DigitalGlobe Reports First Quarter 2016 Results

Performance against key metrics:

For the three months ended
March 31,
($ in millions)   2016     2015
Revenue   $ 175.4   $ 169.4
Net income (loss) available to common stockholders $ 7.3 $ (5.9 )
Adjusted EBITDA $ 95.4 $ 73.1
Adjusted EBITDA margin 54.4 % 43.2 %
Net cash flows provided by operating activities $ 57.6 $ 56.9
Free cash flow $ 17.8 $ 25.6
Free cash flow margin 10.1 % 15.1 %
 
       

DigitalGlobe, Inc.

Consolidated Statements of Operations

 
For the three months ended
March 31,
(in millions, except per share data) 2016 2015
Revenue $ 175.4 $ 169.4
Costs and expenses:
Cost of revenue, excluding depreciation and amortization 32.2 39.3
Selling, general and administrative 48.7 57.0
Depreciation and amortization 71.0 67.3
Restructuring charges   2.9     2.2  
Income from operations 20.6 3.6
Interest expense, net   (5.1 )   (12.7 )
Income (loss) before income taxes 15.5 (9.1 )
Income tax (expense) benefit (6.0 ) 4.2
Equity in earnings from joint venture, net of tax   (0.9 )    
Net income (loss) 8.6 (4.9 )
Preferred stock dividends   (1.0 )   (1.0 )
Net income (loss) less preferred stock dividends 7.6 (5.9 )
Income allocated to participating securities   (0.3 )    
Net income (loss) available to common stockholders $ 7.3   $ (5.9 )
 
Earnings per share:
Basic earnings (loss) per share $ 0.11   $ (0.08 )
Diluted earnings (loss) per share $ 0.11   $ (0.08 )
Weighted average common shares outstanding:
Basic   64.9     72.4  
Diluted   65.1     72.4  
 
       

DigitalGlobe, Inc.

Reconciliation of Net Income to EBITDA and Adjusted EBITDA

 
For the three months ended
March 31,
(in millions) 2016 2015
Net income $ 8.6 $ (4.9 )
Depreciation and amortization 71.0 67.3
Interest expense, net 5.1 12.7
Income tax expense (benefit)   6.0   (4.2 )
EBITDA 90.7 70.9
Restructuring charges 2.9 2.2
Other re-engineering charges 0.9
Joint venture losses, net   0.9    
Adjusted EBITDA $ 95.4 $ 73.1  
 

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