$CCOI
COGENT COMMUNICATIONS HOLDINGS, INC.

2022 Q1 Form 10-Q Financial Statement

#000110465922056265 Filed on May 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $149.2M $146.8M
YoY Change 1.63% 4.16%
Cost Of Revenue $57.45M $57.09M
YoY Change 0.63% 2.09%
Gross Profit $91.73M $89.69M
YoY Change 2.28% 5.52%
Gross Profit Margin 61.49% 61.1%
Selling, General & Admin $40.63M $41.44M
YoY Change -1.97% 4.45%
% of Gross Profit 44.29% 46.21%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $22.70M $22.00M
YoY Change 3.18% 12.82%
% of Gross Profit 24.75% 24.53%
Operating Expenses $40.63M $41.44M
YoY Change -1.97% 4.45%
Operating Profit $28.78M $26.29M
YoY Change 9.48% 1.71%
Interest Expense $35.44M $15.84M
YoY Change 123.79% 4.05%
% of Operating Profit 123.12% 60.23%
Other Income/Expense, Net $319.0K
YoY Change
Pretax Income $1.678M $26.20M
YoY Change -93.6% 104.14%
Income Tax $541.0K $7.350M
% Of Pretax Income 32.24% 28.05%
Net Earnings $1.137M $18.85M
YoY Change -93.97% 104.3%
Net Earnings / Revenue 0.76% 12.84%
Basic Earnings Per Share $0.02 $0.41
Diluted Earnings Per Share $0.02 $0.41
COMMON SHARES
Basic Shares Outstanding 46.58M 46.07M
Diluted Shares Outstanding 46.93M 46.51M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $281.5M $238.0M
YoY Change 18.27% -36.55%
Cash & Equivalents $281.5M $238.0M
Short-Term Investments
Other Short-Term Assets $72.04M $37.10M
YoY Change 94.19% -3.64%
Inventory
Prepaid Expenses
Receivables $41.66M $41.23M
Other Receivables $0.00 $0.00
Total Short-Term Assets $395.2M $316.3M
YoY Change 24.95% -30.73%
LONG-TERM ASSETS
Property, Plant & Equipment $456.4M $425.5M
YoY Change 7.27% -4.04%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $17.25M $13.80M
YoY Change 25.01% 0.73%
Total Long-Term Assets $574.6M $536.7M
YoY Change 7.06% 17.42%
TOTAL ASSETS
Total Short-Term Assets $395.2M $316.3M
Total Long-Term Assets $574.6M $536.7M
Total Assets $969.8M $853.0M
YoY Change 13.69% -6.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.81M $12.19M
YoY Change 13.27% -6.96%
Accrued Expenses $48.31M $49.66M
YoY Change -2.7% 0.85%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $17.37M $349.8M
YoY Change -95.04% 1910.34%
Total Short-Term Liabilities $91.61M $422.7M
YoY Change -78.33% 368.95%
LONG-TERM LIABILITIES
Long-Term Debt $1.112B $609.2M
YoY Change 82.53% -35.16%
Other Long-Term Liabilities $63.14M $19.22M
YoY Change 228.51% 7.89%
Total Long-Term Liabilities $63.14M $19.22M
YoY Change 228.51% 7.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $91.61M $422.7M
Total Long-Term Liabilities $63.14M $19.22M
Total Liabilities $1.378B $1.161B
YoY Change 18.77% 2.17%
SHAREHOLDERS EQUITY
Retained Earnings -$950.0M -$825.0M
YoY Change 15.16% 16.87%
Common Stock $554.6M $524.0M
YoY Change 5.85% 4.9%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$408.6M -$307.6M
YoY Change
Total Liabilities & Shareholders Equity $969.8M $853.0M
YoY Change 13.69% -6.64%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $1.137M $18.85M
YoY Change -93.97% 104.3%
Depreciation, Depletion And Amortization $22.70M $22.00M
YoY Change 3.18% 12.82%
Cash From Operating Activities $49.41M $47.11M
YoY Change 4.89% 65.53%
INVESTING ACTIVITIES
Capital Expenditures $18.12M $15.44M
YoY Change 17.33% 20.04%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$18.12M -$15.44M
YoY Change 17.33% 20.04%
FINANCING ACTIVITIES
Cash Dividend Paid $41.30M $36.08M
YoY Change 14.46% 18.08%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $571.0K $2.378M
YoY Change -75.99% -7.33%
Cash From Financing Activities -47.53M -163.7M
YoY Change -70.96% 324.32%
NET CHANGE
Cash From Operating Activities 49.41M 47.11M
Cash From Investing Activities -18.12M -15.44M
Cash From Financing Activities -47.53M -163.7M
Net Change In Cash -16.85M -133.3M
YoY Change -87.36% 448.51%
FREE CASH FLOW
Cash From Operating Activities $49.41M $47.11M
Capital Expenditures $18.12M $15.44M
Free Cash Flow $31.29M $31.66M
YoY Change -1.17% 103.07%

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CY2022Q1 us-gaap Number Of Countries In Which Entity Operates
NumberOfCountriesInWhichEntityOperates
50
CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Use of estimates</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The preparation of consolidated financial statements in conformity with US 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>
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
18851000
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
-307559000
CY2022Q1 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
3700000
CY2021Q1 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
4500000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46575848
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46067096
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
46929191
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
46507258
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
-293166000
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
7831000
CY2021Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-5210000
CY2021Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
1000
CY2021Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
215000
CY2021Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
36081000
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
-373098000
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
6614000
CY2022Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-2165000
CY2022Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
204000
CY2022Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
41298000
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1137000
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
-408606000
CY2022Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1900000
CY2021Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1800000
CY2022Q1 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
4700000
CY2021Q1 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
4600000
CY2022Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
6998000
CY2021Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
6346000
CY2022Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
5081000
CY2021Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
5226000
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
4773000
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
4417000
CY2022Q1 us-gaap Lease Cost
LeaseCost
16852000
CY2021Q1 us-gaap Lease Cost
LeaseCost
15989000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
6621000
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
5396000
CY2022Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
4811000
CY2021Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
4993000
CY2022Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
5863000
CY2021Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
5744000
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
6982000
CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
6336000
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
4841000
CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2720000
CY2022Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P12Y7M6D
CY2021Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P12Y4M24D
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P18Y6M
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P19Y10M24D
CY2022Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.089
CY2021Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.101
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.054
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.056
CY2022Q1 ccoi Finance Lease Liability Payments Due Additional
FinanceLeaseLiabilityPaymentsDueAdditional
30300000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Rolling Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths
17795000
CY2022Q1 us-gaap Finance Lease Liability Payments Due In Next Rolling Twelve Months
FinanceLeaseLiabilityPaymentsDueInNextRollingTwelveMonths
36157000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Two
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo
18263000
CY2022Q1 us-gaap Finance Lease Liability Payments Due In Rolling Year Two
FinanceLeaseLiabilityPaymentsDueInRollingYearTwo
35470000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Three
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearThree
17161000
CY2022Q1 us-gaap Finance Lease Liability Payments Due In Rolling Year Three
FinanceLeaseLiabilityPaymentsDueInRollingYearThree
35999000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Four
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFour
14325000
CY2022Q1 us-gaap Finance Lease Liability Payments Due In Rolling Year Four
FinanceLeaseLiabilityPaymentsDueInRollingYearFour
28815000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Five
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFive
12601000
CY2022Q1 us-gaap Finance Lease Liability Payments Due In Rolling Year Five
FinanceLeaseLiabilityPaymentsDueInRollingYearFive
28349000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due After Rolling Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterRollingYearFive
110462000
CY2022Q1 us-gaap Finance Lease Liability Payments Due In Rolling After Year Five
FinanceLeaseLiabilityPaymentsDueInRollingAfterYearFive
250421000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
190607000
CY2022Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
415211000
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
66833000
CY2022Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
169962000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
123774000
CY2022Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
245249000
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
12118000
CY2022Q1 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
17147000
CY2022Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
111656000
CY2022Q1 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
228102000
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1510000
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
946000
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
980000
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1476000
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1921000
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
2012000
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
2476000
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1457000
CY2022Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
300000
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
600000
CY2021Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
800000
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
1200000
CY2022Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
22700000
CY2021Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
22000000.0
CY2022Q1 ccoi Property Plant And Equipment Compensation Costs Capitalized
PropertyPlantAndEquipmentCompensationCostsCapitalized
3200000
CY2021Q1 ccoi Property Plant And Equipment Compensation Costs Capitalized
PropertyPlantAndEquipmentCompensationCostsCapitalized
3200000
CY2022Q1 ccoi Debt Instrument Covenant Permitted Investments And Payments
DebtInstrumentCovenantPermittedInvestmentsAndPayments
145500000
CY2022Q1 us-gaap Debt Instrument Redemption Price Percentage
DebtInstrumentRedemptionPricePercentage
1.032
CY2022Q1 us-gaap Loss Contingency Range Of Possible Loss Portion Not Accrued
LossContingencyRangeOfPossibleLossPortionNotAccrued
3600000
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
3352000
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
28502000
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-1674000
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-2301000
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1678000
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
26201000
CY2022Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
30400000
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0
CY2022Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
149175000
CY2021Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
146777000
CY2022Q1 us-gaap Noncurrent Assets
NoncurrentAssets
456430000
CY2021Q4 us-gaap Noncurrent Assets
NoncurrentAssets
457892000

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