DigitalGlobe Reports First Quarter 2016 Results

Free Cash Flow margin is calculated by dividing Free Cash Flow by U.S. GAAP revenue.


DigitalGlobe, Inc. Consolidated Balance Sheets

	March 31,			December 31,
(in millions, except par value)	2016			2015
ASSETS
Current Assets:
Cash and cash equivalents	$	72.8		$	126.1
Restricted cash		4.0			3.6
Accounts receivable, net of allowance for doubtful accounts of $2.9 and $2.8, respectively		101.7			90.8
Deferred contract costs		12.2			13.5
Prepaid and other current assets		18.8			17.4
Total current assets		209.5			251.4
Property and equipment, net of accumulated depreciation of $1,242.6 and $1,179.4, respectively		2,043.6			2,080.2
Goodwill		484.1			484.1
Intangible assets, net of accumulated amortization of $31.9 and $29.6, respectively		30.6			32.9
Long-term restricted cash		5.1			4.3
Long-term deferred contract costs		48.3			47.1
Other assets		21.0			13.2
Total assets	$	2,842.2		$	2,913.2
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	6.9		$	3.9
Current portion of long-term debt		5.5			5.5
Deferred revenue		83.5			80.3
Other accrued liabilities		45.7			64.4
Total current liabilities		141.6			154.1
Long-term debt, net of discount and debt issuance costs		1,104.4			1,104.4
Deferred revenue, non-current		269.6			284.0
Deferred income taxes, net, non-current		94.6			86.4
Other liabilities		36.7			36.2
Total liabilities	$	1,646.9		$	1,665.1
COMMITMENTS AND CONTINGENCIES (Note 15)
STOCKHOLDERS’ EQUITY
DigitalGlobe, Inc. stockholders’ equity:
Series A convertible preferred stock, $0.001 par value; 0.08 shares authorized; 0.08 shares issued and outstanding at March 31, 2016 and December 31, 2015		—			—
Common stock; $0.001 par value; 250.0 shares authorized; 76.8 shares issued and 63.5 shares outstanding at March 31, 2016 and 76.6 shares issued and 67.4 shares outstanding at December 31, 2015		0.2			0.2
Treasury stock, at cost; 13.3 shares at March 31, 2016 and 9.2 shares at December 31, 2015		(286.9	)		(225.8	)
Additional paid-in capital		1,502.5			1,502.8
Accumulated deficit		(20.5	)		(29.1	)
Total stockholders’ equity		1,195.3			1,248.1
Total liabilities and stockholders’ equity	$	2,842.2		$	2,913.2


DigitalGlobe, Inc. Consolidated Statements of Cash Flows

	For the three months ended
	March 31,
(in millions)	2016			2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	8.6		$	(4.9	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization expense		71.0			67.3
Stock-based compensation expense, net of capitalized stock-based compensation expense		4.0			4.6
Amortization of aerial image library, deferred contract costs and lease incentive		4.2			4.5
Deferred income taxes		8.2			(5.9	)
Excess tax benefit from share-based compensation		(0.1	)		(0.9	)
Amortization of debt issuance costs and accretion of debt discount, and other		0.8			2.1
Changes in working capital:
Accounts receivable, net		(10.9	)		3.6
Deferred contract costs		(4.4	)		(4.8	)
Other current and non-current assets		(3.5	)		4.8
Accounts payable		0.7			5.8
Accrued liabilities		(9.8	)		0.5
Deferred revenue		(11.2	)		(19.8	)
Net cash flows provided by operating activities		57.6			56.9
CASH FLOWS FROM INVESTING ACTIVITIES:
Construction in progress additions		(38.6	)		(30.1	)
Property and equipment additions		—			(1.2	)
Increase in restricted cash		(1.2	)		—
Investment in joint venture		(7.5	)		—
Net cash flows used in investing activities		(47.3	)		(31.3	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of debt and capital lease obligations		(1.9	)		(1.6	)
Repurchase of common stock		(60.9	)		(31.1	)
Proceeds from exercise of stock options		0.1			4.3
Preferred stock dividend payment		(1.0	)		(1.0	)
Excess tax benefit from share-based compensation		0.1			0.9
Net cash flows used in financing activities		(63.6	)		(28.5	)
Net decrease in cash and cash equivalents		(53.3	)		(2.9	)
Cash and cash equivalents, beginning of period		126.1			117.8
Cash and cash equivalents, end of period	$	72.8		$	114.9

SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest, net of capitalized amounts of $16.6 million and $11.5 million, respectively		5.9			9.6
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Changes to non-cash property, equipment and construction in progress accruals, including interest		6.8			3.2
Non-cash preferred stock dividend accrual		(1.0	)		(1.0	)

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