DigitalGlobe Reports Second Quarter 2016 Results

Net income margin is calculated by dividing net income by U.S. GAAP revenue. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by U.S. GAAP revenue.

         

DigitalGlobe, Inc.
Consolidated Statements of Operations

 
For the three months ended For the six months ended
June 30, June 30,
(in millions, except per share data)     2016   2015   2016   2015  
Revenue $ 175.5 $ 178.0 $ 350.9 $ 347.4
Costs and expenses:
Cost of revenue, excluding depreciation and amortization 35.8 37.2 68.0 76.5
Selling, general and administrative 45.1 52.9 93.8 109.9
Depreciation and amortization 66.9 68.7 137.9 136.0
Restructuring charges   1.6     0.4     4.5     2.6  
Income from operations 26.1 18.8 46.7 22.4
Interest expense, net   (4.7 )   (5.4 )   (9.8 )   (18.1 )
Income before income taxes 21.4 13.4 36.9 4.3
Income tax expense (7.9 ) (5.4 ) (13.9 ) (1.2 )
Equity in earnings from joint ventures, net of tax   (1.3 )       (2.2 )    
Net income 12.2 8.0 20.8 3.1
Preferred stock dividends   (1.0 )   (1.0 )   (2.0 )   (2.0 )
Net income less preferred stock dividends 11.2 7.0 18.8 1.1
Income allocated to participating securities   (0.5 )   (0.3 )   (0.9 )    
Net income available to common stockholders $ 10.7   $ 6.7   $ 17.9   $ 1.1  
 
Earnings per share:
Basic earnings per share $ 0.17   $ 0.09   $ 0.28   $ 0.02  
Diluted earnings per share $ 0.17   $ 0.09   $ 0.28   $ 0.02  
Weighted average common shares outstanding:
Basic   62.9     72.1     63.9     72.3  
Diluted   63.4     72.8     64.2     73.1  
 
     

DigitalGlobe, Inc.
Reconciliation of Net Income to EBITDA and Adjusted EBITDA

 
For the three months ended For the six months ended
June 30, June 30,
(in millions) 2016   2015 2016   2015
Net income $ 12.2 $ 8.0 $ 20.8 $ 3.1
Depreciation and amortization 66.9 68.7 137.9 136.0
Interest expense, net 4.7 5.4 9.8 18.1
Income tax expense   7.9   5.4   13.9   1.2
EBITDA 91.7 87.5 182.4 158.4
Restructuring charges 1.6 0.4 4.5 2.6
Other re-engineering charges 0.7 0.4 1.6 0.4
Joint venture losses, net   1.3     2.2  
Adjusted EBITDA $ 95.3 $ 88.3 $ 190.7 $ 161.4
 
     

DigitalGlobe, Inc.
Reconciliation of Net Cash Flows Provided by Operating Activities to Free Cash Flow

 
For the three months ended For the six months ended
June 30, June 30,
(in millions) 2016    

2015

  2016     2015  
Net cash flows provided by operating activities $ 91.0 $ 95.0 $ 148.6 $ 151.9
Net cash flows used in investing activities (45.5 ) (40.9 ) (92.8 ) (72.2 )
Investment in joint venture       5.0     7.5     5.0  
Free cash flow $ 45.5   $ 59.1   $ 63.3   $ 84.7  
 
     

DigitalGlobe, Inc.
Consolidated Balance Sheets

 
June 30, December 31,
(in millions, except par value) 2016   2015  
ASSETS
Current Assets:
Cash and cash equivalents $ 100.5 $ 126.1
Restricted cash 2.3 3.6
Accounts receivable, net of allowance for doubtful accounts of $2.1 and $2.8, respectively 99.3 90.8
Deferred contract costs 11.2 13.5
Prepaid and other current assets   15.1     17.4  
Total current assets 228.4 251.4
Property and equipment, net of accumulated depreciation of $1,285.5 and $1,179.4, respectively 2,032.5 2,080.2
Goodwill 484.1 484.1
Intangible assets, net of accumulated amortization of $33.8 and $29.6, respectively 28.7 32.9
Long-term restricted cash 5.1 4.3
Long-term deferred contract costs 49.8 47.1
Other assets   21.1     13.2  
Total assets $ 2,849.7   $ 2,913.2  
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable $ 9.5 $ 3.9
Current portion of long-term debt 5.5 5.5
Deferred revenue 85.9 80.3
Other accrued liabilities   59.1     64.4  
Total current liabilities 160.0 154.1
Long-term debt, net of discount and debt issuance costs 1,104.4 1,104.4
Deferred revenue, non-current 251.0 284.0
Deferred income taxes, net, non-current 103.3 86.4
Other liabilities   36.0     36.2  
Total liabilities $ 1,654.7   $ 1,665.1  
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
DigitalGlobe, Inc. stockholders’ equity:

Series A convertible preferred stock, $0.001 par value; 0.08 shares authorized; 0.08 shares
issued and outstanding at June 30, 2016 and December 31, 2015

Common stock; $0.001 par value; 250.0 shares authorized; 76.9 shares issued and 62.7 shares
outstanding at June 30, 2016 and 76.6 shares issued and 67.4 shares outstanding at
December 31, 2015

0.2 0.2

Treasury stock, at cost; 14.2 shares at June 30, 2016 and 9.2 shares at December 31, 2015

(302.9 ) (225.8 )
Additional paid-in capital 1,506.0 1,502.8
Accumulated deficit   (8.3 )   (29.1 )
Total stockholders’ equity   1,195.0     1,248.1  
Total liabilities and stockholders’ equity $ 2,849.7   $ 2,913.2  
 



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