American Renal Associates Holdings, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported net patient service operating revenues of $217,178,000 as compared to $185,992,000 a year ago. Operating income was $7,453,000 compared to $27,156,000 a year ago. Income before income taxes was $1,058,000 as compared to $16,801,000 a year ago. Net loss attributable to common shareholders was $18,892,000 or $0.59 per basic and diluted share as compared to $4,633,000 or $0.15 per basic and diluted share a year ago. Cash provided by operating activities was $37,470,000 as compared to $35,838,000 a year ago. Purchases of property, equipment and intangible assets were $8,567,000 compared to $7,647,000 a year ago. Adjusted EBITDA-NCI was $31,508,000 compared to $27,403,000 a year ago. Adjusted net income attributable to the company shareholders was $6,912,000 or $0.20 per diluted share compared to $5,616,000 or $0.17 per diluted share a year ago. Adjusted cash provided by operating activities less distributions to non-controlling interests was $19,999,000 as compared to $17,057,000 a year ago.

For the six months, the company reported patient service operating revenues were $411,850,000 as compared to $363,017,000 a year ago. The company reported operating income of $28,852,000 compared to $39,626,000 a year ago. Income before income taxes was $13,979,000 compared to $26,179,000 a year ago. Net loss attributable to common shareholders was $19,220,000 or $0.60 per basic and diluted share compared to $16,967,000 or $0.55 per basic and diluted share a year ago. Cash provided by operating activities was $58,479,000 compared to $52,360,000 a year ago. Purchases of property, equipment and intangible assets were $18,418,000 compared to $14,053,000 a year ago. Adjusted EBITDA-NCI was $54,246,000 compared to $48,818,000 a year ago. Adjusted net income attributable to the company shareholders was $10,693,000 or $0.31 per diluted share compared to $8,154,000 or $0.24 per diluted share a year ago. Adjusted cash provided by operating activities less distributions to Non-controlling interests were $25,146,000 as compared to $14,535,000 a year ago. As of June 30, 2018, adjusted owned net debt was $459.6 million.

For the year 2018, the company is reiterating its guidance for 2018 Adjusted EBITDA-NCI to be in a range of $105 million to $111 million. The expense recognized by the company during the second quarter of 2018 representing the present value of the settlement with United described above does not affect the company's expected 2018 Adjusted EBITDA-NCI guidance because the expenses relating to the United litigation are added back in calculating Adjusted EBITDA-NCI. The company expects to deploy 1% to 2% of revenue on maintenance CapEx and 3% to 5% of revenue on development CapEx in 2018.