Cotiviti Holdings, Inc. Announces Consolidated Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2017; Provides Earnings Guidance for the Full Year of 2017; Provides Revenue Guidance for the Fourth Quarter of 2017 and Full Year of 2018
For the nine months, the company reported net revenue of USD 501,932,000 as compared to USD 457,250,000 same period last year. Operating income was USD 115,120,000 as compared to USD 92,331,000 same period last year. Net income was USD 67,535,000 or USD 0.71 diluted earnings per share as compared to USD 23,560,000 or USD 0.27 diluted earnings per share same period last year. Adjusted EBITDA was USD 190,263,000 as compared to USD 175,266,000 same period last year. Net cash provided by operating activities was USD 107,163,000 as compared to USD 108,345,000 same period last year. Expenditures for property and equipment was USD 23,610,000 as compared to USD 22,578,000 same period last year. Income before income taxes was USD 87,335,000 compared to USD 36,340,000 a year ago. Adjusted Net income was USD 104,835,000 compared to USD 87,099,000 a year ago. Adjusted net Income per diluted share was USD 1.10 compared to USD 1.00 a year ago.
The company provided earnings guidance for the full year of 2017. For the period, the company expects total revenue in a range of USD 678 million to USD 683 million. Net income expected to be in the range of USD 91 million to USD 95 million; Adjusted EBITDA expected to be in the range of USD 265 million to USD 268 million. The free cash flow is anticipated to be in the range of USD 125 million to USD 130 million for the full year. The company is maintaining USD 35 million interest expense estimate for 2017 despite the recent uptick in LIBOR. The expected capex is approximately USD 40 million.
Fourth quarter revenue is expected to be approximately USD 4.5 million.
For the full year of 2018, revenue estimate at approximately USD 20 million.