DigitalGlobe Reports Full Year and Fourth 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.

FINANCIAL TABLES TO FOLLOW

 

DigitalGlobe, Inc.

Consolidated Statements of Operations

 
 

For the three
months ended December 31,

   

For the twelve
months ended December 31,

(in millions, except per share amounts) 2016     2015 2016     2015
Revenue $ 192.7 $ 181.7 $ 725.4 $ 702.4
Costs and expenses:
Cost of revenue, excluding depreciation and amortization 51.9 34.1 164.4 144.9
Selling, general and administrative 49.4 47.5 185.1 207.0
Depreciation and amortization 64.7 74.3 267.2 280.7
Restructuring charges   1.1   6.0   6.6   9.0
Income from operations 25.6 19.8 102.1 60.8
Loss from early extinguishment of debt (35.7) (35.7)
Interest expense, net (4.0) (5.3) (17.8) (29.0)
Other income, net   0.1     0.1   1.6
(Loss) income before income taxes (14.0) 14.5 48.7 33.4
Income tax benefit (expense) 5.1 (3.4) (18.3) (9.2)
Equity in earnings from joint ventures, net of tax   (0.4)   (0.5)   (3.9)   (0.9)
Net (loss) income (9.3) 10.6 26.5 23.3
Preferred stock dividends   (1.0)   (1.0)   (4.0)   (4.0)
Net (loss) income less preferred stock dividends (10.3) 9.6 22.5 19.3
Loss (income) allocated to participating securities     (0.4)   (1.0)   (0.8)
Net (loss) income available to common stockholders $ (10.3) $ 9.2 $ 21.5 $ 18.5
 
(Loss) earnings per share:
Basic (loss) earnings per share $ (0.17) $ 0.13 $ 0.34 $ 0.26
Diluted (loss) earnings per share $ (0.17) $ 0.13 $ 0.34 $ 0.26
Weighted-average common shares outstanding:
Basic   61.9   68.8   63.1   71.0
Diluted   63.0   69.1   63.8   71.5
 
 

DigitalGlobe, Inc.

Reconciliation of Net Income to EBITDA and Adjusted EBITDA

 
  For the three months ended   For the year ended
December 31, December 31,
(in millions) 2016   2015 2016   2015
Net (loss) income $ (9.3)   10.6 $ 26.5 $ 23.3
Depreciation and amortization 64.7 74.3 267.2 280.7
Interest expense, net 4.0 5.3 17.8 29.0
Income tax (benefit) expense   (5.1)   3.4   18.3   9.2
EBITDA 54.3 93.6 329.8 342.2
Loss from early extinguishment of debt 35.7 35.7
Restructuring charges 1.1 6.0 6.6 9.0
Other re-engineering charges 1.9 2.3 5.7 5.2
Joint venture losses, net 0.4 0.5 3.9 0.9
Integration and acquisition costs 1.0 1.0
Gain on disposition of subsidiary (1.6)
Adjusted EBITDA $ 94.4   102.4 $ 382.7 $ 355.7
 
 

DigitalGlobe, Inc.

Reconciliation of Net Cash Flows Provided by Operating Activities to Free Cash Flow

 
  For the year ended December 31,
(in millions) 2016   2015   2014
Net cash flows provided by operating activities $ 301.6 $ 329.7 $ 224.9
Capital expenditures (1)   (192.0 )   (163.4 )   (234.0 )
Free cash flow (2) $ 109.6   $ 166.3   $ (9.1 )
(1)   Note that capital expenditures includes capitalized interest, tenant improvements and capital expenditures.
(2) We modified our definition of free cash flow in the current year. Prior period amounts have been revised to conform to the current definition.
 
 

DigitalGlobe, Inc.

Consolidated Balance Sheets

 
  As of December 31,
(in millions, except par value) 2016   2015
ASSETS
Current Assets:
Cash and cash equivalents $ 109.3 $ 126.1
Restricted cash 2.4 3.6
Accounts receivable, net of allowance for doubtful accounts of $1.6 and $2.8, respectively 114.6 90.8
Deferred contract costs 10.3 13.5
Prepaid and other current assets   23.8     17.4  
Total current assets 260.4 251.4
Property and equipment, net of accumulated depreciation of $1,387.8 and $1,179.4, respectively 2,002.5 2,080.2
Goodwill 578.1 484.1
Intangible assets, net of accumulated amortization of $39.0 and $29.6, respectively 87.0 32.9
Long-term restricted cash 4.8 4.3
Long-term deferred contract costs 49.3 47.1
Other assets   27.8     13.2  
Total assets $ 3,009.9   $ 2,913.2  
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable $ 15.0 $ 3.9
Current portion of long-term debt 47.2 5.5
Deferred revenue 86.3 80.3
Other accrued liabilities   70.7     64.4  
Total current liabilities 219.2 154.1
Long-term debt, net of discount and debt issuance costs 1,242.1 1,104.4
Deferred revenue, non-current 216.9 284.0
Deferred income taxes, net, non-current 124.0 86.4
Other liabilities   34.8     36.2  
Total liabilities $ 1,837.0   $ 1,665.1  
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Stockholders' equity:
Series A convertible preferred stock, $0.001 par value, 0.08 shares authorized; 0.08 issued and outstanding at December 31, 2016 and 2015
Common stock; $0.001 par value; 250.0 shares authorized; 77.0 shares issued and 61.4 shares outstanding at December 31, 2016 and 76.6 shares issued and 67.4 shares outstanding at December 31, 2015 0.2 0.2
Treasury stock, at cost; 15.6 shares at December 31, 2016 and 9.2 shares at December 31, 2015 (342.0 ) (225.8 )
Additional paid-in capital 1,518.3 1,502.8
Accumulated deficit   (3.6 )   (29.1 )
Total stockholders’ equity   1,172.9     1,248.1  
Total liabilities and stockholders’ equity $ 3,009.9   $ 2,913.2  
 
 

DigitalGlobe, Inc.

Consolidated Statements of Cash Flows

 
  For the year ended December 31,
(in millions) 2016   2015   2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 26.5 $ 23.3 $ 18.5
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense 267.2 280.7 239.7
Stock-based compensation expense, net of capitalized stock-based compensation expense 18.2 18.8 14.7
Amortization of aerial image library, deferred contract costs and lease incentive 18.5 17.8 18.1
Deferred income taxes 18.0 9.2 6.7
Excess tax benefit from share-based compensation (1.3 ) (1.0 ) (3.0 )
Loss from early extinguishment of debt 35.7
Amortization of debt issuance costs, accretion of debt discount, and other 11.2 5.8 1.8
Changes in working capital, net of assets acquired and liabilities assumed in business combinations:
Accounts receivable, net (4.8 ) 42.8 (14.7 )
Deferred contract costs (16.9 ) (18.5 ) (7.2 )
Other current and non-current assets (15.1 ) 3.2 2.0
Accounts payable (2.5 ) (3.7 ) (23.1 )
Accrued liabilities 8.7 13.1 4.2
Deferred revenue   (61.8 )   (61.8 )   (32.8 )
Net cash flows provided by operating activities   301.6     329.7     224.9  
CASH FLOWS FROM INVESTING ACTIVITIES:
Construction in progress additions (191.7 ) (160.9 ) (222.2 )
Property and equipment additions (0.3 ) (2.5 ) (11.8 )
Acquisition of businesses, net of cash acquired (140.0 ) (35.7 )
Decrease (increase) in restricted cash 0.7 (1.6 ) 5.1
Investment in joint venture (10.0 ) (5.0 )
Other   3.0     0.1      
Net cash flows used in investing activities   (338.3 )   (169.9 )   (264.6 )
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of debt 1,275.0
Cash received from revolving credit facility 110.0
Repayment of debt, revolving credit facility and capital lease obligations (1,212.3 ) (6.6 ) (6.6 )
Cash paid for debt issuance costs, original issue discount, modification and early extinguishment of long-term debt (37.6 ) (3.0 )
Repurchase of common stock (115.7 ) (144.5 ) (75.1 )
Proceeds from exercise of stock options 3.2 5.6 11.1
Preferred stock dividend payment (4.0 ) (4.0 ) (4.0 )
Excess tax benefit from share-based compensation   1.3     1.0     3.0  
Net cash flows provided by (used in) financing activities   19.9     (151.5 )   (71.6 )
Net (decrease) increase in cash and cash equivalents (16.8 ) 8.3 (111.3 )
Cash and cash equivalents, beginning of period   126.1     117.8     229.1  
Cash and cash equivalents, end of period $ 109.3   $ 126.1   $ 117.8  
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest, net of capitalized amounts of $55.6, $32.1 and $49.5, respectively $ 14.0 $ 24.0 $
Cash paid (refunded) for income taxes 0.1 (0.5 ) (11.0 )
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Changes to non-cash property, equipment and construction in progress accruals, including interest $ 11.2 $ (9.2 ) $ 16.5
Additions to capital lease obligations (6.9 ) (3.1 )
Non-cash preferred stock dividend accrual (1.0 ) (1.0 ) (1.0 )
 

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