Cogent(US:CCOI)2025-07-10 10:31Company Overview - Cogent operates a global network carrying over 20% of all internet traffic[10] - The company provides high-speed internet access, with 69% of revenues from corporate clients and 31% from netcentric clients[10] - Cogent operates in 47 countries across 207 markets[10] Market Opportunity - The potential corporate market includes over 126000 connections[18] - Cogent wins approximately 40% of all corporate proposals[18] - Cogent's network is interconnected with over 7130 access networks[45] Network Infrastructure - The company's network includes over 58000 intercity fiber route miles[45] - Cogent owns 54 data centers with over 606000 square feet[45] - Cogent's network utilization is approximately 30%[45] Financial Performance - In Q2 2020, On-Net revenue was $103.8 million and Off-Net revenue was $37 million[65] - The Non-GAAP Gross Margin in Q2 2020 was 62%[65] - The company has returned over $800 million to shareholders since its IPO[66] Capital Allocation - In 2019, $24 million (43%) of capital expenditure was allocated to new markets, MTOBs, and data centers, while $32.1 million (57%) was for maintenance[64] - Cogent purchased $14 billion of original investment for $60 million through acquisitions[50, 51]