DigitalGlobe Reports Fourth Quarter and Full Year 2013 Results

(1) Restructuring, acquisition and integration costs consist of non-recurring charges related to the combination with GeoEye.

                                                                            
                                    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.

                                                                            
                                                                            
                             DigitalGlobe, Inc.                             
                                                                                                         
                                                Consolidated  Balance  Sheets                                                  
                                                                                                                                                        
                                                                                                              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)                  -                    -  
                                                                                                                                                        
 

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