Performance against key metrics:
| For the three months ended | |||||||||||||||||||||
| March 31, | |||||||||||||||||||||
| ($ in millions) | 2016 | 2015 | |||||||||||||||||||
| Revenue | $ | 175.4 | $ | 169.4 | |||||||||||||||||
| Net income (loss) available to common stockholders | $ | 7.3 | $ | (5.9 | ) | ||||||||||||||||
| Adjusted EBITDA | $ | 95.4 | $ | 73.1 | |||||||||||||||||
| Adjusted EBITDA margin | 54.4 | % | 43.2 | % | |||||||||||||||||
| Net cash flows provided by operating activities | $ | 57.6 | $ | 56.9 | |||||||||||||||||
| Free cash flow | $ | 17.8 | $ | 25.6 | |||||||||||||||||
| Free cash flow margin | 10.1 | % | 15.1 | % | |||||||||||||||||
|
DigitalGlobe, Inc. Consolidated Statements of Operations |
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| For the three months ended | ||||||||||
| March 31, | ||||||||||
| (in millions, except per share data) | 2016 | 2015 | ||||||||
| Revenue | $ | 175.4 | $ | 169.4 | ||||||
| Costs and expenses: | ||||||||||
| Cost of revenue, excluding depreciation and amortization | 32.2 | 39.3 | ||||||||
| Selling, general and administrative | 48.7 | 57.0 | ||||||||
| Depreciation and amortization | 71.0 | 67.3 | ||||||||
| Restructuring charges | 2.9 | 2.2 | ||||||||
| Income from operations | 20.6 | 3.6 | ||||||||
| Interest expense, net | (5.1 | ) | (12.7 | ) | ||||||
| Income (loss) before income taxes | 15.5 | (9.1 | ) | |||||||
| Income tax (expense) benefit | (6.0 | ) | 4.2 | |||||||
| Equity in earnings from joint venture, net of tax | (0.9 | ) | — | |||||||
| Net income (loss) | 8.6 | (4.9 | ) | |||||||
| Preferred stock dividends | (1.0 | ) | (1.0 | ) | ||||||
| Net income (loss) less preferred stock dividends | 7.6 | (5.9 | ) | |||||||
| Income allocated to participating securities | (0.3 | ) | — | |||||||
| Net income (loss) available to common stockholders | $ | 7.3 | $ | (5.9 | ) | |||||
| Earnings per share: | ||||||||||
| Basic earnings (loss) per share | $ | 0.11 | $ | (0.08 | ) | |||||
| Diluted earnings (loss) per share | $ | 0.11 | $ | (0.08 | ) | |||||
| Weighted average common shares outstanding: | ||||||||||
| Basic | 64.9 | 72.4 | ||||||||
| Diluted | 65.1 | 72.4 | ||||||||
|
DigitalGlobe, Inc. Reconciliation of Net Income to EBITDA and Adjusted EBITDA |
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| For the three months ended | |||||||||
| March 31, | |||||||||
| (in millions) | 2016 | 2015 | |||||||
| Net income | $ | 8.6 | $ | (4.9 | ) | ||||
| Depreciation and amortization | 71.0 | 67.3 | |||||||
| Interest expense, net | 5.1 | 12.7 | |||||||
| Income tax expense (benefit) | 6.0 | (4.2 | ) | ||||||
| EBITDA | 90.7 | 70.9 | |||||||
| Restructuring charges | 2.9 | 2.2 | |||||||
| Other re-engineering charges | 0.9 | — | |||||||
| Joint venture losses, net | 0.9 | — | |||||||
| Adjusted EBITDA | $ | 95.4 | $ | 73.1 | |||||
