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Performant Financial Corporation Provides First Quarter 2013 Guidance

Reconciliation of Non-GAAP Results

  Three Months Ended March 31,  2013
Reconciliation of Adjusted EBITDA: (in thousands)
Net income $ 1,270 to 1,935
Provision for income taxes 1,264 to 2,099
Interest expense 2,966
Depreciation and amortization 2,509
Deal expenses (1) 1,579
Stock based compensation 712
Adjusted EBITDA $10,300 to 11,800
   
  Three Months Ended March 31,  2013
Reconciliation of Adjusted Net Income: (in thousands)
Net income $1,270 to 1,935
Deal expenses (1) 1,579
Stock based compensation 712
Amortization of intangibles (2) 933
Deferred financing amortization costs (3) 285
Tax adjustments (4) (2,061)
Adjusted net income $2,717 to 3,382

(1) Represents expenses associated with our public offering completed in February 2013.

(2) 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.

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