Smart People Buy Dumb Pipes
investing: increasing returns, demand driven, all
funded internally
115
95
55
75
18.2
19.1
55-
11.2
15.5
16.8
Capital Expenditures and Principal Payments on IRU Capital Leases
($ in millions) 2010-2021
23.1
24.0
10.3
11.2
9.1
20.2
12.5
35
52.8
45.9
44.3
49.0
60.0
35.6
45.2
45.8
49.9
47.0
56.0
69.9
15
-5
2010
2011
2012
2013
2014
2015
■CapEx
700
600
500
400
300
200
100
0
2010
2011
2012
2013
2014
Revenue
cogent
Smart People
Buy Dumb Pipes
2015
2016
2017
2018
2019
2020
2021
Principal Payments on IRU Capital Leases
Growing Returns (Revenue to CapEx & Principal Payments on IRU Capital Leases)
($ in millions) 2010-2021
2016
2017
2018
CapEx and Principal Payments on IRU Capital Leases / Revenue
30%
25%
- 20%
-15%
10%
5%
0%
2019
2020
2021
17View entire presentation