Smart People Buy Dumb Pipes
historical & continuing margin expansion
$300
Total Revenue by Segment
($ in millions)
$250
Q1 2010 Q3 2023
$200
$150
$100
$50
$-
22222222
70%
(% of revenue)
Non GAAP Gross Margin
60%
Q1 2010 Q3 2023
50%
40%
30%
20%
10%
0%
$250
*
Off net revenue
Revenue grew in all segments in Q2 as a result of the acquisition of Sprint Wireline business.
On net revenue
I Wavelength revenue
Noncore revenue
EBITDA, as Adjusted for Sprint Costs
($ in millions) & (% of revenue)
$200
2010-2022
$150
$100
$50
$0
T
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
I EBITDA, as adjusted for Sprint costs
cogent
Smart People
Buy Dumb Pipes
EBITDA, as adjusted for Sprint costs
Q1 2010
Q2 2010
Q3 2010
Q4 2010
Q1 2011
Q2 2011
Q3 2011
Q4 2011
Q1 2012
Q2 2012
Q4 2012
* Acquisition of Sprint Wireline business
100%
90%
80%
On-Net ARPU = $475
Q3 2023
70%
- 60%
Revenue
Sales
Commission
Bad Debt
Expense
Operating
Leverage
$1.00
50%
$1.00
$0.03
$0.02
$0.90
- 40%
$0.80
$0.70
30%
$0.60
20%
$0.50
$0.95
$0.40
10%
$0.30
0%
$0.20
$0.10
$0.00
Q4 2016
Q1 2017
TOZ ZO
Q3 2017
Q4 2017
Q1 2018
Q2 2018
Q3 2018
Q4 2018
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
03 2020
04 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Q1 2023
*Q2 2023
*Q3 2023
Off-Net ARPU = $1,156
Q3 2023
Sales Bad Debt
Operating
Revenue Commission Expense Local Loops Leverage
$1.00 $0.03
$0.02
$0.50
$1.00
$0.90
$0.80
$0.70
$0.60
$0.50
$0.40
$0.30
$0.45
$0.20
$0.10
$0.00
19View entire presentation