DigitalGlobe, Inc. Unaudited Condensed Consolidated Balance Sheets (in millions, except per share data) |
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December 31, | September 30, | |||||||
2008 | 2009 | |||||||
ASSETS | ||||||||
CURRENT ASSETS: | ||||||||
Cash and cash equivalents | $ | 60.8 | $ | 96.1 | ||||
Restricted cash | 2.5 | 8.6 | ||||||
Accounts receivable, net of allowance for doubtful accounts of $0.9 and $1.4, respectively | 44.3 | 40.9 | ||||||
Accounts receivable from related party | 2.5 | - | ||||||
Aerial image library | 4.9 | 5.5 | ||||||
Prepaid and current assets | 5.8 | 10.2 | ||||||
Deferred taxes | 24.9 | 12.6 | ||||||
Total current assets | 145.7 | 173.9 | ||||||
Property and equipment, net of accumulated depreciation of $288.6 and $343.3, respectively | 792.9 | 880.4 | ||||||
Goodwill | 8.7 | 8.7 | ||||||
Intangibles, net of accumulated amortization of $5.4 and $6.8, respectively | 3.6 | 2.2 | ||||||
Long-term restricted cash | - | 16.7 | ||||||
Long-term deferred contract costs | 5.7 | 32.8 | ||||||
Long-term deferred contract costs from related party | 15.9 | - | ||||||
Other assets, net | 7.7 | 9.6 | ||||||
Total assets | $ | 980.2 | $ | 1,124.3 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
CURRENT LIABILITIES: | ||||||||
Accounts payable | 0.7 | 4.4 | ||||||
Accounts payable to related party | 1.8 | - | ||||||
Accrued interest | 3.5 | 16.0 | ||||||
Other accrued liabilities | 20.1 | 21.2 | ||||||
Other accrued liabilities to related party | 2.7 | - | ||||||
Current portion of deferred revenue | 28.1 | 32.0 | ||||||
8.5% Cumulative mandatorily redeemable preferred stock-Series-C; $0.001 par value; 50,000,000 shares authorized; 10 shares issued and outstanding; aggregate liquidation preference of $0.5 million as of December 31, 2008 and there was no balance as of September 30, 2009 |
0.5 | - | ||||||
Total current liabilities | $ | 57.4 | $ | 73.6 | ||||
Deferred revenue | 214.9 | 230.5 | ||||||
Deferred revenue related party | 24.7 | - | ||||||
Deferred lease incentive | 6.3 | 5.7 | ||||||
Long-term debt | 230.0 | 342.9 | ||||||
Long-term debt and accrued interest to related parties | 44.6 | - | ||||||
Long-term deferred tax liability | - | 9.2 | ||||||
Total liabilities | $ | 577.9 | $ | 661.9 | ||||
COMMITMENTS AND CONTINGENCIES | ||||||||
STOCKHOLDERS’ EQUITY: | ||||||||
Preferred stock, $0.001 par value; 24,000,000 shares authorized; no shares issued and outstanding at December 31, 2008 and September 30, 2009 |
- | - | ||||||
Common stock; $0.001 par value; 250,000,000 shares authorized; 43,468,941 shares issued and outstanding at December 31, 2008 and 44,934,831 shares issued and outstanding at September 30, 2009 |
0.2 | 0.2 | ||||||
Treasury stock, at cost; 21,555 shares at December 31, 2008 and 43,723 shares at September 30, 2009 | (0.2 | ) | (0.7 | ) | ||||
Additional paid-in capital | 467.2 | 492.7 | ||||||
Accumulated other comprehensive income (loss) | (1.5 | ) | - | |||||
Accumulated deficit | (63.4 | ) | (29.8 | ) | ||||
Total stockholders’ equity | 402.3 | 462.4 | ||||||
Total liabilities and stockholders’ equity | $ | 980.2 | $ | 1,124.3 |
DigitalGlobe, Inc. Unaudited Condensed Consolidated Statements of Cash Flows (in millions) |
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For the Nine Months Ended
September 30, |
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2008 | 2009 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net income | $ | 40.0 | $ | 33.6 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization expense | 56.4 | 56.2 | ||||||
Non-cash recognition of deferred revenue | (19.1 | ) | (19.8 | ) | ||||
Non-cash amortization | 3.1 | 4.0 | ||||||
Non-cash stock compensation expense | 2.5 | 5.5 | ||||||
Amortization of debt issuance costs | 1.3 | - | ||||||
Write off of debt financing fees | - | 5.3 | ||||||
Deferred income taxes | 26.6 | 20.5 | ||||||
Changes in working capital, net of investing activities: | ||||||||
Accounts receivable, net | 14.9 | 6.1 | ||||||
Accounts receivable from related party | (1.6 | ) | (0.2 | ) | ||||
Aerial image library | (2.7 | ) | (4.7 | ) | ||||
Other assets | 4.5 | (4.6 | ) | |||||
Accounts payable | 1.5 | (0.8 | ) | |||||
Accounts payable and accrued liabilities to related parties | (1.8 | ) | 3.5 | |||||
Accrued liabilities | 3.0 | (0.4 | ) | |||||
Deferred contract costs from related party | (7.7 | ) | (11.7 | ) | ||||
Deferred revenue | (0.9 | ) | 12.4 | |||||
Deferred revenue related party | 6.5 | 2.1 | ||||||
Deferred lease incentive | 0.8 | - | ||||||
Net cash flows provided by operating activities | 127.3 | 107.0 | ||||||
CASH FLOWS USED IN INVESTING ACTIVITIES: | ||||||||
Construction in progress additions | (100.8 | ) | (121.4 | ) | ||||
Other property, equipment and intangible additions | (4.0 | ) | (7.2 | ) | ||||
Increase in restricted cash | (0.1 | ) | (22.8 | ) | ||||
Settlements of derivative instruments | (0.8 | ) | (2.8 | ) | ||||
Net cash flows used in investing activities | (105.7 | ) | (154.2 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Proceeds from issuance of debt, net of issuance costs | 38.5 | 330.9 | ||||||
Proceeds from initial public offering, net of issuance costs | (2.4 | ) | 21.7 | |||||
Repayment of notes | - | (270.0 | ) | |||||
Proceeds from exercise of stock options | 1.1 | 0.3 | ||||||
Repurchase of common stock |
- | (0.4 | ) | |||||
Net cash flows provided by financing activities | 37.2 | 82.5 | ||||||
Net increase in cash and cash equivalents | 58.8 | 35.3 | ||||||
Cash and cash equivalents, beginning of period | 22.9 | 60.8 | ||||||
Cash and cash equivalents, end of period | $ | 81.7 | $ | 96.1 | ||||
SUPPLEMENTAL CASH FLOW INFORMATION: | ||||||||
Cash paid for interest, net of amounts capitalized | $ | 3.1 | $ | - | ||||
Cash paid for income taxes | 2.0 | 2.4 | ||||||
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||||||
Non-cash items capitalized in construction in progress | - | 5.5 | ||||||
Changes to non-cash property and equipment accruals, including interest | (14.7 | ) | 8.1 |