|
DigitalGlobe, Inc. Consolidated Balance Sheets |
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| 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 | ||||||
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DigitalGlobe, Inc. Consolidated Statements of Cash Flows |
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| 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 | ) | ||||||
