DigitalGlobe Reports First Quarter 2015 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) 2015 2014
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 114.9 $ 117.8
Restricted cash 2.3 2.3

Accounts receivable, net of allowance for doubtful accounts of $1.5 and $0.5,
respectively

130.0 133.6
Short-term deferred contract costs 8.5 9.1
Prepaid and current assets 18.3 22.6
Deferred taxes   24.1     24.1  
Total current assets 298.1 309.5

Property and equipment, net of accumulated depreciation of $985.8 and
$1,095.5, respectively

2,138.3 2,174.7
Goodwill 484.5 484.5

Intangible assets, net of accumulated amortization of $22.1 and $19.5,
respectively

40.4 43.0
Long-term restricted cash 4.0 4.0
Long-term deferred contract costs 45.1 41.8
Other assets   35.1     37.7  
Total assets $ 3,045.5   $ 3,095.2  
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable $ 12.7 $ 4.4
Current portion of long-term debt 5.5 5.5
Other accrued liabilities 51.2 62.2
Current portion of deferred revenue   85.0     91.0  
Total current liabilities 154.4 163.1
Deferred rev e nue 321.3 335.1
Long-term debt, net of discount 1,130.9 1,132.1
Long-term deferred tax liability, net 96.0 101.9
Other liabilities   19.6     9.5  
Total liabilities $ 1,722.2   $ 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 March 31, 2015 and
December 31, 2014

Common stock; $0.001 par value; 250.0 shares authorized; 76.5 shares
issued and 72.5 shares outstanding at March 31, 2015 and 76.1
shares issued and 73.2 shares outstanding at December 31, 2014

0.2 0.2

Treasury stock, at cost; 4.0 shares at March 31, 2015 and 2.9 shares
at December 31, 2014

(111.7 ) (80.1 )
Additional paid-in capital 1,490.3 1,484.0
Accumulated deficit   (57.3 )   (52.4 )
Total DigitalGlobe, Inc. stockholders’ equity 1,321.5 1,351.7
Noncontrolling interest   1.8     1.8  
Total stockholders’ equity   1,323.3     1,353.5  
Total liabilities and stockholders’ equity $ 3,045.5   $ 3,095.2  
 
       

DigitalGlobe, Inc.

Consolidated Statements of Cash Flows

 
For the three months ended
March 31,
(in millions) 2015 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income $ (4.9 ) $ 0.4

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

Depreciation and amortization expense 67.3 57.6

Amortization of aerial image library, deferred contract costs and lease
incentive

4.5 5.0

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

4.6 3.9

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

1.7
Deferred income taxes (5.9 ) 3.8
Excess tax benefit from share-based compensation (0.9 )
Other 0.4 1.2

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

Accounts receivable, net 3.6 0.1
Deferred contract costs (4.8 ) (0.4 )
Other current and non-current assets 4.8 6.7
Accounts payable 5.8 (12.1 )
Accrued liabilities 0.5 (12.7 )
Deferred revenue   (19.8 )   (13.6 )
Net cash flows provided by operating activities   56.9     39.9  
CASH FLOWS FROM INVESTING ACTIVITIES:
Construction in progress additions (30.1 ) (61.8 )
Property and equipment additions (1.2 ) (2.2 )
Acquisition of businesses, net of cash acquired (35.7 )
Decrease in restricted cash       2.0  
Net cash flows used in investing activities   (31.3 )   (97.7 )
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of debt (1.4 ) (1.4 )
Principal payments on capital lease obligations (0.2 ) (0.2 )
Repurchase of common stock (31.1 )
Proceeds from exercise of stock options 4.3 1.8
Preferred stock dividend payment (1.0 ) (1.0 )
Excess tax benefit from share-based compensation   0.9      
Net cash flows used in financing activities   (28.5 )   (0.8 )
Net decrease in cash and cash equivalents (2.9 ) (58.6 )
Cash and cash equivalents, beginning of period   117.8     229.1  
Cash and cash equivalents, end of period $ 114.9   $ 170.5  
 
SUPPLEMENTAL CASH FLOW INFORMATION:

Cash paid for interest, net of capitalized amounts of $11.5 million and $21.1
million, respectively

9.6
NON-CASH INVESTING AND FINANCING ACTIVITIES:

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

3.2 12.0
Non-cash preferred stock dividend accrual (1.0 ) (1.0 )
 

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