$CCOI
COGENT COMMUNICATIONS HOLDINGS, INC.

2020 Q2 Form 10-Q Financial Statement

#000110465920057887 Filed on May 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2020 Q1 2019 Q1
Revenue $141.0M $140.9M $134.1M
YoY Change 4.6% 5.05% 4.22%
Cost Of Revenue $53.89M $55.92M $54.15M
YoY Change -0.96% 3.27% -1.32%
Gross Profit $87.10M $84.99M $79.99M
YoY Change 8.36% 6.26% 8.34%
Gross Profit Margin 61.78% 60.32% 59.63%
Selling, General & Admin $39.84M $39.68M $35.86M
YoY Change 3.3% 10.64% 7.04%
% of Gross Profit 45.74% 46.68% 44.83%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $19.90M $19.50M $20.30M
YoY Change -0.5% -3.94% 2.53%
% of Gross Profit 22.85% 22.94% 25.38%
Operating Expenses $39.84M $39.68M $35.86M
YoY Change 3.3% 10.64% -32.72%
Operating Profit $27.57M $25.85M $24.40M
YoY Change 25.21% 5.94% 18.23%
Interest Expense $15.50M $15.22M $13.46M
YoY Change 14.01% 13.11% -225.76%
% of Operating Profit 56.21% 58.88% 55.15%
Other Income/Expense, Net
YoY Change
Pretax Income $11.30M $12.84M $12.77M
YoY Change 10.99% 0.5% 29.0%
Income Tax $2.735M $3.608M $3.554M
% Of Pretax Income 24.21% 28.11% 27.83%
Net Earnings $8.600M $9.227M $9.217M
YoY Change 21.13% 0.11% 35.54%
Net Earnings / Revenue 6.1% 6.55% 6.87%
Basic Earnings Per Share $0.19
Diluted Earnings Per Share $0.18 $197.4K $201.8K
COMMON SHARES
Basic Shares Outstanding 45.75M 45.66M 45.22M
Diluted Shares Outstanding 46.69M 46.39M 45.64M

Balance Sheet

Concept 2020 Q2 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $417.0M $375.1M $259.1M
YoY Change 1.88% 44.77% 9.79%
Cash & Equivalents $417.0M $375.1M $399.4M
Short-Term Investments
Other Short-Term Assets $39.50M $38.50M $35.50M
YoY Change 9.72% 8.45% 5.97%
Inventory
Prepaid Expenses
Receivables $40.56M $42.96M $39.30M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $497.1M $456.6M $333.9M
YoY Change 2.29% 36.74% 8.59%
LONG-TERM ASSETS
Property, Plant & Equipment $494.4M $443.4M $448.7M
YoY Change 31.51% -1.18% 16.3%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $13.80M $13.70M $14.50M
YoY Change -7.38% -5.52% -37.23%
Total Long-Term Assets $508.3M $457.1M $463.1M
YoY Change 9.76% -1.3% 13.23%
TOTAL ASSETS
Total Short-Term Assets $497.1M $456.6M $333.9M
Total Long-Term Assets $508.3M $457.1M $463.1M
Total Assets $1.005B $913.6M $797.0M
YoY Change 5.94% 14.63% 11.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.17M $13.10M $9.600M
YoY Change 5.19% 36.48% -26.15%
Accrued Expenses $52.49M $49.24M $56.00M
YoY Change 1.7% -12.07% 21.21%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $24.10M $17.40M $16.00M
YoY Change 46.95% 8.75% 4.58%
Total Short-Term Liabilities $100.1M $90.14M $81.60M
YoY Change 10.91% 10.47% 9.53%
LONG-TERM LIABILITIES
Long-Term Debt $1.022B $939.6M $789.2M
YoY Change 8.2% 19.06% 10.87%
Other Long-Term Liabilities $19.94M $17.82M $90.40M
YoY Change 162.82% -80.29% 232.35%
Total Long-Term Liabilities $19.94M $17.82M $879.6M
YoY Change 162.82% -97.97% 19.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $100.1M $90.14M $81.60M
Total Long-Term Liabilities $19.94M $17.82M $879.6M
Total Liabilities $1.241B $1.136B $961.2M
YoY Change 10.24% 18.17% 18.16%
SHAREHOLDERS EQUITY
Retained Earnings -$729.1M -$705.9M
YoY Change 12.62%
Common Stock $506.4M $499.5M
YoY Change 5.12%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$235.6M -$222.2M -$164.2M
YoY Change
Total Liabilities & Shareholders Equity $1.005B $913.6M $797.0M
YoY Change 5.94% 14.63% 11.24%

Cashflow Statement

Concept 2020 Q2 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $8.600M $9.227M $9.217M
YoY Change 21.13% 0.11% 35.54%
Depreciation, Depletion And Amortization $19.90M $19.50M $20.30M
YoY Change -0.5% -3.94% 2.53%
Cash From Operating Activities $41.30M $28.46M $28.64M
YoY Change 1.47% -0.63% -5.18%
INVESTING ACTIVITIES
Capital Expenditures -$13.90M $12.87M $13.29M
YoY Change 18.8% -3.18% -189.18%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$13.90M -$12.87M -$13.29M
YoY Change 18.8% -3.18% -10.82%
FINANCING ACTIVITIES
Cash Dividend Paid $31.10M $30.56M $26.57M
YoY Change 15.03%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $2.566M $2.387M
YoY Change 7.5%
Cash From Financing Activities 13.30M -38.57M -31.81M
YoY Change -88.99% 21.26% 18.69%
NET CHANGE
Cash From Operating Activities 41.30M 28.46M 28.64M
Cash From Investing Activities -13.90M -12.87M -13.29M
Cash From Financing Activities 13.30M -38.57M -31.81M
Net Change In Cash 40.70M -24.31M -16.96M
YoY Change -72.83% 43.36% 47.43%
FREE CASH FLOW
Cash From Operating Activities $41.30M $28.46M $28.64M
Capital Expenditures -$13.90M $12.87M $13.29M
Free Cash Flow $55.20M $15.59M $15.35M
YoY Change 5.34% 1.58% -65.97%

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CY2019Q1 us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
3434000
CY2020Q1 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
3164000
CY2019Q1 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
3630000
CY2020Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Use of estimates</i></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates.</p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p>
CY2020Q1 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
3700000
CY2019Q1 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
3400000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45658565
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45223157
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
46391066
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45644236
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
-149002000
CY2019Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
3771000
CY2019Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-1825000
CY2019Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
173000
CY2019Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
26565000
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
9217000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
-164231000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
-203679000
CY2020Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
5559000
CY2020Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-3493000
CY2020Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
719000
CY2020Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
30557000
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
9227000
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
-222225000
CY2020Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1600000
CY2019Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1700000
CY2020Q1 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
4200000
CY2019Q1 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
4400000
CY2019Q1 ccoi Operating Lease Right Of Use Asset And Leases Liability
OperatingLeaseRightOfUseAssetAndLeasesLiability
97300000
CY2020Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
4762000
CY2019Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
4971000
CY2020Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
4473000
CY2019Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
4357000
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
4187000
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
3295000
CY2020Q1 us-gaap Lease Cost
LeaseCost
12826000
CY2019Q1 us-gaap Lease Cost
LeaseCost
12623000
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
4780000
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
4494000
CY2020Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
4441000
CY2019Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
3295000
CY2020Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
6167000
CY2019Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
3030000
CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
3164000
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
3630000
CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
5530000
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
316000
CY2020Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P14Y1M6D
CY2019Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P14Y8M12D
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P20Y10M24D
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P23Y1M6D
CY2020Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.109
CY2019Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.107
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.056
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.056
CY2020Q1 ccoi Finance Lease Liability Payments Due Additional
FinanceLeaseLiabilityPaymentsDueAdditional
19500000
CY2020Q1 us-gaap Finance Lease Liability Payments Due In Next Rolling Twelve Months
FinanceLeaseLiabilityPaymentsDueInNextRollingTwelveMonths
25362000
CY2020Q1 us-gaap Finance Lease Liability Payments Due In Rolling Year Two
FinanceLeaseLiabilityPaymentsDueInRollingYearTwo
24809000
CY2020Q1 us-gaap Finance Lease Liability Payments Due In Rolling Year Three
FinanceLeaseLiabilityPaymentsDueInRollingYearThree
23375000
CY2020Q1 us-gaap Finance Lease Liability Payments Due In Rolling Year Four
FinanceLeaseLiabilityPaymentsDueInRollingYearFour
22351000
CY2020Q1 us-gaap Finance Lease Liability Payments Due In Rolling Year Five
FinanceLeaseLiabilityPaymentsDueInRollingYearFive
22650000
CY2020Q1 us-gaap Finance Lease Liability Payments Due In Rolling After Year Five
FinanceLeaseLiabilityPaymentsDueInRollingAfterYearFive
215042000
CY2020Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
333589000
CY2020Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
165643000
CY2020Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
167946000
CY2020Q1 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
8268000
CY2020Q1 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
159678000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Rolling Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths
15421000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Two
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo
14455000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Three
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearThree
13001000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Four
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFour
12097000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Five
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFive
10626000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due After Rolling Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterRollingYearFive
95692000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
161292000
CY2019Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
62548000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
98744000
CY2019Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
10409000
CY2019Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
88335000
CY2020Q1 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<p style="font-family:'Times New Roman';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Adopted Accounting Pronouncements</i></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">Effective January 1, 2020, the Company adopted Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13") later codified as Accounting Standards Codification ("ASC") 326 ("ASC 326"), using the modified retrospective transition approach. This guidance introduces a revised approach to the recognition and measurement of credit losses, emphasizing an updated model based on expected losses rather than incurred losses. As of January 1, 2020, the Company maintained an allowance for credit losses to cover its current expected credit losses ("CECL") on its trade receivables arising from the failure of customers to make contractual payments. The Company estimates credit losses expected over the life of its trade receivables based on historical information combined with current conditions that may affect a customer's ability to pay and reasonable and supportable forecasts. While the Company uses various credit quality metrics, it primarily monitors collectability by reviewing the duration of collection pursuits on its delinquent trade receivables. Based on the Company's experience, the customer's delinquency status is the strongest indicator of the credit quality of the underlying trade receivables, which is analyzed monthly. Adoption of ASU 2016-13 did not have a material impact on the Company's consolidated financial statements and related disclosures and no cumulative adjustment was recorded.</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:57.61%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.1%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.01%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.37%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.24%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td></tr><tr><td style="background-color:auto;vertical-align:bottom;width:57.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">​</span></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">    </b></p></td><td colspan="2" style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:8.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">​</span></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">    </b></p></td><td colspan="2" style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:10.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Current-period</b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">    </b></p></td><td colspan="2" style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:10.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">​</span></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:8pt;margin:0pt;">    </p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:8pt;margin:0pt;">    </p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">​</span></p></td></tr><tr><td style="background-color:auto;vertical-align:bottom;width:57.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">​</span></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">​</span></p></td><td colspan="2" style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:8.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Balance at</b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">​</span></p></td><td colspan="2" style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:10.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Provision for</b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">​</span></p></td><td colspan="2" style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:10.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Write offs</b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">​</span></p></td><td colspan="2" style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:6.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Balance at</b></p></td></tr><tr><td style="background-color:auto;vertical-align:bottom;width:57.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">​</span></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">​</span></p></td><td colspan="2" style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:8.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">December 31,</b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">​</span></p></td><td colspan="2" style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:10.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Expected Credit</b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">​</span></p></td><td colspan="2" style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:10.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Charged Against</b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">​</span></p></td><td colspan="2" style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:6.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">March 31,</b></p></td></tr><tr><td style="background-color:auto;vertical-align:bottom;width:57.61%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">Description</b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">​</span></p></td><td colspan="2" style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:8.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">​</span></p></td><td colspan="2" style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:10.34%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Losses</b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">​</span></p></td><td colspan="2" style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:10.75%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Allowance</b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">​</span></p></td><td colspan="2" style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:6.72%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:57.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Allowance for credit losses (deducted from accounts receivable)</i></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">  </p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">  </p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.01%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">  </p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">  </p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">​</span></p></td></tr><tr><td style="vertical-align:bottom;width:57.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">Three months ending March 31, 2020</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 1,771</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.01%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 1,336</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:right;margin:0pt;"> (1,131)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 1,976</p></td></tr></table><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">Net bad debt expense for the three months ended March 31, 2020 was $1.1 million which is net of bad debt recoveries of $0.2 million.</p>
CY2019Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1771000
CY2020Q1 us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
1336000
CY2020Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
1131000
CY2020Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1976000
CY2020Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
1100000
CY2020Q1 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
200000
CY2020Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
19500000
CY2019Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
20300000
CY2020Q1 ccoi Property Plant And Equipment Compensation Costs Capitalized
PropertyPlantAndEquipmentCompensationCostsCapitalized
2900000
CY2019Q1 ccoi Property Plant And Equipment Compensation Costs Capitalized
PropertyPlantAndEquipmentCompensationCostsCapitalized
2600000
CY2020Q1 ccoi Gain Loss On Asset Exchange Transactions
GainLossOnAssetExchangeTransactions
100000
CY2019Q1 ccoi Gain Loss On Asset Exchange Transactions
GainLossOnAssetExchangeTransactions
500000
CY2020Q1 ccoi Debt Instrument Covenant Permitted Investments And Payments
DebtInstrumentCovenantPermittedInvestmentsAndPayments
80500000
CY2020Q1 us-gaap Loss Contingency Range Of Possible Loss Portion Not Accrued
LossContingencyRangeOfPossibleLossPortionNotAccrued
3200000
CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
17789000
CY2019Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
18753000
CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-4954000
CY2019Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-5982000
CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
12835000
CY2019Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
12771000
CY2020Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
34900000
CY2019Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0
CY2020Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0
CY2020Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.68
CY2020Q2 us-gaap Payments Of Dividends
PaymentsOfDividends
31100000
CY2020Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2019Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
134137000
CY2020Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
140915000
CY2020Q1 us-gaap Noncurrent Assets
NoncurrentAssets
367698000
CY2019Q4 us-gaap Noncurrent Assets
NoncurrentAssets
368946000

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