DigitalGlobe, Inc.
Unaudited Condensed Consolidated Balance Sheets
March 31, December 31,
(in millions, except share data) 2012 2011
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ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 209.8 $ 198.5
Restricted cash 7.7 7.7
Accounts receivable, net of allowance for
doubtful accounts of $2.5 and $3.6,
respectively 40.6 50.7
Prepaid and current assets 20.0 19.6
Deferred taxes 64.2 65.1
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Total current assets 342.3 341.6
Property and equipment, net of accumulated
depreciation of $592.9 and $563.9, respectively 1,035.4 1,019.8
Goodwill 8.7 8.7
Aerial image library, net of accumulated
amortization of $27.1 and $25.1, respectively 17.7 13.0
Long-term restricted cash 8.8 9.8
Long-term deferred contract costs 44.3 44.7
Other assets 13.3 14.0
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Total assets $ 1,470.5 $ 1,451.6
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LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 7.4 $ 19.7
Accrued interest 0.2 0.2
Current note payable 5.0 5.0
Other accrued liabilities 30.1 37.5
Current portion of deferred revenue 43.3 36.6
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Total current liabilities 86.0 99.0
Long-term accrued liability 1.4 1.4
Deferred revenue 344.1 319.3
Deferred lease incentive 3.0 3.3
Long-term debt, net of discount 480.9 481.6
Long-term deferred tax liability, net 61.5 59.6
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Total liabilities $ 976.9 $ 964.2
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COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Preferred stock, $0.001 par value; 24,000,000
shares authorized; no shares issued and
outstanding at March 31, 2012 and December 31,
2011 - -
Common stock; $0.001 par value; 250,000,000
shares authorized; 46,608,702 shares issued and
outstanding at March 31, 2012 and 46,320,471
shares issued and outstanding at December 31,
2011 0.2 0.2
Treasury stock, at cost; 79,066 shares at March
31, 2012 and 66,175 shares at December 31, 2011 (1.4) (1.2)
Additional paid-in capital 532.6 530.0
Accumulated deficit (37.8) (41.6)
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Total stockholders' equity 493.6 487.4
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Total liabilities and stockholders' equity $ 1,470.5 $ 1,451.6
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DigitalGlobe, Inc.
Condensed Consolidated Statements of Cash Flows
For the three months ended
March 31,
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2011
(in millions) 2012 Revised
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 3.8 $ (1.3)
Adjustments to reconcile net income (loss) to
net cash provided by operating activities:
Depreciation and amortization expense 29.1 29.2
EnhancedView deferred revenue 20.1 24.8
Recognition of pre-FOC payments (6.4) (6.4)
Amortization of aerial image library, deferred
contract costs and lease incentive 3.8 4.3
Non-cash stock compensation expense 2.5 2.1
Amortization of debt issuance costs and
accretion debt discount 0.9 1.0
Deferred income taxes 2.8 (1.6)
Changes in working capital, net of investing
activities:
Accounts receivable, net 10.1 8.5
Prepaids and other assets (7.3) 2.2
Accounts payable (1.1) (0.8)
Accrued liabilities (6.2) 1.1
Deferred contract costs (1.3) (2.3)
Deferred revenue 17.7 (0.7)
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Net cash flows provided by operating activities 68.5 60.1
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CASH FLOWS FROM INVESTING ACTIVITIES:
Construction in progress additions (55.0) (78.7)
Other property and equipment additions (2.0) (0.7)
Decrease in restricted cash 1.0 3.0
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Net cash flows used in investing activities (56.0) (76.4)
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CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of long-term debt (1.2) -
Proceeds from exercise of stock options - 0.6
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Net cash flows (used in) provided by financing
activities (1.2) 0.6
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Net increase (decrease) in cash and cash
equivalents 11.3 (15.7)
Cash and cash equivalents, beginning of period 198.5 179.3
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Cash and cash equivalents, end of period $ 209.8 $ 163.6
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SUPPLEMENTAL CASH FLOW INFORMATION:
Interest capitalized $ 5.2 $ 2.9
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Changes to non-cash construction in progress
accruals, including interest 12.3 9.6
