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Cogent Communications (CCOI)

Cogent (NASDAQ: CCOI) is a facilities-based provider of low cost, high speed Internet access and private network services to bandwidth intensive businesses. Cogent's facilities-based, all-optical IP network provides services in over 209 markets across 47 countries.

Company profile

Ticker
CCOI
Exchange
CEO
David Schaeffer
Employees
Incorporated
Fiscal year end
Former names
COGENT COMMUNICATIONS GROUP INC
SEC CIK
Subsidiaries
COGENT COMMUNICATIONS GROUP, INC. • COGENT COMMUNICATIONS, INC. • COGENT COMMUNICATIONS OF CALIFORNIA, INC. • COGENT AFRICAONE, LLC • COGENT AFRICATWO, LLC • COGENT IH, LLC • COGENT WG, LLC • COGENT RB, LLC • COGENT TW, LLC • COGENT COMMUNICATIONS OF D.C., INC. ...
IRS number
522337274

CCOI stock data

Analyst ratings and price targets

Last 3 months

Calendar

5 Aug 22
1 Oct 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 349.85M 349.85M 349.85M 349.85M 349.85M 349.85M
Cash burn (monthly) (no burn) 2.01M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) n/a 6.13M n/a n/a n/a n/a
Cash remaining n/a 343.72M n/a n/a n/a n/a
Runway (months of cash) n/a 171.0 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
12 Sep 22 FERGUSON Lewis H common stock Sell Dispose S No No 55.13 940 51.82K 13,471
9 Sep 22 Thaddeus Gerard Weed common stock Sell Dispose S No No 52.3463 4,850 253.88K 53,550
7 Sep 22 Henry W Kilmer common stock Sell Dispose S No Yes 53.8532 2,400 129.25K 31,200
1 Sep 22 James Bubeck common stock Sell Dispose S No Yes 53.5065 1,920 102.73K 36,182
13F holders Current Prev Q Change
Total holders 260 273 -4.8%
Opened positions 31 32 -3.1%
Closed positions 44 40 +10.0%
Increased positions 106 118 -10.2%
Reduced positions 82 91 -9.9%
13F shares Current Prev Q Change
Total value 2.52B 2.98B -15.6%
Total shares 41M 41.07M -0.2%
Total puts 35.5K 35.7K -0.6%
Total calls 93.7K 67.6K +38.6%
Total put/call ratio 0.4 0.5 -28.3%
Largest owners Shares Value Change
BLK Blackrock 7.24M $440M +3.3%
Vanguard 5.08M $308.82M +2.9%
Renaissance Technologies 2.31M $140.48M +6.8%
Vaughan Nelson Investment Management 1.97M $119.46M +10.1%
STT State Street 1.75M $106.6M +2.8%
Brown Advisory 1.28M $77.6M -17.0%
Dimensional Fund Advisors 940.01K $57.11M +0.6%
SLFPY Standard Life Aberdeen 904.91K $54.98M -6.7%
BK Bank Of New York Mellon 815.28K $49.54M +2.1%
Geode Capital Management 770.66K $46.83M +0.7%
Largest transactions Shares Bought/sold Change
Citadel Advisors 580.79K +580.79K NEW
CET Central Securities 0 -325K EXIT
MNGPF Man 0 -304.37K EXIT
Parametric Portfolio Associates 0 -281.71K EXIT
Brown Advisory 1.28M -261.22K -17.0%
BLK Blackrock 7.24M +234.71K +3.3%
Ceredex Value Advisors 0 -215.7K EXIT
MS Morgan Stanley 423K +213.91K +102.3%
Vaughan Nelson Investment Management 1.97M +179.77K +10.1%
Renaissance Technologies 2.31M +147.7K +6.8%

Financial report summary

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Competition
Troika Media
Risks
  • The COVID-19 pandemic has had, and may continue to have, an adverse impact on our business, financial condition and results of operations.
  • We are experiencing delays in the delivery of networking equipment and other services from certain of our vendors.
  • Our growth and financial health are subject to a number of economic risks.
  • Our historical reductions in our prices are expected to continue in an inflationary economy.
  • Events beyond our control may impact our ability to provide our services to our customers or increase the costs or reduce the profitability of providing our services
  • We need to retain existing customers and continue to add new customers in order to become consistently profitable and cash flow positive.
  • A substantial and long-term shift to remote work may impact our ability to add new customers and to retain existing customers.
  • Lower vacancy rates as a result of diminished lease terminations and increased leasing and subleasing activity will be a key factor in driving renewed growth in our corporate business.
  • Our business and operations are growing rapidly and we may not be able to efficiently manage our growth.
  • Demand from certain employees to work remotely may reduce the attractiveness of our business as an employer versus some competitors who are allowing employees to work remotely.
  • Our connections to the Internet require us to establish and maintain relationships with other providers, which we may not be able to maintain.
  • The sector in which we operate is highly competitive, and we may not be able to compete effectively.
  • Our business could suffer because telephone companies and cable companies may provide better delivery of certain Internet content, including content originating on their own networks, than content on the public Internet.
  • Our network may be the target of potential cyber-attacks and other security breaches that could have significant negative consequences.
  • If the information systems that we depend on to support our customers, network operations, sales, billing and financial reporting do not perform as expected, our operations and our financial results may be adversely affected.
  • Our off-net business could suffer delays and problems due to the actions of “last mile” providers on whom we are partially dependent.
  • Our business could suffer from an interruption of service from our fiber providers.
  • Substantially all of our network infrastructure equipment is manufactured or provided by a single network infrastructure vendor.
  • Our international operations expose us to numerous risks.
  • As an Internet service provider, we may incur liabilities for the content disseminated through our network or for network failures, delays or errors in transmissions
  • Existing and proposed privacy regulations may impact our business
  • Changes in laws, rules, and enforcement could adversely affect us.
  • We may be required to censor content on the Internet, which we may find difficult to do and which may impact our ability to provide our services in some countries as well as impact the growth of Internet usage, upon which we depend.
  • Governments may assert that we are liable for taxes which we have not collected from our customers or paid to our vendors and we may have to begin collecting a multitude of taxes if Internet services become subject to taxation similar to the taxation of telephone service.
  • The utilization of certain of our net operating loss carryforwards is limited and depending upon the amount of our taxable income we may be subject to paying income taxes earlier than planned.
  • We have substantial debt which we may not be able to repay when due.
  • Our substantial level of indebtedness could adversely affect our financial condition and prevent us from fulfilling our obligations under our notes and our other indebtedness.
  • We have assumed the risk associated with variable interest rates under our interest rate swap agreement.
  • Despite our leverage we may still be able to incur more debt. This could further exacerbate the risks that we and our subsidiaries face.
  • The agreements governing our various debt obligations impose restrictions on our business and could adversely affect our ability to undertake certain corporate actions.
  • To service our indebtedness, we will require a significant amount of cash. However, our ability to generate cash depends on many factors many of which are beyond our control.
Management Discussion
  • In this section, we discuss the results of our operations for the year ended December 31, 2021 compared to the year ended December 31, 2020. For a discussion of the year ended December 31, 2020 compared to the year ended December 31, 2019, please refer to Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2020.
  • (1)Includes non-cash equity-based compensation expense of $2,521 and $1,219 for 2021 and 2020, respectively.
  • (2)Includes non-cash equity-based compensation expense of $24,301 and $22,306 for 2021 and 2020, respectively.

Content analysis

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Positive
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Legalese
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Readability
H.S. sophomore Good
New words: bore, designee, forma, inclusive, pro, recession, registered, sufficient, unregistered, valuation
Removed: Additionally, expose, GPE, January, maintained, partial, potentially, statement, unfavorable, vesting