Cogent Communications Holdings Inc (CCOI) 2025 Q1 法說會逐字稿

Good morning and welcome to the Cogent Communications Holdings Inc Q1 2025 earnings conference call.

早安，歡迎參加 Cogent Communications Holdings Inc 2025 年第一季財報電話會議。

(Operator Instructions)

（操作員指示）

I would not like to turn the call over to Mr. Dave Schafer, Chairman and Chief Executive Officer of Cogent Communication Holdings. Please go ahead.

我不想將電話轉給 Cogent Communication Holdings 董事長兼執行長 Dave Schafer 先生。請繼續。

Thank you and good morning to everyone. Welcome to our first quarter 2025 earnings call. I am Dave Schaeffer, Cogent's Chief Executive Officer, and on this call this morning with me is Tad Weed, our Chief Financial Officer.

謝謝大家，早安。歡迎參加我們的 2025 年第一季財報電話會議。我是 Cogent 的執行長 Dave Schaeffer，今天早上與我一起參加電話會議的是我們的財務長 Tad Weed。

We have received numerous comments from investors related to the structure of our earnings call. We appreciate their observations and constructive comments, and we have implemented a number of those suggestions in the script that we are using for this call.

我們收到了許多投資者對我們的收益電話會議結構的評論。我們感謝他們的觀察和建設性意見，並且我們在本次通話中使用的腳本中實施了許多建議。

Please continue to provide additional suggestions to help us refine our reporting. We are well aware that Cogent has undergone significant changes over the past two years, and we want to fully address the impact of those changes on our strategy in our prepared remarks and strive to focus on our growth plans going forward.

請繼續提供更多建議，以幫助我們完善報告。我們清楚地知道，Cogent 在過去兩年中經歷了重大變化，我們希望在準備好的發言中充分闡述這些變化對我們策略的影響，並努力專注於我們未來的成長計劃。

For the quarter, I'd like to touch on some significant milestones that we achieved. I want to recognize that these achievements are what some of the milestones that we have achieved. We are now offering wavelength services in 883 data canters with 10-gig, 100-gig and 400-gig capabilities.

對於本季度，我想談談我們所取得的一些重要里程碑。我想承認這些成就是我們所做的一些里程碑。我們目前在 883 個資料中心提供波長服務，具有 10 千兆、100 千兆和 400 千兆的功能。

We have materially been able to reduce our provisioning times to today approximately 30 days. Our wavelength revenues for the quarter were $7.1 million, an increase of 114% over the same period in 2023 -- 2024. Sequentially, our wavelength connections increased by 18% sequentially and our wavelength revenue increased by 2.2%. The vast majority of our connections were provisioned near the very end of the quarter. We have sold wavelength services now in 329 locations.

如今，我們已能夠將供應時間實質上縮短至約 30 天。本季我們的波長營收為 710 萬美元，比 2023 年至 2024 年同期成長 114%。與上一季相比，我們的波長連線數增加了 18%，波長收入增加了 2.2%。我們的絕大多數連接都是在本季結束時配置的。我們目前已在 329 個地點銷售波長服務。

We have provisioned and cleaned up our former backlog of wavelength orders. We currently have a backlog and funnel of 3,433 wavelength opportunities. With more wave provisioning experience and the actual ability to deliver services, we now anticipate that between 4% and 5% of this funnel will be installed each month going forward. We also expect based on the growth in the sales activity that by year-end, there will be 10,000 unique Wave opportunities in our funnel. We currently have provisioning capacity to install 500 waves per month. We intend to capture 25% of this highly concentrated North American market within three years.

我們已經準備好並清理了以前積壓的波長訂單。我們目前有 3,433 個波長機會的積壓和漏斗。隨著波浪配置經驗的累積和實際提供服務的能力的增強，我們預計未來每月將安裝 4% 到 5% 的漏斗。我們也預計，根據銷售活動的成長，到年底，我們的通路中將有 10,000 個獨特的 Wave 機會。我們目前的供應能力為每月安裝 500 波。我們計劃在三年內佔領這個高度集中的北美市場的 25%。

Our IPv4 leasing revenue for the quarter increased sequentially by 14.8% to $14.4 million and increased 42% year-over-year. Due to the scarcity of this valuable asset and the terms of our customer contracts, we have been able to increase our IPv4 leasing pricing. We maintain a consistent acceptable use policy and did retrieve a significant number of addresses in the first quarter from a customer who violated these policies.

本季我們的 IPv4 租賃收入較上季成長 14.8%，達到 1,440 萬美元，較去年同期成長 42%。由於這種寶貴資產的稀缺性以及我們客戶合約的條款，我們已經能夠提高我們的 IPv4 租賃價格。我們保持一致的可接受使用政策，並在第一季從違反這些政策的客戶那裡檢索了大量地址。

Our average revenue per IPv4 address sold was $0.49 for the quarter, a 63% increase from the $0.30 installed base number at the beginning of the year. We have titled to nearly 38 million v4 addresses, which is more than any other service provider. We have realized the remainder of our targeted $220 million in cost savings that we outlined at the acquisition of Sprint. We expect to achieve at minimum another $20 million of cost savings through the second quarter of 2026.

本季我們銷售的每個 IPv4 位址的平均收入為 0.49 美元，比年初的 0.30 美元安裝基數增加了 63%。我們擁有近 3800 萬個 v4 位址，比其他服務提供者都多。我們已實現收購 Sprint 時提出的 2.2 億美元成本節約目標的剩餘部分。我們預計到 2026 年第二季還能節省至少 2,000 萬美元的成本。

Demonstrating the impact of these savings on our cost of goods sold, they declined from $31.6 million in the first quarter of last year, and our gross margin increased by 790 basis points from the first quarter of 2024 to 44.6%. Additionally, our SG&A declined by $3.8 million from the first quarter of last year. $10.6 million of the sequential increase in SG&A expenses was due to traditional typical seasonal factors, including annual CPI increases, the timing of vacations taken and the accruals associated with them and the reset of payroll taxes.

這些節省對我們的銷售成本的影響顯而易見，它們從去年第一季的 3,160 萬美元下降，而我們的毛利率從 2024 年第一季的 790 個基點增加到 44.6%。此外，我們的銷售、一般及行政費用較去年第一季下降了 380 萬美元。銷售、一般及行政費用 (SG&A) 環比增加 1060 萬美元，是由於傳統的典型季節性因素造成的，包括年度消費者物價指數 (CPI) 上漲、休假時間及相關應計項目以及工資稅的重新設定。

We are now connected to 3,500 on-net buildings. We have reconfigured several Sprint acquired facilities. These facilities have been added to our 1,668 carrier-neutral and 101 Cogent data centre footprint. Our Cogent data centres have 183 megawatts of installed and available power. We have converted additionally 79 smaller Sprint facilities into edge data centres. These edge data centres each have approximately 40 rack capability and in total, have about 28 megawatts of additional installed power.

我們現在已經連接了 3,500 座網內建築。我們已經重新配置了 Sprint 收購的幾個設施。這些設施已新增至我們的 1,668 個營運商中立資料中心和 101 個 Cogent 資料中心的覆蓋範圍內。我們的 Cogent 資料中心擁有 183 兆瓦的安裝和可用電力。我們另外將 79 個較小的 Sprint 設施改造成邊緣資料中心。這些邊緣資料中心每個都有約 40 個機架容量，總共擁有約 28 兆瓦的額外安裝功率。

So on a combined basis, Cogent has 180 data centres, edge and core with 211 megawatts of installed power available for customers. After the quarter ended, we repurchased approximately 100,000 shares of our common stock for approximately $5 million at an average price of $53.07 under our stock buyback program. A total of $17.4 million remains available under that program through year-end.

因此，總體而言，Cogent 擁有 180 個資料中心、邊緣和核心，可為客戶提供 211 兆瓦的安裝電力。本季結束後，我們根據股票回購計畫以平均 53.07 美元的價格回購了約 10 萬股普通股，總價值約為 500 萬美元。截至年底，該計劃仍將提供總計 1,740 萬美元的資金。

A comment on tariffs. We do not anticipate any material impact of tariffs on our business or our CapEx projections. Much of our data center and network conversion equipment has been ordered pre-tariff and a majority has received. A portion of our network equipment purchases do have tariff input costs, but these are minimal.

關於關稅的評論。我們預計關稅不會對我們的業務或資本支出預測產生任何重大影響。我們的大部分資料中心和網路轉換設備已在關稅前訂購，並且大部分已經收到。我們購買的部分網路設備確實有關稅投入成本，但這些成本很少。

We recognize that we have increased our leverage due to these activities, and our Board of Directors has elected to slow the rate of dividend growth, but continuing that dividend growth rate at $0.05 per share per quarter. Our dividends for the quarter rose from $0.015 to $1.01. This represents the 51st consecutive sequential increase in our regular quarterly dividend and an annual dividend growth rate of 3.6%

我們認識到，由於這些活動，我們的槓桿率已經提高，我們的董事會已選擇減緩股息成長率，但仍將股息成長率保持在每季每股 0.05 美元。我們本季的股息從 0.015 美元上漲至 1.01 美元。這是我們連續第 51 次增加季度股息，年度股息成長率為 3.6%

Now that the Sprint business is combined with our legacy business, and we have fully analysed the revenue burn off of undesirable revenues, we are adjusting our long-term annual revenue growth rates to 6% to 8%, and we are increasing the rate at which we anticipate our EBITDA as adjusted margin to expand annually to 150 basis points.

現在，Sprint 業務已與我們的傳統業務合併，並且我們已經充分分析了不良收入的收入消耗，我們正在將長期年收入增長率調整為 6% 至 8%，並且我們正在提高預期 EBITDA 作為調整後利潤率每年擴大 150 個基點的速度。

Our updated revenue and EBITDA targets are meant to be multiyear goals and not designed to be specific quarterly or annual guidance. We are nearing the ending of grooming of undesirable revenues from Sprint contracts that are set to expire. We expect to return to total top line revenue growth by mid-Q3 2025.

我們更新的收入和 EBITDA 目標是多年目標，而不是具體的季度或年度指引。我們即將結束即將到期的 Sprint 合約中不良收入的整理。我們預計到 2025 年第三季中期，總營收將恢復成長。

Finally, I would like to take a moment to recognize one of our long-serving Board members, Blake Bath, for his outstanding counsel and service to Cogent. Blake had served on our Board, since November of 2006 and elected to retire, and we wish him well in that retirement.

最後，我想花點時間表彰我們長期任職的董事會成員之一布萊克·巴斯 (Blake Bath)，感謝他為 Cogent 提供的傑出建議和服務。布萊克自 2006 年 11 月起擔任我們董事會成員，並選擇退休，我們祝他退休後一切順利。

Now I'd like to turn things back over to Tad to read safe harbour language and give some additional color on our operating performance.

現在我想把話題轉回給塔德，讓他讀安全港語言，並對我們的經營績效做一些補充說明。

Thank you, Dave, and good morning, everyone. This earnings conference call includes forward-looking statements. These forward-looking statements are based upon our current intent, belief and expectations.

謝謝你，戴夫，大家早安。本次收益電話會議包含前瞻性陳述。這些前瞻性陳述是基於我們目前的意圖、信念和期望。

These forward-looking statements and all other statements that may be 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本次電話會議中可能做出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，實際結果可能存在重大差異。

Please refer to our SEC filings for more information on the factors that could cause actual results to differ. Cogent undertakes no obligation to update or revise our forward-looking statements.

有關可能導致實際結果不同的因素的更多信息，請參閱我們的 SEC 文件。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 measurement 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在網站 cogentco.com 上發布的收益報告中的相應 GAAP 指標相協調。

Now some comments on results. Our revenue for the quarter was $247 million. Our rep productivity increased by 9% to 3.8 units per full-time equivalent rep this quarter, which was an increase from 3.5 units per full-time equivalent rep last quarter. Our EBITDA as adjusted was $68.8 million, which was a $1.9 million increase, and our EBITDA as adjusted margin increased sequentially by 130 basis points to 27.8%. Our EBITDA as adjusted is adjusted for Sprint acquisition costs, if any, during the period, and payments under the IP transit agreement with T-Mobile.

現在對結果進行一些評論。本季我們的營收為 2.47 億美元。本季，我們的銷售代表生產力提高了 9%，達到每位全職銷售代表 3.8 個單位，高於上一季每位全職銷售代表 3.5 個單位。我們的調整後 EBITDA 為 6,880 萬美元，增加了 190 萬美元，我們的調整後 EBITDA 利潤率環比增長 130 個基點，達到 27.8%。我們的調整後 EBITDA 已根據本期間的 Sprint 收購成本（如有）以及與 T-Mobile 簽訂的 IP 轉接協議下的付款進行調整。

In accordance with our IP transit services agreement, we received three monthly payments totalling $25 million this quarter, the same as last quarter, -- $25 million last quarter. A year ago, we received $87.5 million in the first quarter of 2024 as those payments stepped down in that quarter.

根據我們的 IP 傳輸服務協議，本季我們收到了三個月度付款，總額為 2500 萬美元，與上一季相同——上一季相同——上一季為 2500 萬美元。一年前，我們在 2024 年第一季收到了 8,750 萬美元，因為該季度的付款有所減少。

We will continue to receive an additional 32 monthly payments of $8.3 million each until November of 2027. There are further payments related to lease obligations we assumed at closing that total at least $28 million. This amount is to be paid to us in 4 equal payments from November 27 to February 28.

直到 2027 年 11 月，我們將繼續收到額外的 32 個月付款，每月 830 萬美元。我們在交易結束時承擔的與租賃義務相關的進一步付款總額至少為 2800 萬美元。這筆款項將於 11 月 27 日至 2 月 28 日分 4 次等額支付給我們。

We analyse our revenues based upon network connection type, which is on-net, off-net, wavelength, and non-core, and we analyse our revenues based upon customer type, and we classify our customers into three types; Netcentric, Corporate, and Enterprise.

我們根據網路連線類型分析我們的收入，網路連線類型包括在網、離網、波長和非核心，我們根據客戶類型分析我們的收入，我們將客戶分為三類；網路中心、企業和企業。

Our Corporate business represented 44.9% of our revenues this quarter. It decreased 11.4% year-over-year and 2.1% sequentially. These decreases in our corporate revenue are primarily due to the continued grooming of low-margin off-net connections and the elimination of non-core products.

本季度，我們的企業業務占我們收入的 44.9%。年減11.4%，季減2.1%。我們公司收入的下降主要是由於持續關注低利潤的離網連接以及淘汰非核心產品。

Our Netcentric business continues to benefit from the growth in video traffic, activity related to artificial intelligence, streaming, and wavelength sales. Our Netcentric business represented 37.5% of our revenues for the quarter, increased 0.7% year-over-year, and declined sequentially by 1.1%.

我們的 Netcentric 業務持續受益於視訊流量、人工智慧相關活動、串流媒體和波長銷售的成長。我們的 Netcentric 業務佔本季營收的 37.5%，年成長 0.7%，季減 1.1%。

Our quarterly Netcentric revenue under our commercial services agreement with T-Mobile, declined sequentially by $0.8 million and was $0.7 million for the quarter, and it declined $2.5 million year-over-year.

根據我們與 T-Mobile 簽訂的商業服務協議，本季 Netcentric 營收季減 80 萬美元，為 70 萬美元，年減 250 萬美元。

The decline in revenue from the commercial service agreement from T-Mobile and the negative impact of FX, which was $0.5 million sequentially and $1.3 million year-over-year, had a negative impact on our Netcentric revenue results.

T-Mobile 商業服務協議收入的下降以及 FX 的負面影響（環比下降 50 萬美元，年減 130 萬美元）對我們的 Netcentric 收入結果產生了負面影響。

Our enterprise business represented 17.7% of our revenues for the quarter. Net revenue decreased by 11.3% year-over-year and sequentially by 4.1%, primarily due to a reduction in non-core and low-margin enterprise revenues. On-net revenue; we serve our on-net customers in our 3,500 total on-net buildings.

我們的企業業務佔本季營收的 17.7%。淨收入年減 11.3%，季減 4.1%，主要原因是非核心和低利潤企業收入減少。淨收入；我們為 3,500 座網內建築內的網內客戶提供服務。

We continue to succeed in selling larger 100-gigabit connections and 400-gigabit connections in carrier-neutral data centres and selling 10-gigabit connections in selected multi-tenant office buildings. Our on-net revenue was $129.6 million for the quarter, a year-over-year decrease of 6.5% and a sequential increase of $0.9 million or 0.7%.

我們繼續成功地在營運商中立資料中心銷售更大的 100 千兆位元連接和 400 千兆位元連接，並在選定的多租戶辦公大樓銷售 10 千兆位元連接。本季我們的淨收入為 1.296 億美元，年減 6.5%，季增 90 萬美元，增幅 0.7%。

Our sequential on-net revenue results were negatively impacted by the same contract with T-Mobile, the commercial services agreement, the $0.8 million sequential decline in on-net revenue, and also negatively impacted by $0.5 million of negative FX.

我們連續的淨收入結果受到與 T-Mobile 簽訂的同一合約、商業服務協議、淨收入連續下降 80 萬美元以及 50 萬美元負面外匯的負面影響。

Our off-net revenue was $107.3 million for the quarter, a year-over-year decrease of 9.2% and a sequential decrease of 5.2%. Our off-net revenue results are impacted by our migration of certain off-net customers to on-net and the grooming -- continued grooming and termination of low-margin off-net contracts.

本季我們的網外營收為 1.073 億美元，年減 9.2%，季減 5.2%。我們的網外收入結果受到我們將某些網外客戶遷移到網內以及持續培養和終止低利潤網外合約的影響。

Comments on pricing. Our average price per megabit for our installed base decreased sequentially by 6% to $0.20 and decreased by 25% year-over-year. This is consistent with historical trends. Our average price per megabit for our new customer contracts for the quarter was $0.10, a sequential price per megabit decreases of 10% and 5% year-over-year.

定價的評論。我們已安裝基數的每兆位元平均價格較上季下降 6% 至 0.20 美元，年減 25%。這與歷史趨勢一致。本季我們新客戶合約的每兆比特平均價格為 0.10 美元，季減 10%，年減 5%。

Some ARPU churn statistics. Our ARPUs for the quarter were our on-net ARPU was 496. Our off-net ARPU was 1,266. Our wavelength ARPU was 1,945, and our IPv4 revenue per address for the quarter was $0.49. On churn, our on-net monthly churn rate was 1.4% and off-net monthly churn rate was 2.2%. Our network traffic was flat sequentially for the quarter but increased 8% year-over-year.

一些 ARPU 流失統計。本季我們的 ARPU 為 496。我們的網外 ARPU 為 1,266。我們的波長 ARPU 為 1,945，本季每位址 IPv4 營收為 0.49 美元。在客戶流失方面，我們的網路月客戶流失率為 1.4%，網路外月客戶流失率為 2.2%。本季我們的網路流量與上一季持平，但年增 8%。

Foreign currency comments. Our revenue earned outside the United States is reported in US dollars and was about 18% of our revenues this quarter. The average euro to USD rate so far this quarter is $1.12, and the average Canadian dollar rate is $0.72. Should these averages remain at the current levels for the remainder of this quarter, the FX conversion impact on sequential revenues would be $2 million and the positive impact year-over-year would be $1.2 million. We believe that our revenues and customer base is not very highly concentrated. Our top 25 customers were 18% of our revenues for the quarter.

外幣評論。我們在美國以外地區獲得的收入以美元報告，約佔本季營收的 18%。本季迄今，歐元兌美元平均匯率為 1.12 美元，加幣兌美元平均匯率為 0.72 美元。如果本季度剩餘時間內這些平均值保持在當前水平，外匯兌換對連續收入的影響將為 200 萬美元，而同比的正面影響將為 120 萬美元。我們認為我們的收入和客戶群集中度不是很高。我們前 25 名客戶佔本季營收的 18%。

CapEx. Our total CapEx for the quarter was $58.1 million. Our principal payments on capital leases declined to $8 million for the quarter. We are continuing our network integration of the former Sprint network and legacy Cogent network into one unified network and converting former Sprint switch sites into Cogent data centres.

資本支出。本季我們的總資本支出為 5,810 萬美元。本季我們的資本租賃本金支付金額下降至 800 萬美元。我們正在繼續將先前的 Sprint 網路和傳統的 Cogent 網路整合為一個統一的網絡，並將先前的 Sprint 交換站點轉換為 Cogent 資料中心。

We have accelerated and expanded our data centre conversion program due to the high level of demand for our power availability. This program will require capital spending for the first half of 2025, similar to the last half of 2024, and then decline in the second half of 2025.

由於對電力供應的需求量很大，我們加快並擴大了資料中心轉換計畫。該計劃將要求2025年上半年的資本支出與2024年下半年相似，然後在2025年下半年下降。

Our total gross debt at par, including our finance lease obligations was $2 billion at quarter end, and our net debt was $1.8 billion. Our total gross debt to last 12 months EBITDA as adjusted ratio was 6.69 at quarter end and net debt was 6.08. As calculated under our note indentures, our leverage ratio was 5.86, secured leverage ratio was 3.44 and fixed coverage was 2.8.

截至季末，我們的總債務（包括融資租賃債務）為 20 億美元，淨債務為 18 億美元。我們過去 12 個月的總負債與 EBITDA 的調整後比率在季度末為 6.69，淨負債為 6.08。根據我們的票據契約計算，我們的槓桿率為 5.86，擔保槓桿率為 3.44，固定覆蓋率為 2.8。

Finally, our days sales outstanding was 29 days at quarter end, the same as the end of the year. And our bad debt expense was $2.1 million, which was less than 1% of our revenues this quarter.

最後，我們季度末的應收帳款週轉天數為 29 天，與年底相同。我們的壞帳支出為 210 萬美元，不到本季收入的 1%。

I am turning the call back over to Dave.

我將把電話轉回給戴夫。

Thanks, Tad. Now for a couple of comments on our Netcentric business. At quarter end, we directly connected to 8,240 other networks, of which 22 of these are peers and 8,218 are Cogent transit customers. We remain focused on our sales force productivity and continue to manage out underperformers. Our sales force turnover rate was 7.1% a month. This is down from the peak of 8.7% per month, but was slightly above our historical average of 5.7% per month.

謝謝，泰德。現在就我們的網路中心業務發表幾點評論。截至季末，我們直接連接到 8,240 個其他網絡，其中 22 個是同行網絡，8,218 個是 Cogent 中轉客戶。我們將繼續專注於銷售團隊的生產力，並持續管理表現不佳的員工。我們的銷售人員流動率為每月7.1%。這低於每月 8.7% 的峰值，但略高於每月 5.7% 的歷史平均值。

At quarter's end, we had 296 professionals focused solely on selling Netcentric, 319 professionals focused on the corporate market and 14 professionals focused on the enterprise market.

截至本季末，我們有 296 位專業人員專注於銷售 Netcentric，319 位專業人員專注於企業市場，14 位專業人員專注於企業市場。

We remain excited about our ability to deliver profitable on-net and off-net IP services to enterprise and corporate customers. We are enthusiastic about our wavelength opportunity, the portfolio of buildings that we now connect to and the backlog in that funnel of nearly 3,433 wavelength opportunities -- we have completely refreshed that funnel and cleaned out older orders that had been accumulated over a year period while we were doing network reconfiguration.

我們仍然對向企業和公司客戶提供有利可圖的網內和網外 IP 服務的能力感到興奮。我們對我們的波長機會、我們現在連接的建築組合以及漏斗中近 3,433 個波長機會的積壓感到興奮——我們已經完全刷新了該漏斗，並清理了在進行網絡重新配置時一年來積累的舊訂單。

We have diligently worked on accelerating the cost savings of the Sprint network integration. We have exceeded our initial targets and raised those targets. We are able to continue to monetize IPv4 addresses, Fiber assets and excess data centre spaces, either through sale or long-term leases. We are in active discussions beyond the LOI stage with multiple counterparties. And since our inception, we have offered superior service, expedited provisioning and disruptive pricing. That is why Cogent remains an industry leader in the services it sells.

我們一直努力致力於加速 Sprint 網路整合的成本節約。我們已經超額完成了最初的目標，並且提高了這些目標。我們能夠透過出售或長期租賃的方式繼續將 IPv4 位址、光纖資產和多餘的資料中心空間貨幣化。我們正在與多個交易對手進行超出意向書階段的積極討論。自成立以來，我們一直提供優質的服務、快速的供應和顛覆性的價格。這就是為什麼 Cogent 在其銷售的服務領域中始終處於行業領先地位。

With that, I would like to open the floor for questions.

現在，我想開始回答大家的提問。

Thank you. We will now begin the question-and-answer session. [Operator Instructions]

謝謝。我們現在開始問答環節。[操作員說明]

Your first question comes from the line of Jim Schneider from Goldman Sachs. Please go ahead.

您的第一個問題來自高盛的吉姆施耐德。請繼續。

Hi, it is Josh [ph] in for Jim. Thanks for taking my questions. I guess within the Waves business, are you seeing any change in competition, be it pricing or terms or otherwise as the sequential revenue growth was not where most had expected? And do you think the Crown Castle, Zayo deal will change the landscape at all?

嗨，我是 Josh [ph]，代替 Jim。感謝您回答我的問題。我想，在 Waves 業務中，您是否看到競爭發生了任何變化，無論是定價還是條款，還是其他方面，因為連續的收入成長並未達到大多數人的預期？您認為 Crown Castle 和 Zayo 的交易會改變現狀嗎？

And then separately, you have referenced in the past a few more quarters of potential revenue headwinds in corporate. Can you give us an update on these trends and the mix of pricing and customer growth, especially as we think about your new revenue growth targets? Thanks.

另外，您在過去幾季中提到了企業可能面臨的收入阻力。您能否向我們介紹這些趨勢以及定價和客戶成長的組合情況，特別是當我們考慮您的新收入成長目標時？謝謝。

Yes, sure. Thanks a lot, Josh. So, first of all, our two primary competitors in the Wavelength market have struggled to provision and do not have the ubiquity of coverage that we had. That is why many customers were willing to sign agreements with Cogent when Cogent could not even give them a firm delivery date or a commitment to exact endpoints. As we have purged that older funnel, the funnel that we have built now is a much more accurate representation of orders that will continue to install. We have developed enough of a cadence to know that about 5% of that funnel will convert each month. In the quarter, we installed virtually all of the incremental units, the 18% sequential growth at the very end of the quarter.

是的，當然。非常感謝，喬希。因此，首先，我們在波長市場上的兩個主要競爭對手一直在努力提供服務，但並沒有達到我們所擁有的普遍覆蓋範圍。這就是為什麼當 Cogent 甚至無法給出確定的交貨日期或對準確終點的承諾時，許多客戶仍然願意與 Cogent 簽訂協議。由於我們已經清除了舊的漏斗，我們現在建造的漏斗可以更準確地表示將繼續安裝的訂單。我們已經發展出足夠的節奏，知道每月大約有 5% 的漏斗會轉換。本季度，我們幾乎安裝了所有增量單位，季度末的環比增長為 18%。

The reason for that is many of the customers were not ready when we were ready because they had waited. Many of those customers did take service at the end of the quarter. We expect that the competition will continue to improve on their ability to offer ubiquity and offer faster installs. But today, we think we have a significant advantage. With regard to the Crown Castle, Zayo combination, which is probably a year away. I know that each of those companies represents a number of previous acquisitions that are still being integrated. And I would anticipate even post-closing, it will take several years based on the pacing that each of those companies have achieved in integration for the entire company to be functioning as a unified organization.

原因是當我們準備好時，許多顧客還沒準備好，因為他們已經等待了。許多客戶確實在本季末接受了服務。我們預計競爭對手將繼續提高其提供普及性和更快安裝的能力。但今天，我們認為我們擁有顯著的優勢。至於 Crown Castle 和 Zayo 的組合，大概還要一年的時間。我知道這些公司中的每一家都代表著許多先前的收購，並且目前仍在整合中。而且我預計，即使在交易完成後，根據各公司在整合方面取得的進展，整個公司要作為一個統一的組織運作還需要幾年的時間。

We should always be paranoid about competitors. But at the end of the day, we think this is a fairly distant threat, not something immediate. Now pivoting to your question on corporate revenue. We have gone through the undesirable revenue in the Sprint base. We have churned the vast majority of that revenue. We know that that has inflected our total top line growth rate negative. We believe that we will be through that process by the mid-part of Q3 based on our need to honour certain contract commitments.

我們應該時時警惕競爭對手。但最終，我們認為這是一個相當遙遠的威脅，而不是迫在眉睫的威脅。現在轉向您關於公司收入的問題。我們已經經歷了 Sprint 基地的不良收入。我們已經消耗了絕大部分的收入。我們知道這對我們的整體營業收入成長率產生了負面影響。我們相信，基於我們履行某些合約承諾的需要，我們將在第三季中期完成這項流程。

From that point forward, we anticipate Cogent's total revenue growth to be positive and continue after the roughly 18 years of positive growth that we demonstrated pre-acquisition of Sprint, our growth did turn negative when we acquired a business that was declining at 7.4% a year and represented 40% of the revenue of the combined company.

從那時起，我們預計 Cogent 的總收入增長將為正值，並且在我們收購 Sprint 之前展示的大約 18 年的正增長之後繼續保持這種增長，但當我們收購一家每年下降 7.4% 且佔合併後公司收入 40% 的業務時，我們的增長確實轉為負值。

We further accelerated that decline by electing to terminate these unprofitable non-core services. And I think the fact that we have been able to increase our EBITDA in absolute terms even with revenue decline is a very clear indication of the unprofitability of this business. But I think the corporate segment, as all of our segments will be growing by the end or the middle of Q3 2025. Thanks,

我們選擇終止這些無利可圖的非核心服務，進一步加速了這種下滑趨勢。我認為，即使收入下降，我們的 EBITDA 絕對值仍能提高，這一事實非常清楚地表明了這項業務無利可圖。但我認為，到 2025 年第三季末或中期，企業部門以及我們所有的部門都將成長。謝謝，

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Your next question comes from the line of Greg Williams at Talen. Please go ahead.

您的下一個問題來自 Talen 的 Greg Williams。請繼續。

Great. Thanks for taking my questions. Dave, on the $0.05 per share dividend growth per quarter, is this like a temporary move? And would we think about returning to the $0.01 growth quarter-over-quarter? And if so, what would the milestones need to be? I imagine leverage targets would be one of them to return to that growth if you choose to do so.

偉大的。感謝您回答我的問題。戴夫，每股每季 0.05 美元的股息成長，是暫時的嗎？我們是否會考慮恢復到季度環比 0.01 美元的成長？如果是的話，里程碑應該是什麼？我想，如果你選擇這樣做的話，槓桿目標將是恢復成長的措施之一。

And then just back on the Waves cadence, you mentioned 4% to 5% of your bookings will be installed a month. That is about 150 circuits a month. In the past, you said you would get to 500 circuits a month. What needs to happen to get to that target? And when could that be reached at this point? Thanks.

然後回到 Waves 節奏，您提到每月將安裝 4% 到 5% 的預訂量。也就是說每個月大約有 150 個電路。以前您說過，您每個月要做到500個電路。要達到這個目標需要做什麼？那麼什麼時候才能實現這個目標呢？謝謝。

Yes, sure. So let me take each of those questions. Thanks for them, Greg. First of all, the Board reflected on the increase in leverage, and realized that the fundamentals of the business remain strong, but that our leverage is going to continue to increase.

是的，當然。那麼就讓我來逐一回答這些問題。謝謝他們，格雷格。首先，董事會對槓桿率的上升進行了反思，並意識到業務基本面依然強勁，但我們的槓桿率將繼續上升。

As we've outlined on several of these calls that our aggregate leverage will peak in Q3 of this year due to the decline in transit payments from T-Mobile. We have been able to affect a material amount of cost savings, but those still did not result in enough to fully offset the decline in monthly payments from T-Mobile from $29 million down to $8 million.

正如我們在幾次電話會議中提到的那樣，由於 T-Mobile 的交通支付額下降，我們的總槓桿率將在今年第三季達到高峰。我們已經能夠實現大量的成本節約，但這些節約仍然不足以完全抵消 T-Mobile 每月支付額從 2,900 萬美元下降到 800 萬美元的影響。

As a result of that, throughout the year, after those payments decline, our leverage is going up. As our leverage begins to decline in Q4 of this year and going forward, the Board will continue to evaluate the pace of that delivering and is absolutely committed to returning capital to shareholders.

因此，在全年這些付款減少之後，我們的槓桿率卻上升了。隨著我們的槓桿率在今年第四季及以後開始下降，董事會將繼續評估交付速度，並絕對致力於向股東返還資本。

Finally, we, I think, have continued to demonstrate our willingness to opportunistically enter the market and supplement our dividend with buybacks. That policy will continue going forward, but we absolutely believe that our ability to return cash flow will increase starting in the fourth quarter, and some of that will be used to deliver, some will be used for increasing the dividend. And finally, some will be used for opportunistic buybacks. So, I think the milestone will be the reduction in net leverage.

最後，我認為，我們繼續表明我們願意抓住機會進入市場並透過回購來補充股息。該政策將繼續推行，但我們絕對相信，從第四季度開始，我們的現金流回報能力將會增加，其中一部分將用於交付，一部分將用於增加股息。最後，部分資金將用於機會性回購。因此，我認為里程碑將是淨槓桿率的降低。

I'm now going to pivot to your second question, which is Wavelength installation. As we have been very clear in previous discussions with investors, we built a funnel of Wavelength opportunities with no defined installation window. As it became clear that we could begin to install in select locations, in Q3 of 2024, we began the process of cleansing that funnel. And as expected, the majority of that funnel fell out. Those customers went elsewhere, because they could not wait for our deliveries.

我現在要轉到您的第二個問題，即波長安裝。正如我們在之前與投資者的討論中明確表示的那樣，我們建立了一個 Wavelength 機會漏斗，沒有明確的安裝視窗。當我們清楚地知道我們可以開始在選定的位置進行安裝時，在 2024 年第三季度，我們開始了清理漏斗的過程。正如預期的那樣，大部分漏斗都掉了下來。這些顧客去了其他地方，因為他們等不及我們送貨了。

The funnel that we have now of 3,433 orders is a completely rebuilt funnel that was rebuilt from the end of Q3 2024 to the end of Q1 2025. We now have much more clarity around locations and about timing to be able to install.

我們現在擁有的 3,433 個訂單的漏斗是一個完全重建的漏斗，該漏斗是從 2024 年第三季末到 2025 年第一季末重建的。現在，我們對安裝位置和時間有了更清晰的了解。

At 883 locations, we can now install in 30 days. We have sufficient field resources, pluggable optics and service delivery coordinators to be able to provision 500 orders a month. With a 3,400-order backlog in funnel, which represents with a 5% conversion rate about 160. So, we have more installation capacity than orders that are ready to install.

在 883 個地點，我們現在可以在 30 天內完成安裝。我們擁有充足的現場資源、可插拔光學元件和服務交付協調員，每月可提供 500 個訂單。漏斗中積壓了 3,400 個訂單，這意味著 5% 的轉換率約為 160 個。因此，我們的安裝能力比準備安裝的訂單還要大。

As we build credibility with customers, we will both see an uptick in the number of opportunities going into that funnel. Based on the sales forecast that we have, we anticipate that funnel to reach 10,000 from 3,430 by year-end, so in the next seven months. And while we are hopeful that the conversion rate monthly will be greater than the 5%, we outlined, we're basing that on our three-month experience of actually being able to provision orders.

隨著我們與客戶建立起信任，我們將看到進入此管道的機會數量增加。根據我們的銷售預測，我們預計到年底（即未來七個月內）該通路將從 3,430 個達到 10,000 個。雖然我們希望每月的轉換率能夠高於我們概述的 5%，但我們是根據三個月實際提供訂單的經驗得出這一結論的。

The final point I would make really is the sequential pacing of growth. With 18% sequential unit growth, we did very well. However, 2% revenue growth was as a result of those orders installing near the very end of the quarter. And the issue was, come January, we were ready to start installing.

我要說的最後一點是連續的成長節奏。我們的銷量連續成長了 18%，表現非常出色。不過，2% 的營收成長是由於這些訂單在本季末安裝所致。問題是，到了一月份，我們就準備開始安裝。

At that point, it was 802 sites, and we grew that to the 883 at quarter end, and that number has continued to grow. But many customers who still wanted the services needed time to have their equipment ready to accept those services. And that resulted in most of the install activity being back-end loaded at the end of the quarter.

當時，站點數量為 802 個，到季度末，站點數量增加到了 883 個，而且這個數字還在持續增長。但許多仍需要這些服務的客戶需要時間來準備他們的設備以接受這些服務。這導致大部分安裝活動都在本季結束時被後端加載。

As we go into Q2 and beyond, we think that the pacing of installs will be more evenly distributed throughout the quarter. Hopefully, that helped clarify the question. And the goal is to be very specific, with 500 capable installs per month, we think we will be hitting that target probably near the end of the year when the funnel reaches the 10,000 and the conversion rate remains at about 5%.

隨著進入第二季及以後，我們認為整個季度的安裝速度將更加均勻。希望這有助於澄清這個問題。我們的目標非常具體，每月能夠安裝 500 次，我們認為我們大概會在年底達到這個目標，屆時頻道數量將達到 10,000 次，轉換率將保持在 5% 左右。

That's helpful, thank you. Hey, thanks, Fran.

這很有幫助，謝謝。嘿，謝謝，弗蘭。

(Operator Instructions) The next question is from the line of Alex Waters of Bank of America. Please go ahead.

（操作員指示）下一個問題來自美國銀行的 Alex Waters。請繼續。

Good morning, Dave. Thanks for taking my question. Just first, can you talk about the wavelength ARPU and kind of where you see that trending throughout the year? And then secondly, just on the data centre monetization, can you talk just timing, scale and size of some of these potential deals? Thanks.

早上好，戴夫。感謝您回答我的問題。首先，您能談談波長 ARPU 以及您認為全年 ARPU 的趨勢嗎？其次，僅就資料中心貨幣化而言，您能否談談這些潛在交易的時間、規模和大小？謝謝。

Yeah. Hey, thanks, Alex, and congratulations on your new more senior role. Our wavelength ARPU was just under $2,000 in the quarter, about $1,930. I think our base is now large enough, meaning we have enough visibility into the mix of 1,000 and 400 gig waves as well as contract duration and route length that using an ARPU of about $1,900 is a reasonable way to model the business. As the base continues to grow, the installed base, I think that number of the entire base will converge to something around $1,900 to $2,000 per wavelength.

是的。嘿，謝謝你，亞歷克斯，祝賀你獲得新的更高級的職位。本季我們的波長 ARPU 略低於 2,000 美元，約 1,930 美元。我認為我們的基礎現在已經足夠大了，這意味著我們對 1,000 和 400 千兆波的組合以及合約期限和路線長度有足夠的了解，使用約 1,900 美元的 ARPU 是模擬業務的合理方式。隨著基數的不斷增長，安裝基數的不斷增加，我認為整個基數的價格將收斂到每波長 1,900 美元到 2,000 美元左右。

We are seeing a much higher uptick rate and higher capacity waves. 82% of our sales have been of 100 gig waves. That compares to the installed base in the industry of 55% of the base being 10 gig waves. So, the waves that Cogent has been selling tend to be at 100 gigs with about 8% of sales being 400 gigs as compared to the industry base of about 3% at 400 gigs. So -- and then in terms of route length, we now have nationwide or actually continental ubiquity and pretty good visibility into the orders that we have been booking. And as we get stability around the book-to-bill cadence, I think that $2,000 ARPU is a good modelling number.

我們看到了更高的上漲率和更高的容量波動。我們的銷售額中有 82% 是 100 千兆波。相比之下，該產業已安裝的 55% 基數為 10 千兆波。因此，Cogent 銷售的 Wave 數量往往為 100G，其中約 8% 的銷售額為 400G，而行業基礎為 3% 左右為 400G。因此 — — 就航線長度而言，我們現在已覆蓋全國或實際上整個大陸，並且對我們已預訂的訂單有相當好的了解。隨著訂單出貨節奏逐漸穩定，我認為 2,000 美元的 ARPU 是一個很好的建模數字。

Now with regard to your second question of data centre sales and monetization. We are continuing our work to convert those facilities and have just over 100 megawatts of power in what is now 24 facilities we had originally targeted 23 that we are earmarking for sale or long-term lease. We have taken four of our letters of intent and move forward towards initial contract negotiations.

現在關於您的第二個問題：資料中心銷售和貨幣化。我們正在繼續改造這些設施，目前共有 24 個設施，總發電量超過 100 兆瓦，而我們最初計劃改造的 23 個設施將用於出售或長期租賃。我們已經收到四封意向書，並正在推動初步合約談判。

We are still engaging with parties who are conducting site condition studies and engineering due diligence. We don't have an exact time frame, but we are highly motivated to sell this surplus capacity as it is not baked into our financial projections but would be the easiest way for us to quickly deliver. Hopefully, that was helpful.

我們仍在與進行現場條件研究和工程盡職調查的各方接觸。我們沒有確切的時間表，但我們非常積極地出售這些剩餘產能，因為這不包含在我們的財務預測中，但卻是我們快速交付的最簡單方法。希望以上內容對您有幫助。

Thank you, Dave.

謝謝你，戴夫。

Hey, thanks, Alex.

嘿，謝謝你，亞歷克斯。

(Operator Instructions)

（操作員指示）

Your next question is from the line of Walter Piecyk from Light Shed. Please go ahead.

您的下一個問題來自 Light Shed 的 Walter Piecyk。請繼續。

Thanks. Dave, I first wanted to go back to that a couple of questions ago, just to make sure I heard you right. So, because I know there was this thesis that people are super bold on wavelengths that it was just limited by your ability to execute. But I think you said you had the capacity, but you were just waiting on the customers to fill that capacity. And then if you can just talk about if you had installed at the start of the quarter rather than 2.2% sequential growth, which was obviously impacted by the back-end loading, what that growth might have looked like, so we get a sense of kind of unit growth conversion to revenue growth?

謝謝。戴夫，我首先想回顧幾個問題之前提到的這個問題，只是為了確保我聽清楚了你的意思。所以，因為我知道有這樣一種論點，即人們在波長上非常大膽，只是受到執行能力的限制。但我認為你說過你有能力，但你只是在等待客戶來填補這個能力。然後，如果您可以談談如果您在本季度初就安裝了該設備，而不是連續增長 2.2%，這顯然受到後端負載的影響，那麼這種增長可能會是什麼樣子，這樣我們就能了解單位增長轉化為收入增長的情況嗎？

Yeah, so if we had assumed that the orders had installed mid-quarter as opposed to end of quarter, our revenue growth rate would have been in the roughly 13% range. If we were fortunate enough that they had all installed at the beginning of the quarter, it would have been 20% because the 18.2%-unit growth actually. Understated the revenue growth because the ARPUs were actually slightly higher than the installed base.

是的，如果我們假設訂單是在季度中期而不是季度末安裝的，那麼我們的營收成長率將在 13% 左右。如果我們夠幸運，它們都在本季初安裝完畢，那麼成長率將達到 20%，因為實際單位成長率為 18.2%。低估了收入成長，因為 ARPU 實際上略高於安裝基數。

With regard to two very different metrics that we have given, the first metric is our ability to install. Our ability was limited by the repurposing of the Sprint network, and we were constrained till the beginning of this year where we had to do each installation that was done, the roughly 1,000. Waves that we had sold on a custom basis in a limited number of sites.

關於我們給出的兩個非常不同的指標，第一個指標是我們的安裝能力。我們的能力受到 Sprint 網路重新利用的限制，直到今年年初我們才完成大約 1,000 個安裝。我們已在有限數量的站點按定制方式銷售波浪。

After the 1st of the year, we have the ability at 802 sites, which has now grown to 883 sites, to install those services in 30 days. So that's on the cogent supply side. We can do it in those sites at any of three speeds and deliver within 30 days.

從今年 1 月 1 日起，我們有能力在 802 個站點（現已增至 883 個站點）在 30 天內安裝這些服務。這是有說服力的供應方面。我們可以在這些站點以三種速度中的任何一種完成這項工作，並在 30 天內交付。

We had a funnel of orders that had been bought. With customers over a year and a half period as we were repurposing this network with little or no clarity to the customer on when we can install.

我們有一個已購買訂單的漏斗。我們花了一年半的時間重新調整這個網路的用途，但幾乎沒有告訴客戶我們何時可以安裝。

It was not surprising to us and we commented extensively on our last earnings call that we were going through a process to purge that funnel of orders that customers had gone somewhere elsewhere. They could not wait for us.

這對我們來說並不奇怪，我們在上次收益電話會議上詳細評論說，我們正在採取一個流程來清除客戶已經轉移到其他地方的訂單。他們等不及我們了。

Now we have rebuilt that funnel. We also know that many of those orders, the customers are not ready when we are ready.

現在我們已經重建了該漏斗。我們也知道，很多訂單，當我們準備好的時候，客戶還沒準備好。

We expect I heard Dave. I do not want you to have to repeat what you already said. I heard all that. I'm just Because it was just told to me, rather than this install of 6%, a quarter or whatever it is, which is, how customers act that that there was this bull thesis that people were pitching that like, oh, it's just, it's fully about the supply and that they would just fill the supply as soon as that was available. So, I heard you correctly. I was just trying to clarify that, which just sounds like that is the case. Its just customers have to be ready with their equipment and it is going to be, and that is going to impact how that grows. Can I just move on to IP, which is like last quarter had, I think, during the call I specifically asked about what you could do each quarter, and he said it is going to bounce back to 500,000 and that was February. I know in your in your that was late February, so I know in your prepared remarks you said you had to basically disconnect somebody that was misusing it. So, it is the disconnection, like 700,000 IP addresses and can you talk about. Like what does someone have to do with their IP addresses that would merit.

我們希望我聽到了戴夫的聲音。我不想讓你重複你已經說過的話。我聽到了這一切。我只是因為有人告訴我，而不是安裝 6%、四分之一或任何其他數字，也就是客戶的行為方式，存在這種牛市論點，人們在推銷這種論點，比如，哦，這完全與供應有關，只要有貨，他們就會立即填補供應。所以，我沒聽錯。我只是想澄清這一點，聽起來確實如此。客戶只需準備好他們的設備，這將影響其成長方式。我可以繼續討論 IP 嗎？就像上個季度一樣，我想，在通話期間，我特別詢問您每個季度可以做什麼，他說它將反彈到 500,000，那是在二月。我知道那是在二月底，所以我知道您在準備好的發言中說過您必須切斷濫用它的人的聯繫。所以，這是斷開連接，例如 70 萬個 IP 位址，你能談談嗎？就像某人與他們的 IP 位址有什麼關係一樣。

A getting disconnected and I guess similarly should we just assume it should bounce back to 500 a quarter going forward.

斷開連接，我想同樣我們是否應該假設它應該在未來每季反彈至 500。

Yeah, okay, so one corrections well I want to say 5%, not 6, Is the conversion of the funnel and the growth in the funnel. So let me start with what someone has to be disconnected. And by the way, our acceptable use policy is clearly stated on our website. Typically, this will be 1 of 3 violations, there is a government order saying that from any of the 57 countries that we operate in the world that a customer announcing those addresses is doing something that, that government views as illegal. If that is the case, we immediately take it down, and it's upon the customer to resolve that issue with that government.

是的，好的，所以一個更正，我想說的是 5%，而不是 6，是漏斗的轉換和漏斗中的增長。因此，讓我先從某人必須斷開連接的事情說起。順便說一句，我們的可接受使用政策已在我們的網站上明確說明。通常，這是 3 種違規行為中的 1 種，有一項政府命令規定，在我們運營的全球 57 個國家/地區中的任何一個國家/地區，客戶宣布這些地址的行為都是政府視為非法的。如果是這種情況，我們會立即將其刪除，並由客戶與政府解決該問題。

The second area of abuse is typically copyright violations, and that is someone transmitting copyrighted information without the correct authority to do so. That is the case here that resulted in this fairly material takedown. This customer was violating the digital rights management requirements of the US government. And then the third potential area of abuse is if someone is using the addresses for a disruptive activity such as web scraping or spamming. Those are the 3 main categories of AUP violations. There was actually more than one customer in the quarter who had a significant digital rights management issue that resulted in a material decline in units, but also, we were still able to grow revenues due to price increases. We absolutely anticipate to clearly answer your question, returning to a gross add of north of 500,000 incremental addresses a quarter. And it is difficult for us to predict. There have been episodic periods in the past where we've had to take down blocks. This was a particularly larger instance this quarter.

濫用的第二個領域通常是侵犯版權，即有人在沒有正確授權的情況下傳輸受版權保護的資訊。這就是導致這次相當重大的撤職事件的案例。該客戶違反了美國政府的數位版權管理要求。第三個潛在的濫用領域是，如果有人使用這些位址進行破壞性活動，例如網頁抓取或發送垃圾郵件。這些是 AUP 違規行為的 3 個主要類別。本季實際上有多個客戶遇到了嚴重的數位版權管理問題，導致銷售量大幅下降，但是，由於價格上漲，我們仍然能夠增加收入。我們絕對希望能夠清楚回答您的問題，恢復每季新增 500,000 個增量地址的總數。我們很難預測。過去曾有一段時間我們必須拆除障礙物。這是本季一個特別大的例子。

Okay. So, there could be additional churn going forward from this type of stuff, but it's just too hard to predict. Got it. And then are you still good with the $350 million for the year because it's obviously going to be a pretty big second half ramp to get there?

好的。因此，這類事情可能會帶來更多的客戶流失，但這很難預測。知道了。那麼，您是否仍然對今年的 3.5 億美元感到滿意，因為顯然下半年要實現這一目標還需要相當大的努力？

So we know that we have a very steep hill to climb on EBITDA because we had a $104 million reduction in transit payments from T-Mobile. We feel comfortable we are continuing to improve our EBITDA and grow that and should be able to achieve the goals that we have outlined.

因此，我們知道，我們在 EBITDA 方面面臨著巨大的挑戰，因為 T-Mobile 的交通支付減少了 1.04 億美元。我們感到很安心，我們將繼續提高並增加我們的 EBITDA，並且應該能夠實現我們所概述的目標。

Okay thanks and thanks for the short and prepared comments. Appreciate it.

好的，謝謝，也感謝您簡短而有準備的評論。非常感謝。

Thank you. Your suggestions were helpful, Walt.

謝謝。你的建議很有幫助，沃爾特。

(Operator Instructions)

（操作員指示）

Your next question comes from the line of Chris Shoal from UBS. Your line is open.

您的下一個問題來自瑞銀的 Chris Shoal。您的線路已開通。

Great, thank you for taking the questions. Just to follow up on your long new term growth targets, what gives you confidence today to raise the target and any help breaking down that 6 to 8% revenue growth expectation by customer segment. And I believe in recent quarters for the legacy cogent business you have provided a core growth rate for both corporate and eccentric. What did core growth look like this quarter and how do you expect that to evolve from here?

太好了，謝謝你回答這些問題。只是為了跟進您的長期新增長目標，是什麼讓您今天有信心提高目標，以及任何有助於按客戶細分 6% 至 8% 的收入增長預期。我相信，最近幾個季度，你們為傳統的令人信服的業務提供了企業和古怪的核心成長率。本季核心成長情況如何？您預計未來將如何發展？

Thank you.

謝謝。

Yes. Thanks for the questions, Chris. So, our growth was greatly impacted by absorbing Sprint's negative growth trajectory at closing and then accelerated by our attempt to purge undesirable services and revenues. That is how we have been able to actually grow cash flow, while declining top line. This is on a customer-by-customer basis.

是的。謝謝你的提問，克里斯。因此，我們的成長受到了 Sprint 在收盤時吸收其負成長軌蹟的極大影響，而後我們試圖清除不良服務和收入，從而加速了我們的成長。這就是我們在收入下降的同時，能夠真正增加現金流的原因。這是根據每個客戶的具體情況而定的。

We now have clear line of sight to the remaining services that we need to disconnect, and we've been able to negotiate, in some cases, customers agreeing to allow us to disconnect those services sooner than their contractual terms would allow us to.

現在，我們對需要斷開的剩餘服務有了清晰的認識，並且在某些情況下，我們已經能夠進行協商，客戶同意我們比合約條款允許的更早斷開這些服務。

With that, we're comfortable that we'll be able to get through the vast majority of that intentional churn by mid-Q3 and then return to organic growth. We also now have higher confidence in the wavelength trajectory due to the realistic book-to-bill cycle and the quality of the funnel.

有了它，我們有信心能夠在第三季中期解決絕大多數有意流失的客戶，然後恢復有機成長。由於現實的訂單到出貨週期和漏斗的質量，我們現在對波長軌跡也有了更高的信心。

Within the customer segments, we think that enterprise revenues will effectively be flat. We think that corporate revenues should on a consolidated basis, net of this intentional churn should be growing in the mid-single digits of 4% to 5%, and that represents both the on-net Cogent traditional corporate customer, as well as the corporate customers that we had acquired from Sprint, most of which that could be moved on-net have been moved on-net. And then the remainder are going to continue to be off-net as the locations are just not practical to bring on-net.

在客戶細分領域，我們認為企業收入實際​​上將保持持平。我們認為，扣除這些有意流失的客戶後，企業收入在合併基礎上應該會增長 4% 到 5% 左右，這既包括 Cogent 的網上傳統企業客戶，也包括我們從 Sprint 獲得的企業客戶，其中大多數可以轉移到網上的客戶都已經轉移到網上了。其餘地區將繼續處於離網狀態，因為這些地方不適合接取網路。

And then finally, on the Netcentric segment, that is where the vast majority of the wavelength revenue will be ascribed. And over 93% or 94% of the waves that have been sold to date have been to Netcentric customers. With the combination of the Netcentric IP growth and the wavelength growth, albeit a small percentage of that, we anticipate Netcentric aggregate growth. So that's both IP and wavelengths to be north of 10%.

最後，在 Netcentric 領域，波長收入的絕大部分將歸因於此。迄今為止，已售出的 Wave 中超過 93% 或 94% 都賣給了 Netcentric 客戶。透過 Netcentric IP 成長和波長成長的結合，儘管只佔很小的比例，我們預計 Netcentric 的整體成長將會實現。因此 IP 和波長均超過 10%。

That combined growth rate and the fact that we have worked through the business that we want to exit should get us to an increased total revenue growth rate of 6% to 8% compare that to Cogent pre-acquisition of Sprint, where for a 18-year history, we had a compounded average growth rate of 10.2%.

這一綜合成長率加上我們已經完成了想要退出的業務，將使我們的總收入成長率提高 6% 至 8%，相比之下，在 Cogent 收購 Sprint 的 18 年歷史中，我們的複合平均成長率為 10.2%。

A big part of the reason why we required T-Mobile to enter into the transit agreement and subsidize us was both the losses and the realization that for a period of time while we were correcting the revenue mix in the business we acquired, we were going to suffer negative revenue growth. That is now clearly in our sites to turn positive.

我們要求 T-Mobile 簽訂傳輸協議並補貼我們的原因很大一部分是既有損失，也有意識到在我們調整所收購業務的收入結構一段時間內，我們將遭受負收入成長。現在，這顯然在我們的網站中變成了積極的跡象。

And then, secondly, we are comfortable that we will also get better margin contribution than we had initially forecast. And, quite honestly, from the day we have closed, our margin contributions have actually exceeded our internal targets.

其次，我們很高興看到，我們的利潤貢獻也將比我們最初預測的更好。而且坦白說，從我們關閉的那一天起，我們的保證金貢獻實際上已經超過了我們的內部目標。

Thanks Dave. And then, just do you have what the core growth rates were for Corporate and Netcentric in the quarter, excluding all the grooming efforts?

謝謝戴夫。那麼，您是否知道本季企業與網路中心的核心成長率是多少（不包括所有的修飾工作）？

So, it's become harder-and-harder for us to kind of parse that out as we've re-provisioned the customers. I believe the corporate segment grew between 3% and 4%, but that is not as precise a number as I would like to give you. And I think Netcentric probably grew at around 6% or 7% on a year-over-year basis.

因此，當我們重新為客戶提供服務時，解決這個問題變得越來越困難。我認為企業部門的成長幅度在 3% 到 4% 之間，但這個數字並不像我想告訴你的那麼精確。我認為 Netcentric 的同比增長率可能在 6% 或 7% 左右。

Great, thank you, Dave.

太好了，謝謝你，戴夫。

(Operator Instructions)

（操作員指示）

Hey, thanks Chris. your next question comes from the line of Nick Deldeo from Muffet Nathanson. Your line is open.

嘿，謝謝克里斯。您的下一個問題來自 Muffet Nathanson 的 Nick Deldeo。您的線路已開通。

Hey. Thanks for taking my questions. And Dave, I also appreciate the new call format. I thought that was helpful, so thanks for making the changes. First, going back to the SG&A line, I think you basically said that the entire sequential increase was due to normal seasonal items.

嘿。感謝您回答我的問題。戴夫，我也很欣賞新的通話格式。我認為這很有幫助，所以感謝您所做的改變。首先，回到銷售、一般及行政費用方面，我認為您基本上說的是整個連續增長是由於正常的季節性項目造成的。

It still feels like an high increase even after taking those into account. I guess, like, was Q4 SG&A depressed for some reason such that it wasn't a good jump-off point for thinking about Q1? And if we think about Q2 SG&A, how should we think about the roll-off of tax and audit costs, the sales meeting costs, and those sorts of things?

即使考慮到這些因素，成長幅度仍然很大。我猜，是不是因為某些原因，第四季的銷售、一般及行政開支低迷，以致於它不是考慮第一季的一個好起點？如果我們考慮第二季的銷售、一般和行政費用，我們應該如何考慮稅務和審計成本、銷售會議成本以及諸如此類的事情？

Yeah. I am going to start, and then I am going to pass it to Tad. Our sequential increase in expenses was greater this year than it was last year. And the primary reason for that is we had the entire Sprint employee base in Cogent's numbers for 2024.

是的。我要開始了，然後我要把它傳給泰德。我們今年的支出較上季成長比去年更大。主要原因是我們在 Cogent 的 2024 年數據中涵蓋了整個 Sprint 員工隊伍。

And in 2023, we only picked up those expenses on May 1. And all of the vacation accruals that those employees had were actually paid out in cash by T-Mobile as a condition prior to closing. So, we did not assume those.

而在 2023 年，我們只在 5 月 1 日收取這些費用。作為關閉前的一項條件，這些員工所享有的所有假期實際上都是由 T-Mobile 以現金支付的。所以，我們沒有假設這些。

Probably the biggest component of the sequential change in SG&A, actually relates to the fact that people we have a use-or-lose policy, and people use the vacation in Q4 and then build an accrual going forward. But I am going to let Tad, give you a little more granularity on the components and kind of the variance between this year and other years.

銷售、一般和行政費用連續變化中最大的部分可能實際上與以下事實有關：我們有一個用完即止的政策，人們在第四季度使用假期，然後在未來建立應計項目。但我會讓泰德 (Tad) 向您更詳細地介紹一下今年與往年之間的組成部分和差異。

Sure. So, in the fourth quarter, there were no unusual items. I would say, though, bad debt expense for the fourth quarter of last year was unusually low. We are usually at about 1% of our revenues, and it was 1% of our revenues, actually 0.8% this quarter. So, that is about $1.5 million.

當然。因此，第四季沒有出現任何異常情況。不過我想說，去年第四季的壞帳費用異常低。我們通常佔收入的 1% 左右，本季佔收入的 1%，實際上為 0.8%。所以，這大約是 150 萬美元。

The remainder of the $10.6 million increase is all these seasonal factors that Dave mentioned. It is 2.5% CPI on everyone's salary that had been here for a year. It's resetting of tax expenses, payroll taxes in the United States that happens every year.

1060 萬美元增幅的其餘部分都是戴夫提到的這些季節性因素。這是針對在這裡工作了一年的每個人的工資徵收 2.5% 的 CPI。這是美國每年都會進行的稅費和工資稅的重新設定。

Its annual audit fees that happen every year, those -- and then the vacation accrual, which is not insignificant sequentially, that's a $4 million change, and it's just a seasonal factor, people take vacation, of course, in the fourth quarter with the holidays, you're hitting the vacation accrual and not having to expense it because you've built that accrual over time. When you get back to the first quarter, you need to rebuild that again. So, you have a swap in expense now building the accrual when you were charging the accrual in the fourth quarter. It is not insignificant. It is $4 million of the $10.6 million sequential increase, but it is normal. It was just -- it is a normal activity. I would say it was just outsized because of the nature of seven months versus a full year, Sprint. Does that help? Does that answer that?

每年都會產生年度審計費用，這些費用——然後是假期應計費用，這在連續變化中並不是微不足道的，這是一個 400 萬美元的變化，而且這只是一個季節性因素，人們當然會在第四季度休假，你會達到假期應計費用，但不必將其費用化，因為你已經隨著時間的推移建立了這種應計費用。當你回到第一季時，你需要再次重建它。因此，當您在第四季度收取應計費用時，您現在就有了掉期費用來建立應計費用。這並不是無關緊要的事。這是連續 1060 萬美元增長中的 400 萬美元，但這是正常的。這只是——一項正常活動。我想說，由於七個月的性質，而不是一整年的衝刺，所以它看起來太龐大了。這樣有幫助嗎？這能回答這個問題嗎？

And we have to say it was just.

我們必須說這是公正的。

It's a normal activity. I would say it was just outsized because of the nature of 7 months versus a full year sprint employee. Does that help? Does that answer that?

這是正常活動。我想說，這只是因為 7 個月的性質與全年衝刺員工相比過於龐大。這樣有幫助嗎？這能回答這個問題嗎？

Yes.

是的。

Yes, it does. Are you willing to share anything regarding where that is going to land in Q2? Where is SG&A going to land in Q2? Or is this a run rate to think about?

是的。您是否願意分享有關第二季將實現什麼目標的資訊？第二季銷售、一般及行政開支將下降至多少？或者這是一個需要考慮的運行率？

Slightly ticked down because more people will hit their FICA capacity, and the payroll taxes typically decline.

略微下降是因為更多的人將達到他們的聯邦保險捐款法 (FICA) 限額，而且工資稅通常會下降。

Okay. On the IPv4 addresses you said it was a large number that you took back. Are you willing to share the exact number?

好的。關於 IPv4 位址，您說您收回了一個很大的數字。您願意分享確切的數字嗎？

Yeah, well, it was from more than one customer, so it can't be attributed to just one, but it was in the order of about 6,000 to 700,000 addresses and it's an aggregate that were taken back.

是的，它來自多個客戶，所以不能歸因於單一客戶，但它大約有 6,000 到 700,000 個地址，這是一個被收回的總數。

Okay, so your underlying trends are much better than they then they appear.

好的，所以您的潛在趨勢比表面上看起來的要好得多。

We've had this in the past. It is rare that you get this much in a quarter, but we don't predict when people do bad things. And Walt tried to say it is going to go away. And I cannot answer that question because I cannot tell you no one is going to violate Turkish security laws, and we get a takedown notice from the government of Turkey for a big block of addresses. I mean, stuff like that happens, and it is episodic.

我們以前也遇到過這種情況。在一個季度內獲得這麼多收益的情況很少見，但我們無法預測人們何時會做壞事。沃特試圖說它會消失。我無法回答這個問題，因為我不能告訴你沒有人會違反土耳其的安全法，而且我們收到了土耳其政府發出的刪除大量地址的通知。我的意思是，這樣的事情時常發生，而且是偶發的。

It was just more extreme this quarter than not. And fortunately, for us, we had such a good tailwind from the price increases that the revenue still grew sequentially at 14.4%.

本季的情況比以往更加極端。幸運的是，我們得益於價格上漲的良好推動，營收仍較上季成長了 14.4%。

Okay. And then maybe one last quick one, if it is okay. You said that a majority of your Q4 -- of the backlog and funnel from waves that you showed in Q4 fell out as part of the cleanup process. I mean again, can you share what that number is? I am just trying to get a sense of what your gross adds to the backlog and funnel were in Q1.

好的。如果可以的話，最後再快速問一下。您說過，您在第四季度展示的大部分積壓和漏斗都作為清理過程的一部分消失了。我的意思是，您能再分享一下這個數字嗎？我只是想了解一下您的總銷售額在第一季對積壓訂單和漏斗的貢獻是多少。

Yes. So, between the stuff that fell out and the stuff that installed starting in -- at the end of Q3. So, we had visibility to starting to tell people we could give them firm delivery dates starting in January, nearly 90% of the total funnel that existed at the end of Q3 2024 fell out. Only about 10% of that funnel, which was about -- also about 3,500 ended up either installing or carrying over. And more of the installs that occurred, for example, in Q1 were things that were sold in Q4 and went into the funnel, and the funnel is continuing to grow. And until we could actually install, I was extremely reluctant to give people kind of a book-to-bill kind of cadence and really even an ARPU.

是的。因此，在掉落的東西和安裝的東西之間——從第三季末開始。因此，我們可以預見地告訴人們，我們可以從 1 月開始為他們提供確定的交貨日期，但到 2024 年第三季末，總漏斗中近 90% 的訂單都已落空。該漏斗中只有大約 10%（也就是約 3,500 個）最終安裝或結轉。例如，第一季發生的更多安裝是第四季度售出的並進入通路的產品，而且通路還在持續成長。在我們真正安裝之前，我非常不願意給人們那種從訂單到出貨的節奏，甚至是 ARPU。

Now that we've got at least a couple of quarters where we could give people actual install dates with SLA commitments associated with it, we've got a lot more visibility. And I can look at the IP funnel and have a great deal of clarity around its conversion rate on a monthly basis. I think what we have said of 4% to 5% is conservative, and I am hoping that conversion rate actually accelerates as the funnel grows and we demonstrate to customers, we can really deliver. But the fact that we've actually delivered services now in 329 sites, I think just has earned us a lot of credibility and it's helped us build the funnel at a much faster pace than we were building it before.

現在我們至少有幾個季度的時間可以為人們提供實際的安裝日期以及與之相關的 SLA 承諾，我們獲得了更高的可見度。我可以查看 IP 漏斗並清楚地了解其每月的轉換率。我認為我們所說的 4% 到 5% 是保守的，我希望隨著管道的成長以及我們向客戶證明我們確實可以實現目標，轉換率實際上會加速。但事實上，我們現在已經在 329 個網站提供服務，我認為這為我們贏得了巨大的信譽，並且幫助我們以比以前快得多的速度建立管道。

Yeah, But it sounds like, based on your commentary, you had at least a few thousand on a clean basis, a few thousand additions to the backlog and funnel in the quarter, which would, I guess, in tandem with your expected install, kind of get you to that 10,000 by year-end?

是的，但聽起來，根據您的評論，您至少有幾千個乾淨的基礎，本季度積壓和漏斗中增加了幾千個，我想，這與您預期的安裝量相結合，到年底您會達到 10,000 個嗎？

That is correct.

沒錯。

Okay.

好的。

Great well thank you guys. Hey, thanks, Nick

非常好，謝謝大家。嘿，謝謝，尼克

(Operator Instructions)

（操作員指示）

You have a question from Michael Rowlands at City. Please go ahead.

您有來自 City 的 Michael Rowlands 的一個問題。請繼續。

Hi Dave, good morning. Thanks for taking the questions. if I could. So first, curious if you could discuss the slower Internet traffic growth year-over-year and what you're seeing also in regards to pricing and the implications of all of that as you look at Internet transit revenue performance within the Netcentric revenue going forward?

嗨，戴夫，早安。感謝您回答這些問題。如果我能。首先，您能否談談網路流量年增率放緩的情況，以及您在展望未來 Netcentric 收入中的網路傳輸收入表現時，在定價方面以及所有這些影響方面所看到的情況？

And then secondly, are you seeing any changes in customer behaviour in terms of sales cycle, decision-making since the beginning of April after the tariff announcement? And can you just remind us how a slower macro could impact your business performance?

其次，自 4 月初關稅公告發布以來，您是否發現客戶在銷售週期和決策方面的行為發生了任何變化？您能否提醒我們宏觀經濟放緩會對您的業務績效產生什麼影響？

Yes. Let me start with the traffic growth number. So if you look at Open Vault data, which is looking at traffic on the other side, which is end user total downloads, that has slowed to about 8%, which is in alignment with what we are seeing kind of on the supply side or upstream component.

是的。我先從流量成長數字開始。因此，如果您查看 Open Vault 數據，您會發現另一端的流量（即最終用戶的總下載量）已經放緩至約 8%，這與我們在供應方或上游組件中看到的情況一致。

I think there are really three things going on concurrently. One, the rate of broadband adoption in countries that have decent access network capabilities has slowed. Two, the number of minutes of use per day has also moderated. And third, the adoption of video has slowed. So, at the beginning of the pandemic, we were at about 18% of end-user video consumption being streamed. That in five years, accelerated to about 54%. It is going to continue to go up from here. And in particular, the pivot to more live event availability is helpful.

我認為實際上有三件事同時發生。一是接取網路能力較好的國家寬頻普及率放緩。二是每日使用分鐘數也有所減少。第三，影片的普及速度已經放緩。因此，在疫情開始時，終端用戶的視訊消費中約有 18% 是透過串流媒體進行的。五年內，這一比例加速至約 54%。它會從現在開始繼續上漲。尤其是，轉向提供更多的現場活動是有幫助的。

But I do think with a larger video base, that application is maturing. I also think we are in a period when most of the network load for AI is directed at wavelengths because most of that network load is for training and not inference. But as the results of those large language models get distributed, that should present a new use case where users will use Internet connectivity more and bit volumes will go up.

但我確實認為，隨著視訊基礎的擴大，該應用程式正在成熟。我還認為，我們正處於這樣一個時期：人工智慧的大部分網路負載都集中在波長上，因為大部分網路負載用於訓練而不是推理。但隨著這些大型語言模型的結果得到分發，這應該會出現一個新的用例，即用戶將更多地使用互聯網連接，比特量將會增加。

So, we have seen this pattern of kind of oscillations in aggregate demand as applications change historically. And I think that will probably continue to be the case. But I think we're going to see over the next year or two, a reacceleration at least in bid intensity per user.

因此，隨著應用程式的歷史變化，我們看到了總需求的這種波動模式。我認為這種情況可能會持續下去。但我認為，在未來一兩年內，我們將至少看到每個用戶的出價強度再次加速。

Now, in terms of pricing, we have seen the rate of price declines pretty consistent now for 25 years, that's at about 22%, 23% a year. And while there is always some short-term variability, that long-term trendline is pretty consistent, and I do not think that is going to change. Even though there is less competition, the technology associated with manufacturing those bit miles are continuing to improve pretty significantly. So, I think we will see some more price declines for the industry and kind of more of a return to historical traffic growth rates.

現在，就定價而言，我們已經看到價格下降的速度在 25 年內相當穩定，每年約為 22% 至 23%。雖然總是存在一些短期波動，但長期趨勢相當一致，我認為這不會改變。儘管競爭較少，但製造這些比特英里的相關技術仍在持續顯著改善。因此，我認為我們將看到行業價格進一步下降，流量成長率將進一步回歸歷史水準。

To your last question around tariffs, I am going to actually answer it with kind of two different views. One is for our Netcentric customers, and this could be either Wave or IP.

對於您關於關稅的最後一個問題，我實際上將用兩種不同的觀點來回答。一個是針對我們的 Netcentric 客戶，可以是 Wave，也可以是 IP。

Most of the time, they need equipment to accept those services. They are not happy. That equipment is more expensive. It does have some tariff load on it as at least a portion of it is coming from high tariff locations. But they still need it to deliver service. So, I think that is probably an initial shock. And in terms of materiality to their overall cost structure, I think it is much like Cogent. It's not material, but there's just a shock when that happens.

大多數時候，他們需要設備來接受這些服務。他們不高興。那個設備比較貴。它確實承受著一些關稅負擔，因為至少有一部分來自高關稅地區。但他們仍然需要它來提供服務。所以，我認為這可能是一個最初的震驚。從其對整體成本結構的重要性來看，我認為它與 Cogent 非常相似。雖然這不是什麼實質的事情，但當它發生時，確實會讓人震驚。

But I would say the only thing on the tariff front that could potentially impact Netcentric business is if there is an effective content tariff, i.e., the movie tariff, which doesn't exist, I have no visibility to how that's going to affect end user demand.

但我想說，在資費方面，唯一可能影響 Netcentric 業務的因素是，如果存在有效的內容資費，即電影資費，而這種資費並不存在，我不知道這將如何影響最終用戶的需求。

And then on the corporate side, I do believe that a number of corporate users are just concerned with the overall macro situation. And are we entering a period of reduced or negative growth and higher inflation. And for that reason, they are just being more cautious on long-term commitments. But again, because we sell a utility, I do not think that is going to have a material impact. I do not think we are in the kind of 2008, 2009 great financial crisis level of paralysis. And our underlying corporate growth continues. As we complete this grooming, we feel confident that aggregate growth and corporate growth will be positive later this year.

從企業方面來看，我確實相信許多企業用戶只關心整體宏觀情勢。我們是否正在進入成長放緩或負成長、通膨上升的時期？因此，他們對長期承諾更加謹慎。但同樣，因為我們銷售的是公用事業，所以我不認為這會產生實質的影響。我不認為我們正處於2008年、2009年那種金融危機的癱瘓程度。我們公司的基礎成長仍在繼續。隨著我們完成這一整頓，我們有信心今年稍後整體成長和企業成長將實現正成長。

Thanks,

謝謝，

Hey, thanks, Mike.

嘿，謝謝，麥克。

(Operator Instructions)

（操作員指示）

Your next question comes from the line of Tim Horan from Oppenheimer. Your line is open.

您的下一個問題來自奧本海默公司的蒂姆·霍蘭。您的線路已開通。

Thanks, guys. Dave, can you give us maybe just some timing on the data centre sale and maybe expectations on price if you've received any? And then on the wavelength side, have you seen any competitive response?

謝謝大家。戴夫，您能否告訴我們一些資料中心銷售的時間安排以及價格預期（如果您已經收到的話）？那麼在波長方面，您是否看過任何競爭反應？

Yes. I'm going to take those in reverse order, Tim. Probably the only competitive response was aimed at the hyperscale segment of the wave market and the decision by at least one of our competitors after 20 years to agree to sell dark Fiber, which is a potential substitute for wavelengths where the customer buys the dark Fiber and then produces their own wavelengths on that.

是的。我將按相反的順序來做這些，蒂姆。可能唯一的競爭反應是針對波浪市場的超大規模部分，我們的至少一個競爭對手在 20 年後決定同意銷售暗光纖，這是波長的潛在替代品，客戶購買暗光纖然後在其上生產自己的波長。

I think on the kind of delivery of wavelength services, we have not seen any change in pricing or delivery schedules. And what we have heard from customers that have put orders into our funnel is that our pricing is good. We have not had to be maybe as aggressive as we thought we would have to be once we had the network fully configured.

我認為，就波長服務的交付類型而言，我們沒有看到價格或交貨時間表的任何變化。我們從已經下訂單的客戶那裡聽說我們的定價很合理。一旦網路完全配置完畢，我們可能不必像我們想像的那麼積極。

Again, five months doesn't make a permanent trend, but we feel pretty good that the pricing that we're going to market has been well received by customers and viewed as adequately competitive to win share.

再次強調，五個月並不能形成永久的趨勢，但我們感到非常高興，我們即將推向市場的定價受到了客戶的歡迎，並被認為具有足夠的競爭力來贏得市場份額。

I'm going to pivot now to your data centre question. And as I stated earlier, we have a handful of situations where we are moving from letter of intent to contract. There is nothing that we can announce today. We are also continuing to do the work necessary to complete that data centre conversion, but we think that will be completed in the next two months. We were pretty clear that we will have that done by the end of Q2, and we are on track to do that.

我現在要轉到您的資料中心問題。正如我之前所說，我們遇到了一些從意向書轉向合約的情況。今天我們沒有什麼可以宣布的。我們仍在繼續進行完成資料中心轉換所需的工作，但我們認為這將在未來兩個月內完成。我們非常清楚，我們將在第二季末完成這項工作，而且我們正在按計劃進行。

In terms of pricing, I would say the couple of parties that are negotiating leases are similar to our ask price. On the parties that are negotiating for outright purchase, there is a much wider dispersion. At least one of the contracts is at the ask price, but the others are below that. We need to vet the ability of each of the parties to perform, and that's part of what is going on while we are refining economic terms and an LOI into a contract. Because we have never done this before, I remain reluctant to give a firm date of when we can do this. I think we're making good progress, and we'll get this -- we will monetize some of these, but it really does take two parties, and the parties have to have the wherewithal to perform.

在定價方面，我想說，正在協商租賃的幾方的定價與我們的要價相似。對於正在進行直接購買談判的各方而言，分歧更大。至少有一份合約的價格是賣價，但其他合約的價格低於賣價。我們需要審查各方履行合約的能力，這是我們在將經濟條款和意向書細化為合約時所進行的工作的一部分。因為我們以前從未這樣做過，所以我仍然不願意給出我們何時能夠做到這一點的確切日期。我認為我們正在取得良好進展，我們將實現這一點——我們會將其中一些貨幣化，但這確實需要雙方的共同努力，而且雙方必須擁有必要的資金才能實現。

So we're going through that process. And I know early in the process, you had the ability to tour one of the facilities that was a work in progress. And I can assure you, if you go back to that facility in Merchantville today, it would look very different than when you toured it.

所以我們正在經歷這個過程。我知道在這個過程的早期，您就有機會參觀一個正在建設中的設施。我可以向你保證，如果你今天回到 Merchantville 的那個工廠，它看起來會與你參觀時大不相同。

But it's something you think you can get done in like three months? Or is it more of a six-month type of negotiation?

但您認為您可以在三個月內完成這件事嗎？或者這更像是一種為期六個月的談判？

No, it is really hard for me to answer. To be conservative, I would take the longer view, Tim, not the shorter view just because we've got parties at the table, but we've got to flush through what are the conditions they need -- what is their timeline to close? How much is their earnest money deposit, what are the outs that they are looking to negotiate. And again, there is a fairly broad spectrum from sophisticated private equity to existing data centre operators to more new business models. And I just want to maximize value. And I think it is going to be more than three months. I do not know how much more, but I think that is probably aggressive to say that there is an actual closed sale.

不，這對我來說確實很難回答。保守地說，提姆，我會採取更長遠的眼光，而不是因為我們有各方在場而採取短期眼光，但我們必須弄清楚他們需要什麼條件——他們完成談判的時間表是什麼？他們的定金是多少，他們希望協商的結果是什麼。而且，涉及的範圍相當廣泛，從成熟的私募股權到現有的資料中心營運商，再到更多新的商業模式。我只是想實現價值最大化。我認為這會持續三個多月。我不知道還有多少，但我認為說這是一筆實際完成的銷售可能有點激進。

Got it, thank you.

知道了，謝謝。

All right. We are through our questions. The last topic I am going to touch on just quickly is something that affects me personally, and that is that I have due to Cogent stock volatility, had to substantially increase some of the shares that I had pledged to pay taxes over the years. I have not increased any borrowing, but I do want shareholders to be aware that I am trying to be as transparent as possible. I have been forced to inject money into my real estate portfolio, and that is continuing.

好的。我們的問題已經解答完畢。我要快速談的最後一個主題對我個人有影響，那就是由於 Cogent 股票的波動，我不得不大幅增加一些我多年來承諾納稅的股票。我沒有增加任何借款，但我確實希望股東知道我正在努力盡可能透明。我被迫向我的房地產投資組合注入資金，而且這種情況還在繼續。

I want to personally thank everyone. Hopefully, this new format was more efficient. We did get everybody's questions answered and got it down to an hour 15, and I look forward to seeing you all in person soon. Take care. Thanks. Bye-bye.

我要親自向大家表達感謝。希望這種新格式更有效率。我們確實回答了每個人的問題，並將時間縮短到 1 小時 15 分鐘，我期待很快能與大家見面。小心。謝謝。再見。

(Operator Instructions)

（操作員指示）

This concludes today's conference call.

今天的電話會議到此結束。

Thank you all for joining us. You may now disconnect.

感謝大家的參與。您現在可以斷開連線。