DigitalGlobe, Inc.
Unaudited Condensed Consolidated Balance Sheets
June 30, December 31,
(in millions, except share data) 2012 2011
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ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 212.4 $ 198.5
Restricted cash 7.8 7.7
Accounts receivable, net of allowance for
doubtful accounts of $2.8 and $3.6,
respectively 47.5 50.7
Prepaid and current assets 20.3 19.6
Deferred taxes 67.1 65.1
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Total current assets 355.1 341.6
Property and equipment, net of accumulated
depreciation of $619.5 and $563.9,
respectively 1,076.2 1,019.8
Goodwill 8.7 8.7
Aerial image library, net of accumulated
amortization of $29.1 and $25.1, respectively 17.8 13.0
Long-term restricted cash 7.8 9.8
Long-term deferred contract costs 39.4 44.7
Other assets 12.8 14.0
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Total assets $ 1,517.8 $ 1,451.6
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LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 14.9 $ 19.7
Accrued interest 0.2 0.2
Current note payable 5.0 5.0
Other accrued liabilities 50.6 37.5
Current portion of deferred revenue 37.8 36.6
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Total current liabilities 108.5 99.0
Long-term accrued liability - 1.4
Deferred revenue 349.1 319.3
Deferred lease incentive 2.7 3.3
Long-term debt, net of discount 480.1 481.6
Long-term deferred tax liability, net 71.7 59.6
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Total liabilities $ 1,012.1 $ 964.2
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COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Preferred stock, $0.001 par value; 24,000,000
shares authorized; no shares issued and
outstanding at June 30, 2012 and December 31,
2011 - -
Common stock, $0.001 par value; 250,000,000
shares authorized; 46,748,615 shares issued
and outstanding at June 30, 2012 and
46,320,471 shares issued and outstanding at
December 31, 2011 0.2 0.2
Treasury stock, at cost; 80,956 shares at June
30, 2012 and 66,175 shares at December 31,
2011 (1.4) (1.2)
Additional paid-in capital 535.1 530.0
Accumulated deficit (28.2) (41.6)
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Total stockholders' equity 505.7 487.4
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Total liabilities and stockholders' equity $ 1,517.8 $ 1,451.6
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DigitalGlobe, Inc.
Condensed Consolidated Statements of Cash Flows
For the six months ended
June 30,
2011
(in millions) 2012 Revised
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 13.4 $ (2.2)
Adjustments to reconcile net income (loss) to
net cash provided by operating activities:
Depreciation and amortization expense 57.6 58.4
EnhancedView deferred revenue 33.8 49.7
Recognition of pre-FOC payments (12.8) (12.8)
Amortization of aerial image library,
deferred contract costs and lease incentive 10.5 4.2
Non-cash stock compensation expense 4.7 9.5
Amortization of debt issuance costs 1.9 2.2
Deferred income taxes 10.1 (2.4)
Changes in working capital, net of investing
activities:
Accounts receivable, net 3.2 5.9
Prepaids and other assets (8.3) (4.1)
Accounts payable 5.7 1.9
Accrued liabilities (13.5) (5.9)
Deferred contract costs (0.5) -
Deferred revenue 10.0 (1.2)
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Net cash flows provided by operating
activities 115.8 103.2
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CASH FLOWS FROM INVESTING ACTIVITIES:
Construction in progress additions (96.5) (137.4)
Other property and equipment additions (4.8) (4.0)
Decrease in restricted cash 1.9 5.0
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Net cash flows used in investing activities (99.4) (136.4)
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CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of long-term debt (2.5) -
Proceeds from exercise of stock options - 1.3
Repurchase of common stock - (0.2)
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Net cash flows (used in) provided by financing
activities (2.5) 1.1
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Net increase (decrease) in cash and cash
equivalents 13.9 (32.1)
Cash and cash equivalents, beginning of period 198.5 179.3
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Cash and cash equivalents, end of period $ 212.4 $ 147.2
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SUPPLEMENTAL CASH FLOW INFORMATION:
Interest capitalized $ 10.9 $ 7.7
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Changes to non-cash construction in progress
accruals, including interest 12.8 3.2
