DigitalGlobe Reports Third Quarter 2014 Results

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(1) Restructuring, acquisition and integration costs consist of non-recurring charges related to the combination with GeoEye.

EBITDA margin of 37.5% for third quarter 2014 and 33.1% for third quarter 2013 is calculated by dividing EBITDA by U.S. GAAP revenue. Adjusted EBITDA margin of 39.8% for third quarter 2014 and 39.8% for third 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

             
    September 30,   December 31,
(in millions, except par value)   2014     2013  
ASSETS            
CURRENT ASSETS:            
Cash and cash equivalents   $ 127.4     $ 229.1  
Restricted cash     4.8       6.9  
Accounts receivable, net of allowance for doubtful accounts of $0.6 and $2.4, respectively     127.3       116.3  
Short-term deferred contract costs     10.6       10.0  
Prepaid and current assets     20.6       23.8  
Deferred taxes (Note 12)     5.5       5.9  
Total current assets     296.2       392.0  
Property and equipment, net of accumulated depreciation of $1,044.2 and $880.6, respectively     2,209.6       2,177.5  
Goodwill     484.2       459.3  
Intangible assets, net of accumulated amortization of $16.7 and $8.7, respectively     45.8       39.9  
Aerial image library, net of accumulated amortization of $45.2 and $41.3, respectively     5.2       9.1  
Long-term restricted cash     2.7       4.5  
Long-term deferred contract costs     42.6       44.9  
Other assets     34.4       38.6  
Total assets   $ 3,120.7     $ 3,165.8  
LIABILITIES AND STOCKHOLDERS’ EQUITY            
CURRENT LIABILITIES:            
Accounts payable   $ 10.5     $ 20.9  
Current portion of long-term debt     5.5       5.5  
Other accrued liabilities     60.5       80.3  
Current portion of deferred revenue     103.8       81.3  
Total current liabilities     180.3       188.0  
Deferred rev e nue     329.4       374.6  
Long-term debt, net of discount     1,133.4       1,137.1  
Long-term deferred tax liability, net (Note 12)     76.8       80.0  
Other liabilities     6.5       2.8  
Total liabilities   $ 1,726.4     $ 1,782.5  
COMMITMENTS AND CONTINGENCIES (Note 16)            
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 September 30, 2014; and 0.08 shares issued and outstanding at
December 31, 2013

           

Common stock; $0.001 par value; 250.0 shares authorized; 75.9 shares issued and 75.2
shares outstanding at September 30, 2014 and 75.5 shares issued and 75.3 shares
outstanding at December 31, 2013

    0.2       0.2  
Treasury stock, at cost; 0.7 shares at September 30, 2014 and 0.2 shares at December 31, 2013     (19.8 )     (3.5 )
Additional paid-in capital     1,476.6       1,457.5  
Accumulated deficit     (64.6 )     (70.9 )
Total DigitalGlobe, Inc. stockholders’ equity     1,392.4       1,383.3  
Noncontrolling interest     1.9        
Total stockholders’ equity     1,394.3       1,383.3  
Total liabilities and stockholders’ equity   $ 3,120.7     $ 3,165.8  
                 

DigitalGlobe, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows

             
    For the nine months ended
    September 30,
(in millions)   2014     2013  
CASH FLOWS FROM OPERATING ACTIVITIES:            
Net income (loss)   $ 6.3     $ (83.4 )
Adjustments to reconcile net income (loss) to net cash provided by operating activities:            
Depreciation and amortization expense     172.9       165.7  
Amortization of aerial image library, deferred contract costs and lease incentive     11.6       12.6  
Non-cash stock-based compensation expense, net of capitalized stock-based compensation expense     13.3       19.9  
Excess tax benefit from share-based compensation     (1.9 )      
Amortization of debt issuance costs and accretion of debt discount, net of capitalized interest           3.6  
Write-off of debt issuance costs and debt discount           12.8  
Deferred income taxes     (1.3 )     (38.1 )
Loss on disposal of assets and other     1.4       (0.3 )
Changes in working capital, net of assets acquired and liabilities assumed in business combinations:            
Accounts receivable, net     (8.1 )     15.8  
Deferred contract costs     (6.4 )     (16.5 )
Other current and non-current assets     4.5       3.1  
Accounts payable     (16.0 )     (3.4 )
Accrued liabilities     (2.0 )     (37.4 )
Deferred revenue     (25.7 )     35.3  
Cash fees paid for early extinguishment of long-term debt and debt discount           (13.8 )
Net cash flows provided by operating activities     148.6       75.9  
CASH FLOWS FROM INVESTING ACTIVITIES:            
Construction in progress additions     (193.9 )     (198.9 )
Acquisition of businesses, net of cash acquired     (35.7 )     (524.0 )
Other property and equipment additions     (12.0 )     (12.7 )
Decrease in restricted cash     3.8       4.7  
Net cash flows used in investing activities     (237.8 )     (730.9 )
CASH FLOWS FROM FINANCING ACTIVITIES:            
Proceeds from issuance of debt           1,150.0  
Repayment of debt     (4.1 )     (483.9 )
Payment of debt issuance costs           (36.2 )
Proceeds from exercise of stock options     8.6       36.9  
Excess tax benefit from share-based compensation     1.9        
Preferred stock dividend payment     (3.0 )     (2.0 )
Repurchase of common stock     (15.0 )      
Principal payments on capital lease obligations     (0.9 )      
Net cash flows (used in) provided by financing activities     (12.5 )     664.8  
Net (decrease) increase in cash and cash equivalents     (101.7 )     9.8  
Cash and cash equivalents, beginning of period     229.1       246.2  
Cash and cash equivalents, end of period   $ 127.4     $ 256.0  
SUPPLEMENTAL CASH FLOW INFORMATION:            
Cash paid for interest, net of capitalized amounts of $47.6 million and $32.6 million, respectively            
NON-CASH INVESTING AND FINANCING ACTIVITIES:            
Changes to non-cash property, equipment and construction in progress accruals, including interest     16.3       (5.0 )
Changes to non-cash deferred contract cost accruals     (0.3 )     (2.4 )
Additions to capital lease obligations     (3.1 )      
Issuance of shares of common and convertible preferred stock for acquisition of business           837.8  
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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