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DigitalGlobe, Inc.
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| 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 | ) | |||||
DigitalGlobe Reports Second Quarter 2016 Results
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