Core Insights - The company has successfully completed the integration of Sprint and Cogent networks, shifting its focus from restructuring to organic growth and product optimization [1] Performance Overview - The performance is driven by a strategic shift towards high-margin on-net products, which now account for 61% of total revenue, up from 47% in 2023 [1] - There has been a 64% decline in acquired Sprint wireline revenue since the closing, which has overshadowed a 27% growth in the legacy Cogent Classic business during the same period [1] Growth Drivers - Wavelength services are becoming a key growth driver, with revenue increasing by 74% year-over-year as the company capitalizes on the largest North American footprint [1] - IPv4 leasing continues to be a high-margin contributor, with revenue growing 44% year-over-year as the company monetizes its unused address space through wholesale and retail channels [1] Financial Metrics - EBITDA margin is expected to expand by nearly 800 basis points in 2025, driven by significant cost savings and the removal of low-margin non-core Sprint products [1]