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DigitalGlobe, Inc.
Consolidated Statements of
Cash Flows
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For the six months ended
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June 30,
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(in millions)
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2016
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2015
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CASH FLOWS FROM OPERATING ACTIVITIES:
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Net income
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$
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20.8
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$
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3.1
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Adjustments to reconcile net income to net cash provided by
operating activities:
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Depreciation and amortization expense
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137.9
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136.0
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Stock-based compensation expense, net of capitalized stock-based
compensation expense
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8.3
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9.5
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Amortization of aerial image library, deferred contract costs and
lease incentive
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8.4
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8.8
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Deferred income taxes
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14.0
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(1.0
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)
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Excess tax benefit from share-based compensation
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(0.1
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)
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(1.3
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)
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Amortization of debt issuance costs and accretion of debt discount,
and other
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6.0
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3.3
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Changes in working capital:
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Accounts receivable, net
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(8.5
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)
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29.4
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Deferred contract costs
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(8.0
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)
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(10.3
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)
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Other current and non-current assets
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(2.4
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)
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5.2
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Accounts payable
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3.7
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(0.9
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)
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Accrued liabilities
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(4.1
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)
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10.3
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Deferred revenue
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(27.4
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)
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(40.2
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)
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Net cash flows provided by operating activities
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148.6
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151.9
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CASH FLOWS FROM INVESTING ACTIVITIES:
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Construction in progress additions
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(85.6
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)
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(64.5
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)
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Property and equipment additions
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(0.2
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)
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(1.9
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)
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Decrease/(Increase) in restricted cash
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0.5
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(0.8
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Investment in joint venture
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(7.5
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)
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(5.0
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)
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Net cash flows used in investing activities
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(92.8
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)
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(72.2
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)
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CASH FLOWS FROM FINANCING ACTIVITIES:
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Payment of debt and capital lease obligations
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(3.9
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(3.2
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Repurchase of common stock
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(76.8
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)
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(63.8
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)
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Proceeds from exercise of stock options
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1.2
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5.2
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Preferred stock dividend payment
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(2.0
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)
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(2.0
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)
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Excess tax benefit from share-based compensation
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0.1
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1.3
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Net cash flows used in financing activities
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(81.4
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)
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(62.5
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)
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Net (decrease) increase in cash and cash equivalents
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(25.6
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)
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17.2
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Cash and cash equivalents, beginning of period
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126.1
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117.8
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Cash and cash equivalents, end of period
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$
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100.5
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$
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135.0
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SUPPLEMENTAL CASH FLOW INFORMATION:
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Cash paid for interest, net of capitalized amounts of $21.8 million
and $15.9 million, respectively
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7.4
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13.8
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NON-CASH INVESTING AND FINANCING ACTIVITIES:
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Changes to non-cash property, equipment and construction in progress
accruals, including interest
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0.4
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0.4
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Non-cash preferred stock dividend accrual
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(1.0
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)
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(1.0
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)
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