DigitalGlobe, Inc.
Unaudited Condensed Consolidated Balance Sheets
September 30, December 31,
(in millions, except share data) 2012 2011
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ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 233.8 $ 198.5
Restricted cash 3.8 7.7
Accounts receivable, net of allowance for
doubtful accounts of $2.5 and $3.6,
respectively 59.9 50.7
Prepaid and current assets 19.8 19.6
Deferred taxes 65.5 65.1
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Total current assets 382.8 341.6
Property and equipment, net of accumulated
depreciation of $648.4 and $563.9,
respectively 1,083.7 1,019.8
Goodwill 8.7 8.7
Aerial image library, net of accumulated
amortization of $31.2 and $25.1, respectively 17.3 13.0
Long-term restricted cash 6.9 9.8
Long-term deferred contract costs 37.6 44.7
Other assets 12.0 14.0
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Total assets $ 1,549.0 $ 1,451.6
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LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 5.5 $ 19.7
Accrued interest 0.2 0.2
Current note payable 5.0 5.0
Other accrued liabilities 42.9 37.5
Current portion of deferred revenue 41.7 36.6
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Total current liabilities 95.3 99.0
Long-term accrued liability - 1.4
Deferred revenue 377.7 319.3
Deferred lease incentive 2.4 3.3
Long-term debt, net of discount 479.4 481.6
Long-term deferred tax liability, net 75.5 59.6
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Total liabilities $ 1,030.3 $ 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 September 30, 2012 and December
31, 2011 - -
Common stock, $0.001 par value; 250,000,000
shares authorized; 47,098,743 shares issued
and 46,992,363 shares outstanding at September
30, 2012 and 46,386,646 shares issued and
46,320,471 shares outstanding at December 31,
2011 0.2 0.2
Treasury stock, at cost; 106,580 shares at
September 30, 2012 and 66,175 shares at
December 31, 2011 (2.0) (1.2)
Additional paid-in capital 540.2 530.0
Accumulated deficit (19.7) (41.6)
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Total stockholders' equity 518.7 487.4
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Total liabilities and stockholders' equity $ 1,549.0 $ 1,451.6
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DigitalGlobe, Inc.
Condensed Consolidated Statements of Cash Flows
For the nine months
ended
September 30,
2011
(in millions) 2012 Revised
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 21.9 $ (1.1)
Adjustments to reconcile net income (loss) to net
cash provided by operating activities:
Depreciation and amortization expense 86.5 87.5
EnhancedView deferred revenue 47.6 74.5
Recognition of pre-FOC payments (19.1) (19.1)
Amortization of aerial image library, deferred
contract costs and lease incentive 15.1 6.8
Non-cash stock compensation expense 7.2 11.8
Amortization of debt issuance costs 2.8 2.9
Loss (gain) on disposition of asset 0.3 (0.5)
Loss from joint venture 0.8 -
Deferred income taxes 15.0 (4.3)
Changes in working capital, net of investing
activities:
Accounts receivable, net (9.1) 2.2
Prepaids and other assets (9.5) (9.0)
Accounts payable (3.1) 3.6
Accrued liabilities (0.5) (3.3)
Deferred contract costs (0.5) (3.3)
Deferred revenue 34.7 7.1
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Net cash flows provided by operating activities 190.1 155.8
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CASH FLOWS FROM INVESTING ACTIVITIES:
Construction in progress additions (152.8) (187.2)
Other property, equipment and intangible additions (7.8) (5.2)
Investment in joint venture (0.3) -
Decrease in restricted cash 6.9 4.2
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Net cash flows used in investing activities (154.0) (188.2)
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CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of long-term debt (3.8) -
Proceeds from exercise of stock options 2.5 1.8
Tax benefit from exercise of stock options 0.5 -
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Net cash flows (used in) provided by financing
activities (0.8) 1.8
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Net increase (decrease) in cash and cash equivalents 35.3 (30.6)
Cash and cash equivalents, beginning of period 198.5 179.3
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Cash and cash equivalents, end of period 233.8 148.7
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SUPPLEMENTAL CASH FLOW INFORMATION:
Interest capitalized $ 17.3 $ 14.1
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Changes to non-cash construction in progress
accruals, including interest 10.1 12.2
