Cogent Q4 EPS $4.17 on $254M Sprint gain; revenue $272.1M (+79% YoY); gross margin falls to 10.9%

COGENT COMMUNICATIONS HOLDINGS, INC.

2023-FY EPS reported $26.62 revenue$940,922,000

GAAP diluted EPS $4.17 (Q4) and $26.62 (FY 2023) vs $0.02 and $0.11 in prior year; results inflated by $1.4B bargain purchase gain (incl. $458M IPv4 valuation).
Service revenue $272.1M (Q4), up 79% YoY; full year $940.9M, up 56.9%. On-net revenue up 6.9% QoQ, off-net down 5.3%.
GAAP gross margin collapsed to 10.9% (Q4) from 47% (Q4 2022); Non-GAAP gross margin 36% vs 62.6%. Adjusted EBITDA margin 40.6% (Q4) vs 47.7% (Q3).
Operating cash flow negative $48.7M in Q4; full year $17.3M vs $173.7M in 2022. Net leverage improved to 3.75 from 4.23.
Quarterly dividend raised to $0.965/share (+$0.01), payable April 9, 2024; 46th consecutive increase.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

COGENT COMMUNICATIONS HOLDINGS, INC. reported financial results for the full year of 2023.

Period: the full year of 2023
Result: reported results

Exact text from the filing

On February 29, 2024, Cogent Communications Holdings, Inc. issued a press release summarizing its financial results for the fourth quarter of 2023 and the full year of 2023.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

COGENT COMMUNICATIONS HOLDINGS, INC. reported financial results for the fourth quarter of 2023.

Period: the fourth quarter of 2023
Result: reported results

Exact text from the filing

On February 29, 2024, Cogent Communications Holdings, Inc. issued a press release summarizing its financial results for the fourth quarter of 2023 and the full year of 2023.

View on SEC.gov

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COGENT COMMUNICATIONS HOLDINGS, INC. filing history →

Source: SEC EDGAR

accession 0001104659-24-029043

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