MDA Space Ltd. (MDALF) Q4 2024 Earnings Call Transcript

2025-03-07 13:13:01 ET

MDA Space Ltd. (MDALF)

Q4 2024 Earnings Conference Call

March 07, 2025, 08:30 AM ET

Company Participants

Shereen Zahawi - Head, Investor Relations

Michael Greenley - Chief Executive Officer

Guillaume Lavoie - Chief Financial Officer

Conference Call Participants

Konark Gupta - Scotiabank

Doug Taylor - Canaccord Genuity

Benoit Poirier - Desjardins

David McFadgen - Cormark Securities

Ken Herbert - RBC Capital Markets

Thanos Moschopoulos - BMO Capital Markets

Jason Gursky - Citibank

Presentation

Operator

Good morning, ladies and gentlemen. Welcome to MDA Space Conference Call and Webcast. This call is being recorded on March 7, 2025, at 8:30 A.M. Eastern Time. [Operator Instructions]

I'd now like to turn the call over to Shereen Zahawi, Head of Investor Relations at MDA Space.

Shereen Zahawi

Thank you, operator. Good morning, and welcome to MDA Space fourth quarter and full year 2024 earnings call. Mike Greenley, our CEO; and Guillaume Lavoie, our CFO, will lead today's call and share some prepared remarks before taking your questions. A couple of housekeeping items before we begin. Today's call is accessible via webcast on our Investor Relations website.

All our disclosures, including the press release, MD&A, and financial statements are available from our Investor Relations website and from SEDAR plus. I would also like to remind you that today's call will include estimates and other forward-looking information, which may differ from actual results. Please review the cautionary language in today's press release and public filings regarding various factors, assumptions, and risks that could cause actual results to differ.

In addition, during this call we will refer to certain non-IFRS financial measures. Although we believe these measures provide useful supplemental information about our financial performance, these measures do not have any standardized meaning under IFRS, and our approach in calculating these measures may differ from that of other issuers and therefore may not be directly comparable. Please see the company's quarterly report and other public filings for more information about these measures, including reconciliations to the nearest IFRS measures.

And with that, it's my pleasure to turn the call over to Mike.

Michael Greenley

Thank you, Shereen. Good morning, everyone, and thank you to those joining us today to discuss our fourth quarter and full year 2024 financial results.

There's a lot to share today as we finish one year and guide to another, so bear with us, and we will get through a lot of information. Before we get into our Q4 update, I want to start by acknowledging and thanking the MDA Space team for delivering another strong year of performance. Our team delivered for our customers, our shareholders, and our company with strong growth and execution, further solidifying our position as a trusted mission partner and leader in the expanding space industry.

In 2024, we secured $2.4 billion in new awards, which included the next phases of Canadarm3, in addition to other strategic awards across the three business areas. We grew our revenues to $1.1 billion, an increase of 34% year-over-year and expanded our adjusted EBITDA to $217 million, up 25% versus last year's levels, exceeding our guidance for the year for these two metrics. Our full year adjusted EBITDA margin of 20% was robust and in line with our expectations. We generated operating cash flow of $816 million and free cash flow of $615 million, consistent with our expectations to turn free cash flow positive one year ahead of our prior plan....

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