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Business Acquisitions (Tables)
9 Months Ended
Sep. 30, 2013
Business Acquisitions  
Schedule of total purchase price for the acquisition of GeoEy

 

 

(in millions)

 

Amount

 

Net cash received

 

$

(76.2

)

Cash due to equity holders

 

0.8

 

DigitalGlobe common stock

 

723.8

 

DigitalGlobe Series A convertible preferred stock

 

114.0

 

DigitalGlobe equity awards issued to replace GeoEye equity awards

 

21.6

 

Long-term debt issued to redeem GeoEye’s long-term debt including early termination penalties and accrued interest

 

596.7

 

Aggregate purchase price

 

$

1,380.7

 

Schedule of the classifications of the cash flows received

 

 

(in millions)

 

Amount

 

Investing activities:

 

 

 

Acquisition of business (1)

 

$

76.2

 

Redemption of GeoEye debt (2)

 

(596.7

)

Total cash used in acquisition of business

 

$

(520.5

)

 

 

(1)         Includes $103.8 million of cash paid to GeoEye common and convertible preferred stockholders, offset by cash acquired of $180.0 million.

(2)         Includes cash paid to settle GeoEye’s outstanding long-term debt at the acquisition date, including principal of $525.0 million and accrued interest of $16.4 million that was replaced by new debt (See Note 8). As a result of the discharge and redemption of GeoEye’s debt, DigitalGlobe incurred early termination penalties of approximately $55.3 million.

Schedule of the preliminary assignment of the aggregate consideration

 

 

(in millions)

 

September 30,
2013

 

Current assets, net of cash acquired

 

$

90.1

 

Property, plant and equipment, including satellite constellation

 

988.8

 

Identifiable intangible assets:

 

 

 

Technology

 

26.0

 

Customer relationships

 

10.0

 

Trademarks

 

5.0

 

FCC licenses and other

 

2.5

 

Other noncurrent assets

 

4.0

 

Current liabilities

 

(50.2

)

Deferred revenue

 

(12.1

)

Long-term deferred tax liability, net

 

(124.5

)

Fair value of acquired assets and assumed liabilities

 

939.6

 

Goodwill

 

441.1

 

Aggregate purchase price

 

$

1,380.7

 

Schedule of pro forma financial information related to the combined results of DigitalGlobe and GeoEy

 

 

 

 

Nine months ended September 30,

 

(in millions, except per share data)

 

2013

 

2012

 

Operating revenue

 

$

452.8

 

$

560.8

 

Net (loss) income

 

(78.7

)

20.8

 

Net (loss) income available to common stockholders

 

(81.7

)

17.1

 

Basic (loss) income per common share

 

$

(1.11

)

$

0.24

 

Diluted (loss) income per common share

 

$

(1.11

)

$

0.23