DigitalGlobe Reports Third Quarter 2015 Results

EBITDA margin is calculated by dividing EBITDA by U.S. GAAP revenue. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by U.S. GAAP revenue. We have not provided a reconciliation of our Adjusted EBITDA outlook to the comparable forward-looking U.S. GAAP financial measure because we are unable to provide a forward-looking estimate of the reconciling items between such non-U.S. GAAP forward-looking measure and the comparable forward-looking U.S. GAAP measure. 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 measure is not available without unreasonable effort.

                 

DigitalGlobe, Inc.

Reconciliation of Net Cash Flows Provided by Operating Activities to Free Cash Flow

                 

 

    For the nine months ended
      September 30,
(in millions)     2015     2014
Net cash flows provided by operating activities     $ 237.5       $ 148.6  
Net cash flows used in investing activities       (106.3 )       (237.8 )
Acquisition of businesses, net of cash acquired               35.7  
Free cash flow     $ 131.2       $ (53.5 )

Free Cash Flow margin is calculated by dividing Free Cash Flow by U.S. GAAP revenue.

                 

DigitalGlobe, Inc.

Consolidated Balance Sheets

                 
      September 30,     December 31,
(in millions, except par value)     2015     2014
ASSETS                
Current Assets:                
Cash and cash equivalents     $ 147.6       $ 117.8  
Restricted cash       2.3         2.3  

Accounts receivable, net of allowance for doubtful accounts of $2.4 and $0.5,
respectively

      87.4         133.6  
Deferred contract costs       9.2         9.1  
Prepaid and current assets       19.4         22.6  
Deferred income taxes, net       24.1         24.1  
Total current assets       290.0         309.5  

Property and equipment, net of accumulated depreciation of $1,116.6 and $1,095.5,
respectively

      2,076.9         2,174.7  
Goodwill       484.1         484.5  
Intangible assets, net of accumulated amortization of $27.1 and $19.5, respectively       35.4         43.0  
Long-term restricted cash       4.9         4.0  
Long-term deferred contract costs       49.7         41.8  
Other assets       35.4         37.7  
Total assets     $ 2,976.4       $ 3,095.2  
LIABILITIES AND STOCKHOLDERS’ EQUITY                
Current Liabilities:                
Accounts payable     $ 7.3       $ 4.4  
Current portion of long-term debt       5.5         5.5  
Deferred revenue       80.1         91.0  
Other accrued liabilities       50.1         62.2  
Total current liabilities       143.0         163.1  
Long-term debt, net of discount       1,128.4         1,132.1  
Deferred revenue, non-current       290.7         335.1  
Deferred income taxes, net, non-current       106.1         101.9  
Other liabilities       29.9         9.5  
Total liabilities     $ 1,698.1       $ 1,741.7  
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 September 30, 2015 and December 31,
 2014

               

Common stock; $0.001 par value; 250.0 shares authorized; 76.5 shares issued
 and 70.0 shares outstanding at September 30, 2015 and 76.1 shares issued and
 73.2 shares outstanding at December 31, 2014

      0.2         0.2  

Treasury stock, at cost; 6.5 shares at September 30, 2015 and 2.9 shares at
 December 31, 2014

      (181.6 )       (80.1 )
Additional paid-in capital       1,499.4         1,484.0  
Accumulated deficit       (39.7 )       (52.4 )
Total DigitalGlobe, Inc. stockholders’ equity       1,278.3         1,351.7  
Noncontrolling interest               1.8  
Total stockholders’ equity       1,278.3         1,353.5  
Total liabilities and stockholders’ equity     $ 2,976.4       $ 3,095.2  
                     
                 

DigitalGlobe, Inc.

Consolidated Statements of Cash Flows

                 
      For the nine months ended
      September 30,
(in millions)     2015     2014
CASH FLOWS FROM OPERATING ACTIVITIES:                
Net income     $ 12.7       $ 6.3  
Adjustments to reconcile net income to net cash provided by operating activities:                
Depreciation and amortization expense       205.3         172.9  
Amortization of aerial image library, deferred contract costs and lease incentive       12.3         11.6  

Non-cash stock-based compensation expense, net of capitalized stock-based
compensation expense

      14.2         13.3  

Amortization of debt issuance costs and accretion of debt discount, net of
capitalized interest

      5.0          
Deferred income taxes       4.2         (1.3 )
Excess tax benefit from share-based compensation       (1.3 )       (1.9 )
Other       0.8         1.4  

Changes in working capital, net of assets acquired and liabilities assumed in
business combinations:

               
Accounts receivable, net       46.2         (8.1 )
Deferred contract costs       (13.1 )       (6.4 )
Other current and non-current assets       2.5         4.5  
Accounts payable       (1.8 )       (16.0 )
Accrued liabilities       5.8         (2.0 )
Deferred revenue       (55.3 )       (25.7 )
Net cash flows provided by operating activities       237.5         148.6  
CASH FLOWS FROM INVESTING ACTIVITIES:                
Construction in progress additions       (97.9 )       (193.9 )
Property and equipment additions       (2.5 )       (12.0 )
Acquisition of businesses, net of cash acquired               (35.7 )
(Increase) decrease in restricted cash       (0.9 )       3.8  
Loan to joint venture       (5.0 )        
Net cash flows used in investing activities       (106.3 )       (237.8 )
CASH FLOWS FROM FINANCING ACTIVITIES:                
Repayment of debt       (4.1 )       (4.1 )
Repurchase of common stock       (100.5 )       (15.0 )
Proceeds from exercise of stock options       5.4         8.6  
Preferred stock dividend payment       (3.0 )       (3.0 )
Excess tax benefit from share-based compensation       1.3         1.9  
Other       (0.5 )       (0.9 )
Net cash flows used in financing activities       (101.4 )       (12.5 )
Net increase (decrease) in cash and cash equivalents       29.8         (101.7 )
Cash and cash equivalents, beginning of period       117.8         229.1  
Cash and cash equivalents, end of period     $ 147.6       $ 127.4  
                 
SUPPLEMENTAL CASH FLOW INFORMATION:                

Cash paid for interest, net of capitalized amounts of $28.2 million and $47.6
million, respectively

      22.6          
NON-CASH INVESTING AND FINANCING ACTIVITIES:                

Changes to non-cash property, equipment and construction in progress accruals,
including interest

      1.3         16.3  
Additions to capital lease obligations               (3.1 )
Non-cash preferred stock dividend accrual       (1.0 )       (1.0 )
                     

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