Deltek Reports Q4 License Revenue of $27 Million and Total Revenue of $77 Million


                             DELTEK, INC.
                CONSOLIDATED STATEMENTS OF CASH FLOWS
                            (in thousands)
                             (unaudited)


                                                 Twelve Months Ended
                                                      December 31,
                                                 ---------------------
                                                    2007       2006
                                                 ---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net income                                    $  22,519  $  15,298
   Adjustments to reconcile net income to net
    cash provided by operating activities:
      Provision for doubtful accounts                2,419      2,052
      Depreciation and amortization                  9,241      8,097
      Amortization of debt issuance costs            1,096      3,048
      Stock-based compensation expense               6,134      1,686
      Employee stock purchase plan expense              35          -
      Stock issued in lieu of director's fees            -         20
      Loss on disposal of fixed assets                 214         28
      Deferred income taxes                         (2,464)     1,874
      Change in assets and liabilities:
         Accounts receivable, net                  (17,586)   (17,708)
         Prepaid expenses and other assets          (1,794)     2,980
         Accounts payable and accrued expenses       3,343      8,662
         Interest payable on shareholder notes           -     (5,467)
         Income taxes payable                        2,544        294
         Excess tax benefit from stock option
          exercises                                 (1,759)         -
         Other tax liabilities                          21          -
         Other long-term liabilities                  (120)       661
         Deferred revenues                          (4,748)    (3,083)
                                                 ---------- ----------
            Net Cash Provided by Operating
             Activities                             19,095     18,442
                                                 ---------- ----------

CASH FLOWS FROM INVESTING ACTIVITIES:
   Acquisitions, net of cash acquired               (6,101)   (32,769)
   Purchase of property and equipment               (9,055)    (4,671)
   Capitalized software development costs             (412)      (856)
                                                 ---------- ----------
            Net Cash Used in Investing
             Activities                            (15,568)   (38,296)
                                                 ---------- ----------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Issuance of common stock                                87            1,051
      Sale  of  common  stock  in  initial  public
        offering,  net  of  offering  costs                                  42,991                    -
      Proceeds  from  exercise  of  stock  options                      3,950                  12
      Excess  tax  benefit  from  stock  option
        exercises                                                                                1,759                    7
      Redemption  of  stock  and  shareholder  payments
        in  recapitalization                                                          (4,780)        (7,038)
      Proceeds  from  the  issuance  of  debt                              22,500        125,000
      Debt  issuance  costs                                                                      -          (1,312)
      Repayment  of  debt                                                              (59,712)    (108,900)
                                                                                                  ----------  ----------
                        Net  Cash  Provided  by  Financing
                          Activities                                                            6,795            8,820
                                                                                                  ----------  ----------

IMPACT  OF  FOREIGN  EXCHANGE  RATES  ON  CASH  AND
  CASH  EQUIVALENTS                                                                            102                  22
                                                                                                  ----------  ----------

NET  INCREASE  (DECREASE)  IN  CASH  AND  CASH
  EQUIVALENTS                                                                                10,424        (11,012)

CASH  AND  CASH  EQUIVALENTS--Beginning  of  year                  6,667          17,679
                                                                                                  ----------  ----------

CASH  AND  CASH  EQUIVALENTS--End  of  year                      $    17,091    $      6,667
                                                                                                  ==========  ==========

 


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