DigitalGlobe Reports Fourth Quarter and Full Year 2013 Results
Fourth Quarter Revenue Up 35% Year Over Year
Achieves $100 Million in Synergies and Increases Target to $120
Million
Acquires Spatial Energy to Strengthen Oil and Gas Vertical
LONGMONT, CO--(Marketwired - Feb 26, 2014) - DigitalGlobe, Inc.
(NYSE: DGI), a leading global provider of high-resolution earth
imagery solutions, today reported financial results for the fourth
quarter and full year ended December 31, 2013.
Fourth quarter 2013 revenue was $169.7 million, a 35% increase
compared with the same period last year. Net income for the fourth
quarter was $15.1 million, with net income available to common
shareholders of $13.6 million, or $0.18 per diluted share. Fourth
quarter 2013 EBITDA was $73.5 million, driving an EBITDA margin of
43%. Excluding $9.2 million of restructuring and integration costs
related to the combination with GeoEye yields Adjusted EBITDA of
$82.7 million, a margin of 49%.
Full year 2013 revenue was $612.7 million, a 45% increase
compared with 2012. The company reported a net loss of $(68.3)
million, and a net loss available to common shareholders of $(71.9)
million, or $(1.00) per diluted share. Fourth quarter and full-year
2013 results reflect fully diluted share counts of 76.0 million and
71.8 million, respectively. Full-year EBITDA was $122.4 million,
yielding an EBITDA margin of 20%. Excluding $89.9 million of
restructuring and integration costs related to the combination with
GeoEye and a $17.8 million loss from early extinguishment of debt
yields Adjusted EBITDA of $230.1 million, with an associated margin
of 38%.
On February 14, 2014, DigitalGlobe acquired Spatial Energy, a
leading source for digital imagery and geospatial solutions to the
global oil and gas industry, serving 12 of the top 20 oil and gas
companies around the world. See related press release titled,
"DigitalGlobe Acquires Spatial Energy" for more detail.
"We made great strides in 2013, in what was a transformative
year for our company. We brought together two industry leaders,
driving strong growth in our U.S. Government business, removing
more than $100 million in annualized operating expense, and in the
process, positioning DigitalGlobe for long-term profitable growth
and free cash flow generation," said Jeffrey R. Tarr, CEO. "In 2014
we will complete our integration efforts, launch WorldView-3, the
world's most advanced commercial earth observation satellite, bring
to market new Geospatial Big Data™ and analytic capabilities and
take important steps to create value for our customers around the
world."
Recent Business Highlights
- Fourth quarter 2013 revenue from the U. S. Government grew 29%
to $97.1 million compared with fourth quarter 2012, including a
178% increase in value-added services to $33.9 million.
- Diversified Commercial revenue grew 45% to $72.6 million in the
quarter compared with fourth quarter 2012. Growth was driven
primarily by Direct Access revenue of $28.5 million in the quarter,
up 113% year over year.
- The company renewed and upsized a Direct Access customer
relationship that will include access to multiple satellites within
the DigitalGlobe's five-satellite constellation.
- Among international civil governments, the company won a
multi-year, multi-million dollar competitive procurement from a
European space agency which provides delivery of DigitalGlobe's
highest-resolution tasked imagery for use by emergency
responders.
- DigitalGlobe also established a new relationship with an
Australian civil government to provide archive imagery of airports
throughout Papua New Guinea.
- In February, DigitalGlobe signed a new multi-year imagery
agreement with Google to provide high-resolution satellite imagery
in support of Google Maps, Google Earth and other Google products
and services.
- Also among its Location Based Services base of customers, the
company renewed a relationship to provide archived imagery to a top
ten global internet portal based outside the United States.
- Within its Industry Verticals base of customers, DigitalGlobe
established relationships with major international oil concerns in
Norway, Indonesia, Kazakhstan and Argentina to provide tasked and
archived imagery.
- Domestically, the company added a new customer who will
leverage DigitalGlobe's Global Basemap to develop environmental
property reports for builders and a second that will use the
product offering to track retail store locations.
2014 Outlook For 2014, the company expects to report revenue in
a range of $630 million to $660 million. The company expects
to achieve a full-year Adjusted EBITDA margin of approximately 43%,
which excludes the impact of approximately $35 million of
integrations-related expenses, with a fourth quarter 2014 Adjusted
EBITDA margin of at least 50%. The company also now expects to
achieve $120 million in operating expense savings related to its
combination with GeoEye, an increase of $20 million from its
previous projection. The company also expects 2014 capital
expenditures of approximately $170 million, including spending to
complete and launch the WorldView-3 satellite, and to complete, but
not launch, the GeoEye-2 satellite.
Conference Call Information DigitalGlobe's management will host
a conference call today, February 26, 2014 at 11 a.m. ET to discuss
its 2013 fourth quarter and full-year financial and operating
results.
The conference call dial-in numbers are as follows: U.S./Canada
dial-in: (855) 212-2368 International dial-in: (315) 625-6886
Passcode: 90009164
A replay of the call will be available through March 27, 2014 at
the following numbers: U.S./Canada dial-in: (855) 859-2056
International dial-in: (404) 537-3406 Passcode: 90009164
DigitalGlobe will also sponsor a live and archived webcast of
the conference call on the Investor Relations portion of its
website. Click here to directly access the live webcast.
Supplemental earnings materials, including management scripts,
are available on the Investor Relations section of the company's
website at www.digitalglobe.com.
About DigitalGlobe DigitalGlobe is a leading provider of
commercial high-resolution earth observation and advanced
geospatial solutions that help decision makers better understand
our changing planet in order to save lives, resources and time.
Sourced from the world's leading constellation, our imagery
solutions deliver unmatched coverage and capacity to meet our
customers' most demanding mission requirements. Each day customers
in defense and intelligence, public safety, civil agencies, map
making and analysis, environmental monitoring, oil and gas
exploration, infrastructure management, navigation technology, and
providers of location-based services depend on DigitalGlobe data,
information, technology and expertise to gain actionable
insight.
In January 2013, DigitalGlobe and GeoEye combined to become one
DigitalGlobe, creating a company capable of providing greater value
to customers through an integrated constellation and a broader set
of products and services. For more information on the combination
and its benefits, visit www.digitalglobe.com/combination.
DigitalGlobe is a registered trademark of DigitalGlobe.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained herein and in other of our reports,
filings, and public announcements may contain or incorporate
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, as amended.
Forward-looking statements relate to future events or future
financial performance. We generally identify forward-looking
statements by terminology such as "may," "will," "should,"
"expects," "plans," "anticipates," "could," "intends," "target,"
"projects," "contemplates," "believes," "estimates," "predicts,"
"potential," "continue" or "looks forward to" or the negative of
these terms or other similar words, although not all
forward-looking statements contain these words.
Any forward-looking statements are based upon our historical
performance and on our current plans, estimates and expectations.
The inclusion of this forward-looking information should not be
regarded as a representation by us that the future plans, estimates
or expectations will be achieved. Such forward-looking statements
are subject to various risks and uncertainties and assumptions. A
number of important factors could cause our actual results or
performance to differ materially from those indicated by such
forward looking statements, including: the loss, reduction or
change in terms of any of our primary contracts; the availability
of government funding for our products and services both
domestically and internationally; changes in government and
customer priorities and requirements (including cost-cutting
initiatives, the potential deferral of awards, terminations or
reduction of expenditures to respond to the priorities of congress
and the administration, or budgetary cuts resulting from
congressional committee recommendations or automatic sequestration
under the Budget Control Act of 2011); the risk that the
anticipated benefits and synergies from the strategic combination
of the Company and GeoEye, Inc. cannot be fully realized or may
take longer to realize than expected; the outcome of pending or
threatened litigation; the loss or impairment of any of our
satellites; delays in the construction and launch of any of our
satellites; delays in implementation of planned ground system and
infrastructure enhancements; loss or damage to the content
contained in our imagery archives; interruption or failure of our
ground system and other infrastructure, decrease in demand for our
imagery products and services; increased competition that may
reduce our market share or cause us to lower our prices; our
failure to obtain or maintain required regulatory approvals and
licenses; changes in U.S. foreign law or regulation that may limit
our ability to distribute our imagery products and services; the
costs associated with being a public Company; and other important
factors, all as described more fully in our filings with the
Securities and Exchange Commission ("SEC"), including this Annual
Report on Form 10 K.
We undertake no obligation to update any forward-looking
statement to reflect events or circumstances after the date on
which the statement is made or to reflect the occurrence of
unanticipated events. Readers are cautioned not to place undue
reliance on any of these forward looking statements.
Non-U.S. GAAP Financial Measures
EBITDA and Adjusted EBITDA are not recognized terms under U.S.
GAAP and may not be defined similarly by other companies. EBITDA
and Adjusted EBITDA should not be considered alternatives to net
income as indications of financial performance or as alternatives
to cash flow from operations as measures of liquidity. There are
limitations to using non-U.S. GAAP financial measures, including
the difficulty associated with comparing companies in different
industries that use similar performance measures whose calculations
may differ from ours.
EBITDA and Adjusted EBITDA are key measures used in internal
operating reports by management and the board of directors to
evaluate the performance of our operations and are also used by
analysts, investment banks and lenders for the same purpose. In
2013 and 2012, EBITDA, excluding certain deal costs, was a measure
being used as a key element of the company-wide bonus incentive
plan.
EBITDA is a measure of our current period operating performance,
excluding charges for depreciation related to prior period capital
expenditures and items which are generally non-core in nature.
Adjusted EBITDA is a measure of our current period operating
performance, excluding charges for capital, depreciation related to
prior period capital expenditures and items which are generally
non-core in nature.
We believe that the elimination of material non-cash,
non-operating items enables a more consistent measurement of period
to period performance of our operations. In addition, we believe
that elimination of these items facilitates comparison of our
operating performance to companies in our industry. We believe that
EBITDA and Adjusted EBITDA measures are particularly important in a
capital intensive industry such as ours, in which our current
period depreciation is not a good indication of our current or
future period capital expenditures. The cost to construct and
launch a satellite and to build the related ground infrastructure
may vary greatly from one satellite to another, depending on the
satellite's size, type and capabilities. For example, our QuickBird
satellite, which we are currently depreciating, cost significantly
less than our WorldView-1 and WorldView-2 satellites. Current
depreciation expense is not indicative of the net revenue
generating potential of the satellite.
EBITDA excludes interest income, interest expense and income
taxes because these items are associated with our capitalization
and tax structures. EBITDA also excludes depreciation and
amortization expense because these non-cash expenses reflect the
impact of prior capital expenditure decisions which are not
indicative of future capital expenditure requirements.
Adjusted EBITDA further adjusts EBITDA to exclude the loss on
the early extinguishment of debt because this is not related to our
primary operations. Additionally, it excludes restructuring costs,
acquisition costs and integration costs as these are non-core
items. Restructuring costs are costs incurred to realize
efficiencies from the acquisition with GeoEye, such as reducing
excess workforce, consolidating facilities and systems, and
relocating ground terminals. Acquisition costs are costs incurred
to effect the acquisition, such as advisory, legal, accounting,
consulting and other professional fees. Integration costs consist
primarily of professional fees incurred to assist us with system
and process improvements associated with integrating operations.
Loss on early extinguishment of debt is related to entering into
the 2013 Credit Facility and Senior Notes, the proceeds of which
were used to refinance our 2011 Credit Facility and fund the
discharge and redemption of GeoEye's $525.0 million senior secured
notes we assumed in the acquisition.
We use EBITDA and Adjusted EBITDA in conjunction with
traditional U.S. GAAP operating performance measures as part of our
overall assessment of our performance and we do not place undue
reliance on measures as our only measures of operating performance.
EBITDA and Adjusted EBITDA should not be considered as substitutes
for other measures of financial performance reported in accordance
with U.S. GAAP.
FINANCIAL TABLES TO FOLLOW
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DigitalGlobe, Inc. |
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Consolidated Statements of Operations |
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Three months ended December 31, |
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Year ended December 31, |
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(in millions, except per share amounts) |
|
2013 |
|
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2012 |
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2013 |
|
|
2012 |
|
Net revenue |
|
$ |
169.7 |
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|
$ |
125.4 |
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|
$ |
612.7 |
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|
$ |
421.4 |
|
Costs and expenses: |
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Cost
of revenue, excluding depreciation and amortization |
|
|
40.4 |
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|
|
22.1 |
|
|
|
175.3 |
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|
|
81.6 |
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Selling, general and administrative |
|
|
52.4 |
|
|
|
45.8 |
|
|
|
257.3 |
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|
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149.2 |
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Depreciation and amortization |
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|
59.1 |
|
|
|
28.1 |
|
|
|
224.8 |
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|
|
114.6 |
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Restructuring charges |
|
|
3.1 |
|
|
|
- |
|
|
|
40.1 |
|
|
|
- |
|
Income (loss) from operations |
|
|
14.7 |
|
|
|
29.4 |
|
|
|
(84.8 |
) |
|
|
76.0 |
|
|
Loss
from early extinguishment of debt |
|
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- |
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|
|
- |
|
|
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(17.8 |
) |
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- |
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Other
(expense) income, net |
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(0.3 |
) |
|
|
0.1 |
|
|
|
0.2 |
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|
|
(1.0 |
) |
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Interest expense, net |
|
|
0.1 |
|
|
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(1.4 |
) |
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(3.4 |
) |
|
|
(9.1 |
) |
Income (loss) before income taxes |
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|
14.5 |
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|
|
28.1 |
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|
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(105.8 |
) |
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65.9 |
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Income tax benefit (expense) |
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0.6 |
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|
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(11.0 |
) |
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37.5 |
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|
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(26.9 |
) |
Net income (loss) |
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|
15.1 |
|
|
|
17.1 |
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|
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(68.3 |
) |
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|
39.0 |
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Preferred stock dividends |
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(1.0 |
) |
|
|
- |
|
|
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(3.6 |
) |
|
|
- |
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Net income (loss) less preferred stock dividends |
|
|
14.1 |
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|
|
17.1 |
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|
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(71.9 |
) |
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|
39.0 |
|
Income allocated to participating securities |
|
|
(0.5 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net income (loss) available to common stockholders |
|
$ |
13.6 |
|
|
$ |
17.1 |
|
|
$ |
(71.9 |
) |
|
$ |
39.0 |
|
Earnings (loss) per share: |
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Basic
earnings (loss) per share |
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$ |
0.18 |
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|
$ |
0.37 |
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|
$ |
(1.00 |
) |
|
$ |
0.85 |
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|
Diluted earnings (loss) per share |
|
$ |
0.18 |
|
|
$ |
0.36 |
|
|
$ |
(1.00 |
) |
|
$ |
0.84 |
|
Weighted-average common shares outstanding: |
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|
|
|
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|
|
|
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Basic |
|
|
74.7 |
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|
|
46.3 |
|
|
|
71.8 |
|
|
|
46.1 |
|
|
Diluted |
|
|
76.0 |
|
|
|
47.0 |
|
|
|
71.8 |
|
|
|
46.4 |
|
|
|
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DigitalGlobe, Inc. |
|
Reconciliation Net Income (loss) EBITDA and Adjusted
EBITDA |
|
|
|
2013 |
|
|
2012 |
(in millions) |
|
Mar 31 |
|
|
Jun 30 |
|
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Sep 30 |
|
|
Dec 31 |
|
|
Mar 31 |
|
Jun 30 |
|
Sep 30 |
|
Dec 31 |
Net
(loss) income |
|
$ |
(60.6 |
) |
|
$ |
(21.0 |
) |
|
$ |
(1.8 |
) |
|
$ |
15.1 |
|
|
$ |
3.8 |
|
$ |
9.6 |
|
$ |
8.5 |
|
$ |
17.1 |
Depreciation and amortization |
|
|
47.3 |
|
|
|
59.0 |
|
|
|
59.4 |
|
|
|
59.1 |
|
|
|
29.1 |
|
|
28.5 |
|
|
28.9 |
|
|
28.1 |
Interest income (expense), net |
|
|
1.4 |
|
|
|
1.4 |
|
|
|
0.7 |
|
|
|
(0.1 |
) |
|
|
3.2 |
|
|
2.6 |
|
|
1.9 |
|
|
1.4 |
Income tax (benefit) expense |
|
|
(19.0 |
) |
|
|
(14.1 |
) |
|
|
(3.8 |
) |
|
|
(0.6 |
) |
|
|
3.1 |
|
|
7.2 |
|
|
5.6 |
|
|
11.0 |
EBITDA |
|
|
(30.9 |
) |
|
|
25.3 |
|
|
|
54.5 |
|
|
|
73.5 |
|
|
|
39.2 |
|
|
47.9 |
|
|
44.9 |
|
|
57.6 |
Loss
on early extinguishment of debt |
|
|
17.8 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
Restructuring charges (1) |
|
|
20.3 |
|
|
|
13.6 |
|
|
|
3.1 |
|
|
|
3.1 |
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
Acquisition costs (1) |
|
|
20.8 |
|
|
|
(0.2 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
2.2 |
|
|
7.5 |
|
|
10.2 |
Integration costs (1) |
|
|
7.9 |
|
|
|
7.2 |
|
|
|
8.0 |
|
|
|
6.1 |
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
|
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|
|
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|
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|
Adjusted EBITDA |
|
$ |
35.9 |
|
|
$ |
45.9 |
|
|
$ |
65.6 |
|
|
$ |
82.7 |
|
|
$ |
39.2 |
|
$ |
50.1 |
|
$ |
52.4 |
|
$ |
67.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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(1) Restructuring, acquisition and integration costs
consist of non-recurring charges related to the combination with
GeoEye.
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For the year ended December 31, |
|
(in millions) |
|
2013 |
|
|
2012 |
|
2011 |
|
|
2010 |
|
2009 |
|
Net
(loss) income |
|
$ |
(68.3 |
) |
|
$ |
39.0 |
|
$ |
(28.1 |
) |
|
$ |
2.5 |
|
$ |
47.4 |
|
Depreciation and amortization |
|
|
224.8 |
|
|
|
114.6 |
|
|
117.1 |
|
|
|
118.9 |
|
|
74.4 |
|
Interest expense (income), net |
|
|
3.4 |
|
|
|
9.1 |
|
|
21.7 |
|
|
|
40.4 |
|
|
(0.1 |
) |
Income tax (benefit) expense |
|
|
(37.5 |
) |
|
|
26.9 |
|
|
(17.9 |
) |
|
|
4.3 |
|
|
31.0 |
|
EBITDA |
|
|
122.4 |
|
|
|
189.6 |
|
|
92.8 |
|
|
|
166.1 |
|
|
152.7 |
|
Loss
from early extinguishment of debt |
|
|
17.8 |
|
|
|
- |
|
|
51.8 |
|
|
|
- |
|
|
7.7 |
|
Restructuring charges(1) |
|
|
40.1 |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
Acquisition costs(1) |
|
|
20.6 |
|
|
|
19.9 |
|
|
- |
|
|
|
- |
|
|
- |
|
Integration costs(1) |
|
|
29.2 |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
Adjusted EBITDA |
|
$ |
230.1 |
|
|
$ |
209.5 |
|
$ |
144.6 |
|
|
$ |
166.1 |
|
$ |
160.4 |
|
|
|
(1) Restructuring, acquisition and integration costs consist of
non-recurring charges related to the combination with
GeoEye.
EBITDA and Adjusted EBITDA are not recognized terms under
generally accepted accounting principles (GAAP), in the United
States and may not be defined similarly by other companies. EBITDA
and Adjusted EBITDA should not be considered an alternative to net
income, as an indication of financial performance, or as an
alternative to cash flow from operations as a measure of liquidity.
There are limitations to using non-GAAP financial measures,
including the difficulty associated with comparing companies that
use similar performance measures whose calculations may differ from
ours. EBITDA margin is calculated by dividing EBITDA by GAAP net
revenue. Adjusted EBITDA margin is calculated by dividing Adjusted
EBITDA by GAAP net revenue.
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|
DigitalGlobe, Inc. |
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Consolidated Balance Sheets |
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As of December 31, |
|
(in millions, except par value) |
|
2013 |
|
|
2012 |
|
ASSETS |
|
|
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
229.1 |
|
|
$ |
246.2 |
|
Restricted cash |
|
|
6.9 |
|
|
|
3.8 |
|
Accounts receivable, net of allowance for doubtful
accounts of $2.4 and $2.9, respectively |
|
|
116.3 |
|
|
|
67.0 |
|
Prepaid and current assets |
|
|
33.8 |
|
|
|
18.6 |
|
Deferred taxes |
|
|
43.1 |
|
|
|
43.9 |
|
Total current assets |
|
|
429.2 |
|
|
|
379.5 |
|
Property and equipment, net of accumulated depreciation
of $880.6 and $676.2, respectively |
|
|
2,177.5 |
|
|
|
1,115.2 |
|
Goodwill |
|
|
459.3 |
|
|
|
8.7 |
|
Intangible assets, net of accumulated amortization of
$8.7 and $0, respectively |
|
|
39.9 |
|
|
|
- |
|
Aerial image library, net of accumulated amortization
of $41.3 and $33.4, respectively |
|
|
9.1 |
|
|
|
16.4 |
|
Long-term restricted cash |
|
|
4.5 |
|
|
|
8.3 |
|
Long-term deferred contract costs |
|
|
44.9 |
|
|
|
37.3 |
|
Other assets |
|
|
38.6 |
|
|
|
12.1 |
|
|
Total
assets |
|
$ |
3,203.0 |
|
|
$ |
1,577.5 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
20.9 |
|
|
$ |
10.2 |
|
Current portion of long-term debt |
|
|
5.5 |
|
|
|
5.0 |
|
Other accrued liabilities |
|
|
80.3 |
|
|
|
56.3 |
|
Current portion of deferred revenue |
|
|
81.3 |
|
|
|
42.9 |
|
|
Total
current liabilities |
|
|
188.0 |
|
|
|
114.4 |
|
Deferred revenue |
|
|
374.6 |
|
|
|
386.8 |
|
Long-term debt, net of discount |
|
|
1,137.1 |
|
|
|
478.6 |
|
Long-term deferred tax liability, net |
|
|
117.2 |
|
|
|
55.6 |
|
Other liabilities |
|
|
2.8 |
|
|
|
2.7 |
|
|
Total
liabilities |
|
$ |
1,819.7 |
|
|
$ |
1,038.1 |
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series A convertible preferred stock, $0.001 par value,
0.08 shares authorized; 0.08 issued and outstanding at December 31,
2013; and no shares authorized, issued and outstanding at December
31, 2012 |
|
|
- |
|
|
|
- |
|
Common stock; $0.001 par value; 250.0 shares
authorized; 75.5 shares issued and 75.3 shares outstanding at
December 31, 2013 and 47.2 shares issued and 47.1 shares
outstanding at December 31, 2012 |
|
|
0.2 |
|
|
|
0.2 |
|
Treasury stock, at cost; 0.2 shares at December 31,
2013 and 0.1 shares at December 31, 2012 |
|
|
(3.5 |
) |
|
|
(2.0 |
) |
Additional paid-in capital |
|
|
1,457.5 |
|
|
|
543.8 |
|
Accumulated deficit |
|
|
(70.9 |
) |
|
|
(2.6 |
) |
|
Total
stockholders' equity |
|
|
1,383.3 |
|
|
|
539.4 |
|
|
Total
liabilities and stockholders' equity |
|
$ |
3,203.0 |
|
|
$ |
1,577.5 |
|
|
|
|
|
|
|
DigitalGlobe, Inc. |
|
|
|
Consolidated Statements of Cash Flows |
|
|
|
|
For the year ended December 31, |
|
(in millions) |
2013 |
|
|
2012 |
|
|
2011 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
$ |
(68.3 |
) |
|
$ |
39.0 |
|
|
$ |
(28.1 |
) |
Adjustments to reconcile net (loss) income to net cash
provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization expense |
|
224.8 |
|
|
|
114.6 |
|
|
|
117.1 |
|
|
Amortization of aerial image library, deferred contract costs and
lease incentive |
|
16.9 |
|
|
|
17.9 |
|
|
|
10.2 |
|
|
Non-cash stock-based compensation expense, net of capitalized
stock-based compensation expense |
|
23.0 |
|
|
|
9.2 |
|
|
|
14.4 |
|
|
Amortization of debt issuance costs and accretion of debt discount
and other |
|
3.3 |
|
|
|
4.7 |
|
|
|
3.9 |
|
|
Write-off of debt issuance costs and debt discount |
|
12.8 |
|
|
|
- |
|
|
|
12.0 |
|
|
Deferred income taxes |
|
(31.4 |
) |
|
|
17.2 |
|
|
|
(18.5 |
) |
Changes in working capital, net of assets acquired and
liabilities assumed in business combinations: |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable, net |
|
(10.4 |
) |
|
|
(16.3 |
) |
|
|
(5.4 |
) |
|
Other
current and non-current assets |
|
(21.3 |
) |
|
|
(10.9 |
) |
|
|
(23.7 |
) |
|
Accounts payable |
|
0.1 |
|
|
|
0.9 |
|
|
|
5.5 |
|
|
Accrued liabilities |
|
(37.5 |
) |
|
|
14.6 |
|
|
|
(4.2 |
) |
|
Deferred revenue |
|
14.1 |
|
|
|
73.6 |
|
|
|
73.6 |
|
|
Cash
fees paid on early extinguishment of long-term debt and debt
discount |
|
(13.8 |
) |
|
|
- |
|
|
|
(14.0 |
) |
|
Net
cash flows provided by operating activities |
|
112.3 |
|
|
|
264.5 |
|
|
|
142.8 |
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
Construction in progress additions |
|
(273.8 |
) |
|
|
(210.7 |
) |
|
|
(255.6 |
) |
|
Acquisition of businesses, net of cash acquired |
|
(524.0 |
) |
|
|
- |
|
|
|
- |
|
|
Other
property and equipment additions |
|
(13.3 |
) |
|
|
(10.7 |
) |
|
|
(6.6 |
) |
|
Decrease in restricted cash |
|
16.6 |
|
|
|
5.4 |
|
|
|
2.7 |
|
Net cash flows used in investing activities |
|
(794.5 |
) |
|
|
(216.0 |
) |
|
|
(259.5 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of debt |
|
1,150.0 |
|
|
|
- |
|
|
|
487.0 |
|
|
Repayment of debt |
|
(485.3 |
) |
|
|
(5.0 |
) |
|
|
(341.8 |
) |
|
Payment of debt issuance costs |
|
(36.2 |
) |
|
|
- |
|
|
|
(11.1 |
) |
|
Preferred stock dividend payment |
|
(3.0 |
) |
|
|
- |
|
|
|
- |
|
|
Proceeds from exercise of stock options |
|
39.6 |
|
|
|
4.2 |
|
|
|
1.8 |
|
Net cash flows provided by (used in) financing
activities |
|
665.1 |
|
|
|
(0.8 |
) |
|
|
135.9 |
|
Net (decrease) increase in cash and cash
equivalents |
|
(17.1 |
) |
|
|
47.7 |
|
|
|
19.2 |
|
Cash and cash equivalents, beginning of period |
|
246.2 |
|
|
|
198.5 |
|
|
|
179.3 |
|
Cash and cash equivalents, end of period |
$ |
229.1 |
|
|
$ |
246.2 |
|
|
$ |
198.5 |
|
SUPPLEMENTAL CASH FLOW INFORMATION: |
|
|
|
|
|
|
|
|
|
|
|
Cash paid for interest, net of capitalized amounts of
$38.1, $24.4 and $18.6, respectively |
$ |
- |
|
|
$ |
5.4 |
|
|
$ |
23.2 |
|
Cash paid for income taxes |
$ |
13.9 |
|
|
$ |
1.5 |
|
|
$ |
1.7 |
|
NON-CASH INVESTING AND FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
Changes to non-cash property, equipment and
construction in progress accruals, including interest |
$ |
(12.9 |
) |
|
$ |
9.0 |
|
|
$ |
(0.5 |
) |
Issuance of shares of common and convertible preferred
stock for acquisition of business |
|
837.8 |
|
|
|
- |
|
|
|
- |
|
Stock-based compensation awards issued in acquisition
of business, net of income taxes |
|
13.4 |
|
|
|
- |
|
|
|
- |
|
Non-cash preferred stock dividend accrual |
|
(1.0 |
) |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
Contacts Investor Contact: David Banks (303) 684-4210
ir@digitalglobe.com Media Contact: Nancy Coleman (303) 684-1674
nancy.coleman@digitalglobe.com
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