DigitalGlobe Reports Second Quarter 2014 Results

EBITDA margin of 36.9% for second quarter 2014 and 16.8% for second quarter 2013 is calculated by dividing EBITDA by U.S. GAAP revenue. Adjusted EBITDA margin of 40.5% for second quarter 2014 and 30.5% for second quarter 2013 is calculated by dividing Adjusted EBITDA by U.S. GAAP revenue. We have not provided a reconciliation of our Adjusted EBITDA or Adjusted EBITDA margin outlook to the comparable forward-looking U.S. GAAP financial measures because we are unable to provide a forward-looking estimate of the reconciling items between such non-U.S. GAAP forward-looking measures and the comparable forward-looking U.S. GAAP measures. Certain factors that are materially significant to our ability to estimate these items are out of our control and/or cannot be reasonably predicted. Accordingly, a reconciliation to the comparable forward-looking U.S. GAAP measures is not available without unreasonable effort.

       

DigitalGlobe, Inc.

Unaudited Condensed Consolidated Balance Sheets

 
(in millions, except par value) June 30,

2014

December 31,

2013

ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 177.8 $ 229.1
Restricted cash 4.6 6.9
Accounts receivable, net of allowance for doubtful accounts of $0.7 and $2.4, respectively 117.3 116.3
Prepaid and current assets 24.9 33.8
Deferred taxes   5.5     5.9  
Total current assets 330.1 392.0
Property and equipment, net of accumulated depreciation of $990.0 and $880.6, respectively 2,188.2 2,177.5
Goodwill 485.1 459.3
Intangible assets, net of accumulated amortization of $14.0 and $8.7, respectively 48.5 39.9
Aerial image library, net of accumulated amortization of $44.2 and $41.3, respectively 6.2 9.1
Long-term restricted cash 4.0 4.5
Long-term deferred contract costs 41.7 44.9
Other assets   36.7     38.6  
Total assets $ 3,140.5   $ 3,165.8  
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable $ 17.5 $ 20.9
Current portion of long-term debt 5.5 5.5
Other accrued liabilities 65.6 80.3
Current portion of deferred revenue   83.7     81.3  
Total current liabilities 172.3 188.0
Deferred rev e nue 350.7 374.6
Long-term debt, net of discount 1,134.6 1,137.1
Long-term deferred tax liability, net 79.3 80.0
Other liabilities   6.1     2.8  
Total liabilities $ 1,743.0   $ 1,782.5  
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
DigitalGlobe, Inc. stockholders’ equity:

Series A convertible preferred stock, $0.001 par value; 0.08 shares authorized; 0.08 shares
  issued and outstanding at June 30, 2014 and December 31, 2013

-

-

Common stock; $0.001 par value; 250.0 shares authorized; 75.7 shares issued and 75.5 shares
  outstanding at June 30, 2014; and 75.5 shares issued and 75.3 shares outstanding at
  December 31, 2013

0.2

0.2

Treasury stock, at cost; 0.2 shares at June 30, 2014 and December 31, 2013 (4.6 ) (3.5 )
Additional paid-in capital 1,465.5 1,457.5
Accumulated deficit   (65.5 )   (70.9 )
Total DigitalGlobe, Inc. stockholders’ equity 1,395.6 1,383.3
Non-controlling interest   1.9     -  
Total stockholders’ equity   1,397.5     1,383.3  
Total liabilities and stockholders’ equity $ 3,140.5   $ 3,165.8  
 
   

DigitalGlobe, Inc.

Unaudited Condensed Consolidated Statements of Cash Flows

 
For the six months ended

June 30,

(in millions) 2014     2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 5.4 $ (81.6 )
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization expense 115.2 105.8
Amortization of aerial image library, deferred contract costs and lease incentive 8.1 8.1
Non-cash stock-based compensation expense, net of capitalized stock-based compensation expense 8.0 16.0
Loss on abandonment of asset 1.2 -
Amortization of debt issuance costs and accretion of debt discount, net of capitalized interest - 3.1
Write-off of debt issuance costs and debt discount - 12.8
Deferred income taxes (0.7 ) (33.9 )
Changes in working capital, net of assets acquired and liabilities assumed in business combinations:
Accounts receivable, net 1.9 4.6
Other current and non-current assets 6.5 (5.8 )
Accounts payable (12.1 ) (1.7 )
Accrued liabilities (7.8 ) (31.5 )
Deferred revenue (24.5 ) 19.5
Cash fees paid for early extinguishment of long-term debt and debt discount       (13.8 )
Net cash flows provided by operating activities   101.2     1.6  
CASH FLOWS FROM INVESTING ACTIVITIES:
Construction in progress additions (111.9 ) (135.0 )
Acquisition of businesses, net of cash acquired (35.7 ) (524.0 )
Other property and equipment additions (5.2 ) (9.0 )
Decrease in restricted cash   2.8     2.7  
Net cash flows used in investing activities   (150.0 )   (665.3 )
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of debt 1,150.0
Repayment of debt (2.8 ) (482.6 )
Payment of debt issuance costs (36.2 )
Proceeds from exercise of stock options 3.1 28.7
Preferred stock dividend payment (2.0 ) (1.0 )
Principal payments on capital lease obligations   (0.8 )   -  
Net cash flows (used in) provided by financing activities   (2.5 )   658.9  
Net decrease in cash and cash equivalents (51.3 ) (4.8 )
Cash and cash equivalents, beginning of period   229.1     246.2  
Cash and cash equivalents, end of period $ 177.8   $ 241.4  
 
SUPPLEMENTAL CASH FLOW INFORMATION:
Changes to non-cash property, equipment and construction in progress accruals, including interest 2.2 (13.3 )
Changes to non-cash deferred contract cost accruals (0.6 ) (9.0 )
Capital lease obligations (3.1 )
Issuance of shares of common and convertible preferred stock for acquisition of business 836.5
Stock-based compensation awards issued in acquisition of business, net of income taxes 13.4
Non-cash preferred stock dividend accrual (1.0 ) (1.0 )
 

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