DigitalGlobe, Inc. Consolidated Balance Sheets |
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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,
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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,
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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;
|
— | — | ||||||||
Common stock; $0.001 par value; 250.0 shares authorized; 76.8
shares issued
|
0.2 | 0.2 | ||||||||
Treasury stock, at cost; 13.3 shares at March 31, 2016 and 9.2
shares at
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(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 |
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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
|
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Depreciation and amortization expense | 71.0 | 67.3 | ||||||||
Stock-based compensation expense, net of capitalized stock-based
compensation
|
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
|
5.9 | 9.6 | ||||||||
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||||||||
Changes to non-cash property, equipment and construction in
progress accruals,
|
6.8 | 3.2 | ||||||||
Non-cash preferred stock dividend accrual | (1.0 | ) | (1.0 | ) | ||||||