Cogent Communications Holdings Inc (CCOI) 2023 Q4 法說會逐字稿

Good morning and welcome to the Cogent Communications Holdings Fourth Quarter and Full Year 2023 earnings conference call.

早上好，歡迎參加 Cogent Communications Holdings 2023 年第四季和全年財報電話會議。

As a reminder, this conference call is being recorded, and it will be available for replay at www.cogentco.com. A transcript of the conference call will be posted on Cogent website when it becomes available.

謹此提醒，本次電話會議正在錄製中，可在 www.cogentco.com 上重播。電話會議的文字記錄將在 Cogent 網站上發布。

Cogent's summary of financial and operational results attached to the press release can be downloaded from the Cogent website.

新聞稿所附的 Cogent 財務和營運績效摘要可從 Cogent 網站下載。

I would now like to turn the call over to Mr. Dave Schaeffer, Chairman and Chief Executive Officer of Cogent Communications Holdings.

我現在想將電話轉給 Cogent Communications Holdings 董事長兼執行長 Dave Schaeffer 先生。

Yes, hi.

是的，嗨。

Good morning, and welcome to our earnings call for the fourth quarter of 2023 and full year 2023.

早安，歡迎參加我們 2023 年第四季和 2023 年全年的財報電話會議。

I'm David Schaeffer, Cogent's Chief Executive Officer.

我是 Cogent 執行長 David Schaeffer。

With me on this morning's call is Tad Weed, our Chief Financial Officer.

與我一起參加今天早上電話會議的是我們的財務長泰德威德 (Tad Weed)。

Hopefully, you've had a chance to review our earnings press release.

希望您有機會閱讀我們的收益新聞稿。

The press release includes a number of historical metrics that we've presented on a consistent basis each and every quarter.

新聞稿包括我們每季一致提供的許多歷史指標。

Now for a quick summary of our results.

現在快速總結一下我們的結果。

We closed the acquisition of the Sprint business on May 1, 2023.

我們於 2023 年 5 月 1 日完成了對 Sprint 業務的收購。

This transaction significantly expanded our network, our customer base, and materially increased the scope and scale of our business.

此次交易顯著擴大了我們的網路、客戶群，並大幅擴大了我們的業務範圍和規模。

Our annualized revenue run rates are now in excess of $1 billion.

我們的年化收入運行率現已超過 10 億美元。

We acquired a large number of enterprise customer relationships.

我們獲得了大量的企業客戶關係。

These customers are typically larger than our Cogent legacy corporate customer base.

這些客戶通常比我們 Cogent 的傳統企業客戶群還要大。

We also acquired a significant network comprised of own fiber and own facilities, many of which are being converted to data centers.

我們還收購了一個由自己的光纖和自己的設施組成的重要網絡，其中許多正在轉變為資料中心。

We acquired network with an appraised value substantially above $1 billion for $1.

我們以 1 美元收購了估值遠超過 10 億美元的網路。

We are repurposing the acquired fiber network to be optimized for the sale of wavelength services.

我們正在重新利用所收購的光纖網絡，以優化波長服務的銷售。

We received a total of $700 million over time from T-Mobile to offset the operating losses of serving enterprise customers. $350 million of these payments will be made in the first year at $29.2 million per month.

隨著時間的推移，我們從 T-Mobile 總共收到了 7 億美元，以抵消服務企業客戶的營運損失。其中 3.5 億美元將在第一年支付，每月 2,920 萬美元。

And then $350 million of payments will be spread out over the next 42 months of $8.3 million per month.

然後，3.5 億美元的付款將在接下來的 42 個月內分攤，每月支付 830 萬美元。

We remain optimistic about the cash flow capabilities of our combined operations.

我們對合併後業務的現金流能力保持樂觀。

Our recent results show that we have achieved immediate and substantial savings in multiple areas, many of which have exceeded our initial expectations.

我們最近的結果表明，我們在多個領域立即實現了大量節省，其中許多超出了我們最初的預期。

We anticipate additional cost savings from our current run rates.

我們預計從目前的運作率來看，可以進一步節省成本。

Our combined Cogent business had a very good quarter and a very good year.

我們合併後的 Cogent 業務在季度和全年都表現出色。

Our total revenues for the quarter were $272.1 million and $940.9 million for full year 2023.

我們本季的總營收為 2.721 億美元，2023 年全年的總營收為 9.409 億美元。

Our EBITDA as adjusted for the quarter was $110.5 million, and for the full year, was $352.5 million in 2023.

我們本季調整後的 EBITDA 為 1.105 億美元，2023 年全年調整後的 EBITDA 為 3.525 億美元。

Our EBITDA as adjusted margin was 40.6% for the quarter, and 37.5% for full year 2023.

我們本季的 EBITDA 調整後利潤率為 40.6%，2023 年全年為 37.5%。

We received three payments totaling $87.5 million from T-Mobile this quarter, and a total of seven payments in 2023, totaling $204.2 million.

本季我們從 T-Mobile 收到了三筆付款，總額為 8,750 萬美元，2023 年總共收到了七筆付款，總額為 2.042 億美元。

Our gross total debt to trailing 12-month EBITDA as adjusted and our net debt ratio significantly improved in the quarter.

我們的總債務與過去 12 個月 EBITDA 的調整後和我們的淨債務比率在本季度顯著改善。

Our gross debt to trailing 12 months EBITDA as adjusted ratio was 4.07 at year end, and our net debt ratio was 3.75, a substantial improvement from the 4.23 times in the last quarter.

截至年底，我們的總負債與過去 12 個月 EBITDA 的調整後比率為 4.07，淨負債比率為 3.75，較上季的 4.23 倍大幅改善。

Our network traffic increased sequentially by 7% and was up 22% year over year.

我們的網路流量較上季成長 7%，較去年同期成長 22%。

We have a number of areas in which we expect to continue to execute on cost savings.

我們希望在許多領域繼續節省成本。

We're under the process of realizing savings and synergies over a three-year period that will result in an annualized savings of $220 million.

我們正在努力在三年內實現節省和協同效應，每年將節省 2.2 億美元。

We anticipate achieving additional SG&A savings and other costs and revenue synergies over this over the next several years, hopefully exceeding that $220 million target.

我們預計在未來幾年內將實現額外的 SG&A 節省以及其他成本和收入協同效應，預計將超過 2.2 億美元的目標。

Our recent progress in achieving these savings is very encouraging, and we do intend to surpass the targets that we have laid out.

我們最近在實現這些節約方面取得的進展非常令人鼓舞，我們確實打算超越我們所設定的目標。

Our sales force productivity last quarter was 3.6 units installed per rep, and 3.3 units per full-time equivalent this quarter.

上季我們的銷售人員生產力為每位銷售代表安裝 3.6 台設備，本季每位全職員工安裝 3.3 台設備。

Our sales rep productivity has been substantially impacted by the enterprise customer reps that joined us from the Sprint business.

從 Sprint 業務加入我們的企業客戶代表極大地影響了我們銷售代表的工作效率。

These new enterprise reps are continuing to receive training on Cogent sales processes and have not yet reached their full productivity.

這些新的企業代表正在繼續接受有關 Cogent 銷售流程的培訓，但尚未達到全部生產力。

Now for the size and scope of our sales force, in connection with the Sprint acquisition, we hired a total of 942 employees.

現在，就我們銷售團隊的規模和範圍而言，由於收購了 Sprint，我們總共僱用了 942 名員工。

As of today, 742 of these employees remain employed with Cogent.

截至目前，其中 742 名員工仍在 Cogent 工作。

During the quarter, our total sales rep count increased by 20, or approximately a 3% sequential increase.

本季度，我們的銷售代表總數增加了 20 名，較上季增加約 3%。

For full year 2023, our total sales reps increased by 109, or a 20% increase, substantially ahead of our normal rate of sales force growth, catching up for some of the slower growth that occurred throughout the pandemic years.

2023 年全年，我們的銷售代表總數增加了 109 名，增幅為 20%，大大超過了銷售人員的正常增長速度，趕上了疫情期間增長較慢的情況。

We ended the year with 657 sales reps, of which 620 were counted as full-time equivalents.

截至年底，我們共有 657 名銷售代表，其中 620 名為全職銷售代表。

Now for some comments on our wavelength and optical transport services.

現在對我們的波長和光傳輸服務進行一些評論。

In connection with our acquisition of the Sprint business, we are expanding our product offering to include wavelengths and optical transport over our newly acquired fiber-optic network.

結合我們對 Sprint 業務的收購，我們正在擴大我們的產品範圍，包括透過我們新收購的光纖網路進行波長和光傳輸。

We are selling these wavelength services to existing customers, as well as customers acquired from Sprint.

我們正在向現有客戶以及從 Sprint 獲得的客戶銷售這些波長服務。

These customers require dedicated optical transport connectivity, without the capital and ongoing expenses associated with operating their own network.

這些客戶需要專用的光傳輸連接，而無需與運營自己的網路相關的資本和持續費用。

We have sold wavelengths, to date, in 65 locations.

迄今為止，我們已在 65 個地點銷售波長。

Many of these have shorter provisioning cycles.

其中許多的配置週期較短。

We have connectivity and capability to sell wavelengths today in an additional 285 locations with longer provisioning cycles.

如今，我們擁有在另外 285 個地點銷售波長的連接性和能力，配置週期更長。

By year end 2024, we expect to be able to offer wavelength services in 800 North American carrier-neutral data center locations, with substantially shorter provisioning times.

到 2024 年底，我們預計能夠在 800 個北美營運商中立資料中心位置提供波長服務，且配置時間大幅縮短。

Our footprint expanded materially with the acquisition of Sprint.

收購 Sprint 後，我們的業務範圍大幅擴大。

We added 18,905 route miles of owned of intercity fiber, and 12,000 -- excuse me, 1,257 route miles of own metropolitan fiber to our network.

我們在我們的網路中增加了 18,905 英里的自有城際光纖，以及 12,000 英里——對不起，1,257 英里的自有城市光纖。

We also added 11,400 route miles of intercity IRU fiber and approximately 4,500 route miles of metropolitan IRU fiber to the Cogent network.

我們還為 Cogent 網路添加了 11,400 路由英里的城​​市 IRU 光纖和約 4,500 路由英里的城​​市 IRU 光纖。

We are in the process of rationalizing these acquired IRU fiber agreements as our contractual terms allow us to exit them.

我們正在合理化這些收購的 IRU 光纖協議，因為我們的合約條款允許我們退出這些協議。

To date, we have also reconfigured 22 of the acquired Sprint facilities into data centers.

迄今為止，我們還將收購的 22 個 Sprint 設施重新配置為資料中心。

And we added these new data centers to the 1,558 carrier-neutral data centers that we operate, bringing and brought the total of Cogent-operated data centers to 77, which today have 157 megawatts of power.

我們將這些新資料中心添加到我們營運的 1,558 個營運商中立資料中心中，使 Cogent 營運的資料中心總數達到 77 個，目前擁有 157 兆瓦的電力。

We are in the process of converting an additional 23 Sprint facilities into Cogent data centers and optimizing and rationalizing our data center footprint.

我們正在將另外 23 個 Sprint 設施轉變為 Cogent 資料中心，並優化和合理化我們的資料中心佔地面積。

During the quarter, we returned $46.4 million to our shareholders with our regular quarterly dividend.

本季度，我們透過定期季度股息向股東返還 4,640 萬美元。

We paid four quarterly dividends in 2023, totaling $181.7 million or $3.76 per share.

我們在 2023 年支付了四次季度股息，總計 1.817 億美元，即每股 3.76 美元。

We expect the tax treatment for these dividends are generally treated as completely return of capital, so therefore, 100% of those dividends will be treated on a tax-deferred basis.

我們預期這些股利的稅務處理通常被視為完全資本回報，因此，100%的股利將在遞延稅的基礎上處理。

Our Board of Directors, which continues to evaluate our growth and cash flow and the capabilities of our team to execute against our opportunities, inclusive of the Sprint acquisition, increased our quarterly dividend yet again by $0.01 a share sequentially, raising our quarterly dividend from $0.995 per share per quarter to $0.965 per share per quarter.

我們的董事會繼續評估我們的成長和現金流以及我們團隊執行機會（包括收購 Sprint）的能力，再次將我們的季度股息每股增加 0.01 美元，將季度股息從 0.995 美元提高到每季每股0.965 美元。

This increase represents the 46th consecutive sequential increase in our quarterly dividend, and a 4.3% annual growth rate in that dividend.

此次增加是我們季度股利連續 46 次連續增加，股利年增率為 4.3%。

Now for a couple of comments around our long-term targets.

現在就我們的長期目標發表一些評論。

Now that Cogent is fully integrated and combined with the Sprint business, we anticipate our long-term average revenue growth to remain between 5% and 7% annually.

現在 Cogent 已與 Sprint 業務完全整合並合併，我們預計長期平均收入成長率將保持在每年 5% 至 7% 之間。

And we expect our EBITDA margins as adjusted to increase by approximately 100 basis points annually.

我們預計調整後的 EBITDA 利潤率將每年成長約 100 個基點。

This will be impacted in the short term by the step down in payments from T-Mobile.

這將在短期內受到 T-Mobile 付款減少的影響。

Our revenue and EBITDA guidance targets are intended to be multi-year goals and are not intended to be used as quarterly or annual specific targets.

我們的收入和 EBITDA 指導目標旨在作為多年目標，而不是用作季度或年度具體目標。

Our EBITDA as adjusted and leverage ratios are impacted by the $700 million payment stream that we receive from T-Mobile.

我們調整後的 EBITDA 和槓桿率受到我們從 T-Mobile 收到的 7 億美元付款流的影響。

Beginning May 2024, these payments will step down from $29.2 million per month to $8.3 million a month and remain in place for the subsequent 42 months.

從 2024 年 5 月開始，這些付款將從每月 2,920 萬美元減少到每月 830 萬美元，並在接下來的 42 個月內保持不變。

The reductions will impact our future EBITDA as adjusted, leverage ratios, and will impact our ratios in the third quarter of 2024 o n a trailing 12-month basis.

此次削減將影響我們未來調整後的 EBITDA、槓桿率，並將影響我們 2024 年第三季過去 12 個月的比率。

Now I'd like to turn it over to Tad to read our Safe Harbor language and provide some additional details.

現在我想將其交給 Tad 閱讀我們的安全港語言並提供一些其他詳細資訊。

And then I will jump back on to address some additional operating metrics.

然後我將繼續討論一些其他的營運指標。

Thank you, Dave, and good morning, everyone.

謝謝戴夫，大家早安。

This earnings conference call includes forward-looking statements.

本次收益電話會議包含前瞻性陳述。

These forward-looking statements are based upon our current beliefs and expectations.

這些前瞻性陳述是基於我們目前的信念和期望。

And these forward-looking statements and all other statements that we made on this call that are not historical facts are subject to a number of risks and uncertainties, and actual results may differ materially.

這些前瞻性陳述以及我們在這次電話會議中所做的所有其他非歷史事實的陳述都受到許多風險和不確定性的影響，實際結果可能會存在重大差異。

Please refer to our SEC filings for information on the factors that could cause actual results to differ.

請參閱我們向 SEC 提交的文件，以了解可能導致實際結果不同的因素的資訊。

Cogent undertakes no obligation to update or revise our forward-looking statements.

Cogent 不承擔更新或修改我們的前瞻性聲明的義務。

If we use non-GAAP financial measures during this call, you will find these reconciled to the corresponding GAAP measures in our earnings releases that are posted on our website at cogentco.com.

如果我們在本次電話會議中使用非 GAAP 財務指標，您會發現這些指標與我們網站 cogentco.com 上發布的收益發布中相應的 GAAP 指標一致。

So some comments on the accounting for the Sprint acquisition, which was very complex, frankly.

關於 Sprint 收購的會計處理的一些評論，坦白說，這非常複雜。

In connection with our accounting for the acquisition, we recorded a total gain on bargain purchase for the year of $1.4 billion, or almost $27 per share for the year.

根據我們對收購的會計處理，我們記錄了當年討價還價收購的總收益為 14 億美元，即當年每股近 27 美元。

Included in that $1.4 billion gain is the discounted present value of the $700 million IP transit services agreement with T-Mobile.

這 14 億美元的收益中包括與 T-Mobile 簽訂的 7 億美元 IP 傳輸服務協議的折現現值。

During the fourth quarter, and in consultation with our auditors and valuation specialist, a Big 4 accounting firm.

在第四季度，我們與四大會計師事務所的審計師和估值專家進行了協商。

We recorded -- both Big 4 accounting firms.

我們記錄了──都是四大會計師事務所。

We recorded an additional intangible asset for $9.9 million of IPv4 Internet addresses that we acquired in the Sprint acquisition.

我們記錄了一項額外的無形資產，即我們在收購 Sprint 時獲得的價值 990 萬美元的 IPv4 互聯網位址。

These IPv4 addresses have an indefinite useful life and are not being amortized.

這些 IPv4 位址具有無限期的使用壽命，並且不進行攤銷。

This asset was recorded $458 million, for an average of about $46 per address.

該資產記錄為 4.58 億美元，平均每個地址約為 46 美元。

Because of the novel nature of this asset and the fact that the transaction has already resulted in a material bargain purchase gain prior to reporting this asset, we reported the asset after consideration of the appropriate valuation approach.

由於該資產的新穎性以及該交易在報告該資產之前已經產生了實質性的議價購買收益，因此我們在考慮適當的估值方法後報告了該資產。

The net after-tax impact of reporting the IPv4 Internet addresses, and other valuation adjustments that we made this quarter, resulted in a net additional gain on bargain purchase of $254 million that we recorded in the fourth quarter.

報告 IPv4 網路位址的稅後淨影響以及我們本季所做的其他估值調整，導致我們在第四季度記錄的討價還價購買獲得了 2.54 億美元的淨額外收益。

The acquired network, including owned real estate assets, fiber routes, right-of-way agreements, network equipment, and the IPv4 Internet addresses, have been appraised by a Big 4 accounting firm at a total valuation of $1.4 billion.

此次收購的網絡，包括自有房地產資產、光纖線路、路權協議、網路設備和IPv4互聯網位址，經四大會計師事務所評估，總估值為14億美元。

The total fair value of the net assets acquired, so net of liabilities, was $800 million.

所收購淨資產的公允價值總額（扣除負債）為 8 億美元。

And including the net present value of the consideration to be paid to us by T-Mobile of $600 million -- well, on a discounted value, and the $458 million of IPv4 for Internet addresses, a gain, the total acquisition resulted in a $1.4 billion bargain purchase gain.

包括 T-Mobile 支付給我們的 6 億美元對價的淨現值（折算後的價值），以及 4.58 億美元的 IPv4 互聯網地址收益，整個收購帶來了 1.4 美元的收益。億美元的討價還價購買收益。

These amounts are subject to additional adjustments through one year from the closing date, which will be May 1, 2024.

這些金額自截止日期（即 2024 年 5 月 1 日）起一年內可能會進行額外調整。

Some comments on corporate and net-centric revenue and customer connections.

關於企業和以網路為中心的收入和客戶聯繫的一些評論。

We analyze our revenues based upon network connection type, which is on-net, off-net, wavelength services, and non-core services.

我們根據網路連線類型分析我們的收入，包括網內、網外、波長服務和非核心服務。

And we analyze our revenues based upon customer type, and we classify all of our customers into three types: net-centric, corporate, and enterprise.

我們根據客戶類型分析我們的收入，並將所有客戶分為三種類型：以網路為中心的客戶、企業客戶和企業客戶。

Our corporate business continues to be influenced by real estate activity in central business districts.

我們的企業業務持續受到中央商務區房地產活動的影響。

We continue to remain cautious in our outlook for our corporate revenues, given the uncertain economic environment and other challenges from the lingering pandemic effects.

鑑於經濟環境的不確定性以及揮之不去的疫情影響帶來的其他挑戰，我們對企業收入的前景持續保持謹慎。

Our corporate business was 46.5% of our revenues this quarter.

本季我們的企業業務佔營收的 46.5%。

And our quarterly corporate revenue increased year over year by 47.6%, to a total of $126.6 million from the fourth quarter of last year and increased sequentially by 5.1%.

我們的季度企業營收年增 47.6%，較去年第四季達到 1.266 億美元，季增 5.1%。

For the full year 2023, corporate revenue increased by 29.5% to $443.7 million.

2023 年全年，企業營收成長 29.5%，達到 4.437 億美元。

We have 54,493 corporate customer connections on our network at year end.

截至年底，我們的網路上有 54,493 個企業客戶連線。

This represented a sequential decrease of 1%, and year-over-year increase of 21.5%.

環比下降 1%，年增 21.5%。

For the quarter, the sequential impact of USF taxes recorded as revenues on our corporate revenues was a positive $5.9 million, and a positive year-over-year quarterly impact of $16.3 million.

本季度，記錄為收入的 USF 稅收對我們公司收入的連續影響為 590 萬美元，年比季度影響為 1,630 萬美元。

For the full year, the positive USF impact was $34.8 million.

全年對 USF 的正面影響為 3,480 萬美元。

Some comments on the net-centric business.

關於以網路為中心的業務的一些評論。

Our net-centric business continues to benefit from the continued growth in video traffic, streaming, and wavelength sales.

我們以網路為中心的業務繼續受益於視訊流量、串流媒體和波長銷售的持續成長。

Our net-centric business represented 34.2% of our revenues this quarter, and declined sequentially by 1.9% to $93.1 million, and grew by 40.7% on a year-over-year basis.

我們以網路為中心的業務佔本季營收的 34.2%，季減 1.9%，至 9,310 萬美元，較去年同期成長 40.7%。

For the full year 2023, our net-centric revenue increased by 33.7% to $343.6 million.

2023 年全年，我們以網路為中心的營收成長了 33.7%，達到 3.436 億美元。

We had 62,370 net-centric customer connections on our network at year end.

截至年底，我們的網路上有 62,370 個以網路為中心的客戶連線。

That was a slight sequential increase of 0.1%, and year-over-year increase of 20.7%.

環比小幅成長 0.1%，較去年同期成長 20.7%。

Comments on the enterprise business.

對企業業務的評論。

Our enterprise business represented 19.2% of our revenues for the quarter and was $52.3 million.

我們的企業業務佔本季營收的 19.2%，達 5,230 萬美元。

We had 20,740 enterprise customer connections at the end of the year on our network.

截至年底，我們的網路擁有 20,740 個企業客戶連線。

Our enterprise revenue decreased sequentially by $7.7 million or by 12.8%.

我們的企業收入比上一季減少了 770 萬美元，即 12.8%。

For the full year 2023, our enterprise business revenue was 16.3% of our revenues.

2023年全年，我們的企業業務收入佔營收的16.3%。

Just a reminder, there was no enterprise revenue last year, or $153.6 million.

提醒一下，去年沒有企業收入，即 1.536 億美元。

Lastly, on the wavelength business.

最後，關於波長業務。

Our new wavelength product represented 1.2% of our revenues this quarter, and was $3.3 million, and we had a total of 667 wavelength connections on our network at year end.

我們的新波長產品佔本季營收的 1.2%，價值 330 萬美元，截至年底，我們的網路上共有 667 個波長連結。

Revenue and customer connections by network type.

按網路類型劃分的收入和客戶連線。

I need to make some comments also on a billing transition that we went through in the fourth quarter.

我還需要對我們在第四季度經歷的計費過渡發表一些評論。

In the fourth quarter, we fully integrated our Sprint customers into our billing platform.

在第四季度，我們將 Sprint 客戶完全整合到我們的計費平台中。

All Cogent customers worldwide are now built on one Cogent billing system.

全球所有 Cogent 客戶現在都建立在同一個 Cogent 計費系統上。

This transition delayed some customer payments from December into January, since the former Sprint customers needed to update their systems to remit payments to our lockbox, from the T-Mobile lockbox.

這項轉變將一些客戶付款從 12 月推遲到 1 月，因為前 Sprint 客戶需要更新他們的系統，以便將付款從 T-Mobile 密碼箱匯到我們的密碼箱。

This increased our day sales to 37 at year end, which was a temporary increase.

這使得我們年底的日銷量增加到了 37 輛，這是暫時的成長。

Additionally, once we provisioned every Sprint order into our billing system, we reclassified $1 million of on-net revenue and $400,000 of off-net revenue from Q3 to non-core revenue.

此外，一旦我們將每個 Sprint 訂單配置到我們的計費系統中，我們就會將第三季 100 萬美元的網內收入和 40 萬美元的網外收入重新分類為非核心收入。

We also reclassified 1,373 on-net customer connections at the end of the third quarter to 157 off-net customer connections and 1,216 non-core customer connections.

我們也將第三季末的 1,373 個網內客戶連線重新分類為 157 個網外客戶連線和 1,216 個非核心客戶連線。

This was to conform to our classification methodology, as we were using the T-Mobile billing system through October of 2023.

這是為了符合我們的分類方法，因為我們在 2023 年 10 月之前都在使用 T-Mobile 計費系統。

Changes are reflected retroactively in our summary of financial and operational results tables, that is included in our press release.

這些變更追溯反映在我們的財務和營運績效表摘要中，該摘要包含在我們的新聞稿中。

On-net revenue.

淨收入。

Our on-net revenue, including wavelength revenue, was $141.2 million for the quarter.

本季我們的線上收入（包括波長收入）為 1.412 億美元。

That was a sequential increase of 6.9% and a year-over-year increase of 22.8%.

季增 6.9%，年增 22.8%。

For the full year 2023, our on-net revenue increased by 14.5% to $518.6 million.

2023 年全年，我們的淨收入成長 14.5%，達到 5.186 億美元。

Our on-net customer connections were 88,733 at year end.

截至年底，我們的線上客戶連線數為 88,733。

We serve our on-net customers in our 3,277 total on-net multi-tenant office and carrier neutral data center buildings.

我們在 3,277 座網路上多租戶辦公室和營運商中立資料中心大樓中為網路客戶提供服務。

We continue to succeed in selling larger 100 gigabit connections and 400 gigabit connections in carrier neutral data centers and selling 10 gigabit connections in selected multi-tenant office buildings.

我們繼續成功地在營運商中立資料中心銷售更大的 100 GB 連接和 400 GB 連接，並在選定的多租戶辦公大樓中銷售 10 GB 連接。

Selling these larger connections has the impact of increasing our year-over-year and sequentially on-net ARPU.

出售這些更大的連接可以使我們的線上 ARPU 逐年增加。

Our off-net revenue was $123.7 million for the quarter.

本季我們的網外營收為 1.237 億美元。

That was a sequential decrease of 5.3% and a year-over-year increase of 235.4%.

環比下降 5.3%，年增 235.4%。

The sequential decline in our off-net revenue was partially impacted by our migration to certain off-net customers to on-net.

我們的網外收入連續下降部分受到我們將某些網外客戶遷移到網上的影響。

For full year 2023, our off-net revenue increased by $169.2 million to $393.5 million.

2023 年全年，我們的網外收入增加了 1.692 億美元，達到 3.935 億美元。

Our off-net customer connections were 36,895 at year end and we serve these off-net customers in over 27,000 off-net buildings.

截至年底，我們的網外客戶連接數量為 36,895 個，我們在超過 27,000 座網外建築物中為這些網外客戶提供服務。

These off-net buildings are primarily located in North America.

這些網外建築物主要位於北美洲。

Lastly, on non-core revenues, our non-core revenue was $7.3 million for the quarter.

最後，關於非核心收入，本季我們的非核心收入為 730 萬美元。

That was a sequential decrease of $5.6 million or 43.5% due to our decision to end of life these non-core products.

由於我們決定終止這些非核心產品的使用壽命，季減了 560 萬美元，即 43.5%。

Non-core customer connections were 1,975 at year end.

截至年底，非核心客戶連線數為 1,975 人。

Some statistics on pricing, our average price per megabit for our installed base decreased sequentially by 7.1% to $0.28, but increased year over year by 4.9%.

關於定價的一些統計數據顯示，我們的安裝基數每兆位元的平均價格環比下降了 7.1% 至 0.28 美元，但同比增長了 4.9%。

Our average price per megabit for our new customer contracts for the quarter was $0.10.

本季新客戶合約的每兆比特平均價格為 0.10 美元。

ARPU, our on-net ARPU increased sequentially and our off-net ARPU decreased.

ARPU，我們的網內 ARPU 環比成長，我們的網外 ARPU 下降。

However, our year-over-year on-net and off-net ARPUs increased primarily from the impact of the Sprint business and also selling larger connections, our on-net ARPU increased sequentially by 9.7% from 484 to 530, year-over-year, our on-net ARPU increased by 14.4% from 464 last year.

然而，我們的網內和網外 ARPU 年成長主要得益於 Sprint 業務以及銷售更大連接的影響，我們的網內 ARPU 環比增長 9.7%，從 484 增至 530今年，我們的在線ARPU 較去年的464 成長了14.4%。

Our off-net ARPU decreased sequentially by 2.9% from 1,150 to 1,117, year-over-year, our off-net ARPU increased by 22.2% from $914 last year.

我們的網外 ARPU 環比下降 2.9%，從 1,150 美元降至 1,117 美元，年增 22.2%，從去年的 914 美元成長 22.2%。

Our sequential churn rate for our on-net and off-net connections for the combined business improved.

合併後的業務的網內和網外連線的連續流失率有所改善。

Our on-net unit monthly churn rate was 1.2% for the quarter, which was a material improvement from 1.8% last quarter.

本季我們的網內單位月流失率為 1.2%，比上季的 1.8% 有了實質改善。

Our off-net unit monthly churn rate was 1.3% this quarter and improvement from 1.5% last quarter.

本季我們的網外單位月流失率為 1.3%，較上季的 1.5% 有所改善。

EBITDA and EBITDA margin, we reconcile our EBITDA to our cash flow from operations in each of our quarterly press releases.

EBITDA 和 EBITDA 利潤率，我們在每季新聞稿中將 EBITDA 與營運現金流進行核對。

We incurred $17 million of Sprint non-capital acquisition costs this quarter compared to 400,000 last quarter, included in that $17 million of Sprint acquisition costs for the quarter our $16.2 million of severance costs that we paid but are fully reimbursed by T-Mobile and have been fully reimbursed.

本季我們在Sprint 上發生了1,700 萬美元的非資本收購成本，而上季度為400,000 美元，其中包括我們支付的1,620 萬美元的遣散費，但已由T-Mobile 全額償還，並且本季度Sprint的收購成本為1,700 萬美元。已全額償還。

Under US GAAP, these costs need to be reported as SG&A post-acquisition costs and correspondingly as a component of the bargain purchase gain, so no net P&L impact.

根據美國公認會計原則，這些成本需要報告為收購後的SG&A成本，並相應地作為討價還價購買收益的組成部分，因此不會對淨損益產生影響。

And they are reflected as Sprint acquisition costs since they are directly tied to the acquisition, classified that way on our P&L.

它們被反映為 Sprint 收購成本，因為它們與收購直接相關，並以這種方式分類在我們的損益表中。

EBITDA as adjusted and EBITDA as adjusted margin.

調整後的 EBITDA 和調整後的 EBITDA 利潤率。

Our EBITDA as adjusted includes adjustments for Sprint acquisition costs and cash payments received under the $700 million IP Transit Services agreement with T-Mobile.

調整後的 EBITDA 包括 Sprint 收購成本的調整以及根據與 T-Mobile 簽訂的 7 億美元 IP 傳輸服務協議收到的現金付款。

We billed and collected $87.5 million under that agreement this quarter.

本季我們根據該協議收取並收取了 8,750 萬美元。

We billed $233.3 million and collected $242.2 million under that agreement for the full year 2023.

根據該協議，我們在 2023 年全年的費用為 2.333 億美元，收款為 2.422 億美元。

All amounts billed under the IP Transit Services agreement have been paid to us on time.

根據 IP 傳輸服務協定收取的所有費用已按時支付給我們。

Our EBITDA as adjusted for Sprint acquisition costs and cash payments under the IP Transit Services agreement was $110 million for the quarter and a 40.6% margin.

在根據 Sprint 收購成本和 IP Transit Services 協議下的現金支付進行調整後，我們本季的 EBITDA 為 1.1 億美元，利潤率為 40.6%。

Our EBITDA as adjusted was $352.5 million for the full year and a 37.5% margin.

調整後的全年 EBITDA 為 3.525 億美元，利潤率為 37.5%。

Comments on foreign currency.

對外幣的評論。

Our revenue earned outside of the United States is reported in US dollars and was about 16% of our revenue this quarter and 18% for the year.

我們在美國境外賺取的收入以美元報告，約佔本季營收的 16%，佔全年營收的 18%。

About 10% of our revenues for the quarter were based in Europe and the remaining 6% outside of the US were related to Canada, Mexico, Oceanic, South American and African operations.

本季我們約 10% 的收入來自歐洲，其餘 6% 來自美國以外的地區，涉及加拿大、墨西哥、大洋洲、南美洲和非洲業務。

The average USD euro rate so far this quarter is $1.09 and the Canadian dollar average rate $0.75 and if those average rates remain at their current levels for the remainder of the first quarter of this year, we estimate that the FX conversion impact on our sequential quarterly revenues would be positive and about $0.5 million and the same impact on a year-over-year basis.

本季度到目前為止，美元歐元平均匯率為 1.09 美元，加元平均匯率為 0.75 美元，如果這些平均匯率在今年第一季剩餘時間內保持在當前水平，我們估計外匯兌換對我們連續季度的影響收入將為正值，約50 萬美元，且與去年同期相比相同。

We believe that our revenue and customer base is not very highly concentrated even with the Sprint acquisition, including the impact of the customers acquired in the Sprint business.

我們認為，即使收購了 Sprint，我們的收入和客戶群也不是高度集中，包括 Sprint 業務中收購的客戶的影響。

Our top 25 customers represented 16% of our revenues this quarter and 15% for the year.

我們的前 25 位客戶占我們本季營收的 16%，佔全年營收的 15%。

CapEx, our quarterly CapEx was $43.6 million this quarter and our CapEx was $129.6 million for the year.

資本支出，本季我們的季度資本支出為 4,360 萬美元，全年資本支出為 1.296 億美元。

We are continuing our network integration of the former Sprint network and legacy Cogent network to one unified network in converting Sprint switch sites into Cogent data centers.

我們正在繼續將前 Sprint 網路和舊 Cogent 網路整合為一個統一網絡，將 Sprint 交換器站點轉變為 Cogent 資料中心。

On finance leases and payments, our finance lease IRU obligations are for long-term dark fiber leases and typically have initial terms of 15 to 20 years or longer and often include multiple renewal options after the initial term.

在融資租賃和付款方面，我們的融資租賃 IRU 義務適用於長期暗光纖租賃，通常具有 15 至 20 年或更長的初始期限，並且通常包括初始期限後的多個續約選項。

Our total IRU finance lease obligations were $484.5 million at quarter end.

截至季末，我們的 IRU 融資租賃負債總額為 4.845 億美元。

We have a very diverse set of IRU suppliers, and we have contracts with over 325 different dark fiber suppliers worldwide.

我們擁有非常多元化的 IRU 供應商，並且與全球超過 325 家不同的暗光纖供應商簽訂了合約。

Comments on cash and cash flow.

關於現金和現金流量的評論。

At quarter end, our cash and cash equivalents and restricted cash is $113.8 million.

截至季末，我們的現金和現金等價物以及限制性現金為 1.138 億美元。

Our $38.7 million of restricted cash is directly tied to the estimated fair value of our interest rate swap agreement.

我們的 3,870 萬美元限制性現金與我們的利率掉期協議的估計公允價值直接相關。

Our operating cash flow results are materially impacted by the timing and amount of our payments under our transition services agreement with T-Mobile and the presentation of payments under the $700 million IP Transit Services agreement.

我們的營運現金流量結果受到我們與 T-Mobile 的過渡服務協議下的付款時間和金額以及 7 億美元 IP 傳輸服務協議下的付款列報的重大影響。

Payments under the IP transit $700 million agreement under US GAAP are considered cash receipts from investing activities and not classified as operating activities.

根據美國公認會計準則，IP 傳輸 7 億美元協議下的付款被視為投資活動的現金收入，不屬於營運活動。

Our operating cash flow was a use of $32.5 million for the quarter compared to $52.4 million of a use last quarter.

本季我們的營運現金流使用了 3,250 萬美元，而上個季度則使用了 5,240 萬美元。

Our operating cash flow this quarter was impacted by the billing conversion and our operating cash flow was $33.6 million for full year 2023.

本季我們的營運現金流受到計費轉換的影響，2023 年全年營運現金流為 3,360 萬美元。

Our payments received under the IP transit agreement are recorded as cash provided by investing activities and were $87.5 million last quarter, the same as this quarter and for the year $204.2 million was collected.

我們根據 IP 傳輸協議收到的付款記錄為投資活動提供的現金，上季度為 8,750 萬美元，與本季相同，全年收取了 2.042 億美元。

Our total gross debt at par, including finance IRU lease obligations, was $1.5 billion at year end and net debt was $1.4 billion.

截至年底，我們的以面額計算的總債務（包括 IRU 融資租賃義務）為 15 億美元，淨債務為 14 億美元。

Our total gross debt to last 12 months EBITDA has adjusted and our net debt ratios both significantly improved this quarter.

我們過去 12 個月的總負債 EBITDA 已進行調整，本季我們的淨負債比率均顯著改善。

Our total gross debt to last 12 months EBITDA as adjusted was $4.07 a year end and net debt was $3.75, an improvement to $4.23 at the end of Q3.

過去 12 個月調整後的 EBITDA 總債務為 4.07 美元，淨債務為 3.75 美元，第三季末改善至 4.23 美元。

This is compared to a gross debt and last 12 months EBITDA as adjusted ratio of $4.79 at the end of Q3 and again a net ratio of $4.23 last quarter.

與第三季末總負債和過去 12 個月 EBITDA 的調整後比率為 4.79 美元以及上季淨比率為 4.23 美元相比。

Our consolidated leverage ratio as calculated under our note indentures, slightly different, reduced to $3.67 from $4.57 last quarter and our secured leverage ratio as calculated under the note indentures reduced to $2.4 from $2.97 last quarter.

我們根據票據契約計算的綜合槓桿率略有不同，從上個季度的 4.57 美元降至 3.67 美元，根據票據契約計算的擔保槓桿率從上個季度的 2.97 美元降至 2.4 美元。

Some comments related to our swap agreement, we are party to an interest rate swap agreement that modifies our fixed interest rate obligation associated with our $500 million 2026 notes to a variable interest rate obligation based upon the secured overnight financing rate or SOFR for the remaining term of those notes.

與我們的互換協議相關的一些評論，我們是利率互換協議的一方，該協議將我們與5 億美元2026 年票據相關的固定利率義務修改為基於剩餘期限的擔保隔夜融資利率或SOFR 的可變利率義務這些筆記。

We recorded the estimated fair value of the swap agreement each reporting period and incur corresponding non-cash gains and losses due to the changes in market interest rates.

我們在每個報告期間記錄掉期協議的估計公允價值，並因市場利率變動而產生相應的非現金損益。

Our interest expense and operating cash flow for the full year 2023 was impacted by $21.5 million of interest expense paid in May and November associated with the swap agreement and that was compared to $2.1 million last year, the fair value of our swap agreement decreased by $17.7 million from last quarter to $38.7 million.

我們2023 年全年的利息支出和營運現金流受到5 月和11 月與掉期協議相關的2,150 萬美元利息支出的影響，與去年的210 萬美元相比，我們掉期協議的公允價值減少了17.7 美元上一季的 100 萬美元增至 3,870 萬美元。

We are required to maintain restricted cash balance with the counterparty equal to the liability.

我們必須與交易對手保持與負債相等的受限現金餘額。

Our day sales outstanding or DSO, as I mentioned earlier, was significantly impacted by the billing conversion.

正如我之前提到的，我們的每日銷售額或 DSO 受到帳單轉換的顯著影響。

Our DSO for worldwide accounts receivable was 37 days versus 27 last quarter.

我們的全球應收帳款 DSO 為 37 天，而上季為 27 天。

Our DSO's after year end have reverted back to historical norms.

年底後我們的 DSO 已恢復到歷史正常水準。

Our bad debt expense was $1.9 million and 0.7% of our revenues for the quarter.

我們的壞帳費用為 190 萬美元，佔本季營收的 0.7%。

That was also impacted by the billing conversion.

這也受到計費轉換的影響。

Our bad debt expense was $8.6 million and 0.9% of our revenues for the year.

我們的壞帳費用為 860 萬美元，佔當年收入的 0.9%。

Finally, I want to thank and recognize our worldwide billing and collection team members for managing this billing conversion from the legacy T-Mobile Sprint billing platform to our Cogent billing engine.

最後，我要感謝並認可我們的全球計費和收款團隊成員，他們管理了從傳統 T-Mobile Sprint 計費平台到我們 Cogent 計費引擎的計費轉換。

This was a tremendous operational achievement and we completed this in only six months from the acquisition date.

這是一項巨大的營運成就，我們從收購之日起僅用了六個月就完成了這一目標。

All customers were billed worldwide from the Cogent billing system starting in November 2023.

自 2023 年 11 月起，全球所有客戶均透過 Cogent 計費系統進行計費。

I will now turn the call back over to Dave.

我現在將把電話轉回給戴夫。

Hey, thanks, Tad.

嘿，謝謝，泰德。

I'd like to highlight a couple of the strengths of our network, our customer base, and sales force.

我想強調一下我們的人脈、客戶群和銷售團隊的一些優勢。

We continue to experience significant traffic growth in our net-centric business.

我們以網路為中心的業務持續經歷顯著的流量成長。

We continue to beat beneficiaries of increased over-the-top video and streaming, particularly in international markets.

我們繼續擊敗頂級視訊和串流媒體成長的受益者，特別是在國際市場。

By quarter's end, we ended with 1,558 carrier neutral data centers and 68 Cogent data centers directly connected to our network.

到季度末，我們擁有 1,558 個營運商中立資料中心和 68 個直接連接到我們網路的 Cogent 資料中心。

That total of 1,626 data centers is more than any other carrier globally as measured by independent third-party research.

根據獨立第三方研究的測量，該資料中心總數為 1,626 個，超過全球任何其他營運商。

The breadth of this coverage allows us to serve the net-centric market better allowing our customers to optimize their networks for reduced latency.

覆蓋範圍的廣度使我們能夠更好地服務以網路為中心的市場，從而使我們的客戶能夠優化其網路以減少延遲。

We expect to continue to widen this lead in the market as we project adding over an additional 100 carrier neutral data centers to our network per year for the next several years.

我們預計將繼續擴大在市場上的領先地位，因為我們預計在未來幾年內每年將額外增加 100 個營運商中立資料中心到我們的網路中。

We also expect to continue to convert Sprint facilities into Cogent data centers. 23 of these facilities are in process of being converted.

我們也希望繼續將 Sprint 設施轉變為 Cogent 資料中心。其中 23 個設施正在進行改造。

To date, we have completed the conversion of 22 of the facilities into Cogent data centers.

到目前為止，我們已完成將 22 個設施轉變為 Cogent 資料中心。

As of today, we are selling wavelength services in 65 carrier neutral data centers.

截至今天，我們正在 65 個營運商中立資料中心銷售波長服務。

With expended provisioning cycles, we can also sell wavelengths and an additional 285 carrier neutral data centers or a total of 360 facilities across North America.

透過延長配置週期，我們還可以銷售波長和另外 285 個營運商中立資料中心或遍佈北美的總共 360 個設施。

We're generating $3.3 million of revenue from wavelength sales in the previous quarter with 667 discreet installed wavelengths.

上一季度，我們透過 667 個謹慎安裝的波長實現了 330 萬美元的波長銷售收入。

We have a significant funnel of wavelength orders in the pipeline.

我們在管道中擁有一個重要的波長級漏斗。

Today, we have a combination of orders signed as well as in our sales funnel of over 2,300 orders.

如今，我們已簽署的訂單組合以及銷售漏斗中的 2,300 多個訂單。

Our network traffic continues to increase.

我們的網路流量持續增加。

It increased 7% sequentially and 22% year over year.

季增 7%，年增 22%。

At quarter end, we directly connected to 7,988 networks.

截至季末，我們直接連接到 7,988 個網路。

This collection of ISPs, telephone companies, cable companies, mobile operators, and other carriers allow us to directly reach the vast majority of the world's broadband subscribers and mobile phone users.

ISP、電話公司、有線電視公司、行動營運商和其他營運商的集合使我們能夠直接覆蓋全球絕大多數寬頻用戶和行動電話用戶。

At quarter end, we had a sales force of 271 net-centric reps focused on this market.

截至季末，我們擁有一支由 271 名以網路為中心的代表組成的銷售隊伍，專注於該市場。

That was in addition to the 374 reps that we have focused on our corporate segment and 12 sales reps focused on our enterprise market.

除此之外，我們還擁有 374 位專注於企業部門的銷售代表和 12 位專注於企業市場的銷售代表。

The corporate trends that we're seeing are positive but have still been impacted by the pandemic.

我們看到的企業趨勢是正面的，但仍然受到大流行的影響。

Our corporate customers are continuing to integrate new applications which have become part of their normal workload including the extended use of videoconferencing.

我們的企業客戶正在繼續整合新的應用程序，這些應用程式已成為他們正常工作負載的一部分，包括視訊會議的擴展使用。

This usage requires high-speed, high-capacity connections both inside and outside of their premises.

這種用途需要其場所內部和外部的高速、高容量連接。

Our enterprise customers continue to focus on dedicated internet access and VPN services inclusive of the older MPLS technology to manage their networks.

我們的企業客戶繼續專注於專用網路存取和 VPN 服務，包括舊的 MPLS 技術來管理其網路。

We remain focused on improving our sales force efficacy through training and managing out underperforming sales reps.

我們仍然致力於透過培訓和管理表現不佳的銷售代表來提高銷售團隊的效率。

Our sales force turnover rate gets improved substantially in the quarter to 4.1% per rep per month for the quarter down from a peak of 8.7 reps per month at the height of the pandemic and much better than our average historical number of 5.6%.

本季我們的銷售人員流動率大幅提高，從疫情最嚴重時每月 8.7 名銷售代表的峰值降至 4.1%，並且遠好於我們 5.6% 的歷史平均數字。

We are continuing to train reps who join Cogent from the Sprint business.

我們正在繼續培訓從 Sprint 業務加入 Cogent 的代表。

We remain optimistic about our unique position in serving the market particularly around our corporate footprint and central business districts where we have over a billion square feet of rentable office space and 1,862 multi-tenant buildings on-net.

我們對我們在服務市場方面的獨特地位保持樂觀，特別是在我們的企業足跡和中央商務區周圍，我們擁有超過 10 億平方英尺的可出租辦公空間和 1,862 棟網路多租戶建築。

We're excited about our large enterprise customer base as this provides us a new targeted market and our wavelength opportunity is just beginning to unfold as we continue to repurpose the Sprint network and optimize it for the delivery of wavelength services.

我們對我們的大型企業客戶群感到興奮，因為這為我們提供了一個新的目標市場，並且隨著我們繼續重新調整Sprint 網路的用途並優化它以提供波長服務，我們的波長機會才剛剛開始展現。

As mentioned earlier we can serve customers in 65 locations today where we are delivering waves.

如前所述，我們現在可以為 65 個交付浪潮的地點的客戶提供服務。

We have another 285 locations that are enabled for service with longer provisioning windows.

我們還有另外 285 個地點啟用了更長配置視窗的服務。

That significant backlog and funnel of approximately 2,300 wavelength opportunities gives us a great deal of confidence that as we continue to modify and enhance the Sprint network to provision wavelengths, we will be able to convert these on a much more expeditious schedule and by year end hope to mirror the provisioning windows that we have experienced in our net-centric transit services.

約 2,300 個波長機會的大量積壓和漏斗讓我們充滿信心，隨著我們繼續修改和增強 Sprint 網路以提供波長，我們將能夠以更迅速的時間表轉換這些波長，並希望到年底反映我們在以網絡為中心的傳輸服務中經歷過的配置視窗。

The key indicators of office activity workplace re-entry and leasing activity remain substantially below pre-pandemic levels.

辦公室活動、工作場所重新進入和租賃活動的關鍵指標仍大幅低於疫情前的水平。

However, many tenants are returning to their offices and leasing activity appears to be getting to improve.

然而，許多租戶正在返回辦公室，租賃活動似乎正在改善。

We are diligently working to continue to integrate all the Sprint assets and customers into our systems, our processes and one unified network.

我們正在努力繼續將所有 Sprint 資產和客戶整合到我們的系統、流程和統一的網路中。

This will allow us to continue to improve our cash flow generation.

這將使我們能夠繼續改善現金流的產生。

Over the next three years, we anticipate an annual savings due to multiple synergies of over $220 million a year.

在接下來的三年中，由於多重協同效應，我們預計每年可節省超過 2.2 億美元。

With that, I'd like to open the call now for questions.

現在我想開始電話提問。

(Operator Instructions) Anton Rinnert, Cowen.

（操作員說明）Anton Rinnert，Cowen。

This is Anton, filling in for Greg Williams at TD Cowen.

我是安東 (Anton)，在 TD Cowen 接替格雷格威廉斯 (Greg Williams)。

I saw that CapEx came in a little bit higher at $43 million.

我發現資本支出略高一些，為 4300 萬美元。

How should we think about CapEx just going forward and outlook there?

我們該如何看待未來的資本支出和前景？

Thanks.

謝謝。

Yes, sure, Anton.

是的，當然，安東。

Thanks for the question.

謝謝你的提問。

As we outlined the CapEx that we expect to spend on a going forward basis should be about a $100 million a year.

正如我們所概述的那樣，我們預計未來每年支出的資本支出應約為 1 億美元。

We also indicated at the time we announced the acquisition of the Sprint network that there would be about a $50 million one-time set of expenditures.

我們在宣布收購Sprint網路時也表示，將有約5,000萬美元的一次性支出。

We were about 60% of the way through that extraordinary $50 million.

我們已經完成了 5000 萬美元的 60% 左右。

That was the reason why our CapEx came in at approximately $130 million last year.

這就是我們去年的資本支出約為 1.3 億美元的原因。

In thinking about the capital required to run the combined business there are really three categories.

在考慮經營合併後的業務所需的資本時，實際上可以分為三類。

There is the maintenance capital required to run the legacy Cogent network and its associated IP and VPN business which is about $35 million a year.

運行舊 Cogent 網路及其相關 IP 和 VPN 業務所需的維護資金每年約為 3500 萬美元。

There was approximately $30 million a year in continuing capital expenditures on the acquired Sprint network.

收購的 Sprint 網路每年的持續資本支出約為 3000 萬美元。

We are continuing to spend that capital.

我們將繼續花費這筆資金。

However we are repurposing those expenditures to primarily focus on the wavelength opportunity.

然而，我們正在重新調整這些支出的用途，主要關注波長機會。

And then third, we are expecting to additionally be able to use capital to expand the footprint.

第三，我們希望能夠利用資本來擴大足跡。

We spend about $30 million a year in footprint expansion.

我們每年花費約 3,000 萬美元用於擴張業務。

The final point I'd like to make is in thinking about our capital you really need to look at the combination of what is reported as capital as well as the principal payments on capital leases.

我想說的最後一點是，在考慮我們的資本時，您確實需要考慮所報告的資本以及資本租賃本金付款的組合。

And in fact, sequentially from the third quarter to the fourth quarter, those principal payments on capital leases declined materially from $41.3 million to $18.8 million.

事實上，從第三季到第四季度，資本租賃本金付款大幅下降，從 4,130 萬美元降至 1,880 萬美元。

I think you should think about these as pretty good run rates going forward.

我認為你應該將這些視為未來相當不錯的運行率。

So probably in your order of about $80 million a year from the next several years on principal payments on capital leases and then on addition to that about $100 million in CapEx.

因此，從未來幾年開始，您可能每年需要支付約 8,000 萬美元的資本租賃本金付款，然後再加上約 1 億美元的資本支出。

Got it.

知道了。

Thank you.

謝謝。

Hey thanks.

嘿謝謝。

Alex Waters, Bank of America.

亞歷克斯沃特斯，美國銀行。

Maybe just first on wavelengths.

也許首先是波長。

Can we maybe just talk a little bit about the rationale of no longer stripping out wavelengths in the press release?

我們能否簡單談談不再在新聞稿中剔除波長的理由？

And then secondly on that just heading into 2024 I think last quarter you noted that we should probably be around the $20 million range of quarter by mid-year for wavelengths.

其次，在即將進入 2024 年時，我認為上個季度您指出，到年中，我們的波長範圍應該在 2000 萬美元左右。

Can we just talk about that as we get there?

我們能到了之後再談這個嗎？

And then just on SG&A, can we just talk about the uptake quarter-over-quarter, and then how we should think about an SG&A going into 2024?

然後就 SG&A 而言，我們是否可以只討論季度環比的採用情況，然後我們應該如何考慮進入 2024 年的 SG&A？

Thanks.

謝謝。

Yes.

是的。

Sure.

當然。

So the decision on just not including it in the press release was so we would have a more fulsome opportunity to discuss it in the prepared remarks as we did.

因此，決定不將其包含在新聞稿中是為了讓我們有更充分的機會在準備好的發言中討論它，就像我們所做的那樣。

You know, I think it is important to be able to disclose both the revenue run rate which was $3.3 million up sequentially and the unit count which was 667.

您知道，我認為能夠揭露連續成長 330 萬美元的收入運行率和 667 輛的單位數量非常重要。

We are still hampered by the number of sites that we can provision.

我們仍然受到可提供的站點數量的限制。

The backlog has more than doubled sequentially in the quarter.

本季積壓訂單數量較上季增加了一倍以上。

So on the third quarter earnings call, our backlog was approximately a thousand orders in the sales funnel and provisioning funnel that number is up to approximately 2,300.

因此，在第三季的財報電話會議上，我們的銷售管道和供應管道中的積壓訂單約為 1000 個，這一數字高達約 2,300 個。

We actually anticipate, based on information from the sales force and our conversations with customers, that we're going to continue to see an acceleration in the order value.

實際上，根據銷售人員的資訊以及我們與客戶的對話，我們預計訂單價值將繼續加速成長。

We are frustrated by the amount of time it's taken to waive enable sites.

我們對放棄啟用網站所需的時間感到沮喪。

We are still confident by year end that we will be able to have 800 sites that can provision waves with a kind of two-week average provisioning window.

我們仍然有信心，到年底我們將能夠擁有 800 個站點，可以提供具有兩週平均配置視窗的 Waves。

We are definitely not there today.

我們今天肯定不在那裡。

As a result, we will probably not be on a run rate by mid-year of $20 million of installed business.

因此，到年中我們的安裝業務運作率可能不會達到 2,000 萬美元。

I think we will have a funnel that will demonstrate that, but the sheer number of sites that need to be touched and the number of steps that have to be done to convert the former Sprint voice network into a wavelength optimized network is a very daunting task.

我認為我們將有一個管道來證明這一點，但是需要接觸的站點數量以及將前 Sprint 語音網路轉換為波長優化網路所需執行的步驟數量是一項非常艱鉅的任務。

We are progressing well.

我們進展順利。

There are over a thousand of our 2000 employees who are almost completely full-time focused on this effort.

在我們 2000 名員工中，有超過 1000 名員工幾乎完全全職專注於這項工作。

We absolutely will meet the year end targets, but I think by mid-year the funnel will demonstrate that run rate, but it probably will not be provisioned due to these extended provisioning windows in those 285 sites.

我們絕對會實現年終目標，但我認為到年中，漏斗將展示運行率，但由於這 285 個站點中的這些擴展的配置窗口，它可能不會被配置。

And I'll let Tad jump into the SG&A numbers.

我會讓 Tad 談談 SG&A 數字。

Sure.

當然。

So I think the best way to look at our cost run rate is to look at the combined COGS and SG&A together.

因此，我認為了解成本運行率的最佳方法是將銷貨成本 (COGS) 和銷售管理費用 (SG&A) 結合起來。

We had some classification adjustments we needed to make in the quarter and for the year.

我們需要在季度和年度進行一些分類調整。

The result of that is for a period of time T-Mobile was paying our bills for us so we were getting that information and having to classify it according with what came in.

結果是，在一段時間內，T-Mobile 為我們支付賬單，因此我們獲取了這些信息，並且必須根據收到的信息對其進行分類。

The takeaway is, for the third quarter, the combined cost of goods sold and SG&A rate was about $231 million.

結論是，第三季的銷售成本和 SG&A 率合計約為 2.31 億美元。

There was a benefit in that quarter of about $8.5 million for the change in accounting for a capital lease, so, adjusted for that it's about $240 million for the quarter.

該季度資本租賃會計變更帶來的收益約為 850 萬美元，因此，對此進行調整後，該季度收益約為 2.4 億美元。

The combined for this quarter was about $249 million.

本季的總金額約為 2.49 億美元。

Now we had a couple of increases that are not going to reoccur.

現在我們有一些不會再次發生的成長。

Our USF as we mentioned on the call increased by $6 million.

正如我們在電話中提到的，我們的 USF 增加了 600 萬美元。

We had a bad debt that we needed to record since it's based on the relationship of cash receipts to billing and because of the billing delay that went up and that was about $2 million.

我們有一筆壞帳需要記錄，因為它是基於現金收入與帳單之間的關係，並且由於帳單延遲增加，大約為 200 萬美元。

And then we have year-end audit adjustments and also bonuses to employees combined of about $2 million.

然後我們還有年終審計調整以及總計約 200 萬美元的員工獎金。

So you're comparing and adjusted $240 million combined COGS and SG&A for Q3 to about $239 million this quarter, so it did slightly improve.

因此，您將第三季的 COGS 和 SG&A 合計 2.4 億美元調整為本季的 2.39 億美元左右，因此確實略有改善。

I know that's a little complex and I think the other way to look at SG&A on a going forward basis is about 27% of revenue.

我知道這有點複雜，我認為未來 SG&A 的另一種衡量方式是收入的 27% 左右。

Hopefully that helps.

希望有幫助。

Thank you very much.

非常感謝。

Walter Piecyk, LightShed Ventures.

沃爾特·皮西克 (Walter Piecyk)，LightShed Ventures。

I assume that there was some reversal of reversals, but the USF hit revenue as well, right?

我認為出現了一些逆轉，但 USF 的收入也受到了影響，對吧？

So the expense goes up and down.

所以費用會上下浮動。

(multiple speakers)

（多個發言者）

That's correct. $5.8 million sequentially.

這是正確的。連續 580 萬美元。

That is correct.

那是對的。

Well, let's look at it a different way.

好吧，讓我們換個方式來看看。

Say the $110 million reported minus to $87.5 million, I guess $23 million, which was down 15% sequentially, and do whatever comparisons you want year over year.

假設報告的 1.1 億美元減至 8750 萬美元，我猜是 2300 萬美元，比上一季下降了 15%，然後按你想要的方式進行逐年比較。

You basically just said that's the new run rate, maybe less to $240 million versus to $240 million and less like $9 million?

您基本上只是說這是新的運行率，可能低於 2.4 億美元，而低於 2.4 億美元，甚至低於 900 萬美元？

So the run rate's $30 million of EBITDA for the legacy business, when you exclude the TSA payments, which we all know have a finite end.

因此，當您排除 TSA 付款時，遺留業務的 EBITDA 運作率為 3000 萬美元，我們都知道 TSA 付款的期限是有限的。

So Walt, your arithmetic is a bit flawed in this case because what you're doing is counting the expenses that we acquired in acquiring the Sprint enterprise based, but then excluding from that the subsidy payments that T-Mobile contractually agreed to.

所以沃爾特，在這種情況下，你的算術有點缺陷，因為你所做的是計算我們在收購 Sprint 企業時所獲得的費用，但隨後排除了 T-Mobile 合約上同意的補貼付款。

While you are correct, they are finite, so are those expenses.

雖然你是對的，但它們是有限的，這些費用也是有限的。

And we are achieving substantial improvements by reducing head count, exiting on economic agreements, and by moving customers from off-net to on-net.

透過減少員工數量、退出經濟協議以及將客戶從網外轉移到網路上，我們正​​在實現重大改進。

As we had described, it would take us three years to do that.

正如我們所描述的，我們需要三年的時間才能做到這一點。

And we would achieve approximately $220 million in annualized savings.

我們將實現每年約 2.2 億美元的節省。

We actually are running ahead of that.

我們實際上已經走在了前面。

The T-Mobile payments and their pacing were based on negotiations between the parties and the contractual schedules that were expenses that we knew we would exit, but maybe could not exit immediately.

T-Mobile 的付款及其節奏是基於雙方之間的談判和合約時間表，這些費用是我們知道會退出但可能無法立即退出的費用。

So I actually think to calculate EBITDA, you have to use both the expenses and the moneys coming in, which

所以我實際上認為要計算 EBITDA，你必須同時使用費用和收入，這

--

--

That's not true.

這不是真的。

That's not flawed at all.

這根本就沒有什麼缺陷。

Because your -- I fully appreciate the synergies that will be achieved in three years, but that's three years from now.

因為我完全欣賞三年後將實現的綜效，但那是三年後的事了。

You don't get the synergies today.

今天你無法獲得協同效應。

And we're trying to figure out, obviously, a baseline for your EBITDA.

顯然，我們正在努力找出 EBITDA 的基準。

And then you will achieve synergies, which we'll give you full credit for, over three years.

然後，您將在三年內實現協同效應，我們將給予您充分的信任。

And to say that you're ahead of schedule on the $220 million, but the baseline EBITDA is going $30 million, that's not necessarily a positive, right?

如果您提前實現了 2.2 億美元，但基準 EBITDA 達到了 3000 萬美元，這不一定是積極的，對吧？

You want to say we've got more synergies ahead of us to achieve off of that baseline, as opposed to less.

你想說的是，我們需要更多的協同效應來實現這個基線，而不是更少。

So I don't know if you have my math is flawed.

所以我不知道你是否認為我的數學有缺陷。

I fully understand how synergies are achieved over time.

我完全理解如何隨著時間的推移實現協同效應。

I'm just saying that this the baseline EBITDA today.

我只是說這是今天的基準 EBITDA。

So first of all, we have begun achieving those synergies to date.

首先，迄今為止我們已經開始實現這些協同效應。

Many of those synergies have contractual counterparty obligations that roll off between now and the end of 2026, as we have been very clear in explaining.

正如我們在解釋中非常明確的那樣，其中許多協同效應都具有從現在到 2026 年底之間到期的合約對手義務。

In our estimates, and -- which is in everyone's estimates, but that has nothing to do with today's EBITDA.

根據我們的估計，每個人都有估計，但這與今天的 EBITDA 無關。

But then

但是之後

--

--

Everyone knows that your expenses fall off.

每個人都知道你的開支會下降。

Right, but to cover those expenses, we have a stream of payments that are contractually obligated to be paid by T-Mobile to us.

是的，但為了支付這些費用，我們有一系列付款，根據合同，T-Mobile 有義務向我們支付這些付款。

In looking at EBITDA, you need to include those T-Mobile expenses.

在查看 EBITDA 時，您需要包含那些 T-Mobile 費用。

Tad pointed out, for example, the $16.2 million in severance reimbursement that we got in the quarter.

例如，泰德指出，我們在本季獲得了 1,620 萬美元的遣散費報銷。

It's not in your EBITDA number, but it was a cash payment to us from T-Mobile.

它不在您的 EBITDA 號碼中，但它是 T-Mobile 向我們支付的現金。

We're trying to be as transparent and granular as we can possibly be.

我們正在努力盡可能地透明和細緻。

But the

但是

--

--

I think it would be helpful then, if you're trying to be transparent, to put all of this information in the press release rather than having people feverishly write down the data on -- I know you said earlier you just said you want to have a robust prepared comment, but that's not helpful in the spirit of transparency, as opposed to putting the numbers, in print, in the press release, when the quarter's released.

我認為，如果你想做到透明，將所有這些資訊放在新聞稿中，而不是讓人們狂熱地寫下數據——我知道你之前說過，你只是說你想有一個強有力的準備好的評論，但這與透明度的精神沒有幫助，而不是在季度發佈時將數字打印在新聞稿中。

I think we're pretty granular in the level of detail and consistency in putting in the press release, Walt.

沃爾特，我認為我們在發布新聞稿時的細節和一致性非常細緻。

We never had your comment.

我們從未收到您的評論。

Compared to other public companies, I'm going to differ with you.

與其他上市公司相比，我的看法與您不同。

I think we are very granular.

我認為我們非常細緻。

The only comment that I made is I wanted the opportunity to describe the wavelength funnel and our frustration in that we're only selling wavelengths in 65 locations today while we have orders in hundreds of other locations.

我唯一的評論是，我希望有機會描述波長漏斗，以及我們的挫折感，因為我們今天只在 65 個地點銷售波長，而我們在其他數百個地點都有訂單。

So we are rapidly enabling to be able to support those wavelengths.

因此，我們正在迅速支持這些波長。

But again, to your EBITDA number -- and we can take this offline, I'm happy to do a follow-up with you, I think you can read the K, you can look at the detail, we're about as granular as possible, but we are

但再說一遍，對於您的 EBITDA 數字，我們可以將其離線，我很高興與您進行後續跟進，我認為您可以閱讀 K，您可以查看詳細信息，我們的粒度大致相同盡可能，但我們是

--

--

We read it all.

我們全部讀完了。

We read it all.

我們全部讀完了。

But we are not

但我們不是

--

--

I just -- let me last question, Dave, let's focus on revenue.

我只是 - 讓我問最後一個問題，戴夫，讓我們專注於收入。

Corporate revenue on a positive side, although again, there's numbers that you don't get, like those in Sprint non-core.

企業收入有正面的一面，儘管同樣，有些數字是你無法獲得的，例如 Sprint 非核心的數據。

It looks like at least it's not declining anymore.

看起來至少不再下降了。

Can you give us a -- I can't even strip through all these numbers since there's stuff that's not reported, but what do you think the sequential growth is in your legacy corporate revenue, excluding the

你能給我們一個——我甚至無法剔除所有這些數字，因為有些東西沒有報告，但你認為你的傳統公司收入的連續增長是多少，不包括

--

--

These are corporate numbers that are provided in the press release.

這些是新聞稿中提供的公司號碼。

Okay.

好的。

For the quarter, corporate revenue, $126.6 million --

本季公司營收為 1.266 億美元——

Right, but that includes $20 million --

是的，但這包括 2000 萬美元——

I'm just giving you the numbers.

我只是給你數字。

(laughter)

（笑聲）

Hold on, let Tad finish, Walt.

等一下，讓泰德說完，沃特。

You wouldn't let me finish.

你不讓我說完。

Last quarter. $120.5 million, that's an increase of $6.2 million.

上個季度。 1.205 億美元，增加了 620 萬美元。

In that increase is $5.8 million of USF, so there was a net increase of about $300,000 sequentially, if you adjust for USF.

其中 USF 增加了 580 萬美元，因此，如果對 USF 進行調整，則環比淨增加約 30 萬美元。

Well, and the reality is

好吧，現實是

--

--

But there's also in that number -- also is in that number is Sprint corporate non-core, which is not broken out, and that number can go up and down.

但這個數字還有 Sprint 企業非核心的數字，它沒有被細分，而且這個數字可以上下波動。

Total non-core, total non-core declined from $12 million to $7 million.

非核心總額，非核心總額從 1200 萬美元下降到 700 萬美元。

It declined by $5.5 million.

下降了 550 萬美元。

It actually declined by more than that, as we pointed out, because when we converted customers from the Sprint billing platform that T-Mobile is operating to ours, there was another $1.4 million of revenue that really was non-core, but not designated with product codes that would represent non-core under T-Mobile's billing.

正如我們所指出的，它實際上下降了更多，因為當我們將客戶從T-Mobile 運營的Sprint 計費平台轉移到我們的平台時，還有另外140 萬美元的收入實際上是非核心的，但沒有指定為在 T-Mobile 計費下代表非核心的產品代碼。

So the $5.5 million sequential decline in non-core is actually understated by $1.4 million.

因此，非核心業務連續下降 550 萬美元實際上被低估了 140 萬美元。

Correct.

正確的。

So at the end of the day, we're not moving (inaudible) around, Walt.

所以歸根結底，我們不會四處走動（聽不清楚），沃爾特。

We're trying to get everything into a consistent way, so quarter over quarter, you can look at the non-cores.

我們正在努力讓一切都以一致的方式進行，因此每個季度，您都可以查看非核心。

It's not going to go back up, it's going to continue to go down.

不會再漲了，還會繼續下跌。

And the fact that it went from $12.5 million to $7.5 million with a $1.4 million (inaudible) is, to me, very positive in terms of

事實上，它從 1250 萬美元增加到 750 萬美元，其中 140 萬美元（聽不清楚），對我來說，這在以下方面是非常積極的：

--

--

I didn't say it wasn't.

我沒說不是。

I'm just trying to get that number, because I was saying that it looks like you inverted positive this quarter.

我只是想得到這個數字，因為我說看起來你這個季度的業績反轉了。

I just wanted to affirm that because of these multiple moving pieces and getting to what was a very predictable number prior to all of this mess with Sprint.

我只是想確認一下，由於這些多個移動部件，並且在 Sprint 發生所有這些混亂之前達到了非常可預測的數字。

So I assume that that's positive now, which is an inversion.

所以我認為現在這是積極的，這是一個倒置。

Yes.

是的。

And I assume you're expecting that to continue positive going forward.

我想你預計這種情況會繼續積極發展。

And if you want to talk about the dynamics of the corporate market, please do.

如果您想談論企業市場的動態，請說吧。

Well, you are correct.

嗯，你是對的。

Our corporate business net of USF did grow sequentially.

我們南佛羅裡達大學的企業業務網絡確實實現了環比增長。

It is continuing to grow.

它正在持續增長。

The pace at that growth is not at pre-pandemic levels, but we are seeing sequential improvements.

這一增長速度並未達到大流行前的水平，但我們看到了連續的改善。

Perfect.

完美的。

Thank you very much.

非常感謝。

Hey, thanks, Walt.

嘿，謝謝，沃爾特。

Nick Del Deo, MoffettNathanson.

尼克·德爾·迪奧，莫菲特·內森森。

All right.

好的。

Hey, morning, guys.

嘿，早上好，夥計們。

Number of questions.

問題數量。

I guess, I'm still a little confused on the cost and EBITDA trajectory.

我想，我對成本和 EBITDA 軌跡仍然有點困惑。

Again, maybe to ask in a slightly different way.

再次，也許以稍微不同的方式詢問。

Last quarter, your EBITDA, including the T-Mobile payments, excluding integration costs, was $131 million.

上個季度，您的 EBITDA（包括 T-Mobile 付款（不包括整合成本））為 1.31 億美元。

This quarter was $110 or $111.

本季為 110 美元或 111 美元。

It was a $20 million, sequential decline in EBITDA.

EBITDA 環比下降了 2000 萬美元。

And Tad, I know you called out the higher bad debt for a couple million bucks, year-end audit and bonus for a couple million bucks in Q4.

泰德，我知道您在第四季度提出了數百萬美元的更高壞帳、數百萬美元的年終審計和獎金。

I guess anything else worth calling out to help explain that $20 million delta?

我想還有什麼值得提出來幫助解釋 2000 萬美元的增量？

Yes, last quarter, we had the benefit of the lease accounting, which I said was $8.4 million.

是的，上個季度，我們受惠於租賃會計，我說的是 840 萬美元。

So that's a different to that.

所以這與那有所不同。

And then also, you know, the USF impact, which was five and then the bad debt.

然後，你知道，USF 的影響是五，然後是壞帳。

So then you've got year-end, bad debt, audit, bonus accruals.

那你就會有年終、壞帳、審計、應計獎金。

That thing, that those all combined are close to $5 million.

那件事，所有這些加起來接近 500 萬美元。

Okay.

好的。

Just, maybe I'll drill down on two.

只是，也許我會深入研究兩個。

Really the costs, comparable, it's about $240 versus $239, and that's COGS and SG&A combined.

實際成本相比，大約是 240 美元和 239 美元，這是 COGS 和 SG&A 的總和。

Now revenue did decline, so that's really the pure as adjusted EBITDA debt.

現在收入確實下降了，所以這實際上是調整後的純 EBITDA 債務。

$3 million less, because

少了 300 萬美元，因為

--

--

The cash payments were the same, $87.5, $87.5. So SG&A run rate, for getting reclasses and other things and year-end adjustments should be about 27% of revenues for a modeling purpose going forward close to 30 FFO for this quarter.

現金支付是相同的，87.5 美元，87.5 美元。因此，出於建模目的，用於重新分類和其他事項以及年終調整的 SG&A 運行率應佔收入的 27% 左右，本季度的 FFO 接近 30 個。

Okay.

好的。

Just to clarify two things.

只是為了澄清兩件事。

So the USF for five and hold on, again, isn't USF just a pass-through with no profit impact?

那麼，USF 為 5 個，等等，USF 不只是一個對利潤沒有影響的傳遞嗎？

Yes, it is, but when you're reconciling those lines, you need to include it.

是的，確實如此，但是當您協調這些行時，您需要將其包括在內。

I agree on the EBITDA perspective, it's a wash.

我同意 EBITDA 的觀點，這是一次洗禮。

Okay.

好的。

And then the lease adjustment, again, I thought that, maybe I'm thinking something different.

然後是租約調整，我想，也許我在想一些不同的事情。

You had the $12 or $13 million adjustment where a lease went from OpEx to a finance lease that bumped the EBITDA, so I thought that would have occurred in Q3 and Q4 consistently.

您進行了 1,200 或 1,300 萬美元的調整，其中租賃從營運支出變為融資租賃，從而提高了 EBITDA，所以我認為這種情況會持續發生在第三季和第四季。

No, because the previous expenses were reversed when the accounting was changed.

不是，因為會計變更時以前的費用被沖銷了。

It does continue going forward, but payments, you got the payment

它確實會繼續前進，但是付款，您收到了付款

--

--

Payments this quarter is interest and principal.

本季的付款方式為利息和本金。

And when we recorded the lease in the third quarter, you recorded the balance, and then you had to reverse the prior amounts that had been charged.

當我們在第三季記錄租賃時，您記錄了餘額，然後您必須沖銷先前已收取的金額。

From May through September 30th, so it was really five months of reversal versus the run rate.

從 5 月到 9 月 30 日，這實際上是運行率的五個月逆轉。

Okay.

好的。

That latter nuance I hadn't picked up on.

我沒有註意到後一個細微差別。

All right.

好的。

Well, thanks for clarifying all that.

嗯，謝謝你澄清這一切。

Maybe if I can ask two other questions, maybe.

也許我可以問另外兩個問題。

Sure.

當然。

First, with the Sprint IPv4 addresses, what's the plan there?

首先，對於 Sprint IPv4 位址，有什麼計畫？

Do you sell them, do you lease them?

你出售它們，租賃它們嗎？

Do you hang onto them for the business?

你會為了生意而保留它們嗎？

And what might the financial impact be over time?

隨著時間的推移，財務影響可能是什麼？

Okay, so there's a fair amount of complexity here.

好吧，這裡有相當多的複雜性。

So when we acquired PSI, we got a large number of addresses, previous to Sprint, and we had some organic Cogent and some from other acquisitions.

因此，當我們收購 PSI 時，我們在 Sprint 之前獲得了大量地址，並且我們擁有一些有機 Cogent 和一些來自其他收購的地址。

But pre-Sprint, we had approximately $28 million addresses that had zero value on our balance sheet, yet they had real economic value.

但在 Sprint 之前，我們有大約 2800 萬美元的地址，這些地址在我們的資產負債表上的價值為零，但它們具有真正的經濟價值。

Those addresses are traded every day in public exchanges for about $55 an address.

這些地址每天都會在公共交易所進行交易，每個地址的交易價格約為 55 美元。

You can go online and look at the quotes, as we talk.

您可以在我們談話時上網查看報價。

When we did the acquisition of PSI net, there was no value to address this because they were still available for free.

當我們收購 PSI net 時，解決這個問題沒有任何價值，因為它們仍然是免費的。

And second, the accounting rules were different, and we've recorded things as negative goodwill, which is no longer how you record a gain, you now record it as bargain purchase gain as we did in Sprint's case.

其次，會計規則不同，我們將其記錄為負商譽，這不再是記錄收益的方式，現在將其記錄為討價還價購買收益，就像我們在 Sprint 的案例中所做的那樣。

In the case of Sprint, we acquired 9.9 million incremental addresses.

以 Sprint 為例，我們得到了 990 萬個增量位址。

Bring our total to about 37.8 million addresses that we own.

使我們擁有的地址總數達到約 3780 萬個。

When that happened, we actually initially were not going to focus on them.

當這種情況發生時，我們實際上最初並不會關注它們。

And because we had been generating leasing revenue from addresses since 2015, included in our corporate and net centric numbers, it's primarily net centric.

由於我們自 2015 年以來一直透過地址租賃收入（包含在我們的公司和以網路為中心的數字中），因此它主要是以網路為中心的。

It's roughly 85% net centric, about almost 13% corporate and a couple percent an enterprise.

大約 85% 是網路中心，大約 13% 是公司，還有幾個百分點是企業。

We generate $40 million a year out of leasing those numbers out.

我們每年透過出租這些數據獲得 4000 萬美元的收入。

We continue to lease out incremental inventory.

我們繼續出租增量庫存。

Today we are leasing about 11.4 million of the 37.8 million addresses that we currently have.

如今，我們目前擁有 3,780 萬個地址中的約 1,140 萬個。

Our average lease price per address is about $0.30 per address per month.

我們每個地址的平均租賃價格約為每月每個地址 0.30 美元。

We were somewhat unique in the market in having an inventory and being a service provider and leasing these addresses.

我們在市場上有些獨特，因為我們擁有庫存、作為服務提供者並租賃這些地址。

We didn’t focus a whole lot of attention on it, and it was just included in all of our numbers, didn’t even break it out as a separate product, it was just baked in.

我們沒有對它投入太多的注意力，它只是包含在我們所有的數字中，甚至沒有將它作為一個單獨的產品分開，它只是被烘焙出來的。

Now we are going to break out the unit count and the number separately.

現在我們將分別細分單位數和數量。

And part of the change occurred about a year ago when Amazon, which had been a serial buyer of addresses, began to compete with Cogent and lease addresses.

部分變化發生在大約一年前，當時連續購買地址的亞馬遜開始與 Cogent 和租賃地址競爭。

Amazon leases its addresses on an hourly basis through AWS, but nobody really leases them by the hour.

亞馬遜透過 AWS 按小時租用其地址，但沒有人真正按小時租用它們。

And in fact, they generate about $3.60 an address a month for 12 times Cogent’s rate.

事實上，他們每個地址每月的收入約為 3.60 美元，是 Cogent 費率的 12 倍。

So based on kind of now a two-party leasing market and a transaction market, the accounting firm that did the appraisal came back and said, you guys have to recognize a bigger bargain purchase gain to account for these addresses.

所以基於現在的兩方租賃市場和交易市場，做評估的會計師事務所回來說，你們必須認識到更大的討價還價收益才能核算這些地址。

That’s why we picked up another $254 million.

這就是我們另外籌集 2.54 億美元的原因。

The final point to this is we are going to continue to evaluate opportunities to either sell addresses, which we have not done yet, or potentially securitize the cash flows from those addresses.

最後一點是，我們將繼續評估出售地址的機會（我們尚未這樣做），或者可能將這些地址的現金流量證券化。

We're generating about $40 million of EBITDA today off of our address leasing and that continues to grow.

今天，我們透過地址租賃產生了約 4000 萬美元的 EBITDA，而且這一數字還在持續增長。

We'll continue to evaluate this better at least, or should we sell?

至少我們會繼續更好地評估這一點，還是應該出售？

Just one -- go ahead.

只有一個——繼續。

Sorry, go ahead, Tad.

抱歉，請繼續，泰德。

Go ahead.

前進。

Just summarize quickly on the inventory and the accounting, I know Dave covered it.

只要快速總結一下庫存和會計，我知道戴夫已經涵蓋了。

So we have 38 million addresses in total.

所以我們總共有 3800 萬個地址。

In 2002, 28 million were acquired with PSI net.

2002年，PSI net收購了2,800萬美元。

We paid only $12 million in cash to PSI net.

我們只向 PSI net 支付了 1200 萬美元現金。

Back in those days, the accounting was you record only the assets equivalent to your purchase price.

那時候，會計只記錄相當於購買價格的資產。

So we recorded $12 million of intangibles basically.

所以我們基本上記錄了 1200 萬美元的無形資產。

The rules now are you record the fair value of all assets acquired.

現在的規則是記錄所收購的所有資產的公允價值。

With Sprint, we acquired 10 million, 9.9 additional addresses.

透過 Sprint，我們獲得了 1000 萬個額外位址，即 9.9 個。

That is an acquired asset that needs to be valued.

這是一項需要估值的收購資產。

We had the Big4 accounting firm include in their appraisal how much these addresses are worth, and it came out with a net total per address value of $46 per address.

我們讓 Big4 會計師事務所在評估中納入了這些地址的價值，得出的結果是每個地址的淨總價值為 46 美元。

So they are reflected on our balance sheet in our 10-K, which we will file today at $458 million in total.

因此，它們反映在我們的 10-K 資產負債表中，我們今天將提交總計 4.58 億美元的資產負債表。

The net gain for the quarter includes the 250 million that we increased the bargain purchase, includes that 458 million new address, the adjustment for the income tax impact of that, so deferred taxes, and then we have some other adjustments that we recorded, so I hope that's a good summary as to where we are.

本季的淨收益包括我們增加議價購買的 2.5 億美元，包括 4.58 億美元的新地址、所得稅影響的調整、遞延稅款，然後我們記錄了一些其他調整，所以我希望這是對我們目前狀況的一個很好的總結。

As Dave mentioned, we are leasing 11.4 million of the addresses and generating about 35 million of lease revenue currently per year.

正如 Dave 所提到的，我們目前每年租賃 1,140 萬個地址並產生約 3,500 萬筆租賃收入。

There's no cost associated with this revenue stream, and they are an asset that's partly on our balance sheet and partly not.

這種收入流沒有任何相關成本，而且它們是一種資產，部分在我們的資產負債表上，部分不在我們的資產負債表上。

Okay.

好的。

A lot of great detail.

很多很棒的細節。

Thank you, guys.

感謝你們。

I guess just one quick clarification here about how many do you think you need to run the business?

我想這裡只是簡單地澄清一下，您認為您需要多少人來經營這項業務？

In other words, how many are surplus that you could sell or lease out or securitize if you wanted to?

換句話說，如果您願意，您可以出售、出租或證券化多少盈餘？

Virtually none.

幾乎沒有。

Probably 100,000 you could run the network.

大概有 10 萬個網路可以運作。

You would use some to number your own network devices.

您可以使用一些來為您自己的網路設備進行編號。

Today we have about 60,000 network devices in the network, and customers can bring their own.

如今我們的網路中約有 6 萬個網路設備，客戶可以自備。

Between 2015 and mid-year 2022, we actually would only lease addresses to people that bought bandwidth from us.

從 2015 年到 2022 年中，我們實際上只會將地址租給從我們這裡購買頻寬的人。

Anticipating Amazon's entry into the market, we relaxed those rules, and we saw a significant spike up in leasing activity by leasing addresses to people that don't buy bandwidth, as well as those who do continue to buy bandwidth.

預計亞馬遜將進入市場，我們放寬了這些規則，透過將地址出租給不購買頻寬的人以及繼續購買頻寬的人，我們看到租賃活動顯著增加。

We could sell those addresses above that roughly 100,000 or run the company.

我們可以將這些地址出售約 100,000 個，或經營公司。

Many other service providers have very limited pools of addresses.

許多其他服務提供者的地址池非常有限。

Okay.

好的。

Okay.

好的。

Thanks, Dave.

謝謝，戴夫。

And then the last question I wanted to hit on, I'm sorry for this being so long, I'm not sure what you can say or would want to say about the peering dispute with NTT, but I'm interested in what you can share and whether you think it's going to have any customer revenue impacts in the coming quarters?

然後是我想問的最後一個問題，我很抱歉這麼長的時間，我不確定您對與 NTT 的對等互連爭議能說什麼或想要說什麼，但我對您的內容感興趣您可以分享一下嗎？您認為這是否會對未來幾季的客戶收入產生影響？

Happy to talk about it.

很高興談論它。

It was actually something initiated by Cogent.

這實際上是 Cogent 發起的。

So we have had a peering relationship with NTT since 2001.

因此，我們自 2001 年起就與 NTT 建立了對等關係。

They are the fourth largest network in the world.

他們是世界第四大網絡。

As we continue to gain market share in Asia, NTT refused to give us connectivity in Asia.

隨著我們在亞洲不斷獲得市場份額，NTT 拒絕為我們提供亞洲的連接服務。

We remain connected in the US and in Europe.

我們在美國和歐洲保持聯繫。

We had multiple conversations with NTT technical and management individuals, and they basically said they did not welcome Cogent's entry into the Asia market and refused to add ports in Asia as our peering required.

我們與 NTT 技術和管理人員進行了多次對話，他們基本上表示不歡迎 Cogent 進入亞洲市場，並拒絕按照我們對等互連的要求在亞洲添加連接埠。

In retaliation after multiple attempts to get them to connect even outside of the home market of Japan, we were willing to take Singapore, Australia, Taipei, Hong Kong, a number of other Asian locations being sensitive to the protection of their home market.

在多次嘗試讓他們在日本本土市場之外建立聯繫後，為了報復，我們願意選擇新加坡、澳洲、台北、香港以及其他一些對保護本國市場敏感的亞洲地區。

They continued to refuse.

他們繼續拒絕。

So as a result, we peered them, but only in Europe.

因此，我們與他們進行了對等，但僅限於歐洲。

They do have a European business, and they were forcing Asian traffic to trombone to the US.

他們確實有歐洲業務，但他們卻迫使亞洲流量轉向美國。

Basically, there's still connectivity.

基本上還是有聯繫的。

It was just customers had to go from Japan to L.A. and back.

只是客戶必須從日本往返洛杉磯。

We kind of implemented a similar strategy in Europe.

我們在歐洲實施了類似的策略。

Their European customers have to come to D.C. or New York and back to Europe.

他們的歐洲客戶必須來到華盛頓或紐約，然後再返回歐洲。

I know it sounds almost childish and it's a tit for tat, but unfortunately, there are still bad actors in the world who don't embrace net neutrality.

我知道這聽起來很幼稚，而且是針鋒相對，但不幸的是，世界上仍然存在不擁護網路中立性的壞人。

Now, I'll expand one point further.

現在，我將進一步擴展一點。

We have a similar situation with Deutsche Telecom, which has been public, and they continue to expand capacity in Asia, but refused to expand in Europe.

我們德國電信也有類似的情況，它已經上市了，他們繼續在亞洲擴大產能，但拒絕在歐洲擴大。

So they'll expand connectivity in the US or in Asia, but they want to protect their German market.

因此，他們將擴大美國或亞洲的連結性，但他們希望保護德國市場。

So while they may meet the four corners of a net neutrality order in their country, they are absolutely violating the spirit.

因此，儘管他們可能符合本國網絡中立秩序的四個角，但他們絕對違反了這種精神。

And it's actually somewhat encouraging that the FCC may finally codify this in a way to stop people from playing these games.

事實上，令人鼓舞的是，聯邦通訊委員會最終可能會將其編入法典，以阻止人們玩這些遊戲。

Okay.

好的。

I'll stop there.

我就到此為止。

Thank you, Dave.

謝謝你，戴夫。

Tim Horan, Oppenheimer.

提姆霍蘭，奧本海默。

So Dave, if AWS is 12 times the price, I mean, why wouldn't you increase your prices like 6x?

那麼戴夫，如果 AWS 的價格是原來的 12 倍，我的意思是，為什麼不將價格提高 6 倍呢？

I mean, where are customers going to go if you think you would lose those customers?

我的意思是，如果你認為你會失去這些客戶，客戶會去哪裡？

And, you know, if I do the math, if you have a 6x price increase, that's obviously $40 million, goes to 240 of free cash flow.

而且，你知道，如果我算一下，如果價格上漲 6 倍，那顯然是 4000 萬美元，相當於 240 的自由現金流。

You know, what's preventing that?

你知道，是什麼阻止了這一點？

Thanks.

謝謝。

Yes.

是的。

So first of all, we didn't have AWS as a benchmark with a pricing umbrella in 2015 when we started leasing addresses.

首先，2015 年我們開始租賃地址時，並沒有以 AWS 作為定價傘的基準。

And we have never changed our pricing on addresses while our bandwidth pricing has declined at 23% a year during that same period.

我們從未改變過地址定價，而同一時期我們的頻寬定價每年下降 23%。

Second point is, you are absolutely correct in your statement that customers probably are pretty sticky.

第二點是，您的說法完全正確，即客戶可能非常黏性。

The expense is small, and the labor involved in renumbering is pretty significant.

費用很小，重新編號所涉及的勞動力相當大。

Amazon doesn't disclose its numbers from this particular product, so I can't tell exactly how successful they are.

亞馬遜沒有透露該特定產品的數據，因此我無法確切地說出它們有多成功。

What I do know is that their inventory of addresses which have been acquired, they were not organic to Amazon, is about comparable in size to Cogent.

我所知道的是，他們已獲得的地址庫存（它們不是亞馬遜的有機地址）的規模與 Cogent 相當。

Actually, both Microsoft and Amazon have been serial buyers for the past decade, and each have address inventories about equivalent to Cogent.

事實上，微軟和亞馬遜在過去十年都是連續買家，各自的庫存量與 Cogent 相當。

We are evaluating.

我們正在評估。

Should we do something that is quite honestly foreign to our thought process and raise prices?

我們是否應該做一些與我們的思考過程完全不同的事情並提高價格？

We're conscious of that and we are going to evaluate over the next few months what are the best ways to maximize the value of these addresses and whether that includes securitization, that includes raising prices or it includes the ability to sell addresses.

我們意識到了這一點，我們將在接下來的幾個月內評估最大化這些地址價值的最佳方法是什麼，以及是否包括證券化、包括提高價格或包括出售地址的能力。

We're evaluating all of those opportunities.

我們正在評估所有這些機會。

And we understand, we were lucky that we just have a big asset that turned out to be valuable.

我們知道，我們很幸運，我們擁有一項價值巨大的資產。

Like I explained to one investor, it's kind of like Bitcoin with a purpose, so it's sometimes better to be lucky than smart.

就像我向一位投資者解釋的那樣，這有點像有目的的比特幣，所以有時幸運比聰明更好。

Well, I guess they've related to this, you know, what everyone's a bit frustrated about is the complexity in accounting.

嗯，我想他們與此有關，你知道，每個人都有點沮喪的是會計的複雜性。

Can you just give us a sense of what the adjusted EBITDA should look like in '24?

您能否讓我們了解一下 24 年調整後的 EBITDA 應該是什麼樣子？

You know, is the 110 a good run rate?

你知道，110 的運行速度好嗎？

I mean, I know there's a million moving parts and if you can't talk about that, maybe you can talk about maybe the $220 million in expense savings.

我的意思是，我知道有 100 萬個活動部件，如果您不能談論這一點，也許您可以談論 2.2 億美元的費用節省。

How much -- how does that kind of pace out over the next three years or any more color would be helpful?

未來三年這種節奏或更多的顏色會有多少幫助？

Yes, I’ll try to touch on both of them.

是的，我會嘗試談談這兩個問題。

So the first point is we have been very clear that there is going to be a step down in the cash payments that we receive from G-Mobile one year from closing, so May of ‘24.

因此，第一點是我們非常清楚，自交易結束一年後，即 2024 年 5 月，我們從 G-Mobile 收到的現金付款將會減少。

That will impact our EBITDA as reported.

據報道，這將影響我們的 EBITDA。

Secondly, we are continuing to achieve those cost synergies.

其次，我們正在繼續實現這些成本協同效應。

Those cost synergies, unfortunately, are limited by some of the contractual obligations that we assumed when we bought this business from T-Mobile.

不幸的是，這些成本協同效應受到我們從 T-Mobile 購買這項業務時承擔的一些合約義務的限制。

And again, these are all things that were considered in the negotiation in the purchase price.

再說一次，這些都是在購買價格談判中考慮的因素。

Even back to the IP addresses, T-Mobile sold two million addresses prior to closing.

即使回到 IP 位址，T-Mobile 在關閉之前也售出了 200 萬個位址。

It was fully disclosed to us, and they recorded a $120 million gain from that sale.

這些資訊已完全向我們披露，他們從這次銷售中獲得了 1.2 億美元的收益。

Quite honestly, they could have chosen to keep more addresses and sell them.

老實說，他們本可以選擇保留更多地址並出售它們。

And then the subsidy check they would have had to write would have been larger.

那麼他們必須開出的補貼支票就會更大。

So it’s not like these are surprises they were all thought about in the negotiations.

因此，這些並不是他們在談判中所考慮到的意外。

In terms of EBITDA, you should think about the current run rate is about correct for the next couple of quarters.

就 EBITDA 而言，您應該考慮當前的運行率對於未來幾季來說是正確的。

Then it will step down when those payments come down from T-Mobile and then gradually increase as those cost savings are achieved.

然後，當這些付款從 T-Mobile 減少時，它就會減少，然後隨著成本節省的實現而逐漸增加。

You know, what we have said publicly, and we are absolutely reaffirming is that within five years of closing, the company will do at least $1.5 billion in revenue and have at least %500 million of EBITDA.

你知道，我們已經公開說過並且絕對重申的是，在關閉後的五年內，公司將實現至少 15 億美元的收入，並擁有至少 5 億％的 EBITDA。

You know, the 1.33 that we did last quarter and the 1.10 this quarter kind of says we are already on pace for that.

你知道，我們上個季度的 1.33 和本季的 1.10 表明我們已經在朝著這個目標邁進。

The reality is EBITDA will go down and then come back up.

現實情況是 EBITDA 會先下降然後再上升。

And I understand its complicated accounting and I also understand it's hard to build a model that goes up and down.

我了解其複雜的會計工作，也了解很難建立一個上下波動的模型。

We're trying to be as transparent as possible without giving the exact guidance on that.

我們試圖盡可能保持透明，但沒有對此給出確切的指導。

The payments are fixed per month, so we know it's $29.2 million per month for a year and then $8.3 million for the remaining term and the step down will occur in May.

付款額是每月固定的，因此我們知道一年每月付款額為 2,920 萬美元，剩餘期限為 830 萬美元，付款將在 5 月進行。

I would say that the SG&A cost run rate that we had in the fourth quarter, which was about 30%, will be less in the first quarter and we should think about an SG&A as percentage of revenues I mentioned earlier of about 27%.

我想說的是，我們第四季的 SG&A 成本運行率約為 30%，第一季將會減少，我們應該將 SG&A 成本視為我之前提到的約 27% 的收入百分比。

And in network operating expenses, what percent should that be roughly?

在網路營運費用中，約佔百分之多少？

That will be relatively flat.

那將會相對平坦。

They come down slightly as well.

它們也略有下降。

We have some experience savings, additional savings from circuits and from facilities.

我們節省了一些經驗，還有來自賽道和設施的額外節省。

So it should come down slightly from the 64% this quarter?

那麼它應該比本季的 64% 略有下降？

Yes.

是的。

Now it's going to go up from additional on-net sales, but net-net, it should decline.

現在，它會因額外的網上銷售而上升，但淨銷售量應該會下降。

Yes.

是的。

Thank you.

謝謝。

I should say off-net sales.

我應該說的是網下銷售。

Off-net sales.

網外銷售。

Thanks, Tim.

謝謝，蒂姆。

Michael Rollins, Citi.

麥可羅林斯，花旗銀行。

Thanks.

謝謝。

Good morning.

早安.

A few questions.

幾個問題。

Just a quick one on the IP addresses.

簡單介紹一下 IP 位址。

Can you remind us what the addressable market for that is and just your share of that market?

您能否提醒我們該目標市場是什麼以及您在該市場中所佔的份額？

Yes, sure.

是的，當然。

So when the internet was conceived, there were a numbering scheme and they chose IPv4, which is 2 to the 64th power.

因此，當網路誕生時，有一個編號方案，他們選擇了 IPv4，即 2 的 64 次方。

That is approximately 4.3 billion addresses.

大約有 43 億個地址。

Those addresses were initially allocated by the Department of Commerce, then allocated by IANA as a contractor for the Department of Commerce, and then subsequently those allocations were delegated to five regional registries around the world.

這些地址最初由商務部分配，然後由 IANA 作為商務部承包商進行分配，最後這些分配被委託給全球五個區域註冊管理機構。

The US government held back addresses for Its own purposes, primarily DOD.

美國政府出於自身目的（主要是國防部）保留了地址。

So there's been about 3.5 billion usable addresses.

所以大約有 35 億個可用位址。

The registries began to run out of addresses in 2011.

2011 年，註冊中心的地址開始耗盡。

A market for those addresses developed and prices to buy an address at that time are about $4.

這些地址的市場已開發出來，當時購買地址的價格約為 4 美元。

In the intervening decade or 13 years, that price has gone from $4 to $55.

在接下來的 10 年或 13 年裡，價格從 4 美元漲到了 55 美元。

All of the registries ran out of addresses by 2018, and there are no more addresses to get.

到 2018 年，所有註冊中心的地址都已用完，並且沒有更多的地址可供取得。

Now, there has been a movement to migrate to IPv6, which is 2 to the 128th power number of addresses.

現在，出現了遷移到 IPv6 的趨勢，IPv6 是位址數的 2 的 128 次方。

It's basically the square of 4.3 billion, a very, very large number.

它基本上是 43 億的平方，一個非常非常大的數字。

But there have been many challenges in doing that, including literally trillions of dollars of capital that would be necessary to replace equipment to support that.

但這樣做面臨許多挑戰，包括需要數兆美元的資金來更換設備來支持這一目標。

So IPv6 still has a relatively small presence on the Internet, about 7% of traffic.

因此 IPv6 在網路上的存在量仍然相對較小，約佔流量的 7%。

So the market is anybody who needs those addresses and wants to reach the whole Internet.

因此，市場是任何需要這些地址並希望訪問整個互聯網的人。

There are multiple workaround schemes, but those schemes are not easily implemented and are not as easily managed as just renting or buying IPv4.

有多種解決方案，但這些方案不容易實施，也不像租用或購買 IPv4 那麼容易管理。

So I think for the foreseeable future, the world will run on V4.

所以我認為在可預見的未來，世界將會運行在 V4 上。

There will be limited supply, and as a result, people will either lease or buy these to fill their needs.

供應有限，因此，人們會租賃或購買這些來滿足他們的需求。

Thanks.

謝謝。

And then just a question on the business.

然後只是一個關於業務的問題。

The sales productivity look like it thick on kind of a flat FTE count.

從固定 FTE 計數來看，銷售生產力看起來很厚。

Can you unpack what’s happening in terms of sales productivity?

能否分析一下銷售效率方面發生的情況？

Where there might be pluses in performance, and where there might be some minuses in performance?

哪些地方可能有效能上的優點，哪些地方可能有效能上的缺點？

Yes.

是的。

I mean, I would say the biggest drag on productivity, and I’m not trying to call out specific names, but have been employees that came over from Sprint, as part of our contractual obligation, we had to guarantee their quota for a full year from closing.

我的意思是，我想說的是對生產力的最大拖累，我並不是想說出具體的名字，而是從 Sprint 過來的員工，作為我們合約義務的一部分，我們必須保證他們的配額自關閉起整整一年。

That’s very different than the way an organically higher Cogent salesperson would be comped, and their productivity has been a significant drag.

這與有機較高的 Cogent 銷售人員的薪酬方式截然不同，而且他們的生產力受到了嚴重拖累。

Now there’s only a dozen of them left focused on enterprise accounts, but we have transferred those reps into corporate and eccentric roles, but their productivity remains depressed.

現在只剩下十幾個人專注於企業客戶，但我們已將這些代表轉移到公司和古怪的角色，但他們的生產力仍然低迷。

The second factor that has drawn down productivity has been the rapid expansion of the sales force coming out of the pandemic.

降低生產力的第二個因素是疫情後銷售團隊的快速擴張。

Normally pre-pandemic, we were growing at about 7% a year and absorbing those people and training them.

通常情況下，在大流行前，我們每年以 7% 左右的速度成長，並吸收這些人才並培訓他們。

And reality is, while they have three months to become a full-time equivalent, it takes really a year to be fully productive.

現實是，雖然他們有三個月的時間成為全職員工，但實際上需要一年的時間才能充分發揮生產力。

Last year, we grew the sales force 20% year-over-year, so almost three times faster than we normally grow the sales force.

去年，我們的銷售團隊規模年增了 20%，幾乎比平常的銷售團隊成長速度快了三倍。

So that's been a second drag on those numbers.

因此，這是對這些數字的第二次拖累。

I think we will see some additional turnover and hopefully we'll see productivity start to improve.

我認為我們會看到一些額外的營業額，並希望我們會看到生產力開始提高。

Thanks very much.

非常感謝。

Thanks, Mike.

謝謝，麥克。

(Operator Instructions) Bora Lee, RBC Capital Markets.

（操作員指令）Bora Lee，RBC 資本市場。

One bit of housekeeping first, there was a step down in D&A during the quarter relative to 3Q while CapEx increase.

首先進行一些內務處理，本季的 D&A 相對於第三季有所下降，而資本支出則有所增加。

Was that related to some of the reclass activities and is that fourth quarter number of the jumping off point go forward or is there something else we should be thinking about?

這是否與某些重新分類活動有關？起點的第四季數字是否繼續前進，或者還有其他我們應該考慮的事情嗎？

More of the reclass occurred in the fourth quarter versus the third quarter.

與第三季相比，第四季發生了更多的重新分類。

Really the impact on the run rates in the third quarter predominantly had to do with the impact on COGS from the lease accounting.

事實上，對第三季運轉率的影響主要與租賃會計對銷貨成本的影響有關。

Okay.

好的。

So the D&A step down in the fourth quarter was related to

因此，第四季 D&A 的退出與

--

--

Well, SG&A in the fourth quarter has an increase from the third quarter and I tried to record all that.

嗯，第四季度的銷售管理費用比第三季有所增加，我試圖記錄所有這些。

D&A.

數據與分析。

Yes, SG&A.

是的，SG&A。

SG&A.

銷售及行政管理 (SG&A)。

Yes.

是的。

Okay.

好的。

So the right way to think about Bora is just about 27% of revenues going forward.

因此，正確看待 Bora 的方式是僅佔未來收入的 27% 左右。

I think these moving pieces of reclass are hopefully behind us and that we've got everything into Cogent systems.

我認為這些令人感動的重新分類的部分有望成為我們的過去，並且我們已經將所有內容納入了 Cogent 系統中。

They’re all being audited by Ernst & Young, and comply with all of the gap requirements and critical accounting matters for lease accounting.

它們均接受安永會計師事務所的審計，並遵守租賃會計的所有缺口要求和關鍵會計事項。

So I think we're in pretty good shape.

所以我認為我們的狀態非常好。

We are.

我們是。

Okay.

好的。

And as you're clearing out the Sprint spaces, is there, sorry, Tad, were you saying something?

當你清理 Sprint 空間時，抱歉，Tad，你在說什麼嗎？

No, no, go ahead.

不，不，繼續吧。

Go ahead, Bora.

繼續吧，博拉。

Great.

偉大的。

As you're clearing out the Sprint’s spaces, is there an opportunity to sell some of that old equipment and is that meaningful or just sort of a task that needs to be done?

當您清理 Sprint 的空間時，是否有機會出售一些舊設備？這是否有意義，或者只是需要完成的任務？

It's definitely a task that needs to be done.

這絕對是一項需要完成的任務。

It does not have a meaningful salvage value.

它不具有有意義的殘值。

Most of this equipment has been not manufactured for 15-plus years.

大多數此類設備已停產 15 年以上。

There is a de minimis amount of scrap value for copper in the equipment.

設備中存在微量的銅廢品價值。

There is some equipment that has been sold to third-party brokers, but there's also a work effort associated with taking those 22,500 racks of dead equipment out.

有些設備已出售給第三方經紀人，但清除 22,500 架報廢設備也需要付出一定的工作量。

Net-net, this is not going to be a significant either cost or a significant revenue opportunity for us.

Net-net，這對我們來說既不會是重大成本，也不會是重大收入機會。

The better opportunity is going to be as we depopulate these facilities of this dead equipment and convert them to Cogent data centers, those 68 facilities and the 157 megawatts that we have now that are less than 30% utilized become a significant opportunity, particularly as there is a short-term crunch for power and space for data centers driven by AI.

更好的機會將是，當我們減少這些廢棄設備的設施並將它們轉變為Cogent 資料中心時，我們現在擁有的68 個設施和157 兆瓦的電力利用率不到30%，這將成為一個重要的機會，特別是當人工智慧驅動的資料中心面臨電力和空間的短期緊縮。

We are in the process of looking in multiple ways to fill that space up more quickly.

我們正在尋找多種方法來更快地填補這一空間。

All right.

好的。

And I guess lastly for me, recognizing that it's still early days, do you have any quantitative or qualitative color on the extent to which there's been actual cross-selling or cross-interest across the legacy Cogent and Sprint customer bases?

最後，我想對我來說，認識到現在還處於早期階段，您對傳統 Cogent 和 Sprint 客戶群中實際交叉銷售或交叉興趣的程度有任何定量或定性的看法嗎？

So I will say, I'll start with wavelengths.

所以我會說，我將從波長開始。

The majority of the wavelengths in that funnel and the wavelengths that we have sold are to customers that Cogent already had a relationship with.

該漏斗中的大部分波長以及我們銷售的波長均面向 Cogent 已與之建立關係的客戶。

There are a handful of cases where there are customers that Cogent had not worked with previously, but the vast majority of those 2,300 waters in the funnel and those that have been installed, the 667, have come from people that Cogent had a relationship with.

在少數情況下，Cogent 以前沒有與客戶合作過，但漏斗中的 2,300 個水域以及已安裝的 667 個水域中的絕大多數都來自與 Cogent 有關係的人。

The second thing is the Sprint enterprise base has been receptive to our on-net footprint, our global reach, and our ability to modernize their VPN technologies.

第二件事是 Sprint 企業基礎已經接受了我們的網路足跡、我們的全球影響力以及我們對其 VPN 技術進行現代化改造的能力。

We actually saw very modest but a very slight uptick sequentially in the number of enterprise connections.

實際上，我們看到企業連線數量略有上升，但增幅不大。

And remember, this is with a much smaller sales force focusing on those customers.

請記住，這是一個專注於這些客戶的銷售人員規模小得多的情況。

So I think there is going to be the ability to help modernize some of those enterprise customers.

因此，我認為將有能力幫助其中一些企業客戶現代化。

So I think there will be cross-selling opportunities in both directions.

所以我認為兩個方向都會有交叉銷售的機會。

Great.

偉大的。

Thank you.

謝謝。

Hey, thanks, Bora.

嘿，謝謝，寶拉。

Brandon Nispel, KeyBanc Capital Markets.

布蘭登‧尼斯佩爾 (Brandon Nispel)，KeyBanc 資本市場。

It's Evan, on for Brandon.

我是埃文，替補布蘭登。

The backlog you guys talked about for wavelengths, you were saying it's growing and now pacing the provisioning you're able to do on your facilities.

你們談到的波長積壓，你們說它正在成長，現在正在調整你們能夠在設施上進行的配置。

Do you think you'll be able to get through that 2,300-order backlog by the end of the year?

您認為您能在今年底前完成 2,300 份積壓訂單嗎？

Or are you finding any customers finding alternative solutions because of the backlog?

或者您發現任何客戶因積壓而尋找替代解決方案？

Thanks.

謝謝。

So Evan, I think two different things will happen.

所以艾文，我認為會發生兩件不同的事情。

We will provision most of those orders, but there will be some customers who cannot wait.

我們將供應大部分訂單，但會有一些客戶等不及。

We are trying to be very transparent with customers, and it's a site-by-site discussion on what that provisioning window will look like.

我們試圖對客戶保持非常透明的態度，並且正在逐個站點討論配置視窗的外觀。

We know that with the network reconfigurations that we have going on, we'll have more than double the number of sites and a standardized provisioning window by year end.

我們知道，隨著我們正在進行的網路重新配置，到年底我們的站點數量和標準化配置視窗將增加一倍以上。

But in the intervening time, if a customer needs to go somewhere else and we can't provision, we are going to let them out of that obligation.

但在此期間，如果客戶需要去其他地方而我們無法提供服務，我們將免除他們的義務。

I mean, if we want to do business with them going forward, we need to understand that this is a Cogent problem and not the customer's problem.

我的意思是，如果我們想繼續與他們做生意，我們需要明白這是一個令人信服的問題，而不是客戶的問題。

Conversely, as we continue to build credibility with customers and we get more sites enabled and shorter provisioning windows, we actually anticipate the pace of that funnel building actually accelerating.

相反，隨著我們繼續與客戶建立信譽，並且啟用更多網站並縮短配置窗口，我們實際上預計該頻道建置的速度實際上會加快。

In the last quarter, it took us basically five months from closing to build a funnel of 1,000.

在上個季度，從關閉到建立 1,000 個漏斗，我們基本上花了五個月的時間。

In the last quarter, we got that up to 2,300.

上個季度，我們的數字達到了 2,300。

And yes, there have been some ball-out, but the net number grew, and I think that will continue to grow.

是的，確實有一些球出局，但淨人數有所增長，而且我認為這一數字將繼續增長。

As I stated earlier, over the long run, I think it's not healthy to talk about funnels but install revenue.

正如我之前所說，從長遠來看，我認為只談論通路而不談論收入是不健康的。

But until we get the network configured correctly and get enough sites where we can provision in an expeditious manner of a couple of weeks, we have to give both customers and investors an understanding of what the backlog looks like.

但是，在我們正確配置網路並獲得足夠的站點以便我們可以在幾週內快速配置之前，我們必須讓客戶和投資者了解積壓的情況。

Thanks.

謝謝。

Great.

偉大的。

Thanks guys.

多謝你們。

This will conclude our question-and-answer session.

我們的問答環節到此結束。

I will now turn the call back over to Dave Schaeffer for closing remarks.

現在，我將把電話轉回給戴夫·謝弗 (Dave Schaeffer)，讓其致閉幕詞。

Hey, thank you very much.

嘿，非常感謝你。

I know, again, it was a long call, but there are a lot of pieces of information.

我再次知道，這是一個漫長的通話，但其中包含很多資訊。

We are definitely trying to be wholesome and transparent in what we are reporting.

我們肯定會努力在我們的報告中保持健康和透明。

Thank you all very much, and we'll talk soon.

非常感謝大家，我們很快就會再談。

Take care.

小心。

Bye-bye.

再見。

This concludes today's conference.

今天的會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。