Q1 2024 Financial Highlights
- Service revenue for Q1 2024 was $266.2 million and $272.1 million for Q4 2023.
- Wavelength revenue increased sequentially by 7.0% to $3.3 million for Q1 2024.
- Revenue under the Commercial Services Agreement with T-Mobile was $8.6 million for Q4 2023 and $3.2 million for Q1 2024.
- Non-core revenue decreased from Q4 2023 to Q1 2024 by 16.8% from $7.3 million to $6.0 million.
- Net cash used in operating activities was $48.7 million for Q4 2023 and net cash provided by operating activities was $19.2 million for Q1 2024.
- Net cash provided by investing activities was $60.1 million for Q4 2023 and $51.0 million for Q1 2024.
- Cash received under the IP Transit Agreement with T-Mobile, and included in cash provided by investing activities, was $87.5 million for Q4 2023 and $87.5 million for Q1 2024.
- Net cash provided by investing activities was $60.1 million for Q4 2023 and $51.0 million for Q1 2024.
- EBITDA, as adjusted for Sprint acquisition costs and cash received under the IP Transit Agreement with T-Mobile was $110.5 million for Q4 2023 and $115.0 million for Q1 2024.
- EBITDA, as adjusted for Sprint acquisition costs and cash received under the IP Transit Agreement with T-Mobile, margin was 40.6% for Q4 2023 and 43.2% for Q1 2024.
- Total Sprint acquisition costs were $17.0 million for Q4 2023 and $9.0 million for Q1 2024.
- Severance costs, reimbursed by T-Mobile, and included in Sprint acquisition costs were $16.2 million for Q4 2023 and $4.3 million for Q1 2024.
- Gross leverage ratio was 4.07 for Q4 2023 and was 3.57 for Q1 2024.
- Net leverage ratio was 3.75 for Q4 2023 and was 3.17 for Q1 2024.
- Cogent closed its issuance of $206.0 million of its 7.9% IPV4 Securitized Notes on May 2, 2024.
- Total Sprint acquisition costs were $17.0 million for Q4 2023 and $9.0 million for Q1 2024.
- Cogent approved an increase of $0.01 per share to its regular quarterly dividend for a total of $0.975 per share for Q2 2024 as compared to $0.965 per share for Q1 2024 – Cogent’s forty-seventh consecutive quarterly dividend increase.