Q1 2023 Financial Highlights
- On 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%.