Thanks Jason. Good afternoon, everyone. We appreciate you joining us for a review of our third quarter results and an update on our outlook.
Importantly, I hope this call finds you and your families safe and healthy. Three quarters in now the world continues to combat the coronavirus outbreak, and our priority Maxar has been health and welfare of our employees and their families, our customers and our communities. We remain focused on protecting our workforce while producing the products and solutions needed by our partners to complete their critical missions. I'm pleased to report that all Maxar locations continue to remain operational through a combination of work from home and certain key personnel working on site. I remain encouraged by the tremendous efforts of Maxar team members to continue delivering on essential services, while minimizing risks to employees and our communities.
As we've discussed the last couple of quarters, we've been working through four primary areas related to COVID, supply chain, workforce productivity, longer sales cycles and constraint capacity to fulfill contracts given social distancing restrictions.
We are also closely watching trends on infection rates, vaccine efforts and dealing with the impact of back-to-school protocols are having on our teammates with children at home.
Our mitigation strategies have been largely working so far, though not surprisingly we are seeing some push-outs of awards in our Earth Intelligence segment and Space Infrastructure in our supply chain continue to adapt to COVID protocols. We've been seeing some inefficiencies and everything seems to be taking a little bit longer on the manufacturing side.
I think we're also starting to see some COVID related fatigue on teams, especially as we head into the fall and winter months. Overall though, the demand environment for our products and services remains resilient and robust.
Our Earth Intelligence customers continue to rely on us for important national security and commercial missions. And we've seen little to no impact on underlying long-term demand for Earth Intelligence products and services, just modestly longer sales cycles. In Space Infrastructure demand too has been little affected.
In fact, we had another solid quarter of new orders in Q3, and have announced over $1 billion in new bookings year-to-date. Please turn to Slide 3 for some highlights of the company's recent performance. This was another busy quarter, and I am pleased with the performance of the team. To start, total company revenues increased 6% year-over-year, marking the second quarter in a row of solid mid-single digit growth.
Importantly, adjusted EBITDA margins remain roughly flat from the year ago period. Despite absorbing the end of the deferred revenue burn-off from EnhancedView program that we've spoken up frequently in the past. Normalizing for this effect, margins expanded approximately 150 basis points year-over-year. The Earth Intelligence's business posted 1% growth when normalizing for the burn off of the enhanced fee deferred revenue.
The third quarter had a tough comp given the signing of a renewal with an international government customer in the third quarter of last year. And as a reminder, that signing triggered the booking of three quarters worth of revenue and adjusted EBITDA in Q3 last year, which skews the comparable growth rate this year. Biggs will provide some more details in a moment. In Space Infrastructure, we posted 12% year-over-year top line growth, and roughly 850 basis points of margin expansion this quarter. Performance was driven by the intake of recent wins, which as I have mentioned in the past have less development work associated with them. Free cash generation from continuing operations track better than expected had positive $19 million this quarter. Total company book-to-bill was roughly 1.6 times in the quarter and now stands at approximately 1.5 times year-to-date. We saw strong bookings in both segments, but trend line will be working to keep up. And a few words on guidance. We made some modest changes to our revenue guidance for the year given some of the uncertainties with COVID, but have left the ranges for adjusted EBITDA and CapEx unchanged.
We also tightened the range of outcomes for operating cash flow given year-to-date trends. Biggs will go into details later in the call. Please turn to Slide 4 for an update of our 2020 priorities.
First, on capital structure and deployment, we said back in the fourth quarter call that we'd be focused on getting the MDA transaction closed, so we produced that levels and that we'd be looking to deploy capital in a disciplined fashion while maintaining the financial flexibility needed to fund the growth opportunities, we see in front of us.
As you're all aware, we closed the MDA transaction and extended some of our maturities in the second quarter and then early in the third quarter closed the Vricon acquisition. In our view, these steps provide us flexibility and capabilities to execute on our multi-year growth plan.
Importantly, we ended the quarter with over $500million in liquidity and a leverage ratio well below covenant levels.
Our second priority this year has been to continue to position our Earth Intelligence business for long-term growth by focusing on the WorldView Legion build ramping our sales and marketing efforts have so the capacity this constellation will add and continuing to leverage our investments in artificial intelligence, machine learning, analytics platforms and products.
Here again, we are making good progress. The segment has grown 3% year-to-date even as we started absorbing the burn off of the enhanced view deferred revenue. Growth has been driven by new contracts and expansion of existing programs with the U.S. government, as well as by growth in the installed base of International Defense and intelligence customers.
During the quarter, we announced that we have continued to see strong momentum with our SecureWatch product, which is a cloud-based geospatial subscription service. Contracted revenue for the product has roughly doubled in the past year.
As a reminder, SecureWatch allows end users to access and exploit a variety of data sources, including Maxar's 110 petabyte library of high-resolution satellite imagery, daily WorldView image collections, low resolution Sentinel-1 and Sentinel-2 satellite imagery, and commercial synthetic aperture radar or SAR data from RADARSAT-2. Most SecureWatch customers leverage the platform and its capabilities from monitoring and mapping applications, including high definition mapping at scale around the world, detecting change and observing assets over time, and planning, humanitarian assistance and disaster response. Maxar's engineering and product teams are constantly improving SecureWatch to better serve our customers and mission partners. Recently, Maxar added persistent change monitoring or PCM an automated image-based change detection data layer as a standard capability on all SecureWatch Premium accounts, allowing end users to identify areas of human activity and save time when analyzing the latest imagery collections. Also this quarter, we announced general availability of 15-centimeter HD imagery, which features a greater level of visual clarity. This technology was developed by our R&D teams to make our data more interpretable for artificial intelligence of machine learning algorithms in order to produce more accurate results. It's generated by applying our proprietary HD technology to our native 30-centimeter imagery to deliver more precise edges and sharper details that reduce visual clutter and pixelation that can distract or obstruct interpretation by human analysts as well as machines and makes it possible to extract more fully the information contained in the images native resolution. And finally, we are making investments in our 3D product capabilities, including ramping the production of 3D datasets at scale and to position us to take advantage of growing opportunities. The improvements in SecureWatch, the general availability of 15-centimeter HD imagery, and the investments in 3D are good examples of how Maxar continues to invest and innovate to both drive growth for the company and to better help our customers achieve their mission objectives.
On the order front, we had over $500 million in bookings this quarter driven by the $300 million EnhancedView option your renewal and upsized renewal with commercial customer Esri and over $100 million, and other government programs spread across multiple agencies. The U.S. government wins included a sole source award with the Army to deliver multiple highly portable, direct-downlink tactical ground systems that provide critical geospatial intelligence to users in remote locations. The system, called the U.S. Army remote ground terminal, or RGT is easily transported by two people and can be set up in about an hour. The RGT enables troops in remote locations to rapidly downlink, analyze and disseminate data from commercial Earth observation satellites to support military humanitarian and disaster relief missions. The RGT system is based on Maxar's tactical architecture for near real-time Global Operations or Tango platform, the most portable ground system of its kind. The RGT downlink data from a variety of commercial sources, including Maxar's high resolution WorldView constellation and is designed to be continuously upgraded with additional commercial electro-optical and synthetic aperture radar sources. The RGT comes with robust training for unit operators to enable self-sustained operations and 24/7 field service available from Maxar. The U.S. Army plans to continue developing the RGT system, ultimately transitioning it to become the commercial imagery received node for the U.S. Army's future Tactical Intelligence Targeting Access Node or TITAN. TITAN is a scalable intelligence ground station that will leverage sensors from across multiple domains to provide rapid and accurate targeting data directly to U.S. Army fire networks. This award demonstrates Maxar's dedication to delivering innovative solutions for our customers most complex challenges. In this case, revolutionizing the way users and remote sites obtain the critical Earth Intelligence, their missions demand, when and where they need it most. After the quarter ended, we also announced that Maxar has been selected by the U.S. Space Force to develop prototype mission data processing applications for the future operationally resilient ground evolution mission data processing or FORGE MDP program. Located within the Cross Mission Ground and Communications Enterprise at the Space and Missile System Center. Maxar's prototype applications will provide rapid mission data processing and dissemination services for Overhead Persistent Infrared or OPIR data from the Space-Based Infrared System or SBIRS satellites. The US Space Force is responsible for processing and managing increasingly large amounts of data from its satellite constellations. FORGE MDP will modernize and streamline the existing ground system into an architecture that is open, scalable, modular and resilient to meet next-generation mission requirements and exploit data from future satellite constellations.
As an essential component of FORGE MDP, Maxar's applications rapidly process satellite data to provide missile warning and other mission-critical notifications.
Turning to Legion, our business development teams continue to have good dialogue with both government and commercial customers and demand signals remain robust.
As I mentioned on prior earnings calls, we expect to make announcements related to capacity commitments.
As we get closer to launch and the satellites come online.
On the satellite program itself, we continue to make progress on the integration assembly and test of all six spacecraft and instruments and we expect to go into environmental testing early next year. This is a complex program and many elements need to come together to ensure the level of quality and mission success we expect.
We continue to coordinate closely with key suppliers continue to build and integrate hardware and structural components, work on the development and integration of flight and ground software elements and prepare for environmental and ground testing. We're also working closely with our launch provider SpaceX, which is indicated a busy manifest in 2021, including a NASA mission that needs to launch in a tight window to reach its destination.
Given launch range limitations related to the NASA mission. We formally requested the next available launch window starting the first week of September for the first two legions out of Vandenberg Air Force Base. We're absolutely committed to launching a constellation of industry leading satellites that will provide mission critical data to our customers over the next decade. And we'll look to provide an update for the launch on our fourth quarter earnings call so that you can save the date to watch this exciting milestone in the history of our company.
Now turning to our third set of priorities for the year, which has been the continued ranging and diversification of space infrastructure. We've made solid progress year-to-date with $1 billion in bookings across the civil and commercial areas.
Importantly, we booked a six GEO Comsat order in the third quarter making 2020 a nice recovery year in commercial. In the book-to-bill for the segment is now over two times year-to-date. On reengineering, we continue to make progress on plans to reduce our footprint and to streamline processes and operations. And we've been making investments sustained at the front and back office systems and personnel needed to perform more complex U.S. government work in the future.
On the performance side of things, we saw a nice improvement in the third quarter with 12% growth and adjusted EBITDA margins approaching 7% which would have been above 8% without COVID related charges. Better reflecting the underlying profit potential we see over time. Recall this business is working its way through one large program and afford loss position, which dampened margin rates until it's fully delivered.
We expect normalized adjusted EBITDA margins to be north of 10% in future years and this quarter's performance continued to provide a view of the underlying health of our remaining backlog.
During the quarter, we announced that the BSAT-4b satellite successfully launched and is performing according to plan. Once full and service BSAT-4b will function as a backup geostationary satellite to its sibling BSAT-4a also built by Maxar.
We also recently announced that the powerful Maxar built SiriusXM-7 satellite arrived at Cape Canaveral for launch on a SpaceX Falcon 9. Once on orbit, the satellite will be used to ensure continuous and reliable delivery of entertainment and data services to 10s of millions of subscribers across North America. This satellite has a mass of almost 7,000 kilograms will deliver the highest power density 8,000 watts of any commercial satellite once on orbit. It was built on Maxar's 1300-class bus and is designed to provide service for 15 years or longer. We're also currently manufacturing SiriusXM-8, which is expected to launch in 2021.
On the overall demand environment, we continue to see an active pipeline across multiple customer sets. In commercial, we're seeing a mix of GEO and LEO demand across all geographies.
We are seeing that the GEO segment continues to favor digital payloads and we are making investments into our strategy which is focused on partnering with companies that have made solid advances in technical capabilities.
As you know, we are manufacturing and communication satellite using a digital payload on Legion-class bus for Ovzon, but we have yet to achieve a win for a digital payload using the larger 1300-class plus. In civil, we continue to pursue missions that leverage our 1300-class architecture, and our robotics and solar electric propulsion and power capabilities.
On the military and classified side of things, the U.S. government is increasing investments in space. We've been pursuing several opportunities and look forward to the day when we'll be able to announce something substantial.
For now we're mostly involved in study contracts and design work. We remain very focused on diversification, and believe that successful execution of our strategy will lead to sustained growth over time. Which leads me to Slide 5 and 6, I'd like to wrap up my comments this afternoon and some thoughts on the election outcomes in the overall demand environment. Spending on our nation's security has historically been driven much more by the strategic and threat environment then by which political party is in office. It's the geopolitical threat environment that matters most. And on that front, the challenges today are no less significant than during the days leading up to the election earlier this week.
Our country's security strategy is focused on myriad threats, including near peers such as Russia and China. Maxar is aligned well with the strategic postures we possess capability sets across many of the key areas in which our country is investing. From spacecraft and space robotics to geospatial data, machine learning algorithms and 3D models.
We are well positioned to help our customers achieve their mission objectives across space and cyber, C4ISR Missile Defense Joint Lethality Forward Force projection and autonomous systems.
We are also aligned well in the civil area across both space exploration in earth science missions, with capabilities in robotics, solar electric propulsion, spacecraft, geospatial data and products, machine learning and analytics. Maxar and its legacy companies have been a trusted provider of products and services to the U.S. government for over five decades, delivering innovative solutions with superior quality, cost, speed, security and reliability.
As the industry leader in Earth Intelligence, we currently provide online near real-time access to geospatial data for more than 300,000 U.S. government users through our relationship with the National Geospatial Intelligence Agency. We're helping stand up a 3D synthetic training environment for the US Army. And we continue to execute well on the NRO's EnhancedView Follow-On program.
Importantly, Maxar is a U.S. headquartered company with satellite assets that were manufactured here launched by U.S. providers and that are operated on U.S. secure facilities. We think we have great advantages that position as well into the future. And we're proud to support the U.S. government's missions with the NGA, the Army, the NRO, and the numerous other agencies for whom we honorably serve. In space infrastructure, our legacy with U.S. government dates to the Apollo missions that include several missions to Mars, which have included our innovative robotics capabilities. Currently, we are working to support NASA's Artemis program as a prime contractor of the power propulsion element and as a subcontractor on one of the teams that have won awards and are competing for the human landing system.
We are also working on spacecraft to support on-orbit refueling through the OSAM program. In the science area, we are supporting the agency with the TEMPO and Psyche missions and we continue our long heritage with Mars rovers.
We are extremely excited about all of these programs and look forward to supporting both science and exploration missions at NASA well into the future.
While some spending may shift around over multiyear periods as priorities evolve, we believe we're well positioned with key priorities and future spend in intelligence of space requirements, and are pleased that our commercial business model positions us well for the type of procurement programs our government customers are looking to deploy in the years ahead, rapid development of new technologies and capabilities at affordable prices. That's what's needed in this environment. And this is something we're focused on continuing to successfully provide. There are always changes in review of priorities following elections. What I can say is that I am confident that our leaders will recognize the geopolitical environment for what it is, what future requirements are needed, and that they will plan accordingly. And I'm confident that our country's investment in space-based activities is not likely to waver including agencies like NASA, and our own space force. And finally, and continuing the capabilities Maxar brings to the table and in our ability to operate a commercial business model that brings affordability and value to customers as they look to execute their difficult missions over the next four to eight years. With that, I'd like to hand the call over to Biggs for discussion of this quarters financials.