Q4 2023 Financial Highlights
- The gain on bargain purchase from the Sprint acquisition was $254.0 million for Q4 2023 and was $1.4 billion for full year 2023.
- Included in the gain on bargain purchase in Q4 2023 and full year 2023 was the estimated fair value of acquired IPv4 internet addresses totaling $458.0 million.
- Basic and fully diluted earnings per share for Q4 2023 were $4.23 and $4.17, respectively, and were $26.88 and $26.62 for full year 2023, respectively.
- Gross leverage ratio was 4.79 for Q3 2023 and was 4.07 for Q4 2023.
- Net leverage ratio was 4.23 for Q3 2023 and was 3.75 for Q4 2023
- Service revenue decreased from Q3 2023 to Q4 2023 by 1.2% to $272.1 million, increased from Q4 2022 to Q4 2023 by 79.0% and increased from full year 2022 to full year 2023 by 56.9% to $940.9 million.
- Non-core revenue decreased from Q3 2023 to Q4 2023 by 43.5% from $12.8 million to $7.3 million.
- Net cash used in operating activities was $52.4 million for Q3 2023 and was $48.7 million for Q4 2023, net cash provided by operating activities was $173.7 million for full year 2022 and $17.3 million for full year 2023.
- Net cash provided by investing activities was $62.1 million for Q3 2023, $60.1 million for Q4 2023 and was $76.7 million for full year 2023. Net cash used in investing activities was $79.0 million for full year 2022.
- Cash received under an IP Transit Agreement with T-Mobile, and included in cash provided by investing activities, was $87.5 million for Q3 2023, $87.5 million for Q4 2023 and $204.2 million for full year 2023.
- Net cash provided by investing activities was $62.1 million for Q3 2023, $60.1 million for Q4 2023 and was $76.7 million for full year 2023. Net cash used in investing activities was $79.0 million for full year 2022.
- EBITDA, as adjusted for Sprint acquisition costs and cash received under an IP Transit Agreement with T-Mobile was $131.4 million for Q3 2023, $110.5 million for Q4 2023, $232.9 million for full year 2022 and $352.5 million for full year 2023.
- EBITDA, as adjusted for Sprint acquisition costs and cash received under an IP Transit Agreement with T-Mobile, margin was 47.7% for Q3 2023, 40.6% for Q4 2023, 38.8% for full year 2022 and 37.5% for full year 2023.
- Cogent approved an increase of $0.01 per share to its regular quarterly dividend for a total of $0.965 per share for Q1 2024 as compared to $0.955 per share for Q4 2023 – Cogent’s forty-sixth consecutive quarterly dividend increase.