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
|
— | — | ||||||||
Common stock; $0.001 par value; 250.0 shares authorized; 76.6
shares issued and 71.5
|
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 | ) | ||||||