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Performant Financial Corporation Provides Fourth Quarter 2012 Guidance

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our expected fourth quarter 2012 financial results and operating metrics. These forward-looking statements are based on current expectations, estimates, assumptions and projections that are subject to change and actual results may differ materially from the forward-looking statements. The preliminary financial results for our fourth quarter 2012 are subject to the completion of our financial closing procedures and any adjustments arising from the audit of our 2012 consolidated financial statements. Factors that could cause actual results to differ materially include, but are not limited to, the high level of revenue concentration among the Company's five largest customers, that many of the Company's customer contracts are subject to periodic renewal, are not exclusive and do not provide for committed business volumes, that the Company faces significant competition in all of its markets, that the U.S. federal government accounts for a significant portion of the Company's revenues, that future legislative and regulatory changes may have significant effects on the Company's business, failure of the Company's or third parties' operating systems and technology infrastructure could disrupt the operation of the Company's business and the threat of breach of the Company's security measures or failure or unauthorized access to confidential data that the Company possesses. More information on potential factors that could affect the Company's financial condition and operating results is included from time to time in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's Form 10-Q for the quarter ended September 30, 2012. The forward-looking statements are made as of the date of this press release and the Company does not undertake to update any forward-looking statements to conform these statements to actual results or revised expectations.

  Reconciliation of Non-GAAP Results
  Three Months Ended December 31,  2012
Reconciliation of Adjusted EBITDA: (in thousands)
Net income $ 5,525 to 6,830
Provision for income taxes 4,257 to 4,951
Interest expense 3,087
Depreciation and amortization 2,501
Stock based compensation 731
Adjusted EBITDA $16,100 to 18,100
   
  Three Months Ended December 31,  2012
Reconciliation of Adjusted Net Income: (in thousands)
Net income $ 5,525 to 6,830
Stock based compensation 731
Amortization of intangibles (1) 933
Deferred financing amortization costs (2) 296
Tax adjustments (3) (784)
Adjusted net income $6,701 to 8,006
  1. Represents amortization of capitalized expenses related to the acquisition of Performant by an affiliate of Parthenon Capital Partners in 2004, the impairment expense to reduce the carrying amount of the intangible asset due to our decision to terminate a client contract in 2009 and an acquisition in the first quarter of 2012 to enhance our analytics capabilities.
  2. Represents amortization of capitalized financing costs related to debt offerings conducted in 2009, 2010 and 2012.
  3. Represents tax adjustments assuming a marginal tax rate of 40%.
CONTACT: Richard Zubek
         Investor Relations
         925-960-4988
         investors@performantcorp.com

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