secwatch.observer — SEC 8-K summary
======================================

Issuer:     COGENT COMMUNICATIONS HOLDINGS, INC. (CCOI)
CIK:        0001158324
Form:       8-K
Filed at:   2024-02-29T23:59:59+00:00
Accession:  0001104659-24-029043
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1158324/000110465924029043/0001104659-24-029043-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1158324/000110465924029043/tm247220d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-029043

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer