Second quarter EnhancedView deferred revenue includes $8.3 million invoiced in the first quarter of 2011 for which cash was received in the second quarter of 2011.
|
DigitalGlobe, Inc. Unaudited Condensed Consolidated Balance Sheets |
||||||||||
| (in millions, except share and per share data) |
December 31,
2010 |
June 30,
2011 |
||||||||
| ASSETS | ||||||||||
| CURRENT ASSETS: | ||||||||||
| Cash and cash equivalents | $ | 179.3 | $ | 147.2 | ||||||
| Restricted cash | 6.7 | 3.8 | ||||||||
|
Accounts receivable, net of allowance for doubtful accounts of
$1.0 and $1.2,
|
45.3 | 39.4 | ||||||||
| Prepaid and current assets | 19.4 | 18.9 | ||||||||
| Deferred taxes | 62.7 | 49.9 | ||||||||
| Total current assets | 313.4 | 259.2 | ||||||||
|
Property and equipment, net of accumulated depreciation of $478.2
and $536.6,
|
879.1 | 967.1 | ||||||||
| Goodwill | 8.7 | 8.7 | ||||||||
| Intangibles, net of accumulated amortization of $7.7 and $7.8, respectively | 0.3 | 0.2 | ||||||||
| Aerial image library, net of accumulated amortization of $21.1 and $22.7, respectively | 1.9 | 4.2 | ||||||||
| Long-term restricted cash | 13.6 | 11.5 | ||||||||
| Long-term deferred contract costs | 42.1 | 43.7 | ||||||||
| Other assets, net | 7.2 | 6.4 | ||||||||
| Total assets | $ | 1,266.3 | $ | 1,301.0 | ||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||
| CURRENT LIABILITIES: | ||||||||||
| Accounts payable | $ | 15.0 | $ | 17.0 | ||||||
| Accrued interest | 6.2 | 6.2 | ||||||||
| Other accrued liabilities | 26.3 | 31.8 | ||||||||
| Current portion of deferred revenue | 38.9 | 36.0 | ||||||||
| Total current liabilities | 86.4 | 91.0 | ||||||||
| Long-term accrued liability | 6.0 | 1.4 | ||||||||
| Deferred rev e nue | 246.2 | 284.8 | ||||||||
| Deferred lease incentive | 4.6 | 3.9 | ||||||||
| Long-term debt, net of discount | 346.1 | 347.4 | ||||||||
| Long-term deferred tax liability | 76.7 | 62.5 | ||||||||
| Total liabilities | $ | 766.0 | $ | 791.0 | ||||||
| COMMITMENTS AND CONTINGENCIES | ||||||||||
| STOCKHOLDERS’ EQUITY | ||||||||||
|
Preferred stock, $0.001 par value; 24,000,000 shares authorized;
no shares issued and
|
– | – | ||||||||
|
Common stock; $0.001 par value; 250,000,000 shares authorized;
46,073,691 shares
|
0.2 | 0.2 | ||||||||
|
Treasury stock, at cost; 44,039 shares at December 31, 2010 and
50,395 shares at June
|
(0.7 | ) | (0.9 | ) | ||||||
| Additional paid-in capital | 512.7 | 523.7 | ||||||||
| Accumulated deficit | (11.9 | ) | (13.0 | ) | ||||||
| Total stockholders’ equity | 500.3 | 510.0 | ||||||||
| Total liabilities and stockholders’ equity | $ | 1,266.3 | $ | 1,301.0 | ||||||
|
DigitalGlobe, Inc. Condensed Consolidated Statements of Cash Flows |
|||||||||
| (in millions) |
For the Six Months Ended
|
||||||||
| 2010 | 2011 | ||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||
| Net income (loss) | $ | 2.0 | $ | (1.1 | ) | ||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||
| Depreciation and amortization expense | 60.1 | 58.4 | |||||||
| EnhancedView deferred revenue | – | 49.7 | |||||||
| Recognition of pre-FOC payments | (12.8 | ) | (12.8 | ) | |||||
| Amortization of aerial image library, deferred contract costs and lease incentive | 2.2 | 3.6 | |||||||
| Non-cash stock compensation expense | 2.9 | 9.0 | |||||||
| Amortization of debt issuance costs and debt discount | 2.3 | 2.2 | |||||||
| Deferred income taxes | 1.4 | (1.4 | ) | ||||||
| Changes in working capital, net of investing activities: | |||||||||
| Accounts receivable, net | (5.3 | ) | 5.9 | ||||||
| Prepaids and other assets | (0.5 | ) | (3.2 | ) | |||||
| Accounts payable | – | 1.9 | |||||||
| Accrued liabilities | 5.8 | (2.0 | ) | ||||||
| Deferred contract costs | (11.2 | ) | (4.4 | ) | |||||
| Deferred revenue | 9.9 | (1.2 | ) | ||||||
| Net cash flows provided by operating activities | 56.8 | 104.6 | |||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||
| Construction in progress additions | (16.1 | ) | (138.8 | ) | |||||
| Other property, equipment and intangible additions | (3.3 | ) | (4.0 | ) | |||||
| Change in restricted cash | 0.9 | 5.0 | |||||||
| Net cash flows used in investing activities | (18.5 | ) | (137.8 | ) | |||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
| Costs associated with initial public offering | (0.3 | ) | – | ||||||
| Proceeds from exercise of stock options | 7.8 | 1.3 | |||||||
| Cash paid for treasury stock | – | (0.2 | ) | ||||||
| Net cash flows provided by financing activities | 7.5 | 1.1 | |||||||
| Net increase (decrease) in cash and cash equivalents | 45.8 | (32.1 | ) | ||||||
| Cash and cash equivalents, beginning of period | 97.0 | 179.3 | |||||||
| Cash and cash equivalents, end of period | $ | 142.8 | $ | 147.2 | |||||
| SUPPLEMENTAL CASH FLOW INFORMATION: | |||||||||
| Cash received (paid) for income taxes | $ | 0.1 | $ | – | |||||
| 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,
|
$ | (5.8 | ) | $ | (3.5 | ) | |||
