due to an increase in contract liabilities within the Earth
Intelligence segment driven by the Electro-Optical Commercial Layer contract awarded to the Company in May 2022.
The Company had an immaterial balance of non-current contract liabilities as of both December 31, 2022 and
December 31, 2021. Non-current contract liabilities are included in Other non-current liabilities on the Consolidated
Balance Sheets.
The Company’s primary sources of revenues are as follows:
Year Ended December 31, 2022
Earth
Intelligence
Space
Infrastructure
Eliminations
Total
Product revenues
$
-
$
527
$
-
$
527
Service revenues
1,078
-
-
1,078
Intersegment
-
99
(99)
-
$
1,078
$
626
$
(99) $ 1,605
Year Ended December 31, 2021
Earth
Intelligence
Space
Infrastructure
Eliminations
Total
Product revenues
$
-
$
678
$
-
$
678
Service revenues
1,092
-
-
1,092
Intersegment
1
62
(63)
-
$
1,093
$
740
$
(63) $ 1,770
Year Ended December 31, 2020
Earth
Intelligence
Space
Infrastructure
Eliminations
Total
Product revenues
$
-
$
633
$
-
$
633
Service revenues
1,081
9
-
1,090
Intersegment
-
79
(79)
-
$
1,081
$
721
$
(79) $ 1,723
Revenue in the Space Infrastructure segment is primarily generated from long-term construction contracts. Due to
the long-term nature of these contracts, the Company generally recognizes revenue over time using the cost-to-cost
method to measure progress. Under the cost-to-cost method, revenue is recognized based on the proportion of total
costs incurred to EAC. Revenue recognition is also contingent on estimated contractual consideration. An EAC
includes all direct costs and indirect costs directly attributable to a program or allocable based on program cost
pooling arrangements. Estimates regarding the Company’s cost associated with the design, manufacture and
delivery of products and services are used in determining the EAC. Changes to EAC cost or estimated contractual
consideration are recorded as a cumulative catch-up adjustment.
The Company recognized a cumulative adjustment to revenue of $92 million and a cumulative catch-up to EAC costs
of $3 million for the year ended December 31, 2022, related to the JUPITER 3 amendment and commercial agreement
with

Table of Contents
MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
109
EchoStar. This resulted primarily from reducing the EAC transaction price for the amount of the remaining milestone
and expected orbital payments from EchoStar due to the delay of the expected shipment of JUPITER 3. Additionally,
as the Company has not yet identified the scope of goods and/or services to be purchased under the
aforementioned commercial agreement, the total $95 million cumulative adjustment includes a $29 million adjustment
to revenue and a corresponding cumulative catch-up to EAC costs of $1 million related to these goods and/or
services. If at a later date the goods and/or services are identified the reduction to revenue will be adjusted. See Note
5 for additional details regarding the adjustment to trade and other receivables.
The Company recognized a cumulative adjustment to revenue of $30 million for the year ended December 31, 2021,
related to the Sirius XM contract with Sirius XM Holdings Inc. (“Sirius XM”). This resulted primarily from adjusting
the EAC transaction price for the amount of the final milestone and expected orbital payments from Sirius XM due to
the non-performance of the SXM-7 satellite and other adjustments. In addition to the cumulative adjustment
recognized for the year ended December 31, 2021, incremental costs of $3 million were incurred related to the SXM-7
recovery efforts. See Note 5 for additional details regarding the adjustment to trade and other receivables.
The Company has certain programs in the Space Infrastructure segment which contain significant development
efforts that have experienced delays and cost growth primarily due to the complexity of the programs resulting in an
overall loss position. The Company recorded $50 million in EAC cost adjustments on loss contracts, including $12
million related to the JUPITER 3 loss contract for the year ended December 31, 2022. The Company recorded $32
million in EAC cost adjustments on loss contracts for the year ended December 31, 2021.
The Company recognized revenue from post-launch services within the Space Infrastructure segment of $24 million,
$27 million and $30 million for the years ended December 31, 2022, 2021 and 2020, respectively, which is included in
product revenues.
The approximate revenue based on geographic location of customers is as follows:
Year Ended December 31,
2022
2021
2020
United States
$
1,315
$
1,431
$
1,406
Asia
95
97
96
Europe
65
80
84
Middle East
57
54
54
Australia
43
70
37
Canada
16
10
10
South America
5
17
25
Other
9
11
11
Total revenues
$
1,605
$
1,770
$
1,723

Table of Contents
MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
110
Revenues from significant customers is as follows:
Year Ended December 31, 2022
Earth
Intelligence
Space
Infrastructure
Eliminations
Total
U.S. federal government and agencies
$
722
$
230
$
-
$
952
Commercial and other
356
396
(99)
653
Total revenues
$
1,078
$
626
$
(99) $ 1,605
Year Ended December 31, 2021
Earth
Intelligence
Space
Infrastructure
Eliminations
Total
U.S. federal government and agencies
$
701
$
235
$
-
$
936
Commercial and other
392
505
(63)
834
Total revenues
$
1,093
$
740
$
(63) $ 1,770
Year Ended December 31, 2020
Earth
Intelligence
Space
Infrastructure
Eliminations
Total
U.S. federal government and agencies
$
774
$
288
$
-
$ 1,062
Commercial and other
307
433
(79)
661
Total revenues
$
1,081
$
721
$
(79) $ 1,723
The Company had revenues from a commercial customer in the Space Infrastructure segment that represented 12%,
19% and 11% of total revenues for the years ended December 31, 2022, 2021 and 2020, respectively.
16. SEGMENT INFORMATION
The Company’s business is organized into two reportable segments: Earth Intelligence and Space Infrastructure. The
Earth Intelligence reportable segment is a supplier of high-resolution, high accuracy Earth imagery and other
geospatial data sourced from the Company’s advanced satellite constellation and third-party providers, as well as a
provider of advanced geospatial information applications and analytic services for national security and commercial
solutions. The Space Infrastructure reportable segment is a supplier of space-based infrastructure, robotics,
subsystems and information solutions to satellite operators and government agencies.
The Company’s Chief Operating Decision Maker measures the performance of each segment based on revenue and
Adjusted EBITDA. Adjusted EBITDA is defined as earnings before interest, tax, depreciation and amortization
(“EBITDA”) adjusted for certain items affecting comparability of the Company’s ongoing operating results as
specified in the calculation. 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, amortization of deferred ERP implementation costs 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. Corporate and other
expenses include items such as corporate office costs, regulatory costs, executive and director compensation,
foreign exchange gains and losses and fees for audit, legal and consulting services.
Intersegment sales are generally recorded at cost-plus a specified margin, which may differ from what the segment
may be able to obtain on sales to external customers.

Table of Contents
MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
111
The following table summarizes the operating performance of the Company’s segments:
Year Ended December 31,
2022
2021
2020
Revenues:
Earth Intelligence
$
1,078
$
1,093
$
1,081
Space Infrastructure
626
740
721
Intersegment eliminations
(99)
(63)
(79)
Total revenues
$
1,605
$
1,770
$
1,723
Adjusted EBITDA:
Earth Intelligence
$
445
$
492
$
513
Space Infrastructure
(32)
46
(3)
Intersegment eliminations
(36)
(25)
(27)
Corporate and other expenses
(91)
(89)
(61)
Restructuring
(18)
(2)
-
Offset obligation fulfillment
(12)
-
-
Transaction and integration related expense
(6)
(1)
(7)
Amortization of deferred ERP implementation costs
(2)
-
-
(Loss) gain on remeasurement of equity interest 1
(1)
-
85
Gain (loss) on orbital receivables allowance
-
49
(14)
Impairment loss
-
-
(33)
Insurance recovery 2
-
1
-
Loss on sale of assets
-
-
(1)
Depreciation and amortization
(239)
(290)
(348)
Interest expense, net
(158)
(151)
(175)
Interest income 3
2
3
3
Equity in income from joint ventures, net of tax
-
-
(1)
(Loss) income from continuing operations before taxes
$
(148)
$
33
$
(69)
1
As a result of the Vricon Acquisition during the year ended December 31, 2020, the Company was required to remeasure its
previously held equity interest in Vricon at its acquisition date fair value which resulted in a gain of $85 million. The (Loss)
gain on remeasurement of equity interest is included in Other expense (income), net on the Consolidated Statements of
Operations.
2
Insurance recovery is included in Other expense (income), net on the Consolidated Statement of Operations.
3
Interest income is included in Other expense (income), net on the Consolidated Statements of Operations.

Table of Contents
MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
112
The Company’s capital expenditures are as follows:
Year Ended December 31, 2022
Earth
Intelligence
Space
Infrastructure
Corporate
and
eliminations
Total
Capital expenditures:
Property, plant and equipment
$
148
$
17
$
61
$ 226
Intangible assets
88
-
5
93
$
236
$
17
$
66
$ 319
Year Ended December 31, 2021
Earth
Intelligence
Space
Infrastructure
Corporate
and
eliminations
Total
Capital expenditures:
Property, plant and equipment
$
79
$
16
$
40
$ 135
Intangible assets
87
-
12
99
$
166
$
16
$
52
$ 234
Year Ended December 31, 2020
Earth
Intelligence
Space
Infrastructure
Corporate
and
eliminations
Total
Capital expenditures:
Property, plant and equipment
$
147
$
21
$
53
$ 221
Intangible assets
79
1
7
87
$
226
$
22
$
60
$ 308
Substantially all of the Company’s long-lived tangible assets were in the United States as of December 31, 2022, 2021
and 2020.
17. IMPAIRMENT LOSSES
There were no impairment losses recognized for the year ended December 31, 2022 or 2021.
For the year ended December 31, 2020, the Company recognized an impairment loss of $33 million within the Earth
Intelligence segment related to the write-off of a prepaid asset with a commercial provider of ground station services
under a contract which was above current market value. In December 2020, the Company executed a new multi-year
contract with the provider for services at reduced cost. As a result of the prior contract being terminated and the new
contract being at market value, the Company concluded the remaining prepaid asset from the prior contract with the
provider had no continuing value.
For the year ended December 31, 2020, the Company recognized an orbital receivable impairment loss of $14 million,
within the Space Infrastructure segment primarily due to a decrease in customer credit ratings. See Note 5 for details
related to the reversal of the orbital receivables allowance.
18. EMPLOYEE BENEFIT PLANS
Defined contribution plan
The Company maintains a defined contribution plan for some of its employees in the U.S., whereby the Company
pays contributions based on a percentage of the employees’ annual salary. For the years ended December 31, 2022,
2021 and 2020, the Company recorded expense of $21 million, $19 million and $16 million, respectively, related to the
plan.

Table of Contents
MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
113
Pension and other postretirement benefit plans
The Company maintains a defined benefit pension plan covering a portion of its employees within the Space
Infrastructure segment. The pension and other postretirement plan benefits were frozen on December 31, 2013. The
defined benefit plan provides pension benefits based on various factors including prior earnings and length of
service. The defined benefit plan is funded and the Company’s funding requirements are based on the plans’
actuarial measurement framework as established by the plan agreements or applicable laws. The funded plans’ assets
are legally separated from the Company and are held by an independent trustee. The trustee is responsible for
ensuring that the funds are protected as per applicable laws.
The Company also provides for other postretirement benefits, comprised of life insurance covering a portion of its
employees within the Space Infrastructure segment. The cost of these benefits is primarily funded out of Operating
income.
The table below summarizes changes in the benefit obligation, the fair value of plan assets and funded status for the
Company’s pension and other postretirement benefit plans, as well as the aggregate balance sheet impact.
Pension
Other
Postretirement
2022
2021
2022
2021
Change in benefit obligation:
Benefit obligation at beginning of year
$
585
$
624
$
13
$
14
Service cost
3
3
-
-
Interest cost
14
14
-
-
Actuarial (gains) losses
(125)
(23)
(2)
(1)
Benefits paid
(33)
(33)
(1)
-
Benefit obligation at end of year
$
444
$
585
$
10
$
13
Change in fair value of plan assets:
Fair value of plan assets at beginning of year
$
462
$
444
$
-
$
-
Actual return on assets
(83)
51
-
-
Employer contributions
1
1
1
-
Benefits paid
(31)
(31)
(1)
-
Expenses paid
(3)
(3)
-
-
Fair value of plan assets at end of year
346
462
-
-
Unfunded status at end of year
$
(98) $
(123) $
(10) $
(13)
Liabilities recognized in the Consolidated Balance Sheets:
Accrued compensation and benefits
$
(1) $
(1) $
(1) $
(1)
Pension and other postretirement benefits
(97)
(122)
(9)
(12)
$
(98) $
(123) $
(10) $
(13)
The $141 million decrease in the pension benefit obligation from 2021 to 2022 was primarily due to the increase in the
discount rate. The $116 million decrease in the fair value of plan assets from 2021 to 2022 was primarily due to the
return on assets.
The accumulated benefit obligation for the defined pension benefit plans was $444 million and $585 million at
December 31, 2022 and 2021, respectively.

Table of Contents
MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
114
The following table provides the net pension and other postretirement benefits recognized in Accumulated other
comprehensive (loss) income at December 31:
Pension
Other
Postretirement
2022
2021
2022
2021
Net (loss) gain
$
(45) $
(60) $
10
$
9
The following table summarizes the weighted average assumptions used to determine the benefit obligations for the
Company’s pension and other postretirement plans at December 31:
Pension
Other Postretirement
2022
2021
2022
2021
Discount rate
4.9 %
2.6 %
4.9 %
2.6 %
The following table summarizes the components of net periodic benefit cost for the Company’s pension and other
postretirement benefit plans for the years ended December 31:
Pension
Other Postretirement
2022
2021
2020
2022
2021
2020
Interest cost
$
14
$
14
$
17
$
-
$
1
$
-
Expected return on plan assets
(29)
(29)
(24)
-
-
-
Amortization of net loss (gain)
-
6
1
(1)
(1)
-
Settlement gain
-
-
-
-
-
(4)
Expenses paid
3
3
2
-
-
-
Net periodic benefit
$
(12) $
(6) $
(4)
$
(1) $
-
$
(4)
The following table summarizes the components recognized in Other comprehensive (income) loss for the
Company’s pension and other postretirement benefit plans for the years ended December 31:
Pension
Other Postretirement
2022
2021
2020
2022
2021
2020
Net (gain) loss
$
(14) $
(44) $
40
$
(3) $
(1) $
4
Amortization of net (loss) gain
-
(6)
(1)
1
1
-
Total recognized in other comprehensive (income) loss
$
(14) $
(50) $
39
$
(2) $
-
$
4
Total recognized in net periodic benefit credit and other
comprehensive (income) loss
$
(26) $
(56) $
35
$
(3) $
-
$
-
The following table summarizes the weighted average assumptions used to determine the net periodic benefit cost
for the Company’s pension and other postretirement benefit plans for the years ended December 31:
Pension
Other Postretirement
2022
2021
2020
2022
2021
2020
Discount rate
2.6 %
2.2 %
3.0 %
2.6 %
2.2 %
3.0 %
Expected long-term return on plan assets
6.5 %
6.5 %
6.5 %
N/A
N/A
N/A
The expected long-term return on plan assets assumption represents the average rate that the Company expects to
earn over the long-term on the assets of the Company’s benefit plans, including those from dividends, interest
income and capital appreciation. The Company utilizes a third-party consultant to assist in the development of the
expected long-term return on plan assets, which is based on expectations regarding future long-term rates of return
for the plans’

Table of Contents
MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
115
investment portfolio, with consideration given to the allocation of investments by asset class and historical rates of
return for each individual asset class.
Plan Assets. The Company’s Pension Committee (the “Committee”) has the responsibility to formulate the
investment policies and strategies for the plan assets. The Committee structures the investment of plan assets to
maximize the plans long-term rate of return for an acceptable level of risk and limit the volatility of investment returns.
In the pursuit of these goals, the Committee has formulated the following investment policies and objectives: (1)
preserve the plan assets; (2) maintain sufficient liquidity to fund benefit payments and pay plan expenses; and (3)
achieve a minimum total rate of return equal to the established benchmarks for each asset category.
The Committee has established a target allocation that the plan assets may be invested in for each major asset
category and has established guidelines regarding diversification within asset categories to limit risk and exposure to
a single or limited number of securities. The investment manager is required to rebalance the portfolio within two
percentage points for any individual asset or combination of assets defined within policy targets. Asset allocation
targets are re-balanced quarterly and re-assessed annually for the upcoming year. The investments of the plan
include a diversified portfolio of both equity and fixed income investments. Equity investments are further diversified
across U.S. and international stocks, small to large capitalization stocks and growth and value stocks. Fixed income
assets are diversified across U.S. and international issuers, corporate and governmental issuers and credit quality.
The following table presents a summary of target asset allocations for each major category of the plan assets as well
as the actual asset allocations at December 31, 2022:
Asset Allocation
Target
Actual
Cash and cash equivalents
- %
1 %
U.S. and global equity securities
71 %
71 %
Fixed income
29 %
28 %
100 %
100 %
Cash and cash equivalents consist of cash and short-term investments. U.S. and global equity securities, fixed
income and other investment assets are primarily commingled fund investments. The pension plans’ commingled
fund investments are managed by several fund managers and are valued at the net asset value per share for each
fund. Although the majority of the underlying assets in the funds consist of actively traded equity securities and
bonds, the unit of account is considered to be at the fund level. These funds are traded daily and settled the
following day at the net asset value per share.
The Committee regularly monitors the investment of plan assets to ensure that the actual asset allocation remains in
proximity to the target. The Committee also regularly measures and monitors investment risk through ongoing
performance reporting and investment manager reviews.

Table of Contents
MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
116
The following table presents the fair value of the Company’s pension plan assets by asset category segregated by
level within the fair value hierarchy, as described below:
December 31, 2022
December 31, 2021
Asset Category
Level 1
Level 2 Level 3
Total
Level 1
Level 2
Level 3
Total
Cash and cash equivalents
$
3
$
-
$
-
$
3 $
3
$
-
$
-
$
3
Commingled funds 1
343
459
Total assets at fair value
$
3
$
-
$
-
$ 346 $
3
$
-
$
-
$
462
1
Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient are
not required to be classified in the fair value hierarchy table. The total fair value of these amounts are presented in this table
to permit reconciliation of the fair value hierarchy to the amounts presented for total defined benefit pension plan assets.
Contributions. The funding policy for the Company’s pension and postretirement benefit plans is to contribute at
least the minimum required by applicable laws and regulations or to directly make benefit payments where
appropriate. At December 31, 2022, all legal funding requirements had been met.
The American Rescue Plan Act of 2021 (“ARPA Act”) was enacted on March 11, 2021 in the United States. The
ARPA Act includes provisions for pension funding relief in future periods. The Company has elected to take
advantage of these provisions and anticipates lower required contributions for the qualified pension plan in the
upcoming fiscal years. Due to the Company’s election, are no required contributions for the Company’s qualified
pension plan for the year ending December 31, 2023.
Estimated Future Benefit Payments. The following table presents expected pension and other postretirement benefit
payments which reflect expected future service, as appropriate.
2023
2024
2025
2026
2027
2028 through
2032
Pension
$
32 $
32 $
32 $
33 $
33 $
158
Other postretirement
1
1
1
1
1
4
$
33 $
33 $
33 $
34 $
34 $
162
19. STOCK-BASED COMPENSATION PLANS
The Company’s stock-based compensation plans were established to attract and retain key personnel by providing
them the opportunity to acquire an equity interest in the Company or other incentive compensation measured by
reference to the value of shares or other performance objectives and align the interests of key personnel with those
of stockholders.
Long-Term Incentive Plans - The Company’s long-term incentive plans (“LTIP Plans”) include long-term incentive
plans initiated before 2017 (“Pre-2017 Plans”) and the 2017 Long-Term Incentive Plan (“2017 Plan”) pursuant to
which shares may be issued by the Company from treasury. Under the LTIP Plans, awards of stock appreciation
rights (“SARs”) may be granted to employees of the Company and its subsidiaries; however, no LTIP award may be
issued to any director of a subsidiary of the Company who is not an employee. An aggregate of 6,820,000 LTIP
awards were authorized under the Pre-2017 Plans and an aggregate of 1,900,000 LTIP awards were authorized under
the 2017 Plan. No further awards shall be granted under the LTIP Plans.
Omnibus Equity Incentive Plan - The Company adopted the Omnibus Equity Incentive Plan (“Omnibus Plan”) in
February 2017 and the stockholders approved the Omnibus Plan in July 2017. The Omnibus Plan provides for grants
to eligible employees, officers, consultants or advisors of the Company and its subsidiaries of stock options, long-
term incentive units, restricted stock units (“RSUs”), SARs and performance stock units (“PSUs”) in order to provide
a long-term incentive compensation to such persons. No awards will be made under the Omnibus Plan to non-
employee

Table of Contents
MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
117
directors. 1,100,000 shares were reserved for issuance under the Omnibus Plan. The Omnibus Plan has a term of ten
years and shares may be issued by the Company from treasury. As of December 31, 2019, no further awards shall be
granted under the Omnibus Plan.
2019 Incentive Award Plan - The Company adopted the 2019 Incentive Award Plan (“2019 Plan”) in March 2019 and
the stockholders approved the 2019 Plan in May 2019. The 2019 Plan provides for grants to eligible employees,
officers, consultants, directors or advisors of the Company and its subsidiaries of stock options, SARs, restricted
stock award, RSUs, deferred stock award and PSUs in order to provide a long-term incentive compensation to such
persons. 2,525,000 shares were reserved for issuance under the 2019 Plan. Subsequently, stockholders approved and
reserved for issuance an additional 2,550,000 shares in May 2020 and another 2,000,000 shares in May 2021. In
addition, any shares subject to a prior plan that are forfeited, cancelled, or expired shall be available for future grants
under the 2019 Plan. Only awards settled in equity count against the share reserve. Awards are actively being
granted out of the 2019 Plan as of December 31, 2022.
Deferred Stock Unit Plan - On October 1, 2003, the Company established a Deferred Share Unit (“DSU”) Plan (“DSU
Plan”) whereby the Company’s independent directors received some or all of their annual retainers in DSUs. DSUs
are granted at a price equal to the closing price of the common shares on the day before the date of grant. The DSUs
are settled in cash at retirement at the closing price of the common shares of the Company on the retirement date of
the director. Under the DSU Plan, 100,000 DSUs were reserved for issuance.
Maxar Technologies Inc. Employee Stock Purchase Plan - On March 27, 2019, the Company implemented an
employee stock purchase plan. Under this plan, the Company may issue 5,000,000 common shares to certain eligible
employees. Under the terms of the plan, employees can purchase shares of the Company at 85% of the market value
of the shares on the lower closing price of either the first or last day of the purchase period. Employees can allocate a
maximum of 10% of their salary to the plan to a maximum of $25,000 per annum. During the years ended December 31,
2022, 2021 and 2020, 464,833, 308,554, and 543,184 common shares were issued, respectively, at an average price of
$22.10, $27.71, and $9.75, respectively, under the employee stock purchase plan.
DigitalGlobe Equity Plan - The Employee Stock Option Plan (“DigitalGlobe Equity Plan”) was assumed as a result
of the DigitalGlobe acquisition, effective as of October 5, 2017. As of December 31, 2017, no further awards shall be
granted under the DigitalGlobe Equity Plan.
Stock Appreciation Rights
Certain awards issued under the 2017 Plan and Omnibus Plan remain outstanding as of December 31, 2022. The SARs
issued under the 2017 Plan and Omnibus Plan vest over a period of four years, in the amount of one-quarter each
year, and expire ten years from their grant date.

Table of Contents
MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
118
SARs Accounted for as Liability and Equity Classified Awards
A summary of the SARs accounted for as liability and equity classified awards for the year ended December 31, 2022
is presented below:
Weighted
Weighted
average
average
remaining
Aggregate
Number
of
exercise
contractual
intrinsic
awards
price
term (in
years)
value
SARs outstanding at December 31, 2021
921,136
$
51.13
Exercised
(17,400)
48.91
Expired
(38,717)
49.07
SARs outstanding at December 31, 2022
865,019
51.27
4.29
$ 2,204,569
SARs vested at December 31, 2022
865,019
51.27
4.29
$ 2,204,569
SARs exercisable at December 31, 2022
865,019
$
51.27
4.29
$ 2,204,569
No SARs were granted during the years ended December 31, 2022, 2021 or 2020. There were 17,400 SARs exercised
during the year ended December 31, 2022. There were 20,450 SARs exercised during the year ended December 31,
2021. There were no SARs exercised in during the year ended December 31, 2020. There were 39,070 liability and
825,949 equity classified awards outstanding as of December 31, 2022.
As of December 31, 2022, there is no unrecognized compensation expense related to nonvested SARs as they have
all vested.
Restricted Share Units
The Company issues RSUs to certain employees under the 2019 Plan. The RSUs vest over a period of either three
years, in the amount of one-third each year, or one year, and are settled either in cash or equity on the vesting date.
RSUs Accounted for as Liability Classified Awards
There were no RSU liability classified awards granted during the year ended December 31, 2022 or 2021. During the
fourth quarter of 2020, the Company modified its outstanding 532,365 RSUs accounted for as liability classified
awards to be equity settled on the vesting date. This modification resulted in an incremental share-based
compensation expense of $3 million on the modification date and affected 37 employees. As a result of the
modification, there were no remaining outstanding nonvested RSU liability classified awards as of December 31,
2020.
For the year ended December 31, 2020, the Company paid $4 million for the vesting of RSUs accounted for as liability
classified awards.
RSUs Accounted for as Equity Classified Awards
As part of the acquisition of DigitalGlobe, the Company provided replacement RSUs for a certain portion of the
unvested RSUs previously granted to DigitalGlobe employees under the DigitalGlobe Equity Plan. The remaining
replacement RSUs fully vested in 2021.

Table of Contents
MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
119
A summary of the status of the Company’s nonvested RSU awards under the 2019 Plan and Omnibus Plan as of
December 31, 2022 and changes for the year ended December 31, 2022 is presented below:
Weighted
Weighted
average
average
Number of
grant
date
Number
of
grant
date
awards 1
fair
value 1
awards 2
fair value
2
Nonvested RSUs at December 31, 2021
2,299,133 $
24.15
24,938 $
3.99
Granted
1,160,014
28.06
-
-
Vested
(1,302,113)
21.79
(24,938)
3.99
Cancelled
(239,578)
27.00
-
-
Nonvested RSUs at December 31, 2022
1,917,456 $
27.76
- $
-
1
RSUs under the 2019 Plan
2
RSUs under the Omnibus Plan
During the years ended December 31, 2022, 2021, and 2020, the total fair value of RSUs that vested was $28 million,
$20 million and $14 million, respectively. During the year ended December 31, 2022, there were 1,327,051 RSU awards
that vested.
As of December 31, 2022, total unrecognized compensation expense related to nonvested RSUs was $17 million and
is expected to be recognized over a weighted average remaining period of 0.9 years.
Performance Share Units
The Company issues PSUs to certain employees under the Omnibus Plan and 2019 Plan. The PSUs vest over a
period of three years from the beginning date of a pre-determined performance period to the extent the Company has
met its adjusted cash leverage (“ACL”) and total shareholder return (“TSR”) performance criteria during the
performance period. Each unit has the ability to earn up to two common shares and the total number of shares earned
is based upon both the ACL and TSR, which compares the Company's relative TSR performance against the total
shareholder return of the Russell 2000 index over the term of the award. Performance related to both the ACL and
TSR can be 0-200%. The total payout is the average of the ACL and TSR and the maximum payout percentage for all
PSUs granted by the Company is 200%. For PSUs granted in 2019, the payout for performance at 100% was settled in
equity and the performance greater than 100% was paid in cash. The final tranche of the PSUs granted in 2019 vested
in the first quarter of 2022. For PSUs granted in 2022, 2021 and 2020, the payout for performance has been or will be
settled completely in equity.
A summary of the PSU awards for the year ended December 31, 2022 is presented below:
Weighted
average
Number of
grant date
awards
fair value
Nonvested PSUs at December 31, 2021
903,565
$
20.42
Granted
266,294
31.84
Performance adjustment
125,274
31.84
Vested
(700,526)
10.70
Cancelled or expired
(13,567)
37.65
Nonvested PSUs at December 31, 2022
581,040
$
37.13

Table of Contents
MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
120
The Company paid $16 million, $8 million and $3 million from the vesting of PSUs for the years ended December 31,
2022, 2021 and 2020, respectively.
As of December 31, 2022, total unrecognized compensation expense related to nonvested PSUs was $7 million and is
expected to be recognized over a weighted average remaining period of 1.2 years.
Deferred Share Units
A summary of the DSU awards for the year ended December 31, 2022 is presented below:
Weighted
average
Number of
issuance
awards
price
DSUs outstanding at December 31, 2021
32,895
C$
56.01
Issued
-
-
Redeemed
-
-
DSUs outstanding at December 31, 2022
32,895
C$
56.01
1
References to “C$” refer to Canadian currency.
There were no DSUs redeemed for the years ended December 31, 2022 and 2021. The total intrinsic value of redeemed
DSUs was not material during the year ended December 31, 2020. There were 32,715 DSUs redeemed for the year
ended December 31, 2020.
Expense related to DSUs is recognized based on the grant date fair value at the time they are issued and
subsequently remeasured for incremental expense based on the closing price of the Company’s stock price. There
were no DSUs issued for the years ended December 31, 2022 or 2021.
Stock-based compensation expense
The following table presents stock-based compensation expense included in the Company’s Consolidated
Statements of Operations:
Year Ended December 31,
Classification
2022
2021
2020
Stock-based compensation
expense
Selling, general, and administrative
expense, Product costs, and Service costs
$
48
$
45
$
43
Valuation of stock-based compensation awards
Valuation of Liability Classified SARs
The fair value of liability classified SARs were estimated at each reporting period using the Black-Scholes option
pricing model. There were no liability classified SARs granted for the years ended December 31, 2022, 2021 and 2020.
Valuation of Equity Classified SARs and DSUs
The fair value of equity classified SARs and DSUs are estimated on the date of the grant or the date of accounting
reclassification using the Black-Scholes option pricing model. There were no equity classified SARs or DSUs
granted for the years ended December 31, 2022, 2021 and 2020.

Table of Contents
MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
121
Valuation of PSUs and RSUs
The fair value of PSUs not subject to a market condition (ACL) and equity classified RSUs is determined based on
the closing price of the Company’s common stock on the grant date.
PSUs that are subject to the market condition (TSR) are valued using a Monte Carlo simulation model, which requires
certain assumptions, including the risk-free interest rate, expected volatility and the expected term of the award. The
risk-free interest rate used in the Monte Carlo simulation model is based on zero-coupon yields implied by U.S.
Treasury issues with remaining terms similar to the performance period on the PSUs. The performance period of the
PSUs represents the period of time between the PSU grant date and the end of the performance period. Expected
volatility is based on historical data of the Company and peer companies over the most recent time period equal to
the performance period.
For PSU grants during the years ended December 31, 2022, 2021 and 2020 the assumptions used in the Monte Carlo
simulations are as follows:
Year Ended December 31,
2022
2021
2020
Risk-free interest rate
1.7 - 3.8 %
0.3 %
0.9 %
Dividend yield
0.1 - 0.2 %
0.1 %
0.3 %
Volatility
71 - 86 %
98 - 104 %
79 %
Expected lives (in years)
2.3 - 2.9
2.6 - 2.8
2.8
The risk-free interest rate for 2022, 2021 and 2020 is based on the U.S. Treasury yield with the remaining term equal to
the expected life assumed at the date of the grant. The dividend yield is based on the expected annual dividend yield
at date of grant. The expected lives are based on the Company’s actual historical exercise experience. Volatility is
calculated using a rate based upon the historical volatility of the Company’s common stock.
Forfeitures are estimated at the time of grant based upon historical information. Forfeitures will be revised, if
necessary, in subsequent periods if actual forfeitures differ from estimates.
20. INCOME TAXES
The amounts disclosed within the income tax footnote represent those attributable to continuing operations.
The components of (loss) income before income taxes were:
Year Ended December 31,
2022
2021
2020
U.S.
$
(154)
$
25
$
(69)
Non-U.S.
6
8
-
(Loss) income before taxes
$
(148)
$
33
$
(69)

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MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
122
Income tax expense (benefit) is comprised of the following:
Year Ended December 31,
2022
2021
2020
Current tax expense (benefit)
Federal
$
-
$
(12)
$
(5)
State
1
(1)
-
Non-U.S.
-
1
-
1
(12)
(5)
Deferred tax expense (benefit)
Federal
-
(1)
(17)
State
-
-
-
Non-U.S.
1
-
-
1
(1)
(17)
Income tax expense (benefit)
$
2
$
(13)
$
(22)
A reconciliation of the U.S. federal tax rate to the Company’s effective income tax rate is as follows:
Year Ended December 31,
2022
2021
2020
U.S. statutory income tax rate
21 %
21 %
21 %
Expected income tax (benefit) expense at statutory rate
$
(31)
$
7
$
(14)
State tax (net of federal benefit)
1
(1)
-
Non-deductible expenses
3
2
2
Change in valuation allowance
38
(10)
49
Base Erosion and Anti-Abuse Tax
-
(13)
(5)
Outside basis difference in assets held for sale
-
-
(39)
Tax credits
(11)
1
(3)
Stock-based compensation
2
1
6
Remeasurement of Vricon equity interest
-
-
(18)
Income tax expense (benefit)
$
2
$
(13)
$
(22)
Effective income tax rate
(1)%
(39)%
32
%

Table of Contents
MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
123
Significant components of deferred tax assets and liabilities are as follows:
Year Ended December 31,
2022
2021
2020
Tax benefit of losses carried forward
$
108
$
153
$
209
Interest expense carried forward
42
32
-
Tax credits
96
81
84
Trade and other payables
29
41
35
Employee benefits
34
41
52
Unrealized gains and losses
(3)
3
20
Leasing transactions
46
51
55
Capitalized research and experimental expenditures
36
-
-
Other
-
-
1
Deferred tax assets
388
402
456
Valuation allowance
(256)
(215)
(228)
Deferred tax assets, net of valuation allowance
132
187
228
Construction contract liabilities
(7)
(5)
(10)
Property, plant and equipment
(26)
(64)
(72)
Goodwill and intangibles
(67)
(81)
(106)
Leasing transactions
(32)
(35)
(38)
Deferred tax liabilities
(132)
(185)
(226)
Deferred tax assets, net
$
-
$
2
$
2
The Company assesses the deferred tax assets for recoverability and based upon all available evidence, establishes
a valuation allowance to reduce the deferred tax assets to the amount that is more-likely-than-not realizable. The
valuation allowance increased $41 million from December 31, 2021 to December 31, 2022. This increase was primarily
due to the impact of current year operations.
As of December 31, 2022, the Company has approximately $310 million, $875 million, and $4 million of federal, state
and non-U.S. net operating loss (“NOL”) carryforwards.
The following table summarizes the NOL carryforwards by jurisdiction:
Expiration
Period
Year Ended
December 31,
2022
Federal
2037
$
63
None
247
State
2025 - 2040
737
None
138
Non-U.S.
None
4
The Company also has U.S. federal and state research and development tax credits, net of unrecognized tax benefits,
carried forward of $84 million and $12 million, respectively, as of December 31, 2022. These federal research and
development credits are set to expire between 2022 and 2041 and the state research and development tax credits have
no expiration. Additionally, the Company has U.S. foreign tax credits carried forward of $1 million set to expire
between 2023 and 2026.

Table of Contents
MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
124
The Company has evaluated its tax positions and has determined that it has certain unrecognized tax benefits.
Accordingly, the Company has reduced certain tax attributes to the extent they would be utilized to offset an
unrecognized tax benefit. The following table summarizes the changes in unrecognized tax benefits:
Year Ended December 31,
2022
2021
2020
Balance, beginning of year
$
17
$
9
$
7
Gross increases related to prior period tax positions
-
7
2
Gross increases related to current period tax positions
2
1
1
Gross decreases related to prior period tax positions
-
-
(1)
Balance, end of year
$
19
$
17
$
9
As of December 31, 2022, there were $19 million of unrecognized tax benefits that, if recognized, would be offset by
changes in the deferred tax assets. It is not anticipated that a material increase or reduction of unrecognized tax
benefits will occur within the next twelve months.
The Company records interest and penalties accrued or recovered in relation to unrecognized tax benefits in income
tax expense. The Company has not recognized any interest and penalties in the three-year comparative period due to
available tax attributes.
The Company and its subsidiaries file income tax returns in the United States and various foreign jurisdictions. The
only examination we are involved with is the State of Pennsylvania for tax years ended December 31, 2019, 2020 and
2021. The Company is open to federal and state income tax examinations until the applicable statute of limitations
expires, generally three years after tax return filing; however, the ability for the taxing authority to adjust tax attribute
carryforwards will continue until generally three years after tax attribute utilization.

Table of Contents
MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
125
21. NET (LOSS) INCOME PER COMMON SHARE
The following table includes the calculation of basic and diluted net (loss) income per common share:
Year Ended December 31,
2022
2021
2020
(Loss) income from continuing operations
$
(150)
$
46
$
(46)
Income from discontinued operations, net of tax
-
-
349
Net (loss) income
$
(150)
$
46
$
303
Weighted average number of common shares outstanding-basic
74.0
70.6
60.7
Weighted dilutive effect of equity awards
-
2.6
-
Weighted average number of common shares outstanding-diluted
74.0
73.2
60.7
Basic net (loss) income per common share:
(Loss) income from continuing operations
$
(2.03)
$
0.65
$
(0.76)
Income from discontinued operations, net of tax
-
-
5.75
Basic net (loss) income per common share
$
(2.03)
$
0.65
$
4.99
Diluted net (loss) income per common share:
(Loss) income from continuing operations
$
(2.03)
$
0.63
$
(0.76)
Income from discontinued operations, net of tax
-
-
5.75
Diluted net (loss) income per common share
$
(2.03)
$
0.63
$
4.99
The weighted average number of common shares outstanding for the year ended December 31, 2021 includes 10
million shares of the Company’s common stock issued in connection with the Offering completed on March 22, 2021.
See Note 14 for further details.
For the years ended December 31, 2022, 2021 and 2020 approximately 3 million, 1 million and 4 million awards,
respectively, were excluded from the diluted weighted average number of ordinary common shares outstanding
calculation because their effect would have been anti-dilutive.
22. COMMITMENTS AND CONTINGENCIES
Contingencies in the Normal Course of Business
Satellite construction contracts may include performance incentives whereby payment for a portion of the purchase
price of the satellite is contingent upon in-orbit performance of the satellite. The Company’s ultimate receipt of
orbital performance incentives is subject to the continued performance of its satellites generally over the
contractually stipulated life of the satellites. A complete or partial loss of a satellite’s functionality can result in loss
of orbital receivable payments or repayment of amounts received by the Company under a warranty payback
arrangement. The Company generally receives the present value of the orbital receivables if there is a launch failure
or a failure caused by a customer error, but will forfeit some or all of the orbital receivables if the loss is caused by
satellite failure or as a result of Company error. The Company recognizes orbital performance incentives in the
financial statements based on the amounts that are expected to be received and believes that it will not incur a
material loss relating to the incentives recognized. With respect to the Company’s securitized liability for the orbital
receivables, upon the occurrence of an event of default under the securitization facility agreement or upon the
occurrence of limited events, the Company may be required to repurchase on demand any effected receivables at
their then net present value.

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MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
126
The Company may incur liquidated damages on programs as a result of delays due to slippage, or for programs
which fail to meet all milestone requirements as outlined within the contractual arrangements with customers. Losses
on programs related to liquidated damages result in a reduction of revenue. Changes in estimates related to contracts
accounted for using the cost-to-cost method are recognized in the period in which such changes are made for the
inception-to-date effect of the changes. Unrecoverable costs on contracts that are expected to be incurred in future
periods are recorded in program cost in the current period. Additionally, construction contracts may have
termination for default clauses, which if triggered, could result in potential losses and legal disputes.
The Company enters into agreements in the ordinary course of business with resellers and others. Most of these
agreements require the Company to indemnify the other party against third-party claims alleging that one of its
products infringes or misappropriates a patent, copyright, trademark, trade secret or other intellectual property right.
Certain of these agreements require the Company to indemnify the other party against claims relating to property
damage, personal injury or acts or omissions by the Company, its employees, agents or representatives.
From time to time, the Company has made guarantees regarding the performance of its systems to its customers.
Some of these agreements do not limit the maximum potential future payments the Company could be obligated to
make. The Company evaluates and estimates potential losses from such indemnification based on the likelihood that
the future event will occur. The Company has not incurred any material costs as a result of such obligations and has
not accrued any liabilities related to such indemnification and guarantees in the Consolidated Financial Statements.
The Company has entered into industrial cooperation agreements, sometimes referred to as offset agreements, as a
condition to entering into contracts for its products and services from certain customers in foreign countries. These
agreements are designed to return economic value to the foreign country and may be satisfied through activities that
do not require a direct cash payment, including transferring technology and providing manufacturing, training and
other consulting support to in-country projects. These agreements may provide for penalties in the event the
Company fails to perform in accordance with offset requirements. The Company has historically not been required to
pay any such penalties.
In the third quarter of 2022, the Company recorded a $12 million liability related to the satisfaction of an offset
obligation incurred by the Company as a result of conducting business in a foreign country. The Company had
expected to satisfy the offset obligation through other operational means that did not require cash payments or the
transfer of other assets. In the third quarter of 2022 an agreement was reached to satisfy the Company’s offset
obligation in the foreign country by making a total of $12 million in cash payments from November 2022 to January
2024. The Company recorded the current portion of the liability within Accrued liabilities and the non-current portion
of the liability within Other non-current liabilities on the Company’s Consolidated Balance Sheets and a $12 million
expense within Other expense (income), net on the Company’s Consolidated Statements of Operations. In the fourth
quarter of 2022, the Company made its first payment towards the $12 million offset obligation in the amount of $4
million. As of December 31, 2022 the remaining offset obligation balance to be settled included a short-term liability
of $4 million to be paid during 2023 and a long-term liability of $4 million to be paid in early 2024.
Legal proceedings
On January 14, 2019, a Maxar stockholder filed a putative class action lawsuit captioned Oregon Laborers Employers
Pension Trust Fund, et al. v. Maxar Technologies Inc., No. 1:19-cv-00124-WJM-SKC in the United States District
Court for the District of Colorado (“Colorado Action”), naming Maxar and members of management as defendants
alleging, among other things, that the Company’s public disclosures were deficient in violation of the federal
securities laws and seeking monetary damages. On October 7, 2019, the lead plaintiff filed a consolidated amended
complaint alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 against the Company
and members of management in connection with the Company’s public disclosures between March 26, 2018 and
January 6, 2019. The

Table of Contents
MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
127
consolidated complaint alleges that the Company’s statements regarding the AMOS-8 contract, accounting for its
GEO communications assets, and WorldView-4 were allegedly false and/or misleading during the class period. On
September 11, 2020, the court granted in part, and denied in part, defendants’ motion to dismiss. On July 16, 2021, the
court in the Colorado Action certified a class consisting of investors who purchased or acquired Maxar stock
between May 9, 2018 and October 30, 2018, inclusive. The parties have reached an agreement to resolve the action
on a class-wide basis for a one-time payment of $27 million, to be funded by insurance maintained by Maxar. The
Company recorded a liability of $27 million within Other current liabilities and an asset within Other current assets on
the Company’s Consolidated Balance Sheet. The agreement is contingent on Court approval. As part of the Court
approval process, class members will have an opportunity to object to, or opt-out of, the settlement pursuant to
procedures to be established by the Court.
In January 2019, a Maxar stockholder resident in Canada issued a putative class action lawsuit captioned Charles
O’Brien v. Maxar Technologies Inc., No. CV-19-00613564-00CP in the Ontario Superior Court of Justice against Maxar
and members of management claiming misrepresentations in Maxar’s public disclosures and seeking monetary
damages. On November 15, 2019, Mr. O’Brien and another Maxar stockholder resident in Canada issued a new
putative class action lawsuit captioned Charles O’Brien v. Maxar Technologies Inc., No. CV-19-00631107-00CP,
naming Maxar and certain members of management and the Board of Directors as defendants as well as Maxar’s
auditor, KPMG LLP. On February 7, 2020, the January 2019 lawsuit was discontinued. The Statement of Claim in the
November 2019 lawsuit alleges that the Company’s statements regarding the AMOS-8 contract, accounting for its
GEO communications assets, and WorldView-4 were false and/or misleading during the class period and claims
damages of $700 million. On April 24, 2020, the plaintiffs served their motion record for leave under the Securities Act
(Ontario) and to certify the action as a class proceeding. By order dated September 23, 2021, the action against
KPMG LLP was discontinued. On March 10, 2022, the plaintiffs’ motion for leave and certification was dismissed.
The plaintiffs have not appealed the dismissal and the time period for such appeal expired on April 11, 2022.
On October 21, 2019, a Maxar stockholder filed a putative class action lawsuit captioned McCurdy v. Maxar
Technologies Inc., et al., No. 19CV35070 in the Superior Court of the State of California, County of Santa Clara,
naming Maxar and certain members of management and the Board of Directors as defendants. The lawsuit alleges
violations of Sections 11, 12(a)(2) and 15 of the Securities Act in connection with the Company’s June 2, 2017
Registration Statement and Prospectus (“Offering Materials”) filed in anticipation of its October 5, 2017 merger with
DigitalGlobe, Inc. (“DigitalGlobe Merger”). On April 30, 2020, the plaintiff filed an amended complaint alleging the
same causes of action against the same set of defendants as set forth in his original complaint. The lawsuit is based
upon many of the same underlying factual allegations as the Colorado Action. Specifically, the lawsuit alleges the
Company’s statements regarding its accounting methods and risk factors, including those related to the GEO
communications business, were false and/or misleading when made. On January 24, 2021, the court granted in part,
and denied in part, defendants’ motion to dismiss. On August 20, 2021, the court certified a class consisting of
investors who acquired Maxar stock in exchange for DigitalGlobe stock pursuant to the Offering Materials issued in
connection with the DigitalGlobe Merger. The Company is vigorously defending against this lawsuit.
On November 14, 2019, a derivative action was filed against Maxar and certain current and former members of
management and the Board of Directors in the United States District Court for the District of Delaware, captioned as
Dorling, Derivatively on Behalf of Nominal Defendant Maxar Technologies Inc. v. Lance, et al., No. 19-cv-02134-
UNA. On September 18, 2020, another purported derivative action was filed in the same court against Maxar and
certain current and former members of management and the Board of Directors, captioned as Golub, Derivatively on
Behalf of Maxar Technologies Inc. v. Lance, et al., No. 20-cv-01251-UNA. Both complaints concern the same factual
allegations as asserted in the Colorado Action. The court has consolidated and stayed both derivative cases.
On September 15, 2021, a derivative action was filed against Maxar and certain current and former members of
management and the Board of Directors in the Court of Chancery of the State of Delaware, captioned as Egan, on
behalf of Maxar Technologies Inc., v. Lance, et al., C.A. No. 2021-0796-PAF. The complaint concerns the same
factual allegations as asserted in the Colorado Action. The action is currently stayed by stipulation of the parties.

Table of Contents
MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
128
In connection with the Merger Agreement, one complaint has been filed as an individual action in the United States
District Court for the Southern District of New York and two complaints have been filed as individual actions in the
United States District Court for the District of Colorado. The complaints are captioned as follows: (1) O’Dell v. Maxar
Technologies Inc., et al., 23-cv-00929 (filed February 3, 2023); (2) Johnson v. Maxar Technologies Inc., et al., 23-cv-
00383 (filed February 9, 2023); and (3) Zaczkiewicz v. Maxar Technologies Inc., et al., 23-cv-00401 (filed February 10,
2023) (collectively referred to as the “Complaints”).
The Complaints generally allege that the preliminary proxy statement filed by Maxar on January 31, 2023 in
connection with Merger Agreement (the “Preliminary Proxy”) misrepresents and/or omits certain purportedly material
information. The Complaints assert violations of Sections 14(a) and 20(a) of the Exchange Act and Rule 14a-9
promulgated thereunder against Maxar and the members of the Maxar Board of Directors. The Complaints seek,
among other things: an injunction enjoining the consummation of the transactions; rescission or rescissory damages
in the event the transactions are consummated; direction that the defendants comply with the Exchange Act and
disseminate a revised Preliminary Proxy; direction that defendants account for all damages suffered as a result of any
misconduct; costs of the action, including plaintiffs’ attorneys’ fees and experts’ fees; and other relief the court may
deem just and proper. In addition to the Complaints, starting on February 6, 2023, purported stockholders of Maxar
sent demand letters (the “Demands,” and together with the Complaints, the “Matters”) alleging similar deficiencies
regarding the disclosures made in the Preliminary Proxy. One such letter additionally seeks corporate books and
records in order to investigate alleged wrongdoing by Maxar’s Board of Directors, executive officers, and/or financial
advisors in connection with the Merger Agreement.
Maxar cannot predict the outcomes of the Matters. Maxar management believes that the Matters are without merit
and intends to vigorously defend against the Matters and any subsequent demands or filed actions. If additional
similar complaints are filed or demands sent, absent new or significantly different allegations, Maxar will not
necessarily disclose such additional filings or demands.
The Company is a party to various other legal proceedings and claims that arise in the ordinary course of business
as either a plaintiff or defendant. As a matter of course, the Company is prepared both to litigate these matters to
judgment, as well as to evaluate and consider all reasonable settlement opportunities. The Company establishes
accrued liabilities for these matters where losses are deemed probable and reasonably estimable. The outcome of any
of these other proceedings, either individually or in the aggregate, is not expected to have a material adverse effect
on the Company’s financial position, results of operations or liquidity. The Company expenses legal fees related to
contingencies as incurred.
The Company maintains insurance policies for settlements and judgments, as well as legal defense costs, for
lawsuits such as those described in the preceding paragraphs, although the amount of insurance coverage that the
Company maintains may not be adequate to cover all claims or liabilities. In addition, provisions of the Company’s
Certificate of Incorporation, Bylaws and indemnification agreements entered into with current and former directors
and officers require the Company, among other things, to indemnify these directors and officers against certain
liabilities that may arise by reason of their status or service as directors or officers and to advance expenses to such
directors or officers in connection therewith.

Table of Contents
MAXAR TECHNOLOGIES INC.
Notes to Consolidated Financial Statements Continued
(Tabular amounts in millions of dollars, unless otherwise noted)
129
23. SUPPLEMENTAL CASH FLOW
Selected cash payments and non-cash activities are as follows:
Year Ended December 31,
2022
2021
2020
Supplemental cash flow information:
Cash paid for interest
$
140
$
133
$
205
Income tax (refunds), net of payments
(3)
(14)
1
Supplemental non-cash investing and financing activities:
Accrued capital expenditures
21
14
13
Portion of Term Loan B accounted for as a debt modification
103
-
-

Table of Contents
130
ITEM 9.
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURE
None.
ITEM 9A. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
We performed an evaluation of the effectiveness of our disclosure controls and procedures (as such term is defined
in Exchange Act Rule 13a-15(e)) as of December 31, 2022. The evaluation was performed with the participation of
senior management of each business segment and key corporate functions, under the supervision of the Chief
Executive Officer (CEO) and Chief Financial Officer (CFO). Based on this evaluation, the CEO and CFO concluded
that our disclosure controls and procedures were effective as of December 31, 2022.
Management’s Report on Internal Control over Financial Reporting
Management is responsible for establishing and maintaining adequate internal control over financial reporting as
defined in Exchange Act Rule 13a-15(f). Our internal control over financial reporting is designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with United States generally accepted accounting principles.
Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief
Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting
based on the criteria set by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in
Internal Control-Integrated Framework (2013). Based on this assessment, management concluded that our internal
control over financial reporting was effective as of December 31, 2022.
Our independent registered public accounting firm has issued a report on the effectiveness of our internal control
over financial reporting, which is included in this Annual Report on Form 10-K.
Changes in Internal Control over Financial Reporting
There were no changes to our internal control over financial reporting during the quarter ended December 31, 2022
that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Limitations on the Effectiveness of Controls
Because of the inherent limitations in a cost-effective control system, any control system, no matter how well
designed and operated, can provide only reasonable, not absolute, assurance that it will prevent or detect all
misstatements, due to error or fraud, from occurring in the Consolidated Financial Statements. Additionally,
management is required to use judgment in evaluating controls and procedures.
ITEM 9B. OTHER INFORMATION
None.
ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
None.

Table of Contents
131
PART III
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
Information required under Item 10 will be included in the Proxy Statement for the 2023 Annual Meeting of
Stockholders and is incorporated herein by reference.
CODE OF ETHICS
Our Board of Directors has adopted a Code of Ethics and Business Conduct that governs our Board of Directors,
senior officers (including our Chief Executive Officer and Chief Financial Officer) and employees. Copies of our Code
of Ethics and Business Conduct can be found on the Company Information page of our website under Investors,
Corporate Governance, Governance Documents at http://investor.maxar.com. We will post to our website any
amendments and waivers to the Code of Ethics and Business Conduct that are required to be disclosed by the rules
of either the SEC, the NYSE, or the TSX.
ITEM 11. EXECUTIVE COMPENSATION
The information required by Item 11 will be included in the Proxy Statement for the 2023 Annual Meeting of
Shareholders and is incorporated herein by reference.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED
STOCKHOLDER MATTERS
The information required by Item 12 will be included in the Proxy Statement for the 2023 Annual Meeting of
Shareholders and is incorporated herein by reference.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
The information required by Item 13 will be included in the Proxy Statement for the 2023 Annual Meeting of
Shareholders and is incorporated herein by reference.
ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
The information required by Item 14 will be included in the Proxy Statement for the 2023 Annual Meeting of
Shareholders and is incorporated herein by reference.

Table of Contents
132
PART IV
ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
(a) Documents filed as part of this Annual Report on Form 10-K:
1)
All financial statements:
Page
Report of Independent Registered Public Accounting Firm
70
Consolidated Statements of Operations for the years ended December 31, 2022, 2021 and 2020
74
Consolidated Statements of Comprehensive (Loss) Income for the years ended December 31, 2022,
2021 and 2020
75
Consolidated Balance Sheets as of December 31, 2022 and 2021
76
Consolidated Statements of Cash Flows for the years ended December 31, 2022, 2021 and 2020
77
Consolidated Statements of Changes in Stockholders’ Equity for the years ended December 31, 2022,
2021 and 2020
78
2)
Financial statement schedules:
Financial statement schedules are omitted because they are not applicable or the required information
is shown in our Consolidated Financial Statements or the notes thereto.
3)
Exhibits:
Incorporated by Reference
Filed or
Furnished
Exhibit No
Exhibit Description
Form
SEC File No.
Exhibit
Filing Date
Herewith
2.1
Stock Purchase Agreement by and
Among Maxar Technologies Inc., Maxar
Technologies Holdings Inc. and Neptune
Acquisition Inc., dated as of December 29,
2019
8-K
001-38228
2.1
12/30/2019
2.2
Agreement and Plan of Merger by and
among Maxar Technologies Inc. and
Galileo Parent, Inc. and related parties,
dated as of December 16, 2022.
8-K
001-38228
2.1
12/16/2022
3.1
Amended and Restated Certificate of
Incorporation of Maxar Technologies Inc.,
as filed with the Secretary of the State of
Delaware.
8-K
001-38228
3.1
1/2/2019
3.2
Third Amended and Restated Bylaws of
Maxar Technologies Inc.
8-K
001-38228
3.1
11/1/2022
4(vi)1
Description of Securities Registered
Pursuant to Section 12 of the Exchange
Act
10-K
001-38228
4.1
2/24/2021
4.1
Indenture, dated as of June 25, 2020
(Notes due 2027).
8-K
001-38228
4.1
6/26/2020

Table of Contents
133
Incorporated by Reference
Filed or
Furnished
Exhibit No
Exhibit Description
Form
SEC File No.
Exhibit
Filing Date
Herewith
4.2
Indenture, dated as of June 14, 2022,
among the Company, the guarantors party
thereto and Wilmington Trust, National
Association, as trustee and notes
collateral agent.
8-K
001-38228
4.1
6/14/2022
4.3
Second Amended and Restated Credit
Agreement, dated as of June 14, 2022,
among the Company, Royal Bank of
Canada, as administrative agent and
collateral agent, and the lenders from time
to time party thereto.
8-K
001-38228
10.1
6/14/2022
10.1#
Contract by and between Maxar
Intelligence Inc. and the National
Reconnaissance Office
X
10.2*
Form of Executive Change in Control and
Severance Agreement
10-Q
001-38228
10.4
11/3/2022
10.2.1*
Form of Indemnification Agreement.
8-K
001-38228
10.12
1/2/2019
10.3*
Amended and Restated Employment
Agreement of Daniel L. Jablonsky
10-Q
001-38228
10.2
11/3/2022
10.3.1*
Biggs Porter Employee Term Sheet.
10-K
001-38228
10.3.1
3/1/2019
10.3.2*
Letter Agreement, dated September 15,
2022, between Maxar Intelligence Inc. and
Biggs C. Porter*
8-K
001-38228
10.1
9/15/2022
10.4*
Maxar Technologies Ltd. Omnibus Equity
Incentive Plan.
S-8
333-220853
4.3
10/6/2017
10.4.1*
Amendment to the Maxar Technologies
Ltd. Omnibus Equity Incentive Plan.
S-8
001-38228
4.3
5/15/2018
10.4.2*
Amendment to the Maxar Technologies
Ltd. Omnibus Equity Incentive Plan.
S-8
333-219296
333-220853
333-224934
4.13
1/2/2019
10.4.3*
Form of LTIP Award Omnibus Equity
Incentive Plan (U.S. Employees).
10-K
001-38228
10.4.3
3/1/2019
10.4.4*
Form of LTIP Award Omnibus Equity
Incentive Plan (Canadian Employees).
10-K
00138228
10.4.4
3/1/2019
10.4.5*
Form of RSU Award Omnibus Equity
Incentive Plan (U.S. Employees).
10-K
001-38228
10.4.5
3/1/2019

Table of Contents
134
Incorporated by Reference
Filed or
Furnished
Exhibit No
Exhibit Description
Form
SEC File No.
Exhibit
Filing Date
Herewith
10.4.6*
Form of RSU Award Omnibus Equity
Incentive Plan (Canadian Employees).
10-K
001-38228
10.4.6
3/1/2019
10.4.7*
Form of Amended Executive Change in
Control and Severance Agreement*
10-Q
001-38228
10.4
11/3/2022
10.5*
Maxar Technologies Ltd. Employee Stock
Option Plan.
S-8
333-220853
4.2
10/6/2017
10.5.1*
Form of Restricted Share Unit Award
Agreement Employee Stock Option Plan.
S-8
333-220853
4.5
10/6/2017
10.5.2*
Form of Restricted Share Unit Award
Agreement.
S-8
333-220853
4.6
10/6/2017
10.5.3*
Amendment to Restricted Share Unit
Award Agreement.
S-8
333-220853
4.7
10/6/2017
10.6*
MacDonald, Dettwiler and Associates
Ltd. 2017 Long-Term Incentive Plan.
S-8
333-220853
4.4
10/6/2017
10.6.1*
Amendment to MacDonald, Dettwiler and
Associates Ltd. 2017 Long-Term Incentive
Plan.
S-8
333-219296
333-220853
333-224934
4.14
1/2/2019
10.7*
Form of Restricted Share Unit Award
Agreement for Non-U.S. Grantees.
10-Q
001-34299
10.5
5/2/2017
10.8*
Maxar Technologies Inc. 2019 Incentive
Award Plan.
S-8
333-231296
4.3
5/8/2019
10.8.1*
Form of PSU Award Grant Notice - 2019
Plan.
10-Q
001-38228
10.4
5/9/2019
10.8.2*
Form of RSU Award Grant Notice - 2019
Plan.
10-Q
001-38228
10.5
5/9/2019
10.8.3*
Form of Stock Option Grant Notice - 2019
Plan.
10-Q
001-38228
10.6
5/9/2019
10.8.4*
Form of RSU Award Grant Notice - 1 year
vesting - 2019 Plan.
10-Q
001-38228
10.7
5/9/2019
10.8.5*
Form of Cash-Settled RSU Award Grant
Notice.
10-Q
001-38228
10.8
5/9/2019
10.8.6*
Form of Cash Incentive Award Grant
Notice.
10-Q
001-38228
10.9
5/9/2019

Table of Contents
135
Incorporated by Reference
Filed or
Furnished
Exhibit No
Exhibit Description
Form
SEC File No.
Exhibit
Filing Date
Herewith
10.8.7*
First Amendment to the Maxar
Technologies Inc. 2019 Incentive Award
Plan.
8-K
001-38228
10.1
5/15/2020
10.8.8*
Form of Performance Stock Unit Award
Grant Notice - 2020
10-Q
001-38228
10.3
5/11/2020
10.8.9*
Form of Performance Stock Unit Award
Grant Notice - 2021
10-Q
001-38228
10.1
5/3/2021
10.8.10*
Second Amendment to the Maxar
Technologies Inc. 2019 Incentive Award
Plan
8-K
001-38228
10.1
5/13/2021
10.8.11*
Form of Restricted Stock Unit Award
Grant Notice - 2022
10-Q
001-38228
10.1
5/9/2022
10.8.12*
Form of Performance Stock Unit Award
Grant Notice - 2022
10-Q
001-38228
10.2
8/9/2022
10.9*
Maxar Technologies Inc. Employee Stock
Purchase Plan.
S-8
333-231296
4.4
5/8/2019
10.10#
Limited Recourse Receivables Purchase
Agreement dated September 16, 2016
among Space Systems/Loral, LLC,
MacDonald, Dettwiler and Associates
Ltd., and ING Bank N.V.
F-
4/A
001-38228
10.4
6/2/2017
21.1
Subsidiaries of the Registrant.
X
23.1
Consent of KPMG LLP, Independent
Registered Public Accounting Firm.
X
31.1
Certification of the Company’s Chief
Executive Officer pursuant to Section 302
of the Sarbanes-Oxley Act of 2002.
X
31.2
Certification of the Company’s Chief
Financial Officer pursuant to Section 302
of the Sarbanes-Oxley Act of 2002.
X
32.1
†
Certification of the Company’s Chief
Executive Officer pursuant to Section 906
of the Sarbanes-Oxley Act of 2002.
X
32.2
†
Certification of the Company’s Chief
Financial Officer pursuant to Section 906
of the Sarbanes-Oxley Act of 2002.
X

Table of Contents
136
Incorporated by Reference
Filed or
Furnished
Exhibit No
Exhibit Description
Form
SEC File No.
Exhibit
Filing Date
Herewith
101+
The following materials for the Maxar
Technologies Inc. Annual Report on Form
10-K for the year ended December 31,
2022, formatted in Inline eXtensible
Business Reporting Language (iXBRL):
(i.) Audited Consolidated Statements of
Operations
(ii.) Audited Consolidated Balance Sheets
(iii.) Audited Consolidated Statements of
Cash Flows
(iv.) Audited Consolidated Statements of
Stockholders’ Equity and Statement of
Comprehensive
Income (Loss)
(v.) Related notes, tagged or blocks of text
X
104
Cover Page Interactive Data File (the
cover page XBRL tags are embedded in
the Inline XBRL document)
#
Certain portions of this exhibit have been omitted by redacting a portion of the text. This exhibit has been filed
separately with the U.S. Securities and Exchange Commission pursuant to a request for confidential treatment.
*
Management contract or compensatory plan arrangement.
†
Furnished herewith
+
XBRL (eXtensible Business Reporting Language) Information is furnished and not filed or a part of a registration
statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not
filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to
liability under these sections.
ITEM 16. FORM 10-K SUMMARY
None.

Table of Contents
137
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
February 22, 2023
Maxar Technologies Inc.
By:/s/ Biggs C. Porter
Biggs C. Porter
Executive Vice President and Chief Financial Officer
(Principal Financial Officer and Duly Authorized
Officer)

Table of Contents
138
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following
persons in the capacities and on the dates indicated.
Signature
Title
Date
/s/ Daniel L. Jablonsky
President and Chief Executive Officer
February 22, 2023
Daniel L. Jablonsky
(Principal Executive Officer),
Director
/s/ Biggs C. Porter
Executive Vice President and Chief
Financial Officer
February 22, 2023
Biggs C. Porter
(Principal Financial Officer)
/s/ Carolyn K. Pittman
Senior Vice President and Chief
Accounting Officer
February 22, 2023
Carolyn K. Pittman
(Principal Accounting Officer)
/s/ General Howell M. Estes III
Director
February 22, 2023
General Howell M. Estes III
/s/ Nick S. Cyprus
Director
February 22, 2023
Nick S. Cyprus
/s/ Roxanne J. Decyk
Director
February 22, 2023
Roxanne J. Decyk
/s/ Joanne O. Isham
Director
February 22, 2023
Joanne O. Isham
/s/ General C. Robert Kehler
Director
February 22, 2023
General C. Robert Kehler
/s/ Gilman Louie
Director
February 22, 2023
Gilman Louie
/s/ Dr. L. Roger Mason, Jr.
Director
February 22, 2023
Dr. L. Roger Mason, Jr.
/s/ Dr. Heather A. Wilson
Director
February 22, 2023
Dr. Heather A. Wilson
/s/ Eric J. Zahler
Director
February 22, 2023
Eric J. Zahler
/s/ Eddy Zervigon
Director
February 22, 2023
Eddy Zervigon