DigitalGlobe, Inc.
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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.
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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.
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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.
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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
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— | — | |||||||
Common stock; $0.001 par value; 250.0 shares authorized; 76.9
shares issued and 62.7 shares
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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 | |||||