DigitalGlobe Reports Third Quarter Results

Third quarter EnhancedView deferred revenue includes $8.3 million invoiced in the second quarter of 2011 for which cash was received in the third quarter of 2011.


DigitalGlobe, Inc. Unaudited Condensed Consolidated Balance Sheets

(in millions, except share and per share data)	December 31, 2010			September 30, 2011
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	179.3		$	148.7
Restricted cash		6.7			5.6
Accounts receivable, net of allowance for doubtful accounts of $1.0 and $1.8, respectively		45.3			43.1
Prepaid and current assets		19.4			19.8
Deferred taxes		62.7			50.6
Total current assets		313.4			267.8
Property and equipment, net of accumulated depreciation of $478.2 and $565.6, respectively		879.1			993.1
Goodwill		8.7			8.7
Intangibles, net of accumulated amortization of $7.7 and $7.4, respectively		0.3			0.1
Aerial image library, net of accumulated amortization of $21.1 and $23.7, respectively		1.9			8.9
Long-term restricted cash		13.6			10.5
Long-term deferred contract costs		42.1			45.8
Other assets, net		7.2			5.8
Total assets	$	1,266.3		$	1,340.7
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$	15.0		$	8.5
Accrued interest		6.2			15.5
Other accrued liabilities		26.3			44.4
Current portion of deferred revenue		38.9			34.6
Total current liabilities		86.4			103.0
Long-term accrued liability		6.0			1.4
Non-current portion of deferred rev e nue		246.2			309.6
Non-current portion of deferred lease incentive		4.6			3.6
Long-term debt, net of discount		346.1			348.0
Long-term deferred tax liability		76.7			61.3
Total liabilities	$	766.0		$	826.9
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 September 30, 2011		–			–
Common stock; $0.001 par value; 250,000,000 shares authorized; 46,073,691 shares issued and outstanding at December 31, 2010 and 46,314,205 shares issued and outstanding at September 30, 2011		0.2			0.2
Treasury stock, at cost; 44,039 shares at December 31, 2010 and 65,820 shares at September 30, 2011		(0.7	)		(1.2	)
Additional paid-in capital		512.7			526.7
Accumulated deficit		(11.9	)		(11.9	)
Total stockholders’ equity		500.3			513.8
Total liabilities and stockholders’ equity	$	1,266.3		$	1,340.7


DigitalGlobe, Inc. Unaudited Condensed Consolidated Statements of Cash Flows

(in millions)	For the Nine Months Ended September 30,
(in millions)		2010			2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	2.8		$	–
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization expense		89.3			87.5
EnhancedView deferred revenue		–			74.5
Recognition of NextView pre-FOC payments		(19.1	)		(19.1	)
Amortization of aerial image library, deferred contract costs and lease incentive		5.5			8.7
Non-cash stock compensation expense		4.6			11.2
Amortization of debt issuance costs and debt discount		3.4			2.9
Deferred income taxes		2.3			(3.4	)
Changes in working capital, net of investing activities:
Accounts receivable, net		2.9			2.2
Prepaids and other assets		(1.0	)		(8.2	)
Accounts payable		0.3			4.1
Accrued liabilities		20.7			0.6
Deferred contract costs		(14.2	)		(8.0	)
Deferred revenue		14.3			3.7
Net cash flows provided by operating activities		111.8			156.7
CASH FLOWS FROM INVESTING ACTIVITIES:
Construction in progress additions		(25.6	)		(188.1	)
Other property, equipment and intangible additions		(7.5	)		(4.7	)
Change in restricted cash		2.8			4.2
Net cash flows used in investing activities		(30.3	)		(188.6	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Costs associated with initial public offering		(0.3	)		–
Proceeds from exercise of stock options		9.6			1.8
Cash paid for treasury stock		–			(0.5	)
Net cash flows provided by financing activities		9.3			1.3
Net increase (decrease) in cash and cash equivalents		90.8			(30.6	)
Cash and cash equivalents, beginning of period		97.0			179.3
Cash and cash equivalents, end of period	$	187.8			148.7
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash received (paid) for income taxes	$	1.2		$	(1.2	)
Cash paid for interest, net of capitalized amounts $6.8 and $6.0, respectively		(11.8	)		(12.6	)
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Changes to non-cash construction in progress and property, equipment and intangibles accruals, including interest		(20.6	)		(13.1	)

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