Performance against key metrics:
For the three months ended | |||||||||||||||||||||
March 31, | |||||||||||||||||||||
($ in millions) | 2016 | 2015 | |||||||||||||||||||
Revenue | $ | 175.4 | $ | 169.4 | |||||||||||||||||
Net income (loss) available to common stockholders | $ | 7.3 | $ | (5.9 | ) | ||||||||||||||||
Adjusted EBITDA | $ | 95.4 | $ | 73.1 | |||||||||||||||||
Adjusted EBITDA margin | 54.4 | % | 43.2 | % | |||||||||||||||||
Net cash flows provided by operating activities | $ | 57.6 | $ | 56.9 | |||||||||||||||||
Free cash flow | $ | 17.8 | $ | 25.6 | |||||||||||||||||
Free cash flow margin | 10.1 | % | 15.1 | % | |||||||||||||||||
DigitalGlobe, Inc. Consolidated Statements of Operations |
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For the three months ended | ||||||||||
March 31, | ||||||||||
(in millions, except per share data) | 2016 | 2015 | ||||||||
Revenue | $ | 175.4 | $ | 169.4 | ||||||
Costs and expenses: | ||||||||||
Cost of revenue, excluding depreciation and amortization | 32.2 | 39.3 | ||||||||
Selling, general and administrative | 48.7 | 57.0 | ||||||||
Depreciation and amortization | 71.0 | 67.3 | ||||||||
Restructuring charges | 2.9 | 2.2 | ||||||||
Income from operations | 20.6 | 3.6 | ||||||||
Interest expense, net | (5.1 | ) | (12.7 | ) | ||||||
Income (loss) before income taxes | 15.5 | (9.1 | ) | |||||||
Income tax (expense) benefit | (6.0 | ) | 4.2 | |||||||
Equity in earnings from joint venture, net of tax | (0.9 | ) | — | |||||||
Net income (loss) | 8.6 | (4.9 | ) | |||||||
Preferred stock dividends | (1.0 | ) | (1.0 | ) | ||||||
Net income (loss) less preferred stock dividends | 7.6 | (5.9 | ) | |||||||
Income allocated to participating securities | (0.3 | ) | — | |||||||
Net income (loss) available to common stockholders | $ | 7.3 | $ | (5.9 | ) | |||||
Earnings per share: | ||||||||||
Basic earnings (loss) per share | $ | 0.11 | $ | (0.08 | ) | |||||
Diluted earnings (loss) per share | $ | 0.11 | $ | (0.08 | ) | |||||
Weighted average common shares outstanding: | ||||||||||
Basic | 64.9 | 72.4 | ||||||||
Diluted | 65.1 | 72.4 | ||||||||
DigitalGlobe, Inc. Reconciliation of Net Income to EBITDA and Adjusted EBITDA |
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For the three months ended | |||||||||
March 31, | |||||||||
(in millions) | 2016 | 2015 | |||||||
Net income | $ | 8.6 | $ | (4.9 | ) | ||||
Depreciation and amortization | 71.0 | 67.3 | |||||||
Interest expense, net | 5.1 | 12.7 | |||||||
Income tax expense (benefit) | 6.0 | (4.2 | ) | ||||||
EBITDA | 90.7 | 70.9 | |||||||
Restructuring charges | 2.9 | 2.2 | |||||||
Other re-engineering charges | 0.9 | — | |||||||
Joint venture losses, net | 0.9 | — | |||||||
Adjusted EBITDA | $ | 95.4 | $ | 73.1 | |||||