Cogint Announces Third Quarter 2016 Financial And Operating Results

Cogint, Inc. (NASDAQ: COGT), a data and analytics company, today reported revenue of $52.2 million, net loss of $9.7 million and adjusted EBITDA of $3.2 million for the third quarter ended September 30, 2016.

"We are pleased to report a record quarter in revenue, continuing the trend of quarter-over-quarter growth in revenue and adjusted EBITDA," said Derek Dubner, cogint's chief executive officer. "This quarter marked an exceptional growth period for the company, with over 27% top-line revenue growth as compared to the second quarter of 2016, led by strong demand for core solutions, and positive trending in adoption of new solutions, across all product lines. Due to the strength we saw at the end of Q3 2016 and continued momentum in the first part of Q4 2016, we believe we are well positioned to be in the previously stated range of $183 - $187 million for full-year 2016 revenues."

Financial Highlights

Total revenue was $52.2 million, with our Information Services and Performance Marketing segments contributing $14.8 million and $37.4 million, respectively, for the third quarter 2016, compared to total revenue of $1.0 million, with our Information Services and Performance Marketing segments contributing $1.0 million and $0 million, respectively, for the third quarter 2015. Net cash provided by operating activities was $4.4 million for the nine months ended September 30, 2016, compared to net cash used in operating activities of $6.8 million for the nine months ended September 30, 2015. The Company reported a net loss of $9.7 million for the third quarter 2016, compared to a net loss of $4.8 million for the third quarter 2015. Adjusted EBITDA was $3.2 million for the third quarter 2016, compared to negative $2.2 million for the third quarter 2015. Cash and cash equivalents was $10.4 million as of September 30, 2016.

Use of Non-GAAP Financial Measures

Management evaluates the financial performance of our business on a variety of key indicators, including adjusted EBITDA. Adjusted EBITDA is a non-GAAP financial measure equal to net loss, the most directly comparable financial measure based on US GAAP, plus net loss from discontinued operations, interest expense, income tax (benefit) expenses, depreciation and amortization, share-based payments, and other adjustments, as noted in the table below.

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