COGENT COMMUNICATIONS HOLDINGS, INC.

For the period ended Mar 31, 2025. Filed May 8, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed May 8, 2025

CCOI$4.35-2.2%Stored close · as of Nov 10, 2026

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Contents

Item 1. Financial Statements

ITEM 1.

FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF MARCH 31, 2025 AND DECEMBER 31, 2024

(IN THOUSANDS, EXCEPT SHARE DATA)


· March 31, · December 31,
· · 2025 · · 2024
· · (Unaudited) · · ·
Assets
Current assets:
Cash and cash equivalents	$153,805	$198,486
Restricted cash	30,165	29,430
Accounts receivable, net of allowance for credit losses of $9,193 and $9,762, respectively	87,955	96,934
Due from T-Mobile, IP Transit Services Agreement, current portion, net of discount of $15,332 and $16,915, respectively	84,668	83,085
Due from T-Mobile, Transition Services Agreement	—	62
Prepaid expenses and other current assets	66,088	74,104
Total current assets	422,681	482,101
Property and equipment:
Property and equipment	3,428,294	3,319,731
Accumulated depreciation and amortization	(1,736,435)	(1,655,564)
Total property and equipment, net	1,691,859	1,664,167
Right-of-use leased assets	324,533	324,315
IPv4 intangible assets	458,000	458,000
Other intangible assets, net	12,591	13,029
Deposits and other assets	30,636	29,596
Due from T-Mobile, IP Transit Services Agreement, net of discount of $9,029 and $12,312, respectively	157,637	179,534
Due from T-Mobile, Purchase Agreement, net of discount of $5,330 and $5,755, respectively	22,785	22,360
Total assets	$3,120,722	$3,173,102
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$55,850	$39,805
Accrued and other current liabilities	146,698	134,609
Due to T-Mobile – Transition Services Agreement	218	525
Current maturities, operating lease liabilities	55,973	57,172
Finance lease obligations, current maturities	24,685	21,225
Total current liabilities	283,424	253,336
Senior secured 2026 notes, net of unamortized debt costs of $306 and $375, respectively, and discounts of $408 and $499, respectively	499,286	499,126
Senior unsecured 2027 notes, net of unamortized debt costs of $1,824 and $2,013, respectively, and discounts of $6,395 and $7,053, respectively	741,781	740,934
Secured IPv4 notes, net of debt costs of $6,381 and $6,702, respectively	199,619	199,298
Operating lease liabilities, net of current maturities	295,864	302,004
Finance lease obligations, net of current maturities	543,852	517,161
Deferred income tax liabilities	379,712	398,266
Other long-term liabilities	34,340	40,129
Total liabilities	2,977,878	2,950,254
Commitments and contingencies:
Stockholders’ equity:
Common stock, $0.001 par value; 75,000,000 shares authorized; 49,337,310 and 49,034,925 shares issued and outstanding, respectively	49	49
Additional paid-in capital	639,248	629,829
Accumulated other comprehensive loss	(18,933)	(30,685)
Accumulated deficit	(477,520)	(376,345)
Total stockholders’ equity	142,844	222,848
Total liabilities and stockholders’ equity	$3,120,722	$3,173,102

The accompanying notes are an integral part of these condensed consolidated balance sheets.

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND MARCH 31, 2024

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)


· · Three Months Ended · Three Months Ended
· March 31, 2025 · · March 31, 2024
· · (Unaudited) · (Unaudited)
Service revenue	$247,048	$266,168
Operating expenses:
Network operations (including $490 and $385 of equity-based compensation expense, respectively, exclusive of depreciation and amortization shown separately below)	137,439	168,933
Selling, general, and administrative (including $7,523 and $6,565 of equity-based compensation expense, respectively)	73,863	76,696
Acquisition costs – Sprint Business	—	9,037
Depreciation and amortization	76,038	70,891
Total operating expenses	287,340	325,557
Operating loss	(40,292)	(59,389)
Interest expense, including change in valuation interest rate swap agreement	(34,216)	(29,162)
Reduction to gain on bargain purchase – Sprint Business	—	(5,470)
Interest income – IP Transit Services Agreement	4,686	7,330
Interest income (loss) – Purchase Agreement	425	(480)
Interest income (loss) and other, net	(865)	2,737
Loss before income taxes	(70,262)	(84,434)
Income tax benefit	18,220	19,127
Net loss	$(52,042)	$(65,307)

Comprehensive loss:
Net loss	$(52,042)	$(65,307)
Foreign currency translation adjustment	11,752	(5,034)
Comprehensive loss	$(40,290)	$(70,341)

Net loss per common share:
Basic net loss per common share	$(1.09)	$(1.38)
Diluted net loss per common share	$(1.09)	$(1.38)
Dividends declared per common share	$1.005	$0.965

Weighted-average common shares - basic	47,676,735	47,416,268

Weighted-average common shares - diluted	47,676,735	47,416,268

The accompanying notes are an integral part of these condensed consolidated statements.

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND MARCH 31, 2024

(IN THOUSANDS)


· · Three Months Ended · · Three Months Ended
· March 31, 2025 · March 31, 2024
· · (Unaudited) · · (Unaudited)
Cash flows from operating activities:
Net loss	$(52,042)	$(65,307)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	76,038	70,891
Amortization of debt costs and discounts	1,192	342
Amortization of discounts, due from T-Mobile, IP Transit Services & Purchase Agreements	(5,111)	(6,850)
Equity-based compensation expense (net of amounts capitalized)	8,013	6,950
Reduction to gain on bargain purchase – Sprint Business	—	5,470
Deferred income taxes	(18,554)	(33,069)
Changes in operating assets and liabilities:
Accounts receivable	8,979	28,306
Prepaid expenses and other current assets	2,261	890
Due to T-Mobile – Transition Services Agreement	(307)	(61,092)
Due from T-Mobile – Transition Services Agreement	62	(3,052)
Accounts payable, accrued liabilities and other long-term liabilities	18,148	79,098
Deposits and other assets	(2,328)	(3,358)
Net cash provided by operating activities	36,351	19,219
Cash flows from investing activities:
Cash receipts - IP Transit Services Agreement – T-Mobile	25,000	87,500
Acquisition of Sprint Business – severance reimbursement	—	4,334
Purchases of property and equipment	(58,088)	(40,883)
Net cash (used in) provided by investing activities	(33,088)	50,951
Cash flows from financing activities:
Dividends paid	(49,133)	(478)
Proceeds from exercises of stock options	121	164
Principal payments of finance lease obligations	(8,003)	(23,235)
Net cash used in financing activities	(57,015)	(23,549)
Effect of exchange rates changes on cash	9,806	2,872
Net (decrease) increase in cash, cash equivalents and restricted cash	(43,946)	49,493
Cash, cash equivalents and restricted cash, beginning of period	227,916	113,781
Cash, cash equivalents and restricted cash, end of period	$183,970	$163,274
Supplemental disclosure of non-cash financing activities:
Finance lease obligations incurred	$38,961	$54,423

The accompanying notes are an integral part of these condensed consolidated statements.

Page 5 of47

COGENT COMMUNICATIONS HOLDINGS, INC., AND SUBSIDIARIES

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.