Smart People Buy Dumb Pipes
cogent
Smart People
Buy Dumb Pipes
$250
is
$180
$160
($ in millions)
$140
Q1 2010 Q4 2021
$120
$100
$80
$60
$40
$20
2010
Q3 2010
OTOZ
2011
Q2 2011
Q3 2011
Q4 2011
Q1
2012.
2015
Q2 2012
On-Net Revenue
2012
2012
Q1 2013
Q2 2013
Q3 2013
Q4 20
2013
Q1 2014
Q2 2014
Q3 2014
historical & continuing margin expansion
Total Revenue by Segment
Q4 2014
Q1 2015
QQ2 2015
Q3 2015
Ź 04 2015
Q4 2015
+ Q1 2016
O Off-Net Revenue
Q2 2016
Q3 2016
Q4 2016
Q1 2017
Q2 2017
64%
Non GAAP Gross Margin
(% of revenue)
62%
CAGR: 7.5%
Q1 2010 Q4 2021
60%
Q3 2017
Q4 2017
Q1 2018
Q2 2018
Q3 2018
Q4 2018
Q1 2019
Q2 2019
O Q3 2019
Q4 2019
Q1 2020
Q2 2020
2020
Non Core Revenue
100%
04 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
50%
52%
54%
56%
58%
$200
($ in millions) & (% of revenue)
EBITDA as Adjusted
90%
2010-2021
80%
$150
CAGR 9.2%
70%
- 60%
Revenue
Commission
Sales
On-Net ARPU = $459
Expense
Bad Debt
Q4 2021
Operating
- 50%
$1.00
$0.03
$0.02
$100
40%
30%
$50
20%
10%
$0
0%
2010
2011
2012
2013
2014
2015
2016 2017
2018
2019 2020
2021
EBITDA, as adjusted
EBITDA, as adjusted - margin
Q1 2010
Q2 2010
Q3 2010
2010
Q1 2011
Q2 2011
Q3 2011
Q4 2011
Q1 2012
Q2 2012
Q3 2012
Q4 2012
Q1 2013
Q2 2013
2013
Q4 2013
Q1 2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Q2 2015
Q3 2015
Q4 2015
Q1 2016
Q2 2016
Q3 2016
Q4 2016
+ 600 Basis Points
Q1 2017
Q2 2017
Q3 2017
Q4 2017
Q1 2018
Q2 2018
Q3 2018
Q4 2018
Q1 2019
Q2 2019
Q3 2019
2019
Q1 2020
Off-Net ARPU = $962
Q4 2021
Leverage
Sales
Revenue Commission Expense Local Loops Leverage
Bad Debt
Operating
$1.00
$1.00
$1.00
$0.03
$0.90
$0.02
$0.90
$0.80
$0.80
$0.70
$0.70
$0.60
$0.60
$0.50
$0.50
$0.95
$0.40
$0.50
$0.40
$0.30
$0.30
$0.45
$0.20
$0.20
$0.10
$0.10
$0.00
$0.00
16
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021View entire presentation