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22.02.2018 13:05
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Cogent Communications Reports Fourth Quarter 2017 and Full Year 2017 Results and Increases Regular Quarterly Dividend on Common Stock
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PR Newswire
WASHINGTON, Feb. 22, 2018
WASHINGTON, Feb. 22, 2018 /PRNewswire/ --
Financial and Business Highlights
- Cogent approves a 4.2% increase of $0.02 per share to its regular quarterly dividend to $0.50 per common share to be paid on March 26, 2018 to shareholders of record on March 9, 2018
- Dividends for 2017 totaled $81.7 million, or $1.80 per share, with 50.2% treated as a return of capital and 49.8% treated as dividends for US federal income tax purposes
- Service revenue increased by 1.8% from Q3 2017 to Q4 2017 to $125.2 million, increased from Q4 2016 to Q4 2017 by 8.3% and increased from fully year 2016 to full year 2017 by 8.6% to $485.2 million
- Cash flow from operations for Q4 2017 increased by 9.0% from Q3 2017 to $31.4 million and increased from full year 2016 to full year 2017 by 3.5% to $111.7 million
- EBITDA increased by 7.6% from Q3 2017 to Q4 2017 to $43.2 million, increased from Q4 2016 to Q4 2017 by 16.6% and increased from full year 2016 to full year 2017 by 12.9% to $161.3 million
- EBITDA margin for Q4 2017 increased by 240 basis points to 34.5% from Q4 2016 and increased by 180 basis points from Q3 2017
- GAAP gross profit increased by 12.6% from full year 2016 to $200.0 million for full year 2017 and GAAP gross margin increased by 150 basis points to 41.2% from full year 2016 to full year 2017
Cogent Communications Holdings, Inc. (NASDAQ: CCOI) today announced service revenue of $125.2 million for the three months ended December 31, 2017, an increase of 8.3% from the three months ended December 31, 2016 and an increase of 1.8% from the three months ended September 30, 2017. Service revenue was $485.2 million for the year ended December 31, 2017, an increase of 8.6% from the year ended December 31, 2016. Foreign exchange had no impact on service revenue growth from the three months ended September 30, 2017 to the three months ended December 31, 2017. Foreign exchange positively impacted service revenue growth from the three months ended December 31, 2016 to the three months ended December 31, 2017 by $2.1 million and positively impacted service revenue growth from the year ended December 31, 2016 to the year ended December 31, 2017 by $1.9 million. On a constant currency basis, service revenue grew by 1.8% from the three months ended September 30, 2017 to the three months ended December 31, 2017, grew by 6.6% from the three months ended December 31, 2016 to the three months ended December 31, 2017 and grew by 8.1% from the year ended December 31, 2016 to the year ended December 31, 2017.
On-net service is provided to customers located in buildings that are physically connected to Cogent's network by Cogent facilities. On-net revenue was $89.4 million for the three months ended December 31, 2017; an increase of 1.7% from the three months ended September 30, 2017 and an increase of 7.0% over the three months ended December 31, 2016. On-net revenue was $346.4 million for the year ended December 31, 2017; an increase of 7.1% over the year ended December 31, 2016.
Off-net customers are located in buildings directly connected to Cogent's network using other carriers' facilities and services to provide the last mile portion of the link from the customers' premises to Cogent's network. Off-net revenue was $35.7 million for the three months ended December 31, 2017; an increase of 2.3% over the three months ended September 30, 2017 and an increase of 11.9% over the three months ended December 31, 2016. Off-net revenue was $137.9 million for the year ended December 31, 2017; an increase of 12.7% over the year ended December 31, 2016.
GAAP gross profit is defined as total service revenue less network operations expense, depreciation and amortization and equity based compensation included in network operations expense. GAAP gross margin is defined as GAAP gross profit divided by total service revenue. GAAP gross profit increased by 14.4% from the three months ended December 31, 2016 to $52.0 million for the three months ended December 31, 2017 and increased by 3.4% from the three months ended September 30, 2017. GAAP gross profit increased by 12.6% from the year ended December 31, 2016 to $200.0 million for the year ended December 31, 2017. GAAP gross margin was 41.5% for the three months ended December 31, 2017, 39.3% for the three months ended December 31, 2016 and 40.9% for the three months ended September 30, 2017. GAAP gross margin was 41.2% for the year ended December 31, 2017, and 39.7% for the year ended December 31, 2016. Excise taxes, including Universal Service Fund fees, recorded on a gross basis and included in service revenue and cost of network operations expense were $2.9 million for the three months ended December 31, 2017, $2.7 million for the three months ended September 30, 2017, $2.5 million for the three months ended December 31, 2016, $9.1 million for the year ended December 31, 2016 and $10.9 million for the year ended December 31, 2017.
Non-GAAP gross profit represents service revenue less network operations expense, excluding equity-based compensation and amounts shown separately (depreciation and amortization expense). Non-GAAP gross margin is defined as non-GAAP gross profit divided by total service revenue. Non-GAAP gross profit increased by 8.9% from the three months ended December 31, 2016 to $71.5 million for the three months ended December 31, 2017 and increased by 2.8% from the three months ended September 30, 2017. Non-GAAP gross profit increased by 9.1% from the year ended December 31, 2016 to $276.5 million for the year ended December 31, 2017. Non-GAAP gross profit margin was 57.1% for the three months ended December 31, 2017, 56.8% for the three months ended December 31, 2016 and 56.6% for the three months ended September 30, 2017. Non-GAAP gross margin was 57.0% for the year ended December 31, 2017, and 56.7% for the year ended December 31, 2016.
Cash flow from operating activities decreased by 7.4% from the three months ended December 31, 2016 to $31.4 million for the three months ended December 31, 2017 and increased by 9.0% from the three months ended September 30, 2017. Cash flow from operating activities increased by 3.5% from the year ended December 31, 2016 to $111.7 million for the year ended December 31, 2017.
Earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 16.6% from the three months ended December 31, 2016 to $43.2 million for the three months ended December 31, 2017 and increased by 7.6% from the three months ended September 30, 2017. Earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 12.9% from the year ended December 31, 2016 to $161.3 million for the year ended December 31, 2017. EBITDA margin was 34.5% for the three months ended December 31, 2017, 32.1% for the three months ended December 31, 2016 and 32.7% for the three months ended September 30, 2017. EBITDA margin was 33.2% for the year ended December 31, 2017 and 32.0% for the year ended December 31, 2016.
EBITDA, as adjusted, increased by 15.4% from the three months ended December 31, 2016 to $43.6 million for the three months ended December 31, 2017 and increased by 7.3% from the three months ended September 30, 2017. EBITDA, as adjusted, increased by 9.7% from the year ended December 31, 2016 to $165.1 million for the year ended December 31, 2017. EBITDA, as adjusted, margin was 34.8% for the three months ended December 31, 2017, 32.7% for the three months ended December 31, 2016 and 33.0% for the three months ended September 30, 2017. EBITDA, as adjusted, margin was 34.0% for the year ended December 31, 2017 and was 33.7% for the year ended December 31, 2016.
Basic and diluted net (loss) income per share was $(0.14) for the three months ended December 31, 2017, $0.09 for the three months ended December 31, 2016 and $0.08 for the three months ended September 30, 2017. Basic and diluted net income per share was $0.13 for the year ended December 31, 2017 and $0.33 for the year ended December 31, 2016. The signing of the Tax Cuts and Jobs Act in December 2017 that amended the Internal Revenue Code and reduced the corporate tax rate from a maximum of 35% to a flat 21% rate increased Cogent's non-cash deferred income tax expense by approximately $11.3 million in the three months and year ended December 31, 2017. This represents a (loss) of $(0.25) per basic and diluted share for the three months ended December 31, 2017 a (loss) of $(0.25) per basic and diluted share for the year ended December 31, 2017.
Total customer connections increased by 15.8% from December 31, 2016 to 71,613 as of December 31, 2017 and increased by 3.2% from September 30, 2017. On-net customer connections increased by 16.0% from December 31, 2016 to 61,334 as of December 31, 2017 and increased by 3.3% from September 30, 2017. Off-net customer connections increased by 15.8% from December 31, 2016 to 9,953 as of December 31, 2017 and increased by 2.4% from September 30, 2017.
The number of on-net buildings increased by 133 on-net buildings from December 31, 2016 to 2,506 on-net buildings as of December 31, 2017 and increased by 34 on-net buildings from September 30, 2017.
Quarterly Dividend Increase Approved
On February 21, 2018, Cogent's board approved a regular quarterly dividend of $0.50 per common share payable on March 26, 2018 to shareholders of record on March 9, 2018. This first quarter 2018 regular dividend represents a 4.2% increase of $0.02 per share from the fourth quarter 2017 regular dividend of $0.48 per share.
The payment of any future dividends and any other returns of capital will be at the discretion of Cogent's board of directors and may be reduced, eliminated or increased and will be dependent upon Cogent's financial position, results of operations, available cash, cash flow, capital requirements, limitations under Cogent's debt indenture agreements and other factors deemed relevant by Cogent's board of directors.
Tax Treatment of 2017 Dividends
Cogent paid four quarterly dividends in 2017 totaling $81.7 million, or $1.80 per share. The expected tax treatment of these dividends are generally that 50.2% are treated as a return of capital and 49.8% are generally treated as dividends for United States federal income tax purposes. While the above information includes general statements about the tax classification of dividends paid on Cogent common stock, these statements do not constitute tax advice. The taxation of corporate distributions can be complex, and stockholders are encouraged to consult their tax advisers to determine what impact the above information may have on their specific tax situation.
Conference Call and Website Information
Cogent will host a conference call with financial analysts at 8:30 a.m. (ET) on February 22, 2018 to discuss Cogent's operating results for the fourth quarter of 2017 and full year 2017 and to discuss Cogent's expectations for full year 2018. Investors and other interested parties may access a live audio webcast of the earnings call in the "Events" section of Cogent's website at www.cogentco.com/events. A replay of the webcast, together with the press release, will be available on the website following the earnings call.
About Cogent Communications
Cogent Communications (NASDAQ: CCOI) is a multinational, Tier 1 facilities-based ISP. Cogent specializes in providing businesses with high speed Internet access, Ethernet transport, and colocation services. Cogent's facilities-based, all-optical IP network backbone provides services in over 195 markets globally.
Cogent Communications is headquartered at 2450 N Street, NW, Washington, D.C. 20037. For more information, visit www.cogentco.com. Cogent Communications can be reached in the United States at (202) 295-4200 or via email at info@cogentco.com.
# # #
| COGENT COMMUNICATIONS HOLDINGS, INC., AND SUBSIDIARIES | ||||||||
| Summary of Financial and Operational Results | ||||||||
| | Q1 2016 | Q2 2016 | Q3 2016 | Q4 2016 | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 |
| Metric ($ in 000's, except share and per share data) – unaudited | | | | | | | | |
| On-Net revenue | $78,705 | $79,539 | $81,846 | $83,511 | $83,586 | $85,586 | $87,898 | $89,374 |
| % Change from previous Qtr. | 2.9% | 1.1% | 2.9% | 2.0% | 0.1% | 2.4% | 2.7% | 1.7% |
| Off-Net revenue | $29,356 | $30,149 | $30,972 | $31,861 | $33,386 | $33,980 | $34,865 | $35,662 |
| % Change from previous Qtr. | 3.3% | 2.7% | 2.7% | 2.9% | 4.8% | 1.8% | 2.6% | 2.3% |
| Non-Core revenue (1) | $230 | $267 | $239 | $224 | $231 | $211 | $206 | $190 |
| % Change from previous Qtr. | -5.3% | 16.1% | -10.5% | -6.3% | 3.1% | -8.7% | -2.4% | -7.8% |
| Service revenue – total | $108,291 | $109,955 | $113,057 | $115,596 | $117,203 | $119,777 Werbung Mehr Nachrichten zur Cogent Communications Holdings Aktie kostenlos abonnieren
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