DigitalGlobe Reports Second Quarter 2016 Results

   

DigitalGlobe, Inc.
Consolidated Statements of Cash Flows

 
For the six months ended
June 30,
(in millions) 2016     2015  
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 20.8 $ 3.1
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense 137.9 136.0
Stock-based compensation expense, net of capitalized stock-based compensation expense 8.3 9.5
Amortization of aerial image library, deferred contract costs and lease incentive 8.4 8.8
Deferred income taxes 14.0 (1.0 )
Excess tax benefit from share-based compensation (0.1 ) (1.3 )
Amortization of debt issuance costs and accretion of debt discount, and other 6.0 3.3
Changes in working capital:
Accounts receivable, net (8.5 ) 29.4
Deferred contract costs (8.0 ) (10.3 )
Other current and non-current assets (2.4 ) 5.2
Accounts payable 3.7 (0.9 )
Accrued liabilities (4.1 ) 10.3
Deferred revenue   (27.4 )   (40.2 )
Net cash flows provided by operating activities   148.6     151.9  
CASH FLOWS FROM INVESTING ACTIVITIES:
Construction in progress additions (85.6 ) (64.5 )
Property and equipment additions (0.2 ) (1.9 )
Decrease/(Increase) in restricted cash 0.5 (0.8 )
Investment in joint venture   (7.5 )   (5.0 )
Net cash flows used in investing activities   (92.8 )   (72.2 )
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of debt and capital lease obligations (3.9 ) (3.2 )
Repurchase of common stock (76.8 ) (63.8 )
Proceeds from exercise of stock options 1.2 5.2
Preferred stock dividend payment (2.0 ) (2.0 )
Excess tax benefit from share-based compensation   0.1     1.3  
Net cash flows used in financing activities   (81.4 )   (62.5 )
Net (decrease) increase in cash and cash equivalents (25.6 ) 17.2
Cash and cash equivalents, beginning of period   126.1     117.8  
Cash and cash equivalents, end of period $ 100.5   $ 135.0  
 
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest, net of capitalized amounts of $21.8 million and $15.9 million, respectively 7.4 13.8
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Changes to non-cash property, equipment and construction in progress accruals, including interest 0.4 0.4
Non-cash preferred stock dividend accrual (1.0 ) (1.0 )
 

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