Smart People Buy Dumb Pipes

Non-GAAP EBITDA and non-GAAP EBITDA, as adjusted, reconciled to GAAP cash flows provided by operating activities Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 ($ in 000's) unaudited Net cash flows provided by operating activities Changes in operating assets and liabilities $28,458 $41,311 $32,980 $37,571 $47,106 $39,749 $47,418 $35,984 5,325 $(3,232) $6,255 $1,920 $(9,060) $2,352 $(6,267) $(7,095) Cash interest expense and income tax expense EBITDA 16,611 $15,269 $15,348 $16,184 $17,504 $15,080 16,602 $28,521 $50,394 $53,348 $54,583 $55,675 $55,550 $57,181 $57,753 $57,410 PLUS: Gains on asset related transactions 39 205 99 10 18 0 0 0 EBITDA, as adjusted $50,433 $53,553 $54,682 $55,685 $55,568 $57,181 $57,753 EBITDA margin EBITDA, as adjusted, margin 35.8% 35.8% 37.8% 38.0% 39.0% 39.0% Non-GAAP gross profit and non-GAAP gross margin reconciled to GAAP gross profit and GAAP gross margin 38.4% 38.7% 38.4% 38.7% 37.8% 37.9% 38.7% 39.0% $57,410 39.0% 38.7% Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 ($ in 000's) unaudited Service revenue total $140,915 $140,990 $142,302 $143,901 $146,777 $147,879 $147,927 $147,208 Minus Network operations expense including equity-based compensation and including depreciation and amortization expense $75,429 $73,782 $76,138 $77,284 79,062 78,276 79,254 78,985 GAAP Gross Profit (1) $65,486 $67,208 $66,164 $66,617 $67,715 $69,603 $68,673 $68,223 Plus - Equity-based compensation - network operations expense 252 305 $346 $316 2,076 136 163 146 Plus Depreciation and amortization expense 19,508 $19,896 $21,619 $22,455 21,970 22,096 22,609 Non-GAAP Gross Profit (2) $85,246 $87,409 $88,129 $89,388 $91,761 $91,835 $91,445 22,567 $90,936 GAAP Gross Margin (1) Non-GAAP Gross Margin (2) 46.5% 60.5% 47.7% 46.5% 62.0% 61.9% 46.3% 62.1% 46.1% 47.1% 46.4% 46.3% 62.5% 62.1% 61.8% 61.8% (1) (2) GAAP gross profit is defined as total service revenue less network operations expense, depreciation and amortization and equity based compensation included in network operations expense. GAAP gross margin is defined as GAAP gross profit divided by total service revenue. Non-GAAP gross profit represents service revenue less network operations expense, excluding equity-based compensation and amounts shown separately (depreciation and amortization expense). Non- GAAP gross margin is defined as non-GAAP gross profit divided by total service revenue. Management believes that non-GAAP gross profit and non-GAAP gross margin are relevant metrics to provide to investors, as they are metrics that management uses to measure the margin and amount available to the Company after network service costs, in essence these are measures of the efficiency of the Company's network. cogent Smart People Buy Dumb Pipes 24

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