DigitalGlobe Reports First Quarter 2014 Results

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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