Third quarter EnhancedView deferred revenue includes $8.3 million invoiced in the second quarter of 2011 for which cash was received in the third quarter of 2011.
DigitalGlobe, Inc. Unaudited Condensed Consolidated Balance Sheets |
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(in millions, except share and per share data) |
December 31,
2010 |
September 30,
2011 |
|||||||
ASSETS | |||||||||
CURRENT ASSETS: | |||||||||
Cash and cash equivalents | $ | 179.3 | $ | 148.7 | |||||
Restricted cash | 6.7 | 5.6 | |||||||
Accounts receivable, net of allowance for doubtful accounts of $1.0 and $1.8, respectively | 45.3 | 43.1 | |||||||
Prepaid and current assets | 19.4 | 19.8 | |||||||
Deferred taxes | 62.7 | 50.6 | |||||||
Total current assets | 313.4 | 267.8 | |||||||
Property and equipment, net of accumulated depreciation of $478.2 and $565.6, respectively | 879.1 | 993.1 | |||||||
Goodwill | 8.7 | 8.7 | |||||||
Intangibles, net of accumulated amortization of $7.7 and $7.4, respectively | 0.3 | 0.1 | |||||||
Aerial image library, net of accumulated amortization of $21.1 and $23.7, respectively | 1.9 | 8.9 | |||||||
Long-term restricted cash | 13.6 | 10.5 | |||||||
Long-term deferred contract costs | 42.1 | 45.8 | |||||||
Other assets, net | 7.2 | 5.8 | |||||||
Total assets | $ | 1,266.3 | $ | 1,340.7 | |||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||
CURRENT LIABILITIES: | |||||||||
Accounts payable | $ | 15.0 | $ | 8.5 | |||||
Accrued interest | 6.2 | 15.5 | |||||||
Other accrued liabilities | 26.3 | 44.4 | |||||||
Current portion of deferred revenue | 38.9 | 34.6 | |||||||
Total current liabilities | 86.4 | 103.0 | |||||||
Long-term accrued liability | 6.0 | 1.4 | |||||||
Non-current portion of deferred rev e nue | 246.2 | 309.6 | |||||||
Non-current portion of deferred lease incentive | 4.6 | 3.6 | |||||||
Long-term debt, net of discount | 346.1 | 348.0 | |||||||
Long-term deferred tax liability | 76.7 | 61.3 | |||||||
Total liabilities | $ | 766.0 | $ | 826.9 | |||||
COMMITMENTS AND CONTINGENCIES | |||||||||
STOCKHOLDERS’ EQUITY | |||||||||
Preferred stock, $0.001 par value; 24,000,000 shares authorized;
no shares issued and outstanding at
|
– | – | |||||||
Common stock; $0.001 par value; 250,000,000 shares authorized;
46,073,691 shares issued and
|
0.2 | 0.2 | |||||||
Treasury stock, at cost; 44,039 shares at December 31, 2010 and 65,820 shares at September 30, 2011 | (0.7 | ) | (1.2 | ) | |||||
Additional paid-in capital | 512.7 | 526.7 | |||||||
Accumulated deficit | (11.9 | ) | (11.9 | ) | |||||
Total stockholders’ equity | 500.3 | 513.8 | |||||||
Total liabilities and stockholders’ equity | $ | 1,266.3 | $ | 1,340.7 | |||||
DigitalGlobe, Inc. Unaudited Condensed Consolidated Statements of Cash Flows |
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(in millions) |
For the Nine Months
|
||||||||
2010 | 2011 | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||
Net income (loss) | $ | 2.8 | $ | – | |||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||
Depreciation and amortization expense | 89.3 | 87.5 | |||||||
EnhancedView deferred revenue | – | 74.5 | |||||||
Recognition of NextView pre-FOC payments | (19.1 | ) | (19.1 | ) | |||||
Amortization of aerial image library, deferred contract costs and lease incentive | 5.5 | 8.7 | |||||||
Non-cash stock compensation expense | 4.6 | 11.2 | |||||||
Amortization of debt issuance costs and debt discount | 3.4 | 2.9 | |||||||
Deferred income taxes | 2.3 | (3.4 | ) | ||||||
Changes in working capital, net of investing activities: | |||||||||
Accounts receivable, net | 2.9 | 2.2 | |||||||
Prepaids and other assets | (1.0 | ) | (8.2 | ) | |||||
Accounts payable | 0.3 | 4.1 | |||||||
Accrued liabilities | 20.7 | 0.6 | |||||||
Deferred contract costs | (14.2 | ) | (8.0 | ) | |||||
Deferred revenue | 14.3 | 3.7 | |||||||
Net cash flows provided by operating activities | 111.8 | 156.7 | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||
Construction in progress additions | (25.6 | ) | (188.1 | ) | |||||
Other property, equipment and intangible additions | (7.5 | ) | (4.7 | ) | |||||
Change in restricted cash | 2.8 | 4.2 | |||||||
Net cash flows used in investing activities | (30.3 | ) | (188.6 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Costs associated with initial public offering | (0.3 | ) | – | ||||||
Proceeds from exercise of stock options | 9.6 | 1.8 | |||||||
Cash paid for treasury stock | – | (0.5 | ) | ||||||
Net cash flows provided by financing activities | 9.3 | 1.3 | |||||||
Net increase (decrease) in cash and cash equivalents | 90.8 | (30.6 | ) | ||||||
Cash and cash equivalents, beginning of period | 97.0 | 179.3 | |||||||
Cash and cash equivalents, end of period | $ | 187.8 | 148.7 | ||||||
SUPPLEMENTAL CASH FLOW INFORMATION: | |||||||||
Cash received (paid) for income taxes | $ | 1.2 | $ | (1.2 | ) | ||||
Cash paid for interest, net of capitalized amounts $6.8 and $6.0, respectively | (11.8 | ) | (12.6 | ) | |||||
NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||||||||
Changes to non-cash construction in progress and property, equipment and intangibles accruals, including interest | (20.6 | ) | (13.1 | ) |