Smart People Buy Dumb Pipes
investing: increasing returns, demand driven, all
funded internally
120
100
Capital Expenditures and Principal Payments on IRU Finance (Capital) Leases
($ in millions) 2010-2023 YTD
*
58.5
45.5
80
60
18.2
60
19.1
15.5
16.8
11.2
23.1
24.0
10.3
20.2
12.5
11.2
9.1
52.8
45.9
44.3
49.0
60.0
35.6
45.2
45.8
20
20
49.9
47.0
56.0
69.9
40
40
0
2010
700
600
500
400
300
200
2011
79.0
86.0
2020
2021
2022
2023 YTD
2012
2013
2014
2015
2016
2017
2018
2019
■CapEx
■Principal Payments on IRU Finance (Capital) Leases
* Assumed Sprint Capital Leases
Growing Returns (Revenue to CapEx & Principal Payments on IRU Finance (Capital) Leases)
($ in millions) 2010-2023 YTD
2019
2016
2017
2018
2020
CapEx and Principal Payments on IRU Finance (Capital) Leases / Revenue
100
0
2010
2011
2012
Revenue
2013
2014
2015
cogent
Smart People
Buy Dumb Pipes
30%
25%
- 20%
15%
10%
5%
0%
2021
2022
2023 YTD
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