Business
Cogent Communications Closes its Acquisition of the Sprint Wireline Business, Reports First Quarter 2023 Results and Increases its Regular Quarterly Dividend on its Common Stock
Financial and Business Highlights On May 1, 2023 Cogent completed its acquisition of the U.S. long-haul fiber network (including the non-U.S. extensions
About this update from Cogent Communications Holdings, Inc.
[{"type":"text","content":"Financial and Business Highlights\nOn 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\").Cogent approved an increase of $0.01 per share to its regular quarterly dividend for a total of $0.935 per share for Q2 2023 as compared to $0.925 per share for Q1 2023 – Cogent's forty-third consecutive quarterly dividend increase.The Q2 2023 $0.935 dividend per share represents an annual increase of 6.3% from the dividend per share of $0.880 for Q2 2022.Service revenue increased from Q4 2022 to Q1 2023 by 1.1% to $153.6 million and increased from Q1 2022 to Q1 2023 by 3.0%.Service revenue, on a constant currency basis, increased from Q4 2022 to Q1 2023 by 0.2% and increased from Q1 2022 to Q1 2023 by 4.0%.Net cash provided by operating activities was $35.8 million for Q1 2023.Sprint acquisition costs were $0.4 million for Q1 2023.EBITDA margin, including the impact of $0.4 million of Sprint acquisition costs for Q1 2023 was 36.5%.EBITDA, excluding the impact of $0.4 million of Sprint acquisition costs for Q1 2023 was 36.8%.WASHINGTON, May 4, 2023 /PRNewswire/ -- Cogent Communications Holdings, Inc. (NASDAQ: CCOI) (\"Cogent\") today announced service revenue of $153.6 million for the three months ended March 31, 2023, an increase of 1.1% from the three months ended December 31, 2022 and an increase of 3.0% from the three months ended March 31, 2022. Foreign exchange rates positively impacted service revenue growth from the three months ended December 31, 2022 to the three months ended March 31, 2023 by $1.3 million and negatively impacted service revenue growth from the three months ended March 31, 2022 to the three months ended March 31, 2023 by $1.6 million. On a constant currency basis, service revenue increased by 0.2% from the three months ended December 31, 2022 to the three months ended March 31, 2023 and increased by 4.0% for the three months ended March 31, 2022 to the three months ended March 31, 2023.\n\n \n \n \n \n \n \n\n \nOn-net service is provided to customers located in buildings that are physically connected to Cogent's network by Cogent facilities. On-net revenue was $116.1 million for the three months ended March 31, 2023; an increase of 1.0% from the three months ...