Rentrak Corporation
Reconciliation of GAAP and Non-GAAP Financial Measures
Adjusted EBITDA
(Unaudited)
(in thousands)
					For the Three Months				For the Twelve Months
					Ended March 31,				Ended March 31,
					2010		2009		2010		2009
Net Income					$     197		$  2,247		$     576		$  5,363
Adjustments:
	Provision (benefit) for income taxes				(285)		(90)		(349)		991
	Interest income, net				(137)		(346)		(1,151)		(1,108)
	Depreciation and amortization				687		494		2,329		1,750
	Stock-based compensation				883		94		2,361		487
Adjusted EBITDA					$  1,345		$  2,399		$  3,766		$  7,483
About Adjusted EBITDA
From time to time, we may refer to Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization and Stock Based Compensation)
in our conference calls and discussions with analysts in connection with our reported historical financial results.  Adjusted EBITDA does not
represent cash flows from operations as defined by generally accepted accounting principles ("GAAP"), is not derived in accordance with GAAP
and should not be considered by the reader as an alternative to net income (the most comparable GAAP financial measure to Adjusted EBITDA).
The reconciliation of GAAP and Non-GAAP financial measures for the three and twelve month periods ended March 31, 2010 and 2009 are included in the
above table.  Management of the Company believes that Adjusted EBITDA is helpful as an indicator of the current financial performance of the
Company and its capacity to operationally fund capital expenditures and working capital requirements.  Due to the nature of the Company's
internally-developed software policies and the Company's use of stock-based compensation, the Company incurs significant non-cash charges for
depreciation, amortization and stock-based compensation expense that may not be indicative of its operating performance from a cash perspective.
Therefore, the Company believes that using the measure of Adjusted EBITDA will help provide a better understanding of the Company's underlying
financial performance and ability to generate cash flows from operations.