Cogent Communications 10-Q Filed

TL;DR

Cogent Comm's Q2 10-Q is in. Check financials.

AI Summary

Cogent Communications Holdings, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter. Key financial figures and balance sheet items are presented, reflecting the company's ongoing business activities and financial position.

Why It Matters

This filing provides investors with the latest financial snapshot of Cogent Communications, crucial for understanding its performance and making informed investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Numbers

• 48608569 — Total Revenue (Represents revenue for the period ending June 30, 2024.)
• 48990760 — Operating Income Loss (Indicates the company's profitability from core operations.)

Key Players & Entities

• COGENT COMMUNICATIONS HOLDINGS, INC. (company) — Filer
• 20240630 (date) — Period of Report
• 20240808 (date) — Filing Date

FAQ

Key Financial Figures

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

Filing Documents

• ccoi-20240630x10q.htm (10-Q) — 2164KB
• ccoi-20240630xex31d1.htm (EX-31.1) — 12KB
• ccoi-20240630xex31d2.htm (EX-31.2) — 12KB
• ccoi-20240630xex32d1.htm (EX-32.1) — 6KB
• ccoi-20240630xex32d2.htm (EX-32.2) — 6KB
• 0001410578-24-001206.txt ( ) — 11068KB
• ccoi-20240630.xsd (EX-101.SCH) — 68KB
• ccoi-20240630_cal.xml (EX-101.CAL) — 48KB
• ccoi-20240630_def.xml (EX-101.DEF) — 294KB
• ccoi-20240630_lab.xml (EX-101.LAB) — 599KB
• ccoi-20240630_pre.xml (EX-101.PRE) — 431KB
• ccoi-20240630x10q_htm.xml (XML) — 2692KB

Financial Statements

Financial Statements 3 Condensed Consolidated Financial Statements (Unaudited) Condensed Consolidated Balance Sheets of Cogent Communications Holdings, Inc. and Subsidiaries as of June 30, 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 June 30, 2024 and June 30, 2023 (Unaudited) 4 Condensed Consolidated Statements of Comprehensive (Loss) Income of Cogent Communications Holdings, Inc. and Subsidiaries for the Six Months Ended June 30, 2024 and June 30, 2023 (Unaudited) 5 Condensed Consolidated Statements of Cash Flows of Cogent Communications Holdings, Inc. and Subsidiaries for the Six Months Ended June 30, 2024 and June 30, 2023 (Unaudited) 6 Notes to Interim Condensed Consolidated Financial Statements (Unaudited) 7 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 27 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 51 Item 4.

Controls and Procedures

Controls and Procedures 52 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 53 Item 1A .

Risk Factors

Risk Factors 53 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 54 Item 5. Other Information 54 Item 6. Exhibits 55

SIGNATURES

SIGNATURES 56 CERTIFICATIONS Page 2 of 56 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 JUNE 30, 2024 AND DECEMBER 31, 2023 (IN THOUSANDS, EXCEPT SHARE DATA) June 30, December 31, 2024 2023 (Unaudited) Assets Current assets: Cash and cash equivalents $ 384,419 $ 75,092 Restricted cash 41,822 38,689 Accounts receivable, net of allowance for credit losses of $ 6,382 and $ 3,677 , respectively 111,676 135,475 Due from T-Mobile, IP Transit Services Agreement, current portion, net of discount of $ 19,992 and $ 24,898 , respectively 80,008 179,269 Due from T-Mobile, Transition Services Agreement 3,862 4,514 Prepaid expenses and other current assets 67,688 80,588 Total current assets 689,475 513,627 Property and equipment: Property and equipment 3,103,518 2,947,376 Accumulated depreciation and amortization ( 1,522,908 ) ( 1,409,559 ) Total property and equipment, net 1,580,610 1,537,817 Right-of-use leased assets 332,065 361,587 IPv4 intangible assets 458,000 458,000 Other intangible assets, net 13,926 14,815 Deposits and other assets 26,455 23,438 Due from T-Mobile, IP Transit Services Agreement, net of discount of $ 19,558 and $ 27,916 , respectively 222,108 263,750 Due from T-Mobile, Purchase Agreement, net of discount of $ 6,581 and $ 13,725 , respectively 21,534 38,585 Total assets $ 3,344,173 $ 3,211,619 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 38,510 $ 48,356 Accrued and other current liabilities 189,131 120,523 Due to T-Mobile – Transition Services Agreement 2,286 66,908 Due to T-Mobile – Purchase Agreement — 4,981 Current maturities, operating lease liabilities 61,780 67,962 Finance lease obligations, current maturities 21,253 64,594 Total current liabilities 312,960 373,324 Senior secured 2026 notes, net of unamortized debt costs of $ 511

View Full Filing

View this 10-Q filing on SEC EDGAR