DigitalGlobe Reports First Quarter 2016 Results

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

       

DigitalGlobe, Inc.

Consolidated Balance Sheets

 
March 31, December 31,
(in millions, except par value) 2016 2015
ASSETS
Current Assets:
Cash and cash equivalents $ 72.8 $ 126.1
Restricted cash 4.0 3.6

Accounts receivable, net of allowance for doubtful accounts of $2.9 and $2.8,
respectively

101.7 90.8
Deferred contract costs 12.2 13.5
Prepaid and other current assets   18.8     17.4  
Total current assets 209.5 251.4

Property and equipment, net of accumulated depreciation of $1,242.6 and $1,179.4,
respectively

2,043.6 2,080.2
Goodwill 484.1 484.1
Intangible assets, net of accumulated amortization of $31.9 and $29.6, respectively 30.6 32.9
Long-term restricted cash 5.1 4.3
Long-term deferred contract costs 48.3 47.1
Other assets   21.0     13.2  
Total assets $ 2,842.2   $ 2,913.2  
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable $ 6.9 $ 3.9
Current portion of long-term debt 5.5 5.5
Deferred revenue 83.5 80.3
Other accrued liabilities   45.7     64.4  
Total current liabilities 141.6 154.1
Long-term debt, net of discount and debt issuance costs 1,104.4 1,104.4
Deferred revenue, non-current 269.6 284.0
Deferred income taxes, net, non-current 94.6 86.4
Other liabilities   36.7     36.2  
Total liabilities $ 1,646.9   $ 1,665.1  
COMMITMENTS AND CONTINGENCIES (Note 15)
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 March 31, 2016 and December 31, 2015

Common stock; $0.001 par value; 250.0 shares authorized; 76.8 shares issued
and 63.5 shares outstanding at March 31, 2016 and 76.6 shares issued and 67.4
shares outstanding at December 31, 2015

0.2 0.2

Treasury stock, at cost; 13.3 shares at March 31, 2016 and 9.2 shares at
December 31, 2015

(286.9 ) (225.8 )
Additional paid-in capital 1,502.5 1,502.8
Accumulated deficit   (20.5 )   (29.1 )
Total stockholders’ equity   1,195.3     1,248.1  
Total liabilities and stockholders’ equity $ 2,842.2   $ 2,913.2  
 
       

DigitalGlobe, Inc.

Consolidated Statements of Cash Flows

 
For the three months ended
March 31,
(in millions) 2016 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 8.6 $ (4.9 )

Adjustments to reconcile net income (loss) to net cash provided by operating
activities:

Depreciation and amortization expense 71.0 67.3

Stock-based compensation expense, net of capitalized stock-based compensation
expense

4.0 4.6
Amortization of aerial image library, deferred contract costs and lease incentive 4.2 4.5
Deferred income taxes 8.2 (5.9 )
Excess tax benefit from share-based compensation (0.1 ) (0.9 )
Amortization of debt issuance costs and accretion of debt discount, and other 0.8 2.1
Changes in working capital:
Accounts receivable, net (10.9 ) 3.6
Deferred contract costs (4.4 ) (4.8 )
Other current and non-current assets (3.5 ) 4.8
Accounts payable 0.7 5.8
Accrued liabilities (9.8 ) 0.5
Deferred revenue   (11.2 )   (19.8 )
Net cash flows provided by operating activities   57.6     56.9  
CASH FLOWS FROM INVESTING ACTIVITIES:
Construction in progress additions (38.6 ) (30.1 )
Property and equipment additions (1.2 )
Increase in restricted cash (1.2 )
Investment in joint venture   (7.5 )    
Net cash flows used in investing activities   (47.3 )   (31.3 )
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of debt and capital lease obligations (1.9 ) (1.6 )
Repurchase of common stock (60.9 ) (31.1 )
Proceeds from exercise of stock options 0.1 4.3
Preferred stock dividend payment (1.0 ) (1.0 )
Excess tax benefit from share-based compensation   0.1     0.9  
Net cash flows used in financing activities   (63.6 )   (28.5 )
Net decrease in cash and cash equivalents (53.3 ) (2.9 )
Cash and cash equivalents, beginning of period   126.1     117.8  
Cash and cash equivalents, end of period $ 72.8   $ 114.9  
 
SUPPLEMENTAL CASH FLOW INFORMATION:

Cash paid for interest, net of capitalized amounts of $16.6 million and $11.5
million, respectively

5.9 9.6
NON-CASH INVESTING AND FINANCING ACTIVITIES:

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

6.8 3.2
Non-cash preferred stock dividend accrual (1.0 ) (1.0 )
 

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