DigitalGlobe Reports Second Quarter Results

Adjusted EBITDA is not a recognized term under generally accepted accounting principles (GAAP), in the United States and may not be defined similarly by other companies. Adjusted EBITDA should not be considered an alternative to net income, as an indication of financial performance, or as an alternative to cash flow from operations as a measure of liquidity. There are limitations to using non-GAAP financial measures, including the difficulty associated with comparing companies that use similar performance measures whose calculations may differ from ours.

Second quarter EnhancedView deferred revenue includes $8.3 million invoiced in the first quarter of 2011 for which cash was received in the second quarter of 2011.

     

DigitalGlobe, Inc.

Unaudited Condensed Consolidated Balance Sheets

 
(in millions, except share and per share data) December 31,

2010

    June 30,

2011

ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 179.3 $ 147.2
Restricted cash 6.7 3.8

Accounts receivable, net of allowance for doubtful accounts of $1.0 and $1.2,
  respectively

45.3 39.4
Prepaid and current assets 19.4 18.9
Deferred taxes   62.7         49.9  
Total current assets 313.4 259.2

Property and equipment, net of accumulated depreciation of $478.2 and $536.6,
  respectively

879.1 967.1
Goodwill 8.7 8.7
Intangibles, net of accumulated amortization of $7.7 and $7.8, respectively 0.3 0.2
Aerial image library, net of accumulated amortization of $21.1 and $22.7, respectively 1.9 4.2
Long-term restricted cash 13.6 11.5
Long-term deferred contract costs 42.1 43.7
Other assets, net   7.2         6.4  
Total assets $ 1,266.3       $ 1,301.0  
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 15.0 $ 17.0
Accrued interest 6.2 6.2
Other accrued liabilities 26.3 31.8
Current portion of deferred revenue   38.9         36.0  
Total current liabilities 86.4 91.0
Long-term accrued liability 6.0 1.4
Deferred rev e nue 246.2 284.8
Deferred lease incentive 4.6 3.9
Long-term debt, net of discount 346.1 347.4
Long-term deferred tax liability   76.7         62.5  
Total liabilities $ 766.0       $ 791.0  
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY

Preferred stock, $0.001 par value; 24,000,000 shares authorized; no shares issued and
  outstanding at December 31, 2010 and June 30, 2011

Common stock; $0.001 par value; 250,000,000 shares authorized; 46,073,691 shares
  issued and outstanding at December 31, 2010 and 46,285,702 shares issued and
  outstanding at June 30, 2011

0.2 0.2

Treasury stock, at cost; 44,039 shares at December 31, 2010 and 50,395 shares at June
  30, 2011

(0.7 ) (0.9 )
Additional paid-in capital 512.7 523.7
Accumulated deficit   (11.9 )       (13.0 )
Total stockholders’ equity   500.3         510.0  
Total liabilities and stockholders’ equity $ 1,266.3       $ 1,301.0  
 
 

DigitalGlobe, Inc.

Condensed Consolidated Statements of Cash Flows

 
(in millions)

For the Six Months Ended
June 30,

    2010         2011  
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 2.0 $ (1.1 )
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization expense 60.1 58.4
EnhancedView deferred revenue 49.7
Recognition of pre-FOC payments (12.8 ) (12.8 )
Amortization of aerial image library, deferred contract costs and lease incentive 2.2 3.6
Non-cash stock compensation expense 2.9 9.0
Amortization of debt issuance costs and debt discount 2.3 2.2
Deferred income taxes 1.4 (1.4 )
Changes in working capital, net of investing activities:
Accounts receivable, net (5.3 ) 5.9
Prepaids and other assets (0.5 ) (3.2 )
Accounts payable 1.9
Accrued liabilities 5.8 (2.0 )
Deferred contract costs (11.2 ) (4.4 )
Deferred revenue   9.9         (1.2 )
Net cash flows provided by operating activities   56.8         104.6  
CASH FLOWS FROM INVESTING ACTIVITIES:
Construction in progress additions (16.1 ) (138.8 )
Other property, equipment and intangible additions (3.3 ) (4.0 )
Change in restricted cash   0.9         5.0  
Net cash flows used in investing activities   (18.5 )       (137.8 )
CASH FLOWS FROM FINANCING ACTIVITIES:
Costs associated with initial public offering (0.3 )
Proceeds from exercise of stock options 7.8 1.3
Cash paid for treasury stock           (0.2 )
Net cash flows provided by financing activities   7.5         1.1  
Net increase (decrease) in cash and cash equivalents 45.8 (32.1 )
Cash and cash equivalents, beginning of period   97.0         179.3  
Cash and cash equivalents, end of period $ 142.8       $ 147.2  
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash received (paid) for income taxes $ 0.1 $
Cash paid for interest, net of capitalized amounts $6.8 and $6.0, respectively 11.8 12.6
NON-CASH INVESTING AND FINANCING ACTIVITIES:

Changes to non-cash construction in progress and property, equipment and intangibles accruals,
  including interest

$ (5.8 ) $ (3.5 )



« Previous Page 1 | 2 | 3 | 4 | 5  Next Page »



Review Article Be the first to review this article

Featured Video
Jobs
Business Development Manager for ESRI at Redlands, California
ArcGIS Online Product Engineer for REST API for ESRI at Redlands, California
Back-End Product Engineer - ArcGIS Urban for ESRI at Redlands, California
Business Analyst - eCommerce for ESRI at Redlands, California
ArcGIS Maps for SharePoint Product Engineer for ESRI at Redlands, California
Geographic Information System (GIS) Coordinator for Lassen County Personnel & Risk Management at Susanville, California
Upcoming Events
Spectral Sessions at United States - Jan 27, 2021
Coastal GeoTools 2021 at 2234 South Hobson Ave Charleston SC - Feb 8 - 11, 2021
Milipol Asia-Pacific 2021 at Singapore - Mar 23 - 25, 2021
University of Denver GIS Masters Degree Online



© 2021 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation TechJobsCafe - Technical Jobs and Resumes  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise