Adjusted EBITDA is not a recognized term under generally accepted accounting principles, or GAAP, in the United States and may not be defined similarly by other companies. 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.

DigitalGlobe, Inc. Unaudited Condensed Consolidated Balance Sheets (in millions, except per share data)
		December 31,				September 30,
		2008				2009
ASSETS
CURRENT ASSETS:
Cash and cash equivalents		$	60.8			$	96.1
Restricted cash			2.5				8.6
Accounts receivable, net of allowance for doubtful accounts of $0.9 and $1.4, respectively			44.3				40.9
Accounts receivable from related party			2.5				-
Aerial image library			4.9				5.5
Prepaid and current assets			5.8				10.2
Deferred taxes			24.9				12.6
Total current assets			145.7				173.9
Property and equipment, net of accumulated depreciation of $288.6 and $343.3, respectively			792.9				880.4
Goodwill			8.7				8.7
Intangibles, net of accumulated amortization of $5.4 and $6.8, respectively			3.6				2.2
Long-term restricted cash			-				16.7
Long-term deferred contract costs			5.7				32.8
Long-term deferred contract costs from related party			15.9				-
Other assets, net			7.7				9.6
Total assets		$	980.2			$	1,124.3
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable			0.7				4.4
Accounts payable to related party			1.8				-
Accrued interest			3.5				16.0
Other accrued liabilities			20.1				21.2
Other accrued liabilities to related party			2.7				-
Current portion of deferred revenue			28.1				32.0
8.5% Cumulative mandatorily redeemable preferred stock-Series-C; $0.001 par value; 50,000,000 shares authorized; 10 shares issued and outstanding; aggregate liquidation preference of $0.5 million as of December 31, 2008 and there was no balance as of September 30, 2009			0.5				-
Total current liabilities		$	57.4			$	73.6
Deferred revenue			214.9				230.5
Deferred revenue related party			24.7				-
Deferred lease incentive			6.3				5.7
Long-term debt			230.0				342.9
Long-term debt and accrued interest to related parties			44.6				-
Long-term deferred tax liability			-				9.2
Total liabilities		$	577.9			$	661.9
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Preferred stock, $0.001 par value; 24,000,000 shares authorized; no shares issued and outstanding at December 31, 2008 and September 30, 2009			-				-
Common stock; $0.001 par value; 250,000,000 shares authorized; 43,468,941 shares issued and outstanding at December 31, 2008 and 44,934,831 shares issued and outstanding at September 30, 2009			0.2				0.2
Treasury stock, at cost; 21,555 shares at December 31, 2008 and 43,723 shares at September 30, 2009			(0.2	)			(0.7	)
Additional paid-in capital			467.2				492.7
Accumulated other comprehensive income (loss)			(1.5	)			-
Accumulated deficit			(63.4	)			(29.8	)
Total stockholders’ equity			402.3				462.4
Total liabilities and stockholders’ equity		$	980.2			$	1,124.3

DigitalGlobe, Inc. Unaudited Condensed Consolidated Statements of Cash Flows (in millions)
		For the Nine Months Ended September 30,
		2008				2009
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income		$	40.0			$	33.6
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense			56.4				56.2
Non-cash recognition of deferred revenue			(19.1	)			(19.8	)
Non-cash amortization			3.1				4.0
Non-cash stock compensation expense			2.5				5.5
Amortization of debt issuance costs			1.3				-
Write off of debt financing fees			-				5.3
Deferred income taxes			26.6				20.5
Changes in working capital, net of investing activities:
Accounts receivable, net			14.9				6.1
Accounts receivable from related party			(1.6	)			(0.2	)
Aerial image library			(2.7	)			(4.7	)
Other assets			4.5				(4.6	)
Accounts payable			1.5				(0.8	)
Accounts payable and accrued liabilities to related parties			(1.8	)			3.5
Accrued liabilities			3.0				(0.4	)
Deferred contract costs from related party			(7.7	)			(11.7	)
Deferred revenue			(0.9	)			12.4
Deferred revenue related party			6.5				2.1
Deferred lease incentive			0.8				-
Net cash flows provided by operating activities			127.3				107.0
CASH FLOWS USED IN INVESTING ACTIVITIES:
Construction in progress additions			(100.8	)			(121.4	)
Other property, equipment and intangible additions			(4.0	)			(7.2	)
Increase in restricted cash			(0.1	)			(22.8	)
Settlements of derivative instruments			(0.8	)			(2.8	)
Net cash flows used in investing activities			(105.7	)			(154.2	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of debt, net of issuance costs			38.5				330.9
Proceeds from initial public offering, net of issuance costs			(2.4	)			21.7
Repayment of notes			-				(270.0	)
Proceeds from exercise of stock options			1.1				0.3
Repurchase of common stock			-				(0.4	)
Net cash flows provided by financing activities			37.2				82.5
Net increase in cash and cash equivalents			58.8				35.3
Cash and cash equivalents, beginning of period			22.9				60.8
Cash and cash equivalents, end of period		$	81.7			$	96.1
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest, net of amounts capitalized		$	3.1			$	-
Cash paid for income taxes			2.0				2.4
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Non-cash items capitalized in construction in progress			-				5.5
Changes to non-cash property and equipment accruals, including interest			(14.7	)			8.1

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