DigitalGlobe Reports First Quarter Results

Adjusted EBITDA is not a recognized term under generally accepted accounting principles (GAAP), in the United States and may not be defined similarly by other companies. Adjusted EBITDA should not be considered an alternative to net income, as an indication of financial performance, or as an alternative to cash flow from operations as a measure of liquidity. There are limitations to using non-GAAP financial measures, including the difficulty associated with comparing companies that use similar performance measures whose calculations may differ from ours.

(1) First quarter EnhancedView deferred revenue includes $8.3 million invoiced in the fourth quarter of 2010 for which cash was received in the first quarter of 2011.

DigitalGlobe, Inc.

Unaudited Condensed Consolidated Balance Sheets

   
(in millions, except share and per share data)

December 31,

2010

  March 31,

2011

ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 179.3 $ 163.7
Restricted cash 6.7 4.7
Accounts receivable, net of allowance for doubtful accounts of $1.0 and $2.6, respectively 45.3 36.8
Prepaid and current assets 19.4 16.3
Deferred taxes   62.7       56.0  
Total current assets 313.4 277.5
Property and equipment, net of accumulated depreciation of $478.2 and $507.4, respectively 879.1 920.2
Goodwill 8.7 8.7
Intangibles, net of accumulated amortization of $8.7 and $8.7, respectively 0.3 0.3
Aerial image library, net of accumulated amortization of $21.1 and $21.7, respectively 1.9 2.2
Long-term restricted cash 13.6 12.5
Long-term deferred contract costs 42.1 43.2
Other assets, net   7.2       6.9  
Total assets $ 1,266.3     $ 1,271.5  
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 15.0 $ 9.2
Accrued interest 6.2 15.5
Other accrued liabilities 26.3 20.3
Current portion of deferred revenue   38.9       40.3  
Total current liabilities 86.4 85.3
Long-term accrued liability 6.0 1.8
Deferred rev e nue 246.2 262.5
Deferred lease incentive 4.6 4.3
Long-term debt, net of discount 346.1 346.7
Long-term deferred tax liability, net   76.7       69.1  
Total liabilities $ 766.0     $ 769.7  
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY

Preferred stock, $0.001 par value; 24,000,000 shares authorized; no shares
issued and outstanding at December 31, 2010 and March 31, 2011

Common stock; $0.001 par value; 250,000,000 shares authorized; 46,243,757
shares issued and outstanding at December 31, 2010 and 46,244,050 shares issued
and outstanding at March 31, 2011

0.2 0.2
Treasury stock, at cost; 44,039 shares at December 31, 2010 and 50,395 shares March 31, 2011 (0.7 ) (0.9 )
Additional paid-in capital 512.7 515.1
Accumulated deficit   (11.9 )     (12.6 )
Total stockholders’ equity   500.3       501.8  
Total liabilities and stockholders’ equity $ 1,266.3     $ 1,271.5  

DigitalGlobe, Inc.

Condensed Consolidated Statements of Cash Flows

 
(in millions) For the Three Months Ended March 31,
  2010     2011  
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 1.5 $ (0.7 )
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization expense 29.1 29.2
EnhancedView deferred revenue 24.8
Recognition of pre-FOC payments (6.4 ) (6.4 )
Amortization of aerial image library, deferred contract costs and lease incentive 1.2 1.7
Non-cash stock compensation expense 1.4 1.7
Amortization of debt issuance costs and debt discount 1.1 1.0
Deferred income taxes 1.6 (1.0 )
Changes in working capital, net of investing activities:
Accounts receivable, net 7.3 8.5
Aerial image library (0.1 )
Prepaids and other assets 2.3 1.9
Accounts payable (1.6 ) (0.6 )
Accrued liabilities 8.0 3.4
Deferred contract costs (5.3 ) (2.4 )
Deferred revenue   4.0     (0.6 )
Net cash flows provided by operating activities   44.1     60.5  
CASH FLOWS FROM INVESTING ACTIVITIES:
Construction in progress additions (3.3 ) (78.3 )
Other property, equipment and intangible additions (1.0 ) (1.3 )
Decrease in restricted cash   0.6     3.1  
Net cash flows used in investing activities   (3.7 )   (76.5 )
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from initial public offering, net of issuance costs (0.3 )
Proceeds from exercise of stock options 5.2 0.6
Cash paid for treasury stock       (0.2 )
Net cash flows provided by financing activities   4.9     0.4  
Net increase (decrease) in cash and cash equivalents 45.3 (15.6 )
Cash and cash equivalents, beginning of period   97.0     179.3  
Cash and cash equivalents, end of period   142.3     163.7  
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for income taxes 0.1 0.8
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Changes to non-cash construction in progress accruals, including interest 14.3 9.3

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