DigitalGlobe Reports Second Quarter 2012 Results

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 revenue. For the second quarter of 2012, Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by the sum of GAAP revenue, plus $13.8 million of deferrals related to the SLA portion of EnhancedView, less $6.4 million of amortized revenue related to NextView. For the six months ended June 30, 2012, Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by the sum of GAAP revenue, plus $31.8 million of deferrals related to the SLA portion of EnhancedView, less $12.8 million of amortized revenue related to NextView.

                                                                            
                             DigitalGlobe, Inc.                             
              Unaudited Condensed Consolidated Balance Sheets               
                                                                            
                                                 June 30,      December 31, 
(in millions, except share data)                    2012           2011     
                                               -------------  ------------- 
ASSETS                                                                      
CURRENT ASSETS:                                                             
Cash and cash equivalents                      $       212.4  $       198.5 
Restricted cash                                          7.8            7.7 
Accounts receivable, net of allowance for                                   
 doubtful accounts of $2.8 and $3.6,                                        
 respectively                                           47.5           50.7 
Prepaid and current assets                              20.3           19.6 
Deferred taxes                                          67.1           65.1 
                                               -------------  ------------- 
  Total current assets                                 355.1          341.6 
Property and equipment, net of accumulated                                  
 depreciation of $619.5 and $563.9,                                         
 respectively                                        1,076.2        1,019.8 
Goodwill                                                 8.7            8.7 
Aerial image library, net of accumulated                                    
 amortization of $29.1 and $25.1, respectively          17.8           13.0 
Long-term restricted cash                                7.8            9.8 
Long-term deferred contract costs                       39.4           44.7 
Other assets                                                                                        12.8                      14.0  
                                                                                              -------------    -------------  
    Total  assets                                                                  $          1,517.8    $          1,451.6  
                                                                                              -------------    -------------  
LIABILITIES  AND  STOCKHOLDERS'  EQUITY                                                                                
CURRENT  LIABILITIES:                                                                                                                
Accounts  payable                                                              $                14.9    $                19.7  
Accrued  interest                                                                                  0.2                        0.2  
Current  note  payable                                                                          5.0                        5.0  
Other  accrued  liabilities                                                              50.6                      37.5  
Current  portion  of  deferred  revenue                                          37.8                      36.6  
                                                                                              -------------    -------------  
    Total  current  liabilities                                                        108.5                      99.0  
Long-term  accrued  liability                                                                -                        1.4  
Deferred  revenue                                                                              349.1                    319.3  
Deferred  lease  incentive                                                                  2.7                        3.3  
Long-term  debt,  net  of  discount                                                480.1                    481.6  
Long-term  deferred  tax  liability,  net                                      71.7                      59.6  
                                                                                              -------------    -------------  
    Total  liabilities                                                        $          1,012.1    $              964.2  
                                                                                              -------------    -------------  
COMMITMENTS  AND  CONTINGENCIES                                                                                              
STOCKHOLDERS'  EQUITY:                                                                                                              
Preferred  stock,  $0.001  par  value;  24,000,000                                                              
  shares  authorized;  no  shares  issued  and                                                                        
  outstanding  at  June  30,  2012  and  December  31,                                                            
  2011                                                                                                            -                            -  
Common  stock,  $0.001  par  value;  250,000,000                                                                  
  shares  authorized;  46,748,615  shares  issued                                                                
  and  outstanding  at  June  30,  2012  and                                                                              
  46,320,471  shares  issued  and  outstanding  at                                                                
  December  31,  2011                                                                              0.2                        0.2  
Treasury  stock,  at  cost;  80,956  shares  at  June                                                            
  30,  2012  and  66,175  shares  at  December  31,                                                                  
  2011                                                                                                      (1.4)                    (1.2)
Additional  paid-in  capital                                                          535.1                    530.0  
Accumulated  deficit                                                                        (28.2)                  (41.6)
                                                                                              -------------    -------------  
    Total  stockholders'  equity                                                      505.7                    487.4  
                                                                                              -------------    -------------  
    Total  liabilities  and  stockholders'  equity      $          1,517.8    $          1,451.6  
                                                                                              -------------    -------------  
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                          DigitalGlobe,  Inc.                                                          
                            Condensed  Consolidated  Statements  of  Cash  Flows                              
                                                                                                                                                        
                                                                                                  For  the  six  months  ended      
                                                                                                                  June  30,                      
                                                                                                                                      2011          
  (in  millions)                                                                            2012                  Revised        
                                                                                              -------------    -------------  
CASH  FLOWS  FROM  OPERATING  ACTIVITIES:                                                                              
Net  income  (loss)                                                            $                13.4    $                (2.2)
Adjustments  to  reconcile  net  income  (loss)  to                                                              
  net  cash  provided  by  operating  activities:                                                                  
    Depreciation  and  amortization  expense                                  57.6                      58.4  
    EnhancedView  deferred  revenue                                                  33.8                      49.7  
    Recognition  of  pre-FOC  payments                                            (12.8)                  (12.8)
    Amortization  of  aerial  image  library,                                                                          
      deferred  contract  costs  and  lease  incentive                    10.5                        4.2  
    Non-cash  stock  compensation  expense                                        4.7                        9.5  
    Amortization  of  debt  issuance  costs                                        1.9                        2.2  
    Deferred  income  taxes                                                                  10.1                      (2.4)
Changes  in  working  capital,  net  of  investing                                                                
  activities:                                                                                                                                
    Accounts  receivable,  net                                                              3.2                        5.9  
    Prepaids  and  other  assets                                                          (8.3)                    (4.1)
    Accounts  payable                                                                              5.7                        1.9  
    Accrued  liabilities                                                                    (13.5)                    (5.9)
    Deferred  contract  costs                                                              (0.5)                          -  
    Deferred  revenue                                                                            10.0                      (1.2)
                                                                                              -------------    -------------  
Net  cash  flows  provided  by  operating                                                                                
  activities                                                                                        115.8                    103.2  
                                                                                              -------------    -------------  
CASH  FLOWS  FROM  INVESTING  ACTIVITIES:                                                                              
    Construction  in  progress  additions                                      (96.5)                (137.4)
    Other  property  and  equipment  additions                                (4.8)                    (4.0)
    Decrease  in  restricted  cash                                                        1.9                        5.0  
                                                                                              -------------    -------------  
Net  cash  flows  used  in  investing  activities                        (99.4)                (136.4)
                                                                                              -------------    -------------  
CASH  FLOWS  FROM  FINANCING  ACTIVITIES:                                                                              
    Repayment  of  long-term  debt                                                      (2.5)                          -  
    Proceeds  from  exercise  of  stock  options                                    -                        1.3  
    Repurchase  of  common  stock                                                              -                      (0.2)
                                                                                              -------------    -------------  
Net  cash  flows  (used  in)  provided  by  financing                                                            
  activities                                                                                          (2.5)                      1.1  
                                                                                              -------------    -------------  
Net  increase  (decrease)  in  cash  and  cash                                                                        
  equivalents                                                                                        13.9                    (32.1)
Cash  and  cash  equivalents,  beginning  of  period                  198.5                    179.3  
                                                                                              -------------    -------------  
Cash  and  cash  equivalents,  end  of  period              $              212.4    $              147.2  
                                                                                              -------------    -------------  
SUPPLEMENTAL  CASH  FLOW  INFORMATION:                                                                                  
Interest  capitalized                                                      $                10.9    $                  7.7  
NON-CASH  INVESTING  AND  FINANCING  ACTIVITIES:                                                                
Changes  to  non-cash  construction  in  progress                                                                
  accruals,  including  interest                                                      12.8                        3.2  
                                                                                                                                                        
 

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