the PrudentRx acquisition $466 $-
HMS HOLDINGS CORP. AND SUBSIDIARIES
Reconciliation of net income to EBITDA and adjusted EBITDA
(In thousands, except share and per share amounts)
(unaudited)
As summarized in the following table, earnings before interest, taxes,
depreciation and amortization, and share-based compensation expense
(adjusted EBITDA) was $14.6 million for the third quarter of 2008, an
increase of 36.6% over the same period a year ago.
Reconciliation of net income to Three Months Nine months
EBITDA and adjusted EBITDA Ended Ended
September 30, September 30,
2008 2007 2008 2007
Net Income $6,143 $4,141 $14,317 $10,920
Net interest expense 180 326 617 1,361
Income taxes 4,448 3,202 10,368 8,443
Depreciation and amortization,
net of deferred financing costs
included in net interest expense 2,993 2,599 8,662 7,402
Earnings before interest,
taxes, depreciation
and amortization (EBITDA) 13,764 10,268 33,964 28,126
Share-based compensation expense 833 417 2,351 1,420
Adjusted EBITDA $14,597 $10,685 $36,315 $29,546
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