|By Marketwired .||
|May 1, 2014 04:01 PM EDT||
LONGMONT, CO -- (Marketwired) -- 05/01/14 -- DigitalGlobe, Inc. (NYSE: DGI), a leading global provider of commercial high-resolution earth observation and advanced geospatial solutions, today reported financial results for the quarter ended March 31, 2014.
First quarter 2014 revenue was $156.5 million, a 23% increase compared with the same period last year. Net income for the first quarter was $0.4 million, with net loss available to common shareholders of $(0.6) million, or a loss of $(0.01) per diluted share. In the first quarter 2013, the company reported a net loss of $(60.6) million, with a net loss available to common shareholders of $(61.2), or a loss of $(0.96) per diluted shares.
First quarter Adjusted EBITDA was $67.9 million with an Adjusted EBITDA margin of 43%. This compares with Adjusted EBITDA of $35.9 million in first quarter 2013, with an associated margin of 28%. Adjusted EBITDA excludes the impact of restructuring, integration and other costs.
First quarter 2013 results exclude GeoEye financial results for the month of January as a result of timing of the close of the acquisition.
"We delivered a good start to 2014," said Jeffrey R. Tarr, CEO. "We drove double-digit top-line growth and strong EBITDA margin expansion primarily from our U.S. and international government businesses and continued success with our integration efforts. We also made progress on a number of important growth initiatives that will extend our industry leadership in resolution, accuracy and revisit, and add unique capabilities that we believe will drive sustained growth toward the end of this year, in 2015 and beyond. In the quarter, we also scaled our Tomnod crowdsourcing platform -- enabling more than 8 million volunteers to aid government customers in the search for Malaysia Airlines Flight MH370."
Recent Business Highlights
- First quarter 2014 revenue from the U. S. Government grew 26% to $97.6 million compared with first quarter 2013, including a 141% increase in value-added services to $34.4 million, driven by continued growth in the Global Enhanced GEOINT Delivery (G-EGD) program.
- Diversified Commercial revenue grew 18% to $58.9 million in the quarter compared with first quarter 2013. Growth was driven primarily by Direct Access Program (DAP) revenue of $26.5 million in the quarter, up 47% year over year.
- This quarter's revenue results include the activation of one new DAP customer in the Middle East.
- Within its location based services base of customers, the company signed a multi-year agreement to provide archived imagery for applications harnessing OpenStreetMap, a collaborative open source mapping project.
- Within oil & gas, recently acquired Spatial Energy contributed to first quarter growth and renewed 100% of its on-line subscriptions in the quarter. It also signed new on-shore and off-shore monitoring programs with both new and existing accounts. Among mining customers, the company agreed to provide tasked images for mine monitoring in Peru for a major multi-national mining company.
- Among non-governmental organizations, the company signed a new multi-year agreement with a global development foundation to provide geospatial imagery and analytics to help prove the efficacy of remote sensing in monitoring the nature and condition of smallholder farms, with an initial focus in Sub-Saharan Africa and Southeast Asia.
- Among international civil governments, the company received two awards in India to provide tasked images for change detection and feature extraction of forest resources and cadastral mapping.
- The company remains on track with construction of its WorldView-3 satellite in preparation for an expected mid-August launch.
For 2014, the company continues to expect 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% with a fourth quarter 2014 Adjusted EBITDA margin of at least 50%. 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, May 1, 2014 at 5 p.m. ET to discuss its 2014 first quarter 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
A replay of the call will be available through May 30, 2014 at the following numbers:
U.S./Canada dial-in: (855) 859-2056
International dial-in: (404) 537-3406
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 conference call slides and management scripts, are available on the Investor Relations section of the company's website at www.digitalglobe.com.
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.
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 or decisions by customers not to exercise renewal options; 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 U.S. government sanctions against specified companies and individuals in Russia may limit our ability to conduct business with potential or existing customers; 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 or our ability to achieve and maintain full operational capacity of all 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, including possibly from companies with substantial financial and other resources and services, that may reduce our market share or cause us to lower our prices; our inability to fully integrate acquisitions or to achieve planned synergies; changes in satellite imaging technology; our failure to obtain or maintain required regulatory approvals and licenses; changes in U.S. or 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 our 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 our internal operating reports by management and our Board of Directors to evaluate the performance of our operations and are also used by analysts, investment banks and lenders for the same purpose. EBITDA, excluding certain acquisition costs, is a measure being used as a key element of the company-wide bonus incentive plan.
We believe that the presentation of EBITDA and Adjusted EBITDA enables a more consistent measurement of period to period performance of our operations and 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 revenue generating potential of the satellites.
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 and the loss on abandonment of asset because these are 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 $500.0 million senior secured term loan and $100.0 million senior secured revolving credit facility, and to fund the discharge and redemption of GeoEye's $525.0 million senior secured notes that 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 these non-U.S. GAAP 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
DigitalGlobe, Inc. Unaudited Condensed Consolidated Statements of Operations For the three months ended March 31, ---------------------------- (in millions, except per share) 2014 2013 ------------- ------------- Revenue $ 156.5 $ 127.6 Costs and expenses: Cost of revenue, excluding depreciation and amortization 39.5 40.9 Selling, general and administrative 53.0 79.8 Depreciation and amortization 57.6 47.3 Restructuring charges 1.1 20.3 Loss on abandonment of asset 1.2 - ------------- ------------- Income (loss) from operations 4.1 (60.7) Loss from early extinguishment of debt - (17.8) Other income, net 0.1 0.3 Interest expense, net - (1.4) ------------- ------------- Income (loss) before income taxes 4.2 (79.6) Income tax (expense) benefit (3.8) 19.0 ------------- ------------- Net income (loss) 0.4 (60.6) Preferred stock dividends (1.0) (0.6) ------------- ------------- Net loss less preferred stock dividends (0.6) (61.2) Income allocated to participating securities - - ------------- ------------- Net loss available to common stockholders $ (0.6) $ (61.2) ============= ============= Net loss per share: Basic and diluted loss per share $ (0.01) $ (0.96) ============= ============= Weighted average common shares outstanding: Basic and diluted 75.0 64.0 ============= ============= DigitalGlobe, Inc. Reconciliation Net Income (Loss) to EBITDA and Adjusted EBITDA For the three months ended March 31, --------------------------- (in millions) 2014 2013 ------------- ------------- Net income (loss) $ 0.4 $ (60.6) Depreciation and amortization 57.6 47.3 Interest expense, net - 1.4 Income tax expense (benefit) 3.8 (19.0) ------------- ------------- EBITDA 61.8 (30.9) Loss from early extinguishment of debt - 17.8 Loss on abandonment of asset 1.2 Restructuring charges (1) 1.1 20.3 Acquisition costs (1) - 20.8 Integration costs (1) 3.8 7.9 ------------- ------------- Adjusted EBITDA $ 67.9 $ 35.9 ============= ============= (1) Restructuring, acquisition and integration costs consist of charges related to the acquisition of GeoEye.
EBITDA margin of 39.5% for first quarter 2014 and (24.2)% for first quarter 2013 is calculated by dividing EBITDA by U.S. GAAP revenue. Adjusted EBITDA margin of 43.4% for first quarter 2014 and 28.1% for first quarter 2013 is calculated by dividing Adjusted EBITDA by U.S. GAAP revenue. We have not provided a reconciliation of our Adjusted EBITDA or Adjusted EBITDA margin outlook to the comparable forward-looking GAAP financial measures because we are unable to provide a forward-looking estimate of the reconciling items between such non-U.S. GAAP forward-looking measures and the comparable forward-looking GAAP measures. Certain factors that are materially significant to our ability to estimate these items are out of our control and/or cannot be reasonably predicted. Accordingly, a reconciliation to the comparable forward-looking GAAP measures is not available without unreasonable effort.
DigitalGlobe, Inc. Unaudited Condensed Consolidated Balance Sheets March 31, December 31, (in millions, except par value) 2014 2013 ------------- ------------- ASSETS CURRENT ASSETS: Cash and cash equivalents $ 170.5 $ 229.1 Restricted cash 5.4 6.9 Accounts receivable, net of allowance for doubtful accounts of $0.5 and $2.4, respectively 119.1 116.3 Prepaid and current assets 26.8 33.8 Deferred taxes 5.5 5.9 ------------- ------------- Total current assets 327.3 392.0 Property and equipment, net of accumulated depreciation of $935.7 and $880.6, respectively 2,178.2 2,177.5 Goodwill 484.9 459.3 Intangible assets, net of accumulated amortization of $11.2 and $8.7, respectively 51.4 39.9 Aerial image library, net of accumulated amortization of $42.9 and $41.3, respectively 7.5 9.1 Long-term restricted cash 4.0 4.5 Long-term deferred contract costs 41.0 44.9 Other assets 39.0 38.6 ------------- ------------- Total assets $ 3,133.3 $ 3,165.8 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 11.7 $ 20.9 Current portion of long-term debt 5.5 5.5 Other accrued liabilities 57.0 80.3 Current portion of deferred revenue 75.9 81.3 ------------- ------------- Total current liabilities 150.1 188.0 Deferred revenue 369.3 374.6 Long-term debt, net of discount 1,135.9 1,137.1 Long-term deferred tax liability, net 83.7 80.0 Other liabilities 6.0 2.8 ------------- ------------- Total liabilities $ 1,745.0 $ 1,782.5 ------------- ------------- COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY: DigitalGlobe, Inc. stockholders' equity: Series A convertible preferred stock, $0.001 par value, 0.08 shares authorized; 0.08 shares issued and outstanding at March 31, 2014; and 0.08 shares issued and outstanding at December 31, 2013 - - Common stock; $0.001 par value; 250.0 shares authorized; 75.6 shares issued and 75.4 shares outstanding at March 31, 2014; and 75.5 shares issued and 75.3 shares outstanding at December 31, 2013 0.2 0.2 Treasury stock, at cost; 0.2 shares at March 31, 2014 and December 31, 2013 (4.2) (3.5) Additional paid-in capital 1,461.0 1,457.5 Accumulated deficit (70.5) (70.9) ------------- ------------- Total DigitalGlobe, Inc. stockholders' equity 1,386.5 1,383.3 Noncontrolling interest 1.8 - ------------- ------------- Total stockholders' equity 1,388.3 1,383.3 ------------- ------------- Total liabilities and stockholders' equity $ 3,133.3 $ 3,165.8 ============= ============= DigitalGlobe, Inc. Unaudited Condensed Consolidated Statements of Cash Flows For the three months ended March 31, ---------------------------- (in millions) 2014 2013 ------------- ------------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 0.4 $ (60.6) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization expense 57.6 47.3 Amortization of aerial image library, deferred contract costs and lease incentive 5.0 3.9 Non-cash stock-based compensation expense, net of capitalized stock-based compensation expense 3.9 10.8 Loss on abandonment of asset 1.2 - Amortization of debt issuance costs and accretion of debt discount, net of capitalized interest - 1.1 Write-off of debt issuance costs and debt discount - 12.8 Deferred income taxes 3.8 (19.4) Changes in working capital, net of assets acquired and liabilities assumed in business combinations: Accounts receivable, net 0.1 6.7 Other current and non-current assets 6.3 (2.4) Accounts payable (12.1) (0.7) Accrued liabilities (12.7) (25.4) Deferred revenue (13.6) 12.3 Cash fees paid for early extinguishment of long-term debt and debt discount - (13.8) ------------- ------------- Net cash flows provided by (used in) operating activities 39.9 (27.4) ------------- ------------- CASH FLOWS FROM INVESTING ACTIVITIES: Construction in progress additions (61.8) (63.1) Acquisition of businesses, net of cash acquired (35.7) (524.0) Other property and equipment additions (2.2) (7.2) Decrease in restricted cash 2.0 0.8 ------------- ------------- Net cash flows used in investing activities (97.7) (593.5) ------------- ------------- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of debt - 1,150.0 Repayment of debt (1.4) (481.2) Payment of debt issuance costs - (36.2) Proceeds from exercise of stock options 1.8 14.6 Preferred stock dividend payment (1.0) - Other (0.2) 1.2 ------------- ------------- Net cash flows (used in) provided by financing activities (0.8) 648.4 ------------- ------------- Net (decrease) increase in cash and cash equivalents (58.6) 27.5 Cash and cash equivalents, beginning of period 229.1 246.2 ------------- ------------- Cash and cash equivalents, end of period $ 170.5 $ 273.7 ============= ============= SUPPLEMENTAL CASH FLOW INFORMATION: Changes to non-cash property, equipment and construction in progress accruals, including interest 12.0 (4.8) Capital lease obligations (3.1) - Issuance of shares of common and convertible preferred stock for acquisition of business - 836.5 Stock-based compensation awards issued in acquisition of business, net of income taxes - 13.4 Non-cash preferred stock dividend accrual (1.0) (1.0)
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