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DigitalGlobe Reports Third Quarter Results

Third quarter EnhancedView deferred revenue includes $8.3 million invoiced in the second quarter of 2011 for which cash was received in the third quarter of 2011.

 

DigitalGlobe, Inc.

Unaudited Condensed Consolidated Balance Sheets

     
(in millions, except share and per share data) December 31,

2010

    September 30,

2011

ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 179.3 $ 148.7
Restricted cash 6.7 5.6
Accounts receivable, net of allowance for doubtful accounts of $1.0 and $1.8, respectively 45.3 43.1
Prepaid and current assets 19.4 19.8
Deferred taxes   62.7         50.6  
Total current assets 313.4 267.8
Property and equipment, net of accumulated depreciation of $478.2 and $565.6, respectively 879.1 993.1
Goodwill 8.7 8.7
Intangibles, net of accumulated amortization of $7.7 and $7.4, respectively 0.3 0.1
Aerial image library, net of accumulated amortization of $21.1 and $23.7, respectively 1.9 8.9
Long-term restricted cash 13.6 10.5
Long-term deferred contract costs 42.1 45.8
Other assets, net   7.2         5.8  
Total assets $ 1,266.3       $ 1,340.7  
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 15.0 $ 8.5
Accrued interest 6.2 15.5
Other accrued liabilities 26.3 44.4
Current portion of deferred revenue   38.9         34.6  
Total current liabilities 86.4 103.0
Long-term accrued liability 6.0 1.4
Non-current portion of deferred rev enue 246.2 309.6
Non-current portion of deferred lease incentive 4.6 3.6
Long-term debt, net of discount 346.1 348.0
Long-term deferred tax liability   76.7         61.3  
Total liabilities $ 766.0       $ 826.9  
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY

Preferred stock, $0.001 par value; 24,000,000 shares authorized; no shares issued and outstanding at  December 31, 2010 and September 30, 2011

Common stock; $0.001 par value; 250,000,000 shares authorized; 46,073,691 shares issued and  outstanding at December 31, 2010 and 46,314,205 shares issued and outstanding at September 30,  2011

0.2 0.2
Treasury stock, at cost; 44,039 shares at December 31, 2010 and 65,820 shares at September 30, 2011 (0.7 ) (1.2 )
Additional paid-in capital 512.7 526.7
Accumulated deficit   (11.9 )       (11.9 )
Total stockholders’ equity   500.3         513.8  
Total liabilities and stockholders’ equity $ 1,266.3       $ 1,340.7  
 
 

DigitalGlobe, Inc.

Unaudited Condensed Consolidated Statements of Cash Flows

 
(in millions)

For the Nine MonthsEnded September 30,

    2010         2011  
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 2.8 $
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization expense 89.3 87.5
EnhancedView deferred revenue 74.5
Recognition of NextView pre-FOC payments (19.1 ) (19.1 )
Amortization of aerial image library, deferred contract costs and lease incentive 5.5 8.7
Non-cash stock compensation expense 4.6 11.2
Amortization of debt issuance costs and debt discount 3.4 2.9
Deferred income taxes 2.3 (3.4 )
Changes in working capital, net of investing activities:
Accounts receivable, net 2.9 2.2
Prepaids and other assets (1.0 ) (8.2 )
Accounts payable 0.3 4.1
Accrued liabilities 20.7 0.6
Deferred contract costs (14.2 ) (8.0 )
Deferred revenue   14.3     3.7  
Net cash flows provided by operating activities   111.8     156.7  
CASH FLOWS FROM INVESTING ACTIVITIES:
Construction in progress additions (25.6 ) (188.1 )
Other property, equipment and intangible additions (7.5 ) (4.7 )
Change in restricted cash   2.8     4.2  
Net cash flows used in investing activities   (30.3 )   (188.6 )
CASH FLOWS FROM FINANCING ACTIVITIES:
Costs associated with initial public offering (0.3 )
Proceeds from exercise of stock options 9.6 1.8
Cash paid for treasury stock       (0.5 )
Net cash flows provided by financing activities   9.3     1.3  
Net increase (decrease) in cash and cash equivalents 90.8 (30.6 )
Cash and cash equivalents, beginning of period   97.0     179.3  
Cash and cash equivalents, end of period $ 187.8     148.7  
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash received (paid) for income taxes $ 1.2 $ (1.2 )
Cash paid for interest, net of capitalized amounts $6.8 and $6.0, respectively (11.8 ) (12.6 )
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Changes to non-cash construction in progress and property, equipment and intangibles accruals, including interest (20.6 ) (13.1 )




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