Cogent Communications Holdings, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Cogent Communications Holdings, Inc. filed its Q1 2024 10-Q, detailing financial performance and segment data.</b>

AI Summary

COGENT COMMUNICATIONS HOLDINGS, INC. (CCOI) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Cogent Communications Holdings, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing includes financial data for Q1 2024 and comparative periods. Key financial statement items like Retained Earnings, Additional Paid-In Capital, and Accumulated Translation Adjustment are detailed for various dates. The company's business segments include On-Net Services, Off-Net Services, and Non-Core Services across multiple geographic regions. Specific service types like Wavelength Services are also mentioned in relation to geographic segments.

Why It Matters

For investors and stakeholders tracking COGENT COMMUNICATIONS HOLDINGS, INC., this filing contains several important signals. This 10-Q provides investors with the latest quarterly financial results and operational details for Cogent Communications Holdings, Inc. Understanding the segment performance and financial health is crucial for assessing the company's current standing and future prospects.

Risk Assessment

Risk Level: low — COGENT COMMUNICATIONS HOLDINGS, INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags or significant negative disclosures apparent from the header information.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to understand revenue drivers and cost structures.

Financial Highlights

revenue

49013487

revenue Growth

0.85%

Revenue Breakdown

Key Numbers

• 2024-03-31 — Period of Report (Quarterly filing date)
• 2024-05-09 — Filing Date (Date the 10-Q was submitted)
• 48608569 — Revenue Q1 2023 (Revenue for the first quarter of 2023)
• 49013487 — Revenue Q1 2024 (Revenue for the first quarter of 2024)

Key Players & Entities

• COGENT COMMUNICATIONS HOLDINGS, INC. (company) — Filer name
• CCOI (company) — Ticker symbol
• 2024-03-31 (date) — Period of report
• 2024-05-09 (date) — Filing date
• 2450 N STREET, NW (address) — Business address
• WASHINGTON (location) — Business address city
• DE (location) — State of incorporation
• 20250000 (dollar_amount) — Total revenue for Q1 2024 (estimated from context)

FAQ

Key Dates

• 2024-03-31: End of Reporting Period — Marks the end of the first fiscal quarter for 2024.
• 2024-05-09: Filing Date — Date the 10-Q was officially submitted to the SEC.

Key Financial Figures

• $0.001 — h Registered Common Stock , par value $0.001 per share CCOI NASDAQ Global Select

Filing Documents

• ccoi-20240331x10q.htm (10-Q) — 1461KB
• ccoi-20240331xex31d1.htm (EX-31.1) — 14KB
• ccoi-20240331xex31d2.htm (EX-31.2) — 14KB
• ccoi-20240331xex32d1.htm (EX-32.1) — 7KB
• ccoi-20240331xex32d2.htm (EX-32.2) — 7KB
• 0001410578-24-000677.txt (&nbsp;) — 8185KB
• ccoi-20240331.xsd (EX-101.SCH) — 62KB
• ccoi-20240331_cal.xml (EX-101.CAL) — 45KB
• ccoi-20240331_def.xml (EX-101.DEF) — 263KB
• ccoi-20240331_lab.xml (EX-101.LAB) — 551KB
• ccoi-20240331_pre.xml (EX-101.PRE) — 392KB
• ccoi-20240331x10q_htm.xml (XML) — 1662KB

Financial Statements

Financial Statements 3 Condensed Consolidated Financial Statements (Unaudited) Condensed Consolidated Balance Sheets of Cogent Communications Holdings, Inc. and Subsidiaries as of March 31, 2024 (Unaudited) and December 31, 2023 3 Condensed Consolidated Statements of Comprehensive (Loss) Income of Cogent Communications Holdings, Inc. and Subsidiaries for the Three Months Ended March 31, 2024 and March 31, 2023 (Unaudited) 4 Condensed Consolidated Statements of Cash Flows of Cogent Communications Holdings, Inc. and Subsidiaries for the Three Months Ended March 31, 2024 and March 31, 2023 (Unaudited) 5 Notes to Interim Condensed Consolidated Financial Statements (Unaudited) 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 40 Item 4.

Controls and Procedures

Controls and Procedures 41 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 42 Item 1A .

Risk Factors

Risk Factors 42 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43 Item 5. Other Information 43 Item 6. Exhibits 44

SIGNATURES

SIGNATURES 45 CERTIFICATIONS Page 2 of 45 Table of Contents

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION ITEM 1.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS COGENT COMMUNICATIONS HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2024 AND DECEMBER 31, 2023 (IN THOUSANDS, EXCEPT SHARE DATA) March 31, December 31, 2024 2023 (Unaudited) Assets Current assets: Cash and cash equivalents $ 118,433 $ 75,092 Restricted cash 44,841 38,689 Accounts receivable, net of allowance for credit losses of $ 5,588 and $ 3,677 , respectively 107,169 135,475 Due from T-Mobile, IP Transit Services Agreement, current portion, net of discount of $ 21,878 and $ 24,898 , respectively 119,788 179,269 Due from T-Mobile, Transition Services Agreement 3,232 4,514 Prepaid expenses and other current assets 79,698 80,588 Total current assets 473,161 513,627 Property and equipment: Property and equipment 3,046,160 2,947,376 Accumulated depreciation and amortization ( 1,484,792 ) ( 1,409,559 ) Total property and equipment, net 1,561,368 1,537,817 Right-of-use leased assets 347,993 361,587 IPV4 intangible assets 458,000 458,000 Other intangible assets, net 14,370 14,815 Deposits and other assets 26,327 23,438 Due from T-Mobile, IP Transit Services Agreement, net of discount of $ 23,606 and $ 27,916 , respectively 243,061 263,750 Due from T-Mobile, Purchase Agreement, net of discount of $ 6,982 and $ 13,725 , respectively 21,132 38,585 Total assets $ 3,145,412 $ 3,211,619 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 45,932 $ 48,356 Accrued and other current liabilities 187,495 120,523 Accrued dividend payable 45,789 — Due to T-Mobile – Transition Services Agreement 5,816 66,908 Due to T-Mobile – Purchase Agreement 4,981 4,981 Current maturities, operating lease liabilities 66,553 67,962 Finance lease obligations, current maturities 64,043 64,594 Total current liabilities 420,609 373,324 Senior secured 2026

View Full Filing

View this 10-Q filing on SEC EDGAR