DigitalGlobe Reports Full Year and Fourth Quarter 2015 Results

~Revenue up 7% to $702 million~
~ Net cash flows from operations up 47% to $330 million~
~Exceeds Revised 2015 Guidance Range and Provides 2016 Outlook~

WESTMINSTER, Colo. — (BUSINESS WIRE) — February 25, 2016DigitalGlobe, Inc. (NYSE: DGI), a leading global provider of commercial high-resolution earth observation and advanced geospatial solutions, today reported financial results for the full year and fourth quarter ended December 31, 2015.

Full Year Financial Summary:

  • Revenue increased 7.3% year over year to $702.4 million.
  • Adjusted EBITDA grew 24.3% year over year to $355.7 million.
  • Adjusted EBITDA margin expanded 692 bps to 50.6%.
  • Net income was $23.3 million.
  • Net income available to common shareholders was $18.5 million, or $0.26 per diluted share.
  • Net cash flows from operations increased 46.6% year over year to $329.7 million.
  • Free cash flow was $159.8 million.

Fourth Quarter Financial Summary:

  • Revenue declined 2.2% year over year to $181.7 million.
  • Adjusted EBITDA grew 10.2% year over year to $102.4 million.
  • Adjusted EBITDA margin expanded 633 bps to 56.4%.
  • Net income was $10.6 million.
  • Net income available to common shareholders was $9.2 million, or $0.13 per diluted share.
  • Net cash flows from operations increased 20.8% year over year to $92.2 million.
  • Free cash flow was $28.6 million.

Recent Highlights:

  • Announced an agreement with KACST, a long-time direct access customer in Saudi Arabia, and their affiliate, TAQNIA Space, to develop and launch six or more sub-meter small satellites. KACST and TAQNIA will fully fund and build the satellites and DigitalGlobe will provide its industry leading ground infrastructure, operations expertise, production capabilities, and worldwide sales and distribution capabilities.
  • Announced several early contractual agreements and letters of intent for direct access capacity from international defense and intelligence customers for WorldView-4, scheduled for launch in September 2016.
  • Amended credit agreement to allow additional flexibility on timing of share repurchase program and to increase the threshold for certain mandatory debt repayments.
  • Repurchased 2,660,202 shares of common stock in the fourth quarter for $44.0 million at an average price of $16.54 per share and repurchased a total of $219.6 million of its common stock through December 31, 2015.
  • Repurchased another $44.1 million, or 3,105,912 shares, at an average price of $14.20 since the end of the fourth quarter, and have approximately $71.6 million remaining on our $335.0 million share repurchase authorization.

"We are pleased to report solid Adjusted EBITDA margin expansion and strong free cash flow growth resulting from our continued focus on operational excellence,” said Jeffrey R. Tarr, DigitalGlobe CEO. “We are also encouraged by the performance of our International Defense and Intelligence business, highlighted by strong growth in the quarter, unprecedented early demand for WorldView-4, and our expanded partnership with KACST, a long time direct access customer."

2016 Revenue and Adjusted EBITDA Outlook:

  • Revenue in a range of $670 million to $700 million.
  • Adjusted EBITDA in a range of $330 million to $355 million.
  • Capital expenditures of approximately $125 million.(1)

_________________________________

(1) Excludes capitalized interest

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