We use Adjusted EBITDA in conjunction with traditional GAAP operating performance measures as part of our overall assessment of our performance and we do not place undue reliance on this measure as our only measure of operating performance. Adjusted EBITDA should not be considered a substitute for other measures of financial performance reported in accordance with GAAP.
|
DigitalGlobe, Inc. Unaudited Condensed Consolidated Statements of Operations |
||
| Three Months Ended | ||
| March 31, | ||
| (in millions, except share and per share data) | 2010 | 2011 |
| Revenue | ||
| Defense and Intelligence revenue | $ 62.6 | $ 61.7 |
| Commercial revenue | 14.5 | 15.4 |
| Total revenue | 77.1 | 77.1 |
| Cost of revenue excluding depreciation and amortization | 10.1 | 11.8 |
| Selling, general and administrative | 24.8 | 30.1 |
| Depreciation and amortization | 29.1 | 29.2 |
| Income from operations | 13.1 | 6.0 |
| Other income (expense), net | - | 0.1 |
| Interest income (expense), net | (9.9) | (7.7) |
| Income (loss) before income taxes | 3.2 | (1.6) |
| Income tax (expense) benefit | (1.7) | 0.9 |
| Net income (loss) | $ 1.5 | $ (0.7) |
| Earnings (loss) per share: | ||
| Basic earnings (loss) per share | $ 0.03 | $ (0.02) |
| Diluted earnings (loss) per share | $ 0.03 | $ (0.02) |
| Weighted average common shares outstanding: | ||
| Basic | 43.7 | 46.1 |
| Diluted | 46.1 | 46.1 |
|
DigitalGlobe, Inc. Reconciliation of GAAP Net Income to Adjusted EBITDA (unaudited) |
||||||
|
Three months ended
March 31, |
||||||
| (in millions, except per share data) | 2010 | 2011 | ||||
| Net income (loss) | $ | 1.5 | $ | (0.7 | ) | |
| Depreciation and amortization | 29.1 | 29.2 | ||||
| Interest expense | 9.9 | 7.7 | ||||
| Income tax expense (benefit) | 1.7 | (0.9 | ) | |||
| Amortization of Pre-FOC payment related to NextView | (6.4 | ) | (6.4 | ) | ||
| EnhancedView deferred revenue (1) | – | 16.5 | ||||
| EnhancedView outstanding invoices not yet paid by NGA | – | 8.3 | ||||
| Stock compensation expense | 1.4 | 1.7 | ||||
| Adjusted EBITDA | $ | 37.2 | $ | 55.4 | ||
