Adjusted EBITDA is not a recognized term under generally accepted accounting principles (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.

(1) First quarter EnhancedView deferred revenue includes $8.3 million invoiced in the fourth quarter of 2010 for which cash was received in the first quarter of 2011.

DigitalGlobe, Inc. Unaudited Condensed Consolidated Balance Sheets
(in millions, except share and per share data)		December 31, 2010				March 31, 2011
ASSETS
CURRENT ASSETS:
Cash and cash equivalents		$	179.3			$	163.7
Restricted cash			6.7				4.7
Accounts receivable, net of allowance for doubtful accounts of $1.0 and $2.6, respectively			45.3				36.8
Prepaid and current assets			19.4				16.3
Deferred taxes			62.7				56.0
Total current assets			313.4				277.5
Property and equipment, net of accumulated depreciation of $478.2 and $507.4, respectively			879.1				920.2
Goodwill			8.7				8.7
Intangibles, net of accumulated amortization of $8.7 and $8.7, respectively			0.3				0.3
Aerial image library, net of accumulated amortization of $21.1 and $21.7, respectively			1.9				2.2
Long-term restricted cash			13.6				12.5
Long-term deferred contract costs			42.1				43.2
Other assets, net			7.2				6.9
Total assets		$	1,266.3			$	1,271.5
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable		$	15.0			$	9.2
Accrued interest			6.2				15.5
Other accrued liabilities			26.3				20.3
Current portion of deferred revenue			38.9				40.3
Total current liabilities			86.4				85.3
Long-term accrued liability			6.0				1.8
Deferred rev e nue			246.2				262.5
Deferred lease incentive			4.6				4.3
Long-term debt, net of discount			346.1				346.7
Long-term deferred tax liability, net			76.7				69.1
Total liabilities		$	766.0			$	769.7
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Preferred stock, $0.001 par value; 24,000,000 shares authorized; no shares issued and outstanding at December 31, 2010 and March 31, 2011			–				–
Common stock; $0.001 par value; 250,000,000 shares authorized; 46,243,757 shares issued and outstanding at December 31, 2010 and 46,244,050 shares issued and outstanding at March 31, 2011			0.2				0.2
Treasury stock, at cost; 44,039 shares at December 31, 2010 and 50,395 shares March 31, 2011			(0.7	)			(0.9	)
Additional paid-in capital			512.7				515.1
Accumulated deficit			(11.9	)			(12.6	)
Total stockholders’ equity			500.3				501.8
Total liabilities and stockholders’ equity		$	1,266.3			$	1,271.5

DigitalGlobe, Inc. Condensed Consolidated Statements of Cash Flows
(in millions)	For the Three Months Ended March 31,
		2010			2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	1.5		$	(0.7	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization expense		29.1			29.2
EnhancedView deferred revenue		–			24.8
Recognition of pre-FOC payments		(6.4	)		(6.4	)
Amortization of aerial image library, deferred contract costs and lease incentive		1.2			1.7
Non-cash stock compensation expense		1.4			1.7
Amortization of debt issuance costs and debt discount		1.1			1.0
Deferred income taxes		1.6			(1.0	)
Changes in working capital, net of investing activities:
Accounts receivable, net		7.3			8.5
Aerial image library		(0.1	)		–
Prepaids and other assets		2.3			1.9
Accounts payable		(1.6	)		(0.6	)
Accrued liabilities		8.0			3.4
Deferred contract costs		(5.3	)		(2.4	)
Deferred revenue		4.0			(0.6	)
Net cash flows provided by operating activities		44.1			60.5
CASH FLOWS FROM INVESTING ACTIVITIES:
Construction in progress additions		(3.3	)		(78.3	)
Other property, equipment and intangible additions		(1.0	)		(1.3	)
Decrease in restricted cash		0.6			3.1
Net cash flows used in investing activities		(3.7	)		(76.5	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from initial public offering, net of issuance costs		(0.3	)		–
Proceeds from exercise of stock options		5.2			0.6
Cash paid for treasury stock		–			(0.2	)
Net cash flows provided by financing activities		4.9			0.4
Net increase (decrease) in cash and cash equivalents		45.3			(15.6	)
Cash and cash equivalents, beginning of period		97.0			179.3
Cash and cash equivalents, end of period		142.3			163.7
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for income taxes		0.1			0.8
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Changes to non-cash construction in progress accruals, including interest		14.3			9.3

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