DigitalGlobe Reports Second Quarter 2015 Results

Free Cash Flow margin is calculated by dividing Free Cash Flow by U.S. GAAP revenue.

       

DigitalGlobe, Inc.

Consolidated Balance Sheets

 
June 30, December 31,
(in millions, except par value) 2015 2014
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 135.0 $ 117.8
Restricted cash 3.0 2.3
Accounts receivable, net of allowance for doubtful accounts of $1.6 and $0.5, respectively 104.2 133.6
Short-term deferred contract costs 8.1 9.1
Prepaid and current assets 17.4 22.6
Deferred taxes   24.1     24.1  
Total current assets 291.8 309.5
Property and equipment, net of accumulated depreciation of $1,050.1 and $1,095.5, respectively 2,109.9 2,174.7
Goodwill 484.5 484.5
Intangible assets, net of accumulated amortization of $24.6 and $19.5, respectively 37.9 43.0
Long-term restricted cash 4.1 4.0
Long-term deferred contract costs 49.1 41.8
Other assets   38.4     37.7  
Total assets $ 3,015.7   $ 3,095.2  
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable $ 7.0 $ 4.4
Current portion of long-term debt 5.5 5.5
Current portion of deferred revenue 80.1 91.0
Other accrued liabilities   54.8     62.2  
Total current liabilities 147.4 163.1
Long-term debt, net of discount 1,129.6 1,132.1
Deferred rev e nue 305.8 335.1
Long-term deferred tax liability, net 100.0 101.9
Other liabilities   29.8     9.5  
Total liabilities $ 1,712.6   $ 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 June 30, 2015 and December 31, 2014

Common stock; $0.001 par value; 250.0 shares authorized; 76.6 shares issued and 71.5
 shares outstanding at June 30, 2015 and 76.1 shares issued and 73.2 shares outstanding
 at December 31, 2014

0.2 0.2
Treasury stock, at cost; 5.1 shares at June 30, 2015 and 2.9 shares at December 31, 2014 (144.9 ) (80.1 )
Additional paid-in capital 1,495.3 1,484.0
Accumulated deficit   (49.3 )   (52.4 )
Total DigitalGlobe, Inc. stockholders’ equity 1,301.3 1,351.7
Noncontrolling interest   1.8     1.8  
Total stockholders’ equity   1,303.1     1,353.5  
Total liabilities and stockholders’ equity $ 3,015.7   $ 3,095.2  
 
       

DigitalGlobe, Inc.

Consolidated Statements of Cash Flows

 
For the six months ended
June 30,
(in millions) 2015 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 3.1 $ 5.4
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense 135.4 115.2
Amortization of aerial image library, deferred contract costs and lease incentive 8.8 8.1
Non-cash stock-based compensation expense, net of capitalized stock-based compensation expense 9.5 8.0
Amortization of debt issuance costs and accretion of debt discount, net of capitalized interest 3.3
Deferred income taxes (1.9 ) (0.7 )
Excess tax benefit from share-based compensation (1.3 )
Other 1.5 1.2
Changes in working capital, net of assets acquired and liabilities assumed in business combinations:
Accounts receivable, net 29.4 1.9
Deferred contract costs (10.3 ) (2.7 )
Other current and non-current assets 5.2 9.2
Accounts payable (0.9 ) (12.1 )
Accrued liabilities 10.3 (7.8 )
Deferred revenue   (40.2 )   (24.5 )
Net cash flows provided by operating activities   151.9     101.2  
CASH FLOWS FROM INVESTING ACTIVITIES:
Construction in progress additions (64.5 ) (111.9 )
Property and equipment additions (1.9 ) (5.2 )
Acquisition of businesses, net of cash acquired (35.7 )
(Increase) decrease in restricted cash (0.8 ) 2.8
Loan to joint venture   (5.0 )    
Net cash flows used in investing activities   (72.2 )   (150.0 )
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of debt (2.8 ) (2.8 )
Principal payments on capital lease obligations (0.4 ) (0.8 )
Repurchase of common stock (63.8 )
Proceeds from exercise of stock options 5.2 3.1
Preferred stock dividend payment (2.0 ) (2.0 )
Excess tax benefit from share-based compensation   1.3      
Net cash flows used in financing activities   (62.5 )   (2.5 )
Net increase (decrease) in cash and cash equivalents 17.2 (51.3 )
Cash and cash equivalents, beginning of period   117.8     229.1  
Cash and cash equivalents, end of period $ 135.0   $ 177.8  
 
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest, net of capitalized amounts of $15.9 million and $26.4 million, respectively 13.8
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Changes to non-cash property, equipment and construction in progress accruals, including interest 0.4 2.2
Additions to capital lease obligations (3.1 )
Non-cash preferred stock dividend accrual (1.0 ) (1.0 )
 

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