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Investor Relations

Q2 2023 Financial Highlights

  • On May 1, 2023 Cogent completed its acquisition of the U.S. long-haul fiber network (including the non-U.S. extensions thereof) of the wireline business of Sprint Communications and its subsidiaries (“Sprint”, or the “Wireline Business”) from T-Mobile (TMUS).
  • Cogent approved an increase of $0.01 per share to its regular quarterly dividend for a total of $0.945 per share for Q3 2023 as compared to $0.935 per share for Q2 2023 – Cogent’s forty-fourth consecutive quarterly dividend increase.
    • The Q3 2023 $0.945 dividend per share represents an annual increase of 4.4% from the dividend per share of $0.905 for Q3 2022.
  • Service revenue increased from Q1 2023 to Q2 2023 by 56.1% to $239.8 million and increased from Q2 2022 to Q2 2023 by 61.5%.
    • Service revenue, on a constant currency basis, increased from Q1 2023 to Q2 2023 by 55.9% and increased from Q2 2022 to Q2 2023 by 61.4%.
    • Service revenue from the Wireline Business was $78.0 million from May 1, 2023 to June 30, 2023.
  • The gain on bargain purchase from the Sprint acquisition was $1.2 billion for Q2 2023.
    • Included in the gain on bargain purchase was the discounted present value of a $700.0 million IP Transit Services Agreement totaling $620.4 million.
  • Basic and fully diluted earnings per share for Q2 2023 were $23.84 and $23.65, respectively.
  • Net cash provided by operating activities increased by 130.7% from Q1 2023 to $82.7 million for Q2 2023 and increased from Q2 2022 to Q2 2023 by 140.3%.
  • Sprint acquisition costs were $0.7 million for Q2 2023.
  • EBITDA was $24.2 million for Q2 2023
    • EBITDA, as adjusted for Sprint acquisition costs and $29.2 million of a cash payment received under an IP Transit Agreement with T-Mobile for Q2 2023 was $54.1 million
    • Amounts billed and amounts paid under an IP Transit Services Agreement with T-Mobile were $58.3 million and $29.2 million in the three months ended June 30, 2023, respectively.
  • EBITDA margin for Q2 2023 was 10.1%.
  • EBITDA, as adjusted margin for Sprint acquisition costs and cash received under an IP Transit Agreement with T-Mobile for Q2 2023 was 22.5%.

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Most Recent News

September 25, 2023
Cogent Communications CEO to Present at Two Upcoming Conferences

August 31, 2023
Cogent Communications CEO to Present at an Upcoming Conference

August 10, 2023
Cogent Communications Reports Second Quarter 2023 Results Including the Sprint Wireline Business, Records a $1.2 Billion Gain on Bargain Purchase, Records Basic Earnings per Share of $23.84 and Increases its Regular Quarterly Dividend on its Common Stock

August 1, 2023
Cogent Communications CEO to Present at Three Upcoming Conferences

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Upcoming and Recent Events

October 3, 2023
Deutsche Bank 31st Annual Leveraged Finance Conference

September 27, 2023
RBC Capital Markets 2023 Global Communications Infrastructure Conference

September 13, 2023
BofA Securities 2023 Media Communications and Entertainment Conference

August 10, 2023
Cogent Communications Q2 2023 Earnings Call

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Cogent Communications

  • Cogent is one of the world's largest Internet Service Providers, delivering high quality Internet, Ethernet and Colocation services across over 151,430 Enterprise and NetCentric customer connections. Cogent serves over 227 markets in 54 countries across its facilities-based, all-optical IP network.
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