Cotiviti Holdings Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Impairment of Intangible Assets for the Fourth Quarter Ended December 31, 2017; Provides Earnings Guidance for the Year 2018
For the year, the company reported net revenue of $678,661,000 compared to $625,162,000 a year ago. Operating income was $162,298,000 compared to $133,953,000 a year ago. Income before income taxes was $126,430,000 compared to $69,822,000 a year ago. Net income was $138,203,000 or $1.45 per diluted share compared to $48,852,000 or $0.55 per diluted share a year ago. Net cash provided by operating activities was $175,103,000 compared to $189,171,000 a year ago. Expenditures for property and equipment were $37,274,000 compared to $35,213,000 a year ago. Adjusted EBITDA was $267,895,000 compared to $239,664,000 a year ago. Adjusted net income was $149,211,000 or $1.57 per diluted share compared to $124,256,000 or $1.40 per diluted share a year ago. Free cash flow was $137,829,000 compared to $153,958,000 a year ago.
For the quarter, the company reported impairment of intangible assets of $1,322,000.
The company provided earnings guidance for the year 2018. For the year, the company expects net income in the range of $105 million to $120 million, depreciation and amortization of $90 million, interest expense in the range of $40 million to $35 million, adjusted EBITDA in the range of $295 million to $310 million, total revenue in the range of $740 million to $775 million and estimated effective tax rate of approximately 25%, excluding the impact of stock option exercises, restricted stock units and non-deductible stock-based compensation.