Company 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]

Company Overview - Cogent operates a global network carrying over 20% of all internet traffic[9] - The company's revenue is divided into Corporate (67%) and Netcentric (33%) segments[9] - Cogent operates in 47 countries across 208 markets[9] Market Opportunity - Cogent wins approximately 40% of all proposals in the corporate market[18] - The company interconnects with over 7,220 access networks[42] - Cogent's network has access to approximately 50,000 corporate connections primarily in North America[45] Financial Performance - In Q3 2020, On-Net revenue was $105.1 million, Off-Net revenue was $37.1 million, and Non-Core revenue was $0.1 million[62] - Total revenue in Q3 2020 reached $142.3 million, representing a 3.9% year-over-year increase[62] - Non-GAAP Gross Margin in Q3 2020 was 61.9%[62] - EBITDA as adjusted for Q3 2020 was $54.7 million, with a margin of 38.4%[62] Network Infrastructure - Cogent has agreements with over 250 building owners (REITs)[42] - The company owns 54 data centers with over 606,000 square feet[42] - Cogent's network includes over 58,000 intercity fiber route miles[42]

Company Overview - Cogent operates a global network carrying over 20% of all internet traffic[10] - The company's revenue is segmented into Corporate (65%) and Netcentric (35%)[10] - Cogent operates in 47 countries across 202 markets[10] Market Opportunity - Cogent estimates a potential market of over 91,000 MTOB tenants for its corporate opportunity[18] - The company wins approximately 40% of all proposals in the corporate market[18] - Cogent interconnects with over 7,330 access networks for its Netcentric customers[44] Financial Performance - In Q4 2020, On-Net revenue was 44% and Off-Net revenue was 56% of total revenue[40] - In Q4 2020, Corporate revenue was 65% and NetCentric revenue was 35% of total revenue[40] - Cogent has returned over $895 million to shareholders since its IPO[65] - Cogent's On-Net ARPU was $465 and Off-Net ARPU was $1,026 in Q4 2020[57] - In Q4 2020, On-Net Revenue was $107.1 million, Off-Net Revenue was $36.7 million, and Total Revenue was $143.9 million[64]

Company Overview - Cogent operates a global network carrying over 20% of all internet traffic[10] - The company serves two customer bases: Corporate (63% of revenues) and Netcentric (37% of revenues)[10] - Cogent operates in 48 countries across 210 markets[10] Market Opportunities - Corporate market: Cogent wins approximately 40% of all proposals[18] - Corporate market: Potential market of over 91,000 MTOB tenants[18] - Netcentric market: Cogent prices new services at 50% of market price[27] Network and Infrastructure - Cogent's network has capacity of up to 2,800 Gbps in North America and up to 3,200 Gbps in Europe[42] - The company is interconnected with 7,470+ access networks[43] - Cogent has 2,939 On-Net buildings, including 1,796 multi-tenant office buildings[43] Financial Performance - In Q1 2021, On-Net revenue was $109.9 million, a 6.3% year-over-year increase[62] - In Q1 2021, Total revenue was $146.8 million, a 4.2% year-over-year increase[62] - In Q1 2021, EBITDA as adjusted Margin was 37.9%[62] - Since its IPO, Cogent has returned over $931 million to shareholders[63]

Company Overview - Cogent operates a global network carrying over 20% of all internet traffic[10] - The company operates its network in 48 countries across 210 markets[10] - Cogent's customer base is segmented into Corporate (61% of revenues) and Netcentric (39% of revenues)[10] Market Opportunity & Strategy - Cogent wins approximately 40% of all proposals in the corporate market[19] - Cogent prices new Netcentric services at 50% of the market rate[26] - The company's network is approximately 29% utilized, indicating substantial network capacity[41] Financial Performance & Capital Allocation - In Q2 2021, On-Net revenue accounted for 74% and Off-Net revenue accounted for 18% of the total revenue[38] - In Q2 2021, the On-Net Corporate revenue was 51% and On-Net NetCentric revenue was 49%[38] - Cogent has improved its EBITDA and Adjusted Gross Margin consistently over 20 years at approximately 200 bps per annum[61] - Cogent's Q2 2021 Non-GAAP Gross Margin was 62.1%[60, 73] - Cogent's Q2 2021 EBITDA margin was 38.7%[60, 72] - Cogent has returned over $1 billion to shareholders since its 2005 public offering[61]

Company Overview - Cogent operates a global network carrying over 20% of all internet traffic[8] - The company offers high-speed internet access to two customer bases: Corporate (60% of revenues) and Netcentric (40% of revenues)[8] - Cogent operates its network in 50 countries across 215 markets[8] Market Opportunity - Cogent wins approximately 40% of all On-Net proposals in the corporate sector[9] - The potential corporate market consists of over 92,000 MTOB tenants[9] - Cogent prices new Netcentric services at 50% of the market rate[10] Customer Segmentation - Corporate customers account for 60% of revenue and 4% of traffic, with 61% customer longevity of 4+ years and a monthly churn of 1.2%[11] - Netcentric customers account for 40% of revenue and 96% of traffic, with 45% customer longevity of 4+ years and a monthly churn of 0.9%[11] Network and Cost Advantages - Cogent's network is approximately 29% utilized, indicating substantial network capacity[17] - Cogent purchased $14 Billion of original investment for $60 Million[24] - Approximately 69% of Cogent's traffic originates and terminates on-net[22] Financial Performance - On-Net Revenue in Q3 2021 was $111.1 million, a 5.7% year-over-year increase[36] - Off-Net Revenue in Q3 2021 was $36.7 million, a 1.2% year-over-year decrease[36] - Total Revenue in Q3 2021 was $147.9 million, a 4.0% year-over-year increase[36] - EBITDA as adjusted Margin in Q3 2021 was 39.0%[36] - Cogent has returned over $1 Billion to shareholders since its 2005 public offering[38]

Q1 2019 Highlights - VLCC average spot rate in TI Pool was $35,195 per day, compared to $18,725 in Q1 2018[8] - VLCC average time charter rate was $27,630 per day[8] - Suezmax average spot rate was $27,380 per day, compared to $14,000 in Q1 2018[8] - Suezmax average time charter rate was $32,680 per day[8] - In Q1 so far, VLCC 535% fixed at around $26500 per day[12] - In Q1 so far, Suezmax 493% fixed at around $18000 per day[12] Financial Performance - Revenue increased to $232589 thousand in Q1 2019 from $98136 thousand in Q1 2018[13] - Net profit for the period was $19526 thousand in Q1 2019, compared to a loss of $39091 thousand in Q1 2018[13] - Result after taxation per share was $009 in Q1 2019, compared to $(025) in Q1 2018[13] - Cash increased to $1785 million in Mar-19 from $1730 million in Dec-18[15] Market Signals - US crude export outlook shows potential for growth to 2022[18] - Correlation between Euronav share price and new build VLCC value is 84%[25] - Demand 3% Supply 3% - VLCC $35K Q4 & Q1[26] Liquidity and Leverage - Liquidity increased to $785 million[17] - Leverage is 462% marked to market[16]

Q2 2019 Highlights - VLCC average spot rate in the TI Pool was $23,218 per day, compared to $16,751 in Q2 2018[8] - VLCC average time charter rate was $27,165 per day, compared to $34,976 in Q2 2018[8] - Suezmax average spot rate was $17,217 per day, compared to $12,883 in Q2 2018[8] - Suezmax average time charter rate was $30,375 per day, compared to $20,882 in Q2 2018[8] - The company bought back shares totaling $29 million (13 cents per share) during the first half of the year[12] - A dividend of $0.06 per share for the first half of 2019 will be paid in October 2019[12] - For Q3, 65% of VLCC capacity has been fixed at approximately $20,600 per day[12] - For Q3, 58% of Suezmax capacity has been fixed at approximately $15,800 per day[12] Financial Performance - Revenue for the first semester of 2019 was $401.936 million, compared to $202.748 million in the first semester of 2018[13] - The company experienced a net loss of $38.556 million in Q2 2019, compared to a net loss of $51.602 million in Q2 2018[13] - Cash increased to $203.6 million in June 2019, compared to $173.0 million in December 2018[14] - Total liquidity increased to $858 million, including an undrawn secured revolving facility of $634 million and an undrawn unsecured credit line of $20 million[14, 16] Market Outlook and Themes - The company anticipates constructive large crude tanker market fundamentals into the winter[12] - VLCC ordering is near 5-year lows, indicating restricted contracting in large tankers[20, 21] - IMO 2020 disruption is expected to impact the market in the second half of 2019, with retrofitting potentially reducing fleet days by 3-5%[23]

Q3 2019 Highlights - VLCC average spot rate in TI pool was $25,036, compared to $17,773 in Q3 2018[8] - VLCC average time charter rate was $32,790, compared to $31,374 in Q3 2018[8] - Suezmax average spot rate was $17,121, compared to $14,919 in Q3 2018[8] - Suezmax average time charter rate was $29,884, compared to $29,624 in Q3 2018[8] - Very strong start to Q4 with VLCC rates booked at $60,900 per day so far[11] - For Q4, Euronav has 90% of trading fleet exposed to spot market[11] - Outlook for Q4 shows VLCC 60% fixed at around $60,900 per day and Suezmax 48% fixed at around $27,300 per day[11] Financial Performance - Revenue for the third quarter of 2019 was $175,287 thousand[12] - Net loss for the period was $22,903 thousand[12] - Loss per share was $0.11[13] - Cash position was $183.7 million as of September 2019[14] - Leverage is at 44% marked to market[15] Market Outlook and Strategy - The company will pay quarterly dividends starting in 2020[11] - Active commercial consolidation with over 70 VLCCs on one platform from 2020[17] - IMO induced storage provides catalyst for freight rates[18] - Euronav is actively preparing for IMO 2020 by purchasing LSFO[26, 27]

Financial Performance Highlights - In Q4 2019, the average spot rate for VLCCs in the TI pool was $61,700 per day, while the average time charter rate was $35,700 per day[8] - For Suezmax vessels, the average spot rate in Q4 2019 was $41,800 per day, and the average time charter rate was $29,300 per day[8] - The company's revenue for Q4 2019 was $355.154 million, compared to $236.107 million in Q4 2018[12] - Full year 2019 revenue reached $932.377 million, a significant increase from $600.024 million in 2018[12] - Net profit for Q4 2019 was $160.801 million, a substantial improvement from $279 in Q4 2018[12] - Full year 2019 net profit was $118.868 million, compared to a loss of $110.070 million in 2018[12] Q1 2020 Outlook - For Q1 2020, approximately 60% of VLCC days have been fixed at around $89,200 per day[11] - For Q1 2020, approximately 51% of Suezmax days have been fixed at around $57,500 per day[11] Balance Sheet & Leverage - The company's leverage, based on book value, is at 44%[14] - Cash reserves stand at $297 million as of December 2019, compared to $173 million in December 2018[13] Market Dynamics & IMO 2020 - The company anticipates constructive crude tanker market fundamentals for 2020[11] - The company notes that the reduction of fuel spreads and built-in protection mechanisms[16]