Smart People Buy Dumb Pipes

highly disciplined allocator of capital Cogent is focused on driving profitability and efficiently allocating capital. . • . M&A Discipline: Cogent has evaluated and passed on over 700 acquisitions since 2005. Cost Discipline: Cogent has improved its EBITDA and Adjusted Gross Margin consistently over 20 years at approximately 200 bps per annum. Returning Capital: Cogent has returned over $1.0 Billion to shareholders since our 2005 public offering. Dividend Record: Cogent has increased its dividend for 38 straight quarters · Bought back over 10MM shares. Management Ownership: Senior Management owns approximately 11% of Cogent and gets compensated primarily in stock. cogent Smart People Buy Dumb Pipes 19

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