Cotiviti Holdings, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2017; Provides Earnings Guidance for the Year 2017
For the six months, total revenue increased 9% to $327.7 million compared to $301.0 million for the same period a year ago. Net income increased 153% to $48.1 million, or $0.51 per diluted share compared to $19.0 million or $0.24 per diluted share in the comparable period a year ago. Non-GAAP Adjusted EBITDA was $121.9 million, compared to $113.6 million in the comparable period a year ago. Non-GAAP Adjusted net income was $68.0 million, or $0.71 per diluted share, compared to $53.4 million, or $0.66 per diluted share in the comparable period a year ago. Operating income was $74,078,000 against $68,176,000 a year ago. Income before income taxes was $54,945,000 against $31,046,000 a year ago. Net cash provided by operating activities was $42,300,000 against $72,574,000 a year ago. Expenditures for property and equipment were $16,593,000 against $14,019,000 a year ago.
For the full year 2017, the company expects total revenue in a range of $688 million to $700 million; net income in a range of $97 million to $103 million; Adjusted EBITDA in a range of $266 million to $272 million; and Fully diluted weighted average shares of approximately 96 million.