Cogent Communications Holdings Inc (CCOI) 2025 Q4 法說會逐字稿

Good morning, and welcome to the Cogent Communications Holdings fourth-quarter and full-year 2025 earnings conference Call. As a reminder, this conference call is being recorded, and it will be available for replay at www.cogentco.com. A transcript of this conference call will be posted on Cogent's website when it becomes available. Cogent's summary of financial and operational results attached to its press release can be downloaded from the Cogent website.

早安，歡迎參加 Cogent Communications Holdings 2025 年第四季及全年業績電話會議。再次提醒，本次電話會議正在錄音，錄音回放可在www.cogentco.com網站收聽。會議文字稿將在Cogent網站上發布，敬請期待。Cogent 的新聞稿附件中包含的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. Please go ahead.

現在，我想把電話交給 Cogent Communications Holdings 的董事長兼執行長 Dave Schaeffer 先生。請繼續。

Thank you, and good morning to everyone. Welcome to our fourth quarter 2025 and full-year 2025 Conference Call. I'm Dave Schaeffer, Cogent's CEO, and with me on today's call is Tad Weed, our Chief Financial Officer. I'd like to highlight a few key events and significant matters in the quarter. I'd like to be able to go through these metrics to help you understand better, our business.

謝謝大家，大家早安。歡迎參加我們2025年第四季及2025年全年業績電話會議。我是 Cogent 的執行長 Dave Schaeffer，今天和我一起參加電話會議的是我們的財務長 Tad Weed。我想重點介紹本季的一些關鍵事件和重要事項。我希望能夠透過分析這些指標，幫助您更了解我們的業務。

We are continuing to increase our margins. Our increase in gross margin and EBITDA margins have been driven by cost reductions and a rotation to more profitable on-net products. In the third quarter of 2023, the first full quarter Cogent was combined with Sprint Wireline revenues, our combined revenues by connection type for the third quarter versus this quarter have changed materially.

我們的利潤率正在持續提高。我們的毛利率和 EBITDA 利潤率的成長得益於成本降低和向利潤更高的淨利潤產品轉型。2023 年第三季度，Cogent 的第一個完整季度與 Sprint Wireline 的收入合併，我們第三季度按連接類型劃分的合併收入與本季度相比發生了重大變化。

Our on-net revenues were 47% of our revenues in the third quarter of 2023. Our net revenues as a percentage of revenues has increased from 47% of revenues in the third quarter of 2023 to 61% of revenues this quarter.

2023 年第三季度，我們的淨收入佔總收入的 47%。我們的淨收入佔總收入的百分比已從 2023 年第三季的 47% 成長到本季的 61%。

Our off-net revenues were 48% of our total revenues in the third quarter of 2023, immediately after the combination of Sprint and Cogent. Our off-net revenues as a percentage of our total revenues have decreased from 48% of revenues down to 39% of total revenues this quarter.

2023 年第三季度，Sprint 和 Cogent 合併後，我們的非網內收入佔總收入的 48%。本季度，我們的非淨收入佔總收入的比例從 48% 下降到 39%。

And our non-core revenues were 5% of total revenues in the third quarter of 2023. And our non-core revenues as a percentage of our total revenues has decreased to less than 1% of our revenues this quarter.

2023 年第三季度，我們的非核心收入佔總營收的 5%。本季度，我們的非核心收入佔總收入的比例已降至不到 1%。

We'd like to take a moment and outline our progress in our wavelength sales. At year-end, we were offering wavelength services in 1,068 locations, all capable of 10 gigabit, 100 gigabit and 400 gigabit services with provisioning intervals of approximately 30 days.

我們想花點時間概述一下我們在波長銷售方面取得的進展。到年底，我們在 1,068 個地點提供波長服務，所有地點均能夠提供 10 吉比特、100 吉比特和 400 吉比特的服務，配置週期約為 30 天。

As of today, we have actually increased our service footprint to 1,096 locations. Our wavelength revenue for the quarter was $12.1 million, a 74% year-over-year increase compared to the comparable quarter in 2024. Our sequential wavelength revenue growth accelerated and increased by 19%. That is better than the 12% sequential increase in Q3 over Q2. Our wavelength customers increased by 18% sequentially to 2,064 connections at the end of the quarter.

截至今日，我們的服務範圍已擴大至 1,096 個地點。本季我們的波長營收為 1,210 萬美元，與 2024 年同期相比成長了 74%。我們的波長收入較上季成長加速，增幅達 19%。這比第三季比第二季環比成長12%要好。本季末，我們的波長用戶數量較上季成長 18%，達到 2,064 個連線。

Our wavelength revenue for the full-year 2025, which was the first full year we were selling wavelength services across our footprint, was $38.5 million, an increase of 100% from the 2024 number. Our wavelength customers during that period increased by 85%. As of the end of the quarter, we have sold wavelengths in 518 locations compared to 454 locations at the end of Q3. We continue to anticipate capturing 25% of the highly concentrated wavelength market in North America.

2025 年全年，也就是我們全面銷售波長服務的第一個完整年度，我們的波長收入為 3,850 萬美元，比 2024 年的數字成長了 100%。在此期間，我們的波長用戶數量增加了 85%。截至本季末，我們已在 518 個地點售出波長，而第三季末為 454 個地點。我們仍預期能夠佔據北美高度集中的波長市場25%的份額。

Now for a few comments on margins. Our EBITDA as adjusted for the quarter increased by $3 million to $76.7 million. Our EBITDA as adjusted margins for the quarter increased sequentially by 140 basis points to 31.9%. Our increased margins continue to come from our cost reductions, as well as our product optimization. Our EBITDA as adjusted for the full-year 2025 was $55.6 million.

現在就頁邊距做一些說明。經過調整後，本季我們的 EBITDA 增加了 300 萬美元，達到 7,670 萬美元。本季經調整後的 EBITDA 利潤率較上季成長 140 個基點，達到 31.9%。我們不斷提高利潤率，主要得益於成本降低和產品優化。經過調整後，我們 2025 年全年的 EBITDA 為 5,560 萬美元。

Our EBITDA as adjusted, then adding back the payments under the T-Mobile Transit Agreement. Our decrease in EBITDA as adjusted was as a result of the $104.2 million reduction in our IP Transit payments from T-Mobile and a reduction of $21.4 million for other reimbursable Sprint acquisition costs that we incurred in 2024. There were no Sprint acquisition costs in full-year 2025. The $104.2 million reduction in scheduled payments and $21.4 million reduction in these acquisition costs more than offset the organic growth of $70 million in Cogent's EBITDA or EBITDA classic for full-year 2025.

調整後的 EBITDA，再加上根據 T-Mobile Transit 協議支付的款項。經過調整後，我們的 EBITDA 下降是由於我們從 T-Mobile 收到的 IP Transit 付款減少了 1.042 億美元，以及我們在 2024 年產生的其他可報銷的 Sprint 收購成本減少了 2,140 萬美元。2025 年全年沒有 Sprint 收購成本。計畫付款減少 1.042 億美元，收購成本減少 2,140 萬美元，足以抵銷 Cogent 2025 年全年 EBITDA 或 EBITDA classic 的 7,000 萬美元有機成長。

Our EBITDA classic for 2025 was $192.8 million. For the full year of 2024, it was $122.8 million. Our EBITDA as adjusted margins were 30% for the full-year 2025, down from the 33.6% for the full-year 2024 because of the reductions that I just previously mentioned. Our EBITDA classic margins, however, for full-year 2025 were 19.8%, up from 11.9% for full-year 2024, or an improvement of approximately 840 basis points on a year-over-year basis.

我們預計 2025 年的 EBITDA 為 1.928 億美元。2024 年全年，這一數字為 1.228 億美元。由於我剛才提到的削減措施，我們 2025 年全年的調整後 EBITDA 利潤率為 30%，低於 2024 年全年的 33.6%。然而，我們 2025 年全年的 EBITDA 傳統利潤率為 19.8%，高於 2024 年全年的 11.9%，年比提高了約 840 個基點。

Under our IP Transfer Agreement with T-Mobile, we will continue to receive an additional 23 monthly payments of $8.3 million per month until November of 2027. There are further cash payments related to lease obligations we assumed at closing of at minimum, $28 million. This $28 million payment is to be made by T-Mobile in four equal monthly payments from December of 2027 through March of 2028.

根據我們與 T-Mobile 的智慧財產權轉讓協議，我們將繼續每月收到 830 萬美元，共 23 個月，直至 2027 年 11 月。此外，我們在交易完成時承擔的租賃義務還有至少 2,800 萬美元的現金支付。這筆 2,800 萬美元的款項將由 T-Mobile 從 2027 年 12 月到 2028 年 3 月分四個月等額支付。

Now for a comment on our improvement and leverage. We have refined our capital allocation priorities and strengthened our financial flexibility and accelerated our delevering strategy. Our leverage ratios have improved. Our gross debt leverage as adjusted for amounts due from T-Mobile for the last 12 months EBITDA as adjusted ratio was 7.35% as compared to 7.45% in the previous quarter. Our net debt ratio was 6.64% in Q4 compared to 6.65% in Q3 of 2025.

現在談談我們的改進和利用。我們優化了資本配置優先事項，增強了財務靈活性，並加快了去槓桿化策略。我們的槓桿率有所改善。經過調整後，扣除過去 12 個月 T-Mobile 應付款項後，我們的總債務槓桿比率（調整後的 EBITDA）為 7.35%，而上一季為 7.45%。2025 年第四季度，我們的淨負債比率為 6.64%，而 2025 年第三季為 6.65%。

We believe that the amounts due from T-Mobile under our Transit and Purchase Agreement should be considered and calculated our leverage ratios. We believe that these amounts essentially represent both long-term and short-term cash and are discounted appropriately on our balance sheet. And due to T-Mobile's credit rating and payment history, we are confident that these payments will be -- continue to be made in a timely manner. T-Mobile pays us $25 million a quarter through the fourth quarter of 2027 under this IP Services Agreement. The monthly payments from T-Mobile under the IP Transit Agreement reduces from the balances that are due each month as they are received.

我們認為，根據我們的運輸和購買協議，T-Mobile 應支付的款項應納入我們的槓桿率計算中。我們認為這些金額實質上代表了長期和短期現金，並在我們的資產負債表上進行了適當的折現。鑑於 T-Mobile 的信用評級和付款記錄，我們相信這些款項將繼續按時支付。根據本IP服務協議，T-Mobile將在2027年第四季之前每季向我們支付2,500萬美元。根據 IP 傳輸協議，T-Mobile 每月支付的款項將從每月應付餘額中扣除。

Now for a couple of comments on our improved IPv4 leasing activity. Our IPv4 leasing revenue increased 44% year-over-year to $64.5 million for full-year 2025. We are currently leasing 15.3 million addresses at year-end. This is an increase of 2.2 million incremental addresses or 17% on a year-over-year basis. We have titled to 37.8 million IPv4 addresses.

現在我想就我們改進後的 IPv4 租賃活動談幾點看法。2025 年全年，我們的 IPv4 租賃收入年增 44%，達到 6,450 萬美元。截至年底，我們目前租賃的地址數量為 1530 萬個。與去年同期相比，新增地址數為 220 萬個，增幅達 17%。我們擁有 3780 萬個 IPv4 位址。

Our capital expenditures for the last half of 2025, once our data center modernization program had been completed, was $73.3 million as compared to $114.3 million for the first half of 2025. This $41 million decrease was due to the completion of a significant amount of reconfiguration work in our Sprint acquired facilities. We have converted these facilities into data centers in the first six months of 2025, as well as the last six months of 2024. We have converted a total of 125 facilities. At year-end, we are providing facilities in -- providing services in 1,715 carrier-neutral data centers as well as the 187 Cogent data centers.

2025 年下半年，在資料中心現代化改造計畫完成後，我們的資本支出為 7,330 萬美元，而 2025 年上半年的資本支出為 1.143 億美元。這 4,100 萬美元的減少是由於我們在收購的 Sprint 設施中完成了大量的重新配置工作。我們已將這些設施改造成資料中心，分別在 2025 年上半年和 2024 年下半年完成。我們總共改造了125個設施。到年底，我們將在 1,715 個營運商中立資料中心以及 187 個 Cogent 資料中心提供服務。

The Cogent data centers have an aggregate capacity of 213 megawatts of installed and available power.

Cogent 資料中心的總裝置容量和可用電力容量為 213 兆瓦。

Now as many of you know, we have intended to monetize and sell 24 of these facilities that we view as surplus. We acquired these facilities through the acquisition of Sprint, and we intend to monetize them through either outright sale or leasing on a wholesale basis. The nonbinding letter of intent we mentioned on our last call was not finalized due to a change in the original terms, not in price, but a requirement by the purchaser for Cogent to provide a portion of the purchase price in terms of owner financing, which we found unacceptable. We reverted to some of our backup agreements and are in active discussions with multiple parties for multiple offers across a broad set of these data centers. We do expect several of these to result in multisite acquisition offers.

正如你們許多人所知，我們一直打算將其中 24 個我們認為多餘的設施變現並出售。我們透過收購 Sprint 獲得了這些設施，我們打算透過直接出售或批發租賃的方式將其變現。我們在上次通話中提到的那份不具約束力的意向書沒有最終敲定，是因為最初的條款發生了變化，不是價格變化，而是買方要求 Cogent 以業主融資的方式提供一部分購買價格，我們認為這是不可接受的。我們恢復了一些備用協議，並正在與多家公司積極洽談，就眾多資料中心的多個報價進行磋商。我們預計其中一些案例將會導致多站點收購要約。

Now for a moment about our leverage and balance sheet strategy. Our 2027 June unsecured notes of $750 million are still roughly 18 months from maturity, but we have begun receiving proposals to refinance these notes. We intend to complete a refinancing transaction for new secured notes of $750 million as soon as the make whole period expires in June of this year.

現在我們來談談我們的槓桿和資產負債表策略。我們 2027 年 6 月到期的 7.5 億美元無擔保票據距離到期日還有大約 18 個月，但我們已經開始收到對這些票據進行再融資的提議。我們計劃在今年 6 月補償期結束後儘快完成 7.5 億美元的新擔保票據的再融資交易。

Now for our long-term goals. We anticipate our revenue growth to continue to improve and be in the 6% to 8% range. We expect our rate of EBITDA margin to actually moderate to the roughly 200 basis points a year that we will be able to deliver over a multiyear period. The nearly 800 basis points that we delivered this year was due to some extraordinary cost savings. And while we will continue to deliver these results, we do expect the rate of margin expansion to moderate.

現在來說說我們的長期目標。我們預計收入成長將繼續改善，並達到 6% 至 8% 的水平。我們預計 EBITDA 利潤率實際上會放緩至每年約 200 個基點，我們將在多年內實現這一目標。今年我們實現的近 800 個基點的降幅主要歸功於一些非常可觀的成本節約。雖然我們將繼續取得這些業績，但我們預期利潤率擴張速度將會放緩。

Our revenue and EBITDA guidance are meant to be multiyear goals and not intended to either be quarterly or even annual guidance.

我們的營收和 EBITDA 指引是多年目標，並非季度或年度指引。

Now I'd like to turn the call over to Tad to provide some further detail and provide our safe harbor language. Tad will also give a further breakout of the trends in the revenues acquired from the Sprint base versus the Cogent classic base since our acquisition in 2023. I know this has been an area of focus of investors, and we have been able to disaggregate those revenues and now present them and with clear trends and metrics.

現在我想把電話交給塔德，讓他提供更多細節並介紹我們的安全港條款。Tad 也將進一步分析自 2023 年收購以來，從 Sprint 用戶群和 Cogent 經典用戶群獲得的收入趨勢。我知道這一直是投資者關注的領域，我們已經能夠將這些收入分解，並以清晰的趨勢和指標來呈現它們。

With that, we'll then open the call up for questions and answers. Tad?

接下來，我們將開放問答環節。塔德？

Thank you, Dave, and good morning to everyone. This earnings conference call includes forward-looking statements. These forward-looking statements are based upon our current intent, belief and expectations. 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. Please refer to our SEC filings for more information on the factors that could cause actual results to differ.

謝謝你，戴夫，大家早安。本次財報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、信念和預期。這些前瞻性陳述以及本次電話會議中可能作出的所有其他非歷史事實的陳述均受諸多風險和不確定性的影響，實際結果可能與預期有重大差異。有關可能導致實際結果出現差異的因素的更多信息，請參閱我們向美國證券交易委員會提交的文件。

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

Cogent不承擔更新或修改我們前瞻性聲明的義務。如果在本次電話會議中使用非GAAP財務指標，您可以在我們網站cogentco.com上發布的獲利報告中找到這些指標與對應GAAP指標的對照表。

Some overall comments on results and revenues. Our total revenue for the quarter was $240.5 million and $975.8 million for the year. Our total revenue for the quarter declined sequentially by $1.4 million or by 0.6%. This was an improvement from the $4.3 million or 1.7% sequential quarterly revenue decline that we experienced last quarter. While our sequential revenue declined within our fourth quarter, our total revenue increased each month in the quarter.

對業績和收入的一些總體評價。本季總營收為 2.405 億美元，全年總營收為 9.758 億美元。本季總營收季減 140 萬美元，降幅為 0.6%。這比上一季430萬美元或1.7%的季度環比收入下降有所改善。雖然我們第四季的環比收入有所下降，但該季度的總收入卻逐月成長。

Our total monthly revenue increased from September to October, increased from October to November, and excluding the change in USF revenues, increased from November to December. This month-to-month total revenue increase continued from December 2025 to January 2026.

我們的月總收入從 9 月到 10 月有所增長，從 10 月到 11 月有所增長，如果排除 USF 收入的變化，則從 11 月到 12 月也有所增長。從 2025 年 12 月到 2026 年 1 月，月度總收入持續成長。

There was a negative FX impact on our quarter [sequentially] revenues of $0.2 million. So for the quarter, we experienced a $2.2 million sequential decline in off-net revenues. Our on-net revenues, including on-net weight revenues, increased by $0.9 million or 0.6%. And our non-core revenues decreased by $0.2 million, and now those revenues have declined to only $1.2 million. Sequential wavelength revenue growth, which is on-net, accelerated to 18.8% from 12.4% last quarter and increased sequentially by $1.9 million.

匯率波動對我們的季度收入造成了 0.2 百萬美元的負面影響（環比）。因此，本季我們的非淨收入環比下降了 220 萬美元。我們的淨收入（包括淨重量收入）增加了 0.9 百萬美元，增幅為 0.6%。我們的非核心收入減少了 0.2 百萬美元，現在這些收入已經下降到只有 1.2 百萬美元。波長營收季減從上季的 12.4% 加速至 18.8%，季增 190 萬美元。

Gross margin. Our gross margin for the quarter increased sequentially by $1.6 million to $112.5 million. Our gross margin increased sequentially by 100 basis points to 46.8% from continued cost reduction and product optimization, including our focus on our on-net products. Our gross margin for full-year 2025 increased by $46.7 million to $442.7 million. And our gross margin for full-year 2025 increased by 720 basis points from 38.2% last year to 45.4% for full-year 2025.

毛利率。本季毛利較上季成長160萬美元，達到1.125億美元。透過持續降低成本和優化產品，包括專注於我們的線上產品，我們的毛利率環比增長 100 個基點，達到 46.8%。我們 2025 年全年的毛利增加了 4,670 萬美元，達到 4.427 億美元。我們的 2025 年全年毛利率從去年的 38.2% 成長了 720 個基點，達到 2025 年全年的 45.4%。

EBITDA. Our EBITDA, not including payments under the IP Transit Agreement for the quarter, increased sequentially by $3 million to $51.7 million, and our EBITDA margin increased by 130 basis points to 21.5%. Our EBITDA for the full year not including the IP transit agreement or Sprint acquisition costs increased by $70 million to $192.8 million from $122.8 million for full-year 2024. And the EBITDA margin for this year increased by 790 basis points from 11.9% to 19.8% for full-year 2025.

EBITDA。本季度，不包括根據智慧財產權轉讓協議支付的款項，我們的 EBITDA 環比增長 300 萬美元至 5,170 萬美元，EBITDA 利潤率增長 130 個基點至 21.5%。不包括 IP 傳輸協議或 Sprint 收購成本，我們 2024 年全年的 EBITDA 增加了 7,000 萬美元，從 2024 年全年的 1.228 億美元增至 1.928 億美元。2025 年全年 EBITDA 利潤率從 11.9% 成長 790 個基點至 19.8%。

We analyze and classify our revenues into four network connection types and three customer types. Our four network connection types are on-net, off-net, wavelength and non-core. And our three customer types are NetCentric customers, corporate customers and enterprise customers. Dave mentioned we'll provide some information on Sprint Wireline acquired revenue and Cogent classic revenue.

我們將收入分析並分類為四種網路連線類型和三種客戶類型。我們的四種網路連線類型是網內連線、網外連線、波長連線和非核心連線。我們的三種客戶類型分別是：網路中心客戶、企業客戶和大型企業客戶。Dave提到我們將提供一些關於Sprint有線業務收購收入和Cogent經典業務收入的資訊。

We have been hesitant to separately disclose our revenue performance related to our acquired Sprint Wireline business and our Cogent classic business once the operations have been fully integrated. However, we believe that the following analysis will be beneficial in understanding some of the changes in our total combined revenues.

我們一直不願意單獨揭露我們收購的 Sprint 有線業務和 Cogent 經典業務的收入業績，直到這些業務完全整合為止。但是，我們相信以下分析將有助於了解我們總合併收入的一些變化。

The substantial changes in the acquired Sprint Wireline revenue base have masked the underlying performance of our legacy Cogent classic business. So in May 2023, when we closed the transaction, the Sprint Wireline revenue base had a run rate of $39.4 million per month or $118 million per quarter. This acquired revenue base has decreased from that $118 million per quarter at the acquisition date to down to $43 million for this quarter. That's a $75 million quarterly revenue decline related to the Sprint Wireline revenue base or a 64% decline since the deal closed.

收購 Sprint 有線業務後，其收入基礎發生了巨大變化，掩蓋了我們原有 Cogent 經典業務的實際表現。因此，在 2023 年 5 月我們完成交易時，Sprint 有線業務的收入基礎為每月 3,940 萬美元或每季 1.18 億美元。收購後的收入基礎已從收購之日的每季 1.18 億美元下降到本季的 4,300 萬美元。與 Sprint 有線業務收入相關的季度收入下降了 7,500 萬美元，自交易完成以來下降了 64%。

At deal closing, our Cogent classic revenue run rate was $155 million per quarter. This quarterly revenue base has increased by 27% or by $42 million from that $155 million prior to close to $197 million for this quarter, the fourth quarter of 2025. Additionally, our Cogent classic revenues increased sequentially by 1.5% from the third quarter of this year, increased year-over-year by 3.1% from the fourth quarter of 2024 and increased by 2.3% for full-year 2025 over full-year 2024.

交易完成時，Cogent 經典產品的季度營收為 1.55 億美元。本季（2025 年第四季）的營收基數比之前的 1.55 億美元成長了 27%，即 4,200 萬美元，接近 1.97 億美元。此外，我們的 Cogent 經典產品營收較今年第三季季增 1.5%，較 2024 年第四季年增 3.1%，2025 年全年較 2024 年全年成長 2.3%。

Our consolidated revenue declines have been largely attributed to the reduction in the acquired corporate and enterprise revenues from Sprint. At closing, the Sprint Wireline revenues represented a total of 42% of our total revenues, and that percentage has materially dropped from 42% down to only 18% of our total revenue at year-end.

我們合併收入的下降主要歸因於從 Sprint 收購的企業和公司收入的減少。截至年底，Sprint 有線業務收入占我們總收入的 42%，而到年底，這一比例已從 42% 大幅下降至僅占我們總收入的 18%。

Our total corporate business was 42.7% of our revenues this quarter and 43.9% for the year. Our quarterly corporate revenues decreased by 9.1% year-over-year and sequentially by 2.3%. For the year, our total corporate revenues declined by 9.7%.

本季度，我們的企業業務總額佔總營收的 42.7%，全年佔 43.9%。我們的季度公司營收年減 9.1%，季減 2.3%。本年度，我們的公司總收入下降了 9.7%。

At the closing of our acquisition of Sprint Wireline in May 2023, the Sprint Wireline corporate revenues were 30% of our total revenues. Those Sprint Wireline acquired corporate customers now represent only 10% of our total corporate revenues. The Sprint Wireline acquired corporate revenue base has decreased from a run rate of $13 million per month or $39 million per quarter at closing to a run rate of $2.7 million per month or $8.1 million per quarter at year-end 2025.

2023 年 5 月，我們完成對 Sprint Wireline 的收購時，Sprint Wireline 的公司營收占我們總收入的 30%。Sprint Wireline 收購的這些企業客戶現在僅占我們企業總收入的 10%。Sprint Wireline 收購後的企業收入基礎已從收購完成時的每月 1300 萬美元或每季 3,900 萬美元下降到 2025 年底的每月 270 萬美元或每季 810 萬美元。

The same analysis for NetCentric. Our total NetCentric business continues to increase and benefit from the growth in video traffic, activity related to artificial intelligence, streaming, IPv4 leasing and wavelength sales. Our NetCentric business was 43% of our revenues this quarter and 40.3% for the year. Our quarterly NetCentric revenues increased by 10.4% year-over-year and sequentially by 3.1%. For the year, our total NetCentric revenues increased by 6.8%.

對 NetCentric 也進行同樣的分析。我們的 NetCentric 業務總量持續成長，並受益於視訊流量、人工智慧相關活動、串流媒體、IPv4 租賃和波長銷售的成長。本季度，我們的NetCentric業務佔營收的43%，全年佔40.3%。NetCentric 的季度營收年增 10.4%，季增 3.1%。今年，我們的 NetCentric 總收入成長了 6.8%。

At the closing of our acquisition of Sprint Wireline, the Sprint Wireline NetCentric customers represented 20% of our total NetCentric revenues. Those Sprint Wireline acquired NetCentric customers now are representing only 7% of our total NetCentric revenues this quarter. The Sprint Wireline acquired NetCentric customer revenue base has decreased from a run rate of $6 million per month or $18 million per quarter at closing to a current run rate of $2.9 million per month or $8.7 million per quarter at year-end 2025.

當我們完成對 Sprint Wireline 的收購時，Sprint Wireline 的 NetCentric 客戶占我們 NetCentric 總收入的 20%。Sprint Wireline 收購的 NetCentric 客戶目前僅佔本季 NetCentric 總營收的 7%。Sprint Wireline 收購 NetCentric 後，其客戶收入基礎已從收購完成時的每月 600 萬美元或每季 1800 萬美元下降到 2025 年底的每月 290 萬美元或每季 870 萬美元。

Lastly, the enterprise business. Our total enterprise business was 14.3% of our revenues this quarter and 15.8% of our revenues for the year. Our quarterly enterprise revenue decreased by 24.7% year-over-year and sequentially by 5.8% primarily due to reduction in the acquired non-core enterprise and off-net low-margin enterprise revenues.

最後，是企業業務。本季度，我們的企業業務總額佔總營收的 14.3%，佔全年總營收的 15.8%。由於收購的非核心企業和淨外低利潤企業的收入減少，我們的季度企業收入年減了 24.7%，季減了 5.8%。

For the year, total enterprise revenues declined by 20.3%. At the closing of our acquisition, the Sprint Wireline enterprise customers represented virtually 100% of our enterprise revenues, as this was a new line of customer for Cogent.

該年度企業總收入下降了20.3%。在收購完成時，Sprint Wireline 企業客戶幾乎占我們企業收入的 100%，因為這是 Cogent 的新客戶線。

The Sprint Wireline acquired enterprise revenue base has decreased from a run rate of $20 million per month or $60 million per quarter at closing to a current run rate of $8.8 million per month or $26.4 million per quarter at year-end 2025. These substantial changes in the acquired Wireline revenue base have masked the underlying performance of our legacy Cogent classic business.

Sprint Wireline 收購的企業收入基礎已從收購完成時的每月 2000 萬美元或每季 6000 萬美元的運行率下降到 2025 年底的每月 880 萬美元或每季 2640 萬美元的運行率。收購的有線業務收入基礎發生了這些重大變化，掩蓋了我們原有 Cogent 經典業務的實際表現。

Analysis on revenue by customer connection network type. On-net revenue. We serve our on-net customers in 3,579 total on-net buildings. For the year, we increased our on-net buildings by a total of 126 on-net buildings, similar to prior years. Our total on-net revenue, including on-net wave revenues, was $146.4 million for the quarter, a year-over-year increase of 7.8% and a sequential increase of 0.6%. Our total on-net revenues, including on-net wavelength revenues, increased as a percentage of our total revenue by 400 basis points to 58.4% for this year from 54.4% for full-year 2024.

依客戶連接網路類型分析收入。淨收入。我們為3579棟連網建築物內的連網客戶提供服務。今年，我們的淨資產建築總數增加了 126 棟，與往年類似。本季我們的淨收入總額（包括淨波浪收入）為 1.464 億美元，年增 7.8%，季增 0.6%。今年，我們的淨收入總額（包括淨波長收入）佔總收入的比例從 2024 年全年的 54.4% 增加了 400 個基點，達到 58.4%。

Off-net revenue. Our low-margin off-net revenue was $92.9 million for the quarter. That was a year-over-year decrease of 17.9% and a sequential decrease of 2.3%. Our off-net revenue results are impacted by the migration of certain off-net customers to on-net and the continued grooming and termination of acquired low-margin off-net contracts. Our total off-net revenues decreased to 40.7% of our revenues for this year from 43.8% for full-year 2024.

淨外收入。本季我們的低利潤率非營業收入為 9,290 萬美元。與去年同期相比下降了 17.9%，與去年同期相比下降了 2.3%。我們的非網內營收表現受到某些非網內客戶遷移到網內以及不斷調整和終止已收購的低利潤非網內合約的影響。今年我們的非淨收入總額佔總收入的比例從 2024 年全年的 43.8% 下降至 40.7%。

Some comments on pricing. Our average price per megabit for our installed base decreased sequentially by 12% to $0.14 and by 34% year-over-year, essentially in line with historical trends. Our average price per megabit for our new customer contracts was $0.06, a sequential decline of 18% and 46% year-over-year.

關於定價的一些看法。我們已安裝用戶的平均每兆位元價格較上季下降 12% 至 0.14 美元，年減 34%，基本上符合歷史趨勢。我們新客戶合約的平均每兆位元價格為 0.06 美元，環比下降 18%，年減 46%。

ARPUs for the quarter. Our on-net IP ARPU was $509. Our off-net IP ARPU was $1,234. Our wavelength ARPU was 2,114. Our IPv4 ARPU was $0.30 per address.

本季每用戶平均收入 (ARPU)。我們的網內IP ARPU為509美元。我們的網外 IP ARPU 為 1,234 美元。我們的波長ARPU為2114。我們的 IPv4 ARPU 為每個位址 0.30 美元。

Churn rates. Our churn rates improved sequentially. Our on-net and off-net churn rates improved from last quarter. Our on-net unit monthly churn rate this quarter was 1.2% compared to 1.3% last quarter. Our off-net unit monthly churn rate was 1.9% compared to 2.1% last quarter. And our wavelength monthly churn rate has been less than 0.5% to relatively insignificant.

流失率。我們的客戶流失率逐週改善。我們的網內和網外客戶流失率較上季有所改善。本季我們的淨用戶每月流失率為 1.2%，而上季為 1.3%。我們的非網內單元每月流失率為 1.9%，而上一季為 2.1%。我們的波長用戶每月流失率低於 0.5%，微不足道。

Traffic. Our year-over-year IP network traffic growth accelerated for the quarter. Our IP network traffic for the quarter increased sequentially by 4% and by 10% year-over-year. And for the total year, our traffic increased by 9%.

交通。本季我們的IP網路流量年增速度加快。本季我們的 IP 網路流量較上季成長 4%，年增 10%。全年來看，我們的流量成長了 9%。

Sales rep productivity. Our sales rep productivity was 4.1 units this quarter compared to 4.6 last quarter and 3.5 in the fourth quarter of 2024. That's compared to our long-term sales rep productivity average of 4.8.

銷售代表效率。本季我們的銷售代表生產力為 4.1 個單位，而上季為 4.6 個單位，2024 年第四季為 3.5 個單位。相較之下，我們銷售代表的長期平均生產力為 4.8。

Foreign currency. Our revenue earned outside of the United States was about 20% of our revenues this quarter, similar to prior quarters. Based upon the average euro and Canadian conversion rate so far this quarter, so the first quarter of 2026, we estimate that the FX conversion impact on [sequential] revenues will be positive about $0.4 million. And year-over-year, more significant, about $3.5 million.

外幣。本季度，我們在美國以外地區獲得的收入約佔總收入的 20%，與前幾季的情況類似。根據本季至今歐元和加幣的平均匯率，即 2026 年第一季的匯率，我們估計外匯兌換對（連續）收入的影響將為正約 40 萬美元。更重要的是，年比增加了約 350 萬美元。

Customer concentration. Our revenue and customer base is not highly concentrated. Our top 25 customers are 17% of our revenues this quarter, similar to prior quarters. CapEx. Our CapEx was $37 million this quarter and $187.6 million for the year. And principal payments on capital leases were $8.5 million for the quarter and $33.8 million for the year. Combined, those amounts have declined year-over-year.

客戶集中度。我們的收入和客戶群並不高度集中。本季度，我們前 25 大客戶貢獻了我們 17% 的收入，與前幾季的情況類似。資本支出。本季我們的資本支出為 3,700 萬美元，全年資本支出為 1.876 億美元。本季資本租賃本金支付額為 850 萬美元，全年為 3,380 萬美元。總體而言，這些金額較去年同期下降。

Comments on debt and debt ratios. Our total gross debt at par, including $623.4 million of finance lease obligations under long-term IRUs, was $2.4 billion at year-end. Our net debt -- total net debt of our cash and our $203.1 million due from T-Mobile at year-end was $1.9 billion. Our leverage ratio, as calculated under our more restrictive covenants under our unsecured $750 million 2027 notes indenture, was 6.13. The secured leverage ratio was 3.8, and the fixed coverage ratio was 2.38.

關於債務和負債比率的評論。截至年底，我們的總債務（以面額計算）為 24 億美元，其中包括根據長期 IRU 承擔的 6.234 億美元融資租賃義務。我們的淨債務——即我們的現金淨債務加上年底應從 T-Mobile 收回的 2.031 億美元——總計為 19 億美元。根據我們2027年到期的7.5億美元無擔保票據契約中更為嚴格的條款計算，我們的槓桿率為6.13。有擔保槓桿率為3.8，固定覆蓋率為2.38。

The definition of consolidated cash flow, similar to EBITDA under our $600 million secured 2032 notes indenture includes cash payments under our IP Transit Services Agreement with T-Mobile and the definition and determination of consolidated cash flow.

合併現金流量的定義與 2032 年 6 億美元擔保票據契約中的 EBITDA 類似，包括根據我們與 T-Mobile 的 IP Transit Services 協議支付的現金，以及合併現金流量的定義和確定。

Payments under our IP Transit Agreement were $100 million for the last 12 months, so that is added to the calculation. Our leverage ratio, as calculated under the $600 million secured 2032 notes indenture, was 4.67. Our secured leverage ratio was 2.9. And lastly, fixed coverage was 3.12. Bad debt and days sales.

根據我們的智慧財產權轉移協議，過去 12 個月的付款額為 1 億美元，因此這筆款項已計入計算中。根據 6 億美元的 2032 年擔保​​票據契約計算，我們的槓桿率為 4.67。我們的擔保槓桿率為 2.9。最後，固定賠付率為 3.12。壞帳和銷售天數。

Our days sales outstanding was 30 days at year-end, the same as last quarter. And our bad debt expense was less than 1% of our revenues for the quarter and for the year.

截至年底，我們的應收帳款週轉天數為 30 天，與上一季相同。本季和全年的壞帳支出均低於收入的 1%。

And with that, I will turn the call back over to Dave.

接下來，我會把電話轉回給戴夫。

Thanks, Tad. I'd like to highlight a few of the strengths of our network, our customer base and our sales force. Now for some details around our NetCentric performance. We continue to be a direct beneficiary of a number of trends in the industry, whether it be artificial intelligence or streaming activity. At year-end, we're able to sell wavelength services in 1,068 data centers across North America with a provisioning interval of approximately 30 days.

謝謝你，塔德。我想重點介紹一下我們網路、客戶群和銷售團隊的一些優勢。現在來詳細說說我們的NetCentric效能表現。我們持續受益於產業內的許多趨勢，無論是人工智慧還是串流活動。到年底，我們能夠在北美 1,068 個資料中心銷售波長服務，配置週期約 30 天。

At year-end, we're selling IP services globally in 57 countries and 1,902 data centers. At year-end, we were directly connected to 7,659 networks. That is the largest number of directly connected networks of any service provider on the Internet. 22 of these were peers, and the remaining 7,637 networks were, in fact, Cogent Transit customers. Now for some details around our sales force.

到年底，我們在全球 57 個國家和 1,902 個資料中心銷售 IP 服務。截至年底，我們直接連接到了 7,659 個網路。這是網路上所有服務供應商中直接連接網路數量最多的。其中22個是同業網絡，其餘7,637個網絡其實是Cogent Transit的客戶網絡。接下來詳細介紹我們的銷售團隊。

We remain focused on sales force productivity and are disciplined about managing out underperformers. Our sales force turnover rate was 5.4% a month in the quarter, down from a peak turnover rate of 8.7% during the height of the pandemic and also below our historical average turnover rate of 5.7% of the sales force per month. At year-end, we had a total of 590 quota-bearing reps. Our sales force included 289 sales professionals focused entirely on the NetCentric market, 289 sales professionals focused on the corporate market, and finally, 12 sales professionals focused on the enterprise market.

我們始終專注於提高銷售團隊的生產力，並嚴格管理，淘汰績效不佳的員工。本季我們的銷售人員流動率為每月 5.4%，低於疫情高峰期 8.7% 的峰值流動率，也低於我們銷售人員每月 5.7% 的歷史平均流動率。到年底，我們共有 590 位負有銷售配額的銷售代表。我們的銷售團隊包括 289 位專注於 NetCentric 市場的銷售專業人員、289 位專注於企業市場的銷售專業人員，以及 12 位專注於大型企業的銷售專業人員。

In summary, we have made significant progress in a number of areas. We've improved our revenue trajectory and performance and have returned to sequential revenue growth, which we expect to continue. We are improving our margins and growing our EBITDA due to our diligence and cost reduction and our focus in selling profitable on-net services. Over 80% of our sales in the fourth quarter of 2025 were for on-net services.

總而言之，我們在許多領域都取得了顯著進展。我們改善了營收成長軌跡和業績，並恢復了環比收入成長，我們預計這一趨勢將持續下去。由於我們勤勉盡責、降低成本，並專注於銷售獲利的網內服務，我們的利潤率正在提高，EBITDA 也在成長。2025 年第四季度，我們超過 80% 的銷售額來自線上服務。

We have a clear plan to refinance our 2027 $750 million unsecured notes with a new, longer duration $750 million secured note offering. We are actively working to monetize some of the acquired Sprint facilities, which will further accelerate our delevering and allow us to resume a more aggressive return of capital program to our equity holders.

我們有明確的計劃，透過發行新的、期限更長的 7.5 億美元有擔保票據，為我們 2027 年到期的 7.5 億美元無擔保票據進行再融資。我們正在積極努力將收購的 Sprint 部分設施變現，這將進一步加快我們的去槓桿化進程，並使我們能夠恢復更積極的資本回報計劃，向我們的股東返還資本。

We are effectively have now completed the integration of Sprint and Cogent's network into a unified network and business. We have converted all of the intended Sprint switch sites that we intend to convert into data centers. This program is materially complete and will result and a continued reduction in our capital intensity.

我們現在已有效地完成了 Sprint 和 Cogent 的網路整合，形成了一個統一的網路和業務。我們已經將所有計畫改建為資料中心的 Sprint 交換器站點都改建完畢。該計劃已基本完成，並將持續降低我們的資本密集度。

We are enthusiastic and optimistic about our wavelength business to add to our product portfolio. Our wavelength services are differentiated due to the uniqueness of the routes, the breadth of our footprint, our efficient provisioning and aggressive pricing. The reliability that we deliver is unparalleled. We have, since inception, offered superior services, a broad footprint of revenue-rich locations, expedited provisioning and market-leading disruptive pricing. That is why Cogent continues to be a market leader in the products that we sell.

我們對波長業務充滿熱情和樂觀，希望將其納入我們的產品組合。我們的波長服務之所以與眾不同，是因為我們的路由獨特、覆蓋範圍廣、供應高效且價格極具競爭力。我們提供的可靠性是無與倫比的。自成立以來，我們一直提供卓越的服務、覆蓋廣泛且收入豐厚的地點、快速的供應和市場領先的顛覆性定價。正因如此，Cogent才能在我們所售產品領域持續維持市場領先地位。

With that, I'd like to open the floor up for questions.

接下來，我想接受大家的提問。

(Operator Instructions)

（操作說明）

Chris Schoell, UBS.

瑞銀集團的克里斯‧舍爾。

Dave, you had previously talked about returning to sequential revenue growth while sustaining sequential EBITDA growth each quarter. Can you just update us how you're thinking about total company revenues and EBITDA for 2026 as that Sprint mix continues to fall? And as we think about the waves business scaling in 2026, any guardrails you can share on the number of connections or revenues you believe are achievable based on what you're seeing in the business right now?

Dave，你之前曾說過要恢復營收的連續成長，同時保持每季 EBITDA 的連續成長。鑑於 Sprint 的業務佔比持續下降，您能否更新一下您對 2026 年公司總收入和 EBITDA 的看法？當我們展望 Waves 業務在 2026 年的規模化發展時，根據您目前在業務中看到的情況，您能否分享一些關於連接數或收入方面您認為可以實現的指導原則？

Yes. Thanks for the question, Chris. So as we mentioned, we are not in the habit of giving specific quarterly or annual guidance. But I do believe that after the significant runoff in the Sprint acquired revenues, as Tad pointed out, 64% of the revenues that we acquired 2.5 years ago have [attrited]. And during that period, the Cogent revenues, which represented 57% of the combined company, had grown at 27%.

是的。謝謝你的提問，克里斯。正如我們之前提到的，我們沒有給出具體季度或年度業績指引的習慣。但我相信，正如塔德指出的那樣，在Sprint收購的收入大幅縮水之後，我們兩年半前收購的收入中有64%已經…[損耗]。在此期間，Cogent 的收入佔合併後公司總收入的 57%，成長了 27%。

As a result of that, we have had now about 10 sequential quarters of revenue growth. We will be back to positive revenue growth on a quarterly basis from this point forward, and we anticipate that the annual rate of growth on average over a multiyear period will be in that 6% to 8% range. We also have a small amount of further cost reductions that will contribute to margin expansion.

因此，我們已經連續10個季度實現了營收成長。從現在開始，我們將恢復季度正收入成長，我們預計多年平均年增長率將在 6% 至 8% 的範圍內。我們還有一些小規模的成本削減措施，這將有助於提高利潤率。

But the primary driver of margin expansion going forward will continue to be the revenue mix shift and the focus on on-net services. 80% of our sales in the quarter were on-net. We have improved the base from 47% on-net immediately after closing to 61%. We think that percentage will continue to improve and allow us to achieve that, at minimum, 200 basis point rate of margin expansion. The reality is we did nearly 800 basis points last year. That is probably not sustainable over a multiyear period, but we do have some tailwinds there.

但未來利潤率擴張的主要驅動力仍將是收入結構的轉變以及對網內服務的重視。本季我們80%的銷售額來自網內服務。我們已將淨利潤率從交易完成後立即達到的 47% 提高到 61%。我們認為這一百分比將繼續提高，並使我們能夠至少實現 200 個基點的利潤率擴張。事實上，我們去年實現了近 800 個基點的成長。這可能無法在多年內持續下去，但我們確實有一些有利因素。

And then to your question around wave. We have the largest North American wave footprint. We are beginning to gain credibility with customers. We saw an acceleration in our revenue recognition and installations. We expect those trends to continue. And because our wavelength products are virtually all on-net, they are significant contributors to our margin expansion.

然後回答你關於波的問題。我們擁有北美最大的波浪覆蓋面積。我們開始贏得客戶的信任。我們看到收入確認和安裝量都出現了加速成長。我們預計這些趨勢將會持續。而且由於我們的波長產品幾乎全部都是淨收益產品，因此它們對我們的利潤成長做出了重大貢獻。

Another way to kind of look at the markets that we operate in. In our on-net multi-tenant footprint, we today have about a 35% market share. That means we can continue to grow there, but it is harder because we already have over one-third of the customers as Cogent customers. In the NetCentric market for IP services, we are the largest provider globally and have 25% market share. We will continue to gain share and grow that business. But again, with 25% share, it becomes incrementally more difficult.

另一種看待我們所經營的市場的方式。在我們目前涵蓋的多租戶網路中，我們擁有約 35% 的市場份額。這意味著我們可以繼續在那裡發展，但這更難，因為我們已經有超過三分之一的客戶是 Cogent 的客戶。在以 NetCentric 為中心的 IP 服務市場中，我們是全球最大的供應商，擁有 25% 的市佔率。我們將繼續擴大市場份額，發展壯大這項業務。但是，當市佔率達到 25% 時，難度就會逐漸增加。

And what's encouraging to us about wavelength is the fact that we have less than 2% market share in North America. We are now establishing our credibility with 518 sites now having actual reference customers in them. And nearly 1,100 sites wave-enabled, we think that our rate of wavelength growth will accelerate and help us drive that kind of 80:20 mix in the incremental business.

令我們感到鼓舞的是，Wlage 在北美的市佔率不到 2%。目前，我們已有 518 個網站擁有真實的客戶參考訊息，以此來建立我們的信譽。我們認為，隨著近 1100 個站點具備波長功能，波長成長速度將會加快，這將有助於我們在增量業務中實現 80:20 的組合。

Gregory Williams, TD Cowen.

格雷戈里·威廉姆斯，TD Cowen。

Sam on for Greg Williams. Two, if I may. First on the waves business, you mentioned before that the goal was to get the funnel to the waves funnel to about 10,000. Is the idea to get the funnel to 10,000 and it kind of stays in that range because you install the backlog as it comes in? Or do you expect the funnel to grow from there?

山姆替補格雷格威廉斯上場。如果可以的話，我想說兩個。首先是關於波浪業務，你之前提到過，目標是將波浪漏斗的流量提升到大約 10,000。目標是將銷售漏斗提升到 10,000 個訂單，並使其保持在 10,000 個訂單左右，因為積壓的訂單會隨著銷售的進行而逐步添加？還是你認為銷售漏斗會從那裡開始成長？

And second, on data centers. You mentioned the contract changes that pushed out the LOI for the two data center assets mentioned on the 3Q call. Is the expectation this transaction will still close? And if so, is the $144 million a taxable event? Or is there some sort of tax shield from the Sprint deal?

其次，關於資料中心。您提到了合約變更，導致在第三季電話會議上提到的兩個資料中心資產的意向書延期。預計這筆交易最終還會完成嗎？若屬實，這 1.44 億美元是否屬於應稅事件？或者說，Sprint 的交易中是否存在某種稅收優惠？

Yes. Let me take those in reverse order. On the LOI that we announced last quarter, the counterpart, it came back to us and look for us to provide more than 50% of the agreed to purchase price in owner financing. Since we had a number of other interested parties who had submitted backup offers on those two facilities as well as a broader set of facilities, we decided to terminate that agreement at our choice and then reengage with some of those parties. We are far along in those negotiations and hope to be able to announce something soon. And that announcement may be for a broader set of assets.

是的。讓我倒序回答這些問題。就我們上季宣布的意向書而言，對方回應稱，希望我們以業主融資的方式提供超過約定購買價格 50% 的資金。由於還有其他一些感興趣的各方就這兩個設施以及更廣泛的一系列設施提交了備選方案，我們決定自行終止該協議，然後與其中一些各方重新接洽。這些談判已經取得了很大進展，希望很快就能宣布一些消息。而且，該公告可能涉及更廣泛的資產。

Now to the tax consequences, I'll let Tad touch on that.

至於稅務方面的影響，就讓塔德來談談。

Sure. So as a reminder, we paid only $1 for the Sprint business. So the tax basis is essentially the assumed liabilities, which is minimal in the -- both the buildings and the network that was acquired. However, we have material NOLs this year from the tax bill from 2025. And given the bonus depreciation deductions, we expect to continue to incur tax losses to offset any gain on the buildings going forward. So why it is a taxable event creating taxable income, we don't think on a net basis, that will result in income taxes being paid.

當然。再次提醒大家，我們當初只花了 1 美元就辦好了 Sprint 的業務。因此，稅基本上是承擔的負債，這在所收購的建築物和網路中都是最小的。但是，由於 2025 年的稅收法案，我們今年將面臨重大的淨營業虧損。考慮到額外的折舊扣除，我們預計未來將繼續產生稅收虧損，以抵消建築物的任何收益。所以，儘管這是一個產生應稅收入的應稅事件，但我們認為，從淨額來看，這不會導致繳納所得稅。

And now, Sam, I'll touch on your waves question. While we were in the process of enabling the footprint, we felt it was critical to give funnel KPIs to show expressions of interest by customers. We have tried to be clear with investors that we do not give funnel data routinely for our other products, and we're treating wavelengths now as any other product. Now we do in our investor presentation typically show both our on-net and off-net conversion rates for the previous quarter. We intend to continue to do that.

現在，薩姆，我將回答你關於波浪的問題。在實現足跡的過程中，我們認為至關重要的是要提供漏斗 KPI，以顯示客戶的興趣表達。我們已經向投資者明確表示，我們不會例行性地提供其他產品的漏斗數據，現在我們將波長視為任何其他產品。現在，我們在投資者簡報中通常會展示上一季的網內轉換率和網外轉換率。我們打算繼續這樣做。

Our funnel is continuing to grow, but we will not be reporting specific numbers. But we do anticipate with the footprint that we now have and the credibility that we are earning with existing customers, we are starting to see a larger percentage of their wave opportunities being shown to us for bid. And as a result of that, we will close more and see further acceleration in the waves business.

我們的銷售漏斗持續成長，但我們不會公佈具體數字。但我們預計，憑藉我們目前擁有的業務規模以及我們在現有客戶中贏得的信譽，我們將開始看到他們越來越多的業務機會展示給我們進行競標。因此，我們將達成更多交易，並看到波浪業務進一步加速發展。

Sebastiano Petti, J.P. Morgan.

塞巴斯蒂亞諾·佩蒂，摩根大通。

Just a quick follow-up on the waves business there. Could you update us on the level of installed but not yet billed balance in the quarter? Did that grow off of the third quarter? Because I think last earnings, you probably talked about maybe a few hundred waves had been installed, but not yet billed. And so what is the progress there? And then I have a follow-up.

關於那裡的波浪生意，我再簡單跟進一下。能否告知我們本季已安裝但尚未計費的餘額狀況？這是從第三季發展而來的嗎？因為我覺得在上一次財報中，你可能提到已經安裝了幾百個波浪能裝置，但還沒有計費。那麼，那方面進展如何？然後我還有一個後續問題。

Yes. So two points. First of all, in the quarter, we actually saw the unit number of waves improve, which is an indication that we were eating into that backlog. But we also have been building an additional backlog. And I would say that the installed but not yet billed base is comparable this quarter to where it was at the end of third quarter.

是的。所以得了兩分。首先，本季我們實際看到訂單數量增加，這表明我們正在逐步減少積壓訂單。但我們同時也在不斷累積額外的積壓訂單。我認為，本季已安裝但尚未計費的設備數量與第三季末的數量相當。

Got it. That's helpful. And then I guess, maybe just help us think about back to the data centers to some extent. I mean, I think you did mention that there were some other data centers that had been in active discussions last quarter. And so while the LOI that you just spoke of on the third quarter that's kind of now been terminated, what was the progress on some of the other, I guess, remaining data centers that were in active discussions?

知道了。那很有幫助。然後我想，或許這能在某種程度上幫助我們重新思考資料中心的問題。我的意思是，我想你確實提到過，上個季度還有一些其他資料中心也在積極討論中。所以，雖然您剛才提到的第三季的意向書現在已經終止了，那麼其他一些仍在積極討論中的資料中心專案進展如何呢？

Did those progress? And I guess, maybe help us think about as you look at your debt refinancing and the stack later this year, I mean, yes, you talked about trying to perhaps refinance with $750 million of secured. I mean, is there some level of assumed cash proceeds from asset sales anticipated in the intervening period as well, which probably helps maybe reduce the prevailing interest rate you might get at that time?

這些進展如何？我想，或許您能幫我們思考一下，當您考慮今年稍後的債務再融資和債務總額時，我的意思是，是的，您提到過嘗試用 7.5 億美元的擔保進行再融資。我的意思是，在此期間是否預計會有一些資產出售帶來的現金收益，這可能有助於降低屆時可能獲得的現行利率？

Yes. So really, three different questions. The first one is some of the backup offers on the two facilities that we had mentioned previously cover those facilities and others. So some parties were not particularly interested in moving forward without those facilities potentially being included. So it was not a one-for-one, meaning that there was a backup just for the two facilities that were under LOI.

是的。所以，其實是三個不同的問題。第一種是之前提到的兩個設施的一些備用方案，這些方案涵蓋了這些設施以及其他設施。因此，一些方面對在不包含這些設施的情況下推進專案並不特別感興趣。所以這不是一對一的替換，也就是說，只有那兩個簽訂了意向書的設施才有備用方案。

And our view was that while there was no difference of opinion on price, we felt that we would be better served with an all-cash purchase rather than one that had us taking more than 50% of the purchase price in the form of a secured note against the assets.

我們的觀點是，雖然在價格上沒有分歧，但我們覺得全現金購買比以資產作擔保的票據形式收取超過 50% 的購買價格對我們更有利。

In our refinancing, we are not assuming that there will be proceeds from the data center sales, although I do think there will be some proceeds. They are not baked into the point that I've made around the timing of the refinancing. Our plan is to refinance the unsecured notes with secured notes, dollar for dollar, no increase or decrease, in aggregate phase value and do that in a way that allows us to avoid paying the make whole, which would be due in -- any time between now and mid June of about $13 million.

在我們的再融資計劃中，我們並沒有假設資料中心出售會有收益，儘管我認為會有一些收益。它們並不包含在我之前提出的關於再融資時間的觀點中。我們的計劃是用有擔保票據對無擔保票據進行再融資，一比一，總階段價值不變，並且以一種能夠避免支付補償金的方式進行，補償金大約在現在到六月中旬之間的任何時間到期，金額約為 1300 萬美元。

The final point I will make on that is that the proceeds for the data center sale would be reflected as cash on our entire balance sheet, but the proceeds do not go into Cogent Group, which is the borrower group of both the secured and unsecured debt. We may elect to contribute some of that cash to group, but we're well within the coverage ratios, both in terms of secured and total indebtedness and also in debt service coverage. So there's no requirement for us to contribute that capital, but it would be available at an unrestricted sister entity, Cogent Infrastructure, and therefore, could be used to either inject that capital into Cogent Group, the borrower or dividend back to Cogent Holdings, which can then be used for the benefit of shareholders.

最後我想指出的是，資料中心出售所得款項將作為現金反映在我們的整個資產負債表上，但這些款項不會進入 Cogent Group，Cogent Group 是擔保債務和無擔保債務的借款方。我們可能會選擇將部分現金投入集團，但無論從擔保債務和總債務，還是從償債覆蓋率來看，我們都完全符合覆蓋率要求。因此，我們沒有義務投入這筆資金，但這筆資金可以在不受限制的姊妹實體 Cogent Infrastructure 中使用，因此，這筆資金既可以注入借款方 Cogent Group，也可以作為股息返還給 Cogent Holdings，然後 Cogent Holdings 可以將這筆資金用於股東的利益。

Frank Louthan, Raymond James.

弗蘭克·盧森，雷蒙德·詹姆斯。

Great. So on the data center, I think you'd originally kind of focused on $9 million or $10 million per megawatt. I mean, what do you think the market is for that now? And why not maybe try and lease those out and then get a multiple on that value? And then what additional room do you have on pricing and maybe leasing additional IPv4 licenses?

偉大的。所以，在資料中心方面，我認為你們最初的重點是每兆瓦900萬美元或1000萬美元。我的意思是，你覺得現在這東西的市場行情如何？為什麼不嘗試把這些設備出租出去，然後獲得數倍的收益呢？那麼，你們在定價方面還有多少空間，或許還可以租用額外的 IPv4 授權？

Frank, let me take those again in reverse order. In terms of IPv4 leasing, we saw a material acceleration in our leasing, but at lower price as we did two wholesale transactions of large blocks. We are continuing both on a retail and wholesale strategy. Today, we're about 46% of our addresses are leased and approximately 4% of our addresses are allocated to customers at no cost. This is nothing new.

弗蘭克，讓我反過來再說一次。在 IPv4 租賃方面，我們的租賃業務出現了實質的加速成長，但價格卻有所下降，因為我們進行了兩筆大區塊的批發交易。我們將繼續採取零售和批發相結合的策略。目前，我們約有 46% 的地址是租賃的，約有 4% 的地址免費分配給客戶。這並非什麼新鮮事。

It's been part of our strategy to win business since Cogent's inception.

自 Cogent 成立以來，這一直是我們贏得業務的策略之一。

But we do still have half of our address space that is sitting fallow. We have greatly improved the marketability of that address space by being able to deploy RPKI or additional security features across those addresses, which have made them more desirable to counterparties. And we anticipate continuing to see growth in our IPv4 leasing business. The 44% year-over-year growth in that business, again, was extraordinary. I'm not sure if we can repeat that, but we will continue to see further growth.

但我們仍有一半的地址空間處於閒置狀態。我們透過在這些位址上部署 RPKI 或其他安全功能，大大提高了該位址空間的市場競爭力，使其對交易對手更具吸引力。我們預計 IPv4 租賃業務將持續成長。該業務年增 44%，這再次令人矚目。我不確定我們能否重現之前的輝煌，但我們將繼續保持成長勢頭。

Out to the data centers. I think when we established a go-to-market strategy in the spring of '24 and announced that we were going to begin the capital investment to convert these facilities, we looked at both public trading comps as well as transactions in the private market. If anything, over the past year, data center space has become more scarce and valuations have improved. Now we are fully conscious of the fact that our data centers are repurposed switch sites and not purpose-built campuses which are different and attract a different customer base. We have done a minimal amount of leasing and have been focused mostly on the sales process.

發送到資料中心。我認為，當我們在 2024 年春季制定市場進入策略並宣布我們將開始資本投資來改造這些設施時，我們既考察了公開交易的比較對象，也考察了私募市場的交易。過去一年，資料中心空間變得更加稀缺，估值也有所提高。現在我們完全意識到，我們的資料中心是由改造後的交換站點發展而來，而不是專門建造的園區，兩者截然不同，吸引的客戶群也不同。我們只做了極少的租賃業務，主要精力都放在了銷售環節。

I think we feel that based on the number of sites that are in active discussion and a number of counterparties, that we will absolutely be monetizing through sale, a significant portion of the footprint.

我認為，根據正在積極討論的網站數量和交易對手的數量，我們肯定能夠透過出售相當一部分網站來實現盈利。

And in terms of exact price per megawatt, we are not going to disclose that because that would impact our ability to maximize value through these negotiations. But as Tad pointed out, other than the capital that we've invested, we have no real basis in these assets. And in fact, because the assets sit at Cogent Infrastructure, they represent a negative EBITDA cost that's not burdening the borrower, Cogent Group, but is a drag on the entire complex. And by selling these data centers, we both get the cash proceeds as well as a reduction in operating expenses.

至於每兆瓦的具體價格，我們不會透露，因為這會影響我們透過這些談判實現價值最大化的能力。但正如塔德指出的那樣，除了我們投入的資金外，我們對這些資產沒有任何實際所有權。事實上，由於這些資產位於 Cogent Infrastructure，它們代表負的 EBITDA 成本，這不會給借款人 Cogent Group 帶來負擔，但卻拖累了整個綜合體。透過出售這些資料中心，我們既可以獲得現金收益，又可以減少營運費用。

Brandon Nispel, KeyBanc Capital Markets.

Brandon Nispel，KeyBanc Capital Markets。

I appreciate the analysis on the Sprint revenue versus Cogent Classic. I wanted to understand and ask a few questions there. First, maybe just can you help us understand how you came up with that analysis? Because I think in the past, you've said it's sort of difficult or impossible to delineate between the two businesses once you integrated. Second, what changed versus your expectations?

我非常感謝您提供的關於Sprint和Cogent Classic收入對比的分析。我想了解一下情況，並問幾個問題。首先，您能否幫我們理解一下您是如何得出這個分析結果的？因為我覺得你以前說過，一旦合併，就很難或不可能將這兩個業務區分開來。其次，與您的預期相比，有哪些變化？

I think, Dave, when you closed that acquisition, you said you'd probably be at more of a run rate of $350 million versus $190 million annualized run rate that you gave us today? And then where do you think the bottom is, what do you think that business does in terms of revenue in 2026?

戴夫，我記得你完成那次收購的時候說過，年化收入可能會達到 3.5 億美元，而不是你今天告訴我們的 1.9 億美元？那你認為它的谷底在哪裡？你認為這家企業在 2026 年的收入會是多少？

I'll take those again in reverse order. One, I think that business is continuing to deteriorate, both based on the nature of the customers and the discipline that we have applied to ensuring that the services we sell have an adequate margin. While we realized that the off-net enterprise customer base is inherently less profitable, in fact, even after a diligent effort of trying to bring enterprise business on-net, we have only been able to get to an 88% off-net and 12% on-net mix because many of these enterprises operate globally across a footprint that is just not economic to bring on-net. And therefore, we're going to be saddled with that lower margin portion of our revenue stream, but we do intend to make sure that the margins are adequate.

我會按相反的順序再做一次。第一，我認為業務持續惡化，這既是由於客戶的性質，也是由於我們為確保所售服務具有足夠的利潤而採取的紀律措施。雖然我們意識到非網內企業客戶群的盈利能力本質上較低，但事實上，即使我們努力嘗試將企業業務轉移到網內，我們也只能達到 88% 非網內和 12% 網內的組合，因為這些企業中的許多企業在全球範圍內運營，其業務範圍之廣，轉移到網內根本不經濟。因此，我們將不得不承擔收入來源中利潤率較低的那部分，但我們確實打算確保利潤率足夠高。

We have virtually completed the burn-off of the non-core products and the vast majority of the undesirable revenue. But with that said, we're still experiencing significant monthly and quarterly sequential degradation in that business. I had projected the 10.9% rate of decline that we were seeing from Sprint. We thought that we could maintain that rate of decline and migrate customers to more profitable products. What we in fact found was that many of those customers actually intended to go away independent of our acquisition at an accelerating rate.

我們已基本完成非核心產品的淘汰，並剔除了絕大部分不良收入。但即便如此，我們這項業務仍面臨明顯的月度和季度環比下滑。我之前預測過 Sprint 的下滑率為 10.9%。我們原本以為可以維持這種下降速度，並將客戶引導至利潤更高的產品。我們實際發現的是，許多客戶即便沒有我們的收購，也打算以越來越快的速度離開。

And then that was further compounded by the discipline that we applied. I think it will continue to decline. We will continue to report on it.

而我們採取的紀律措施更是加劇了這種情況。我認為它會繼續下滑。我們會繼續報道此事。

Now in terms of why we did this and how, it was a very arduous and manual task. We had to go into the nearly 1,300 acquired customers and look at every individual order on an order-by-order basis. It was a very manual process. But I do believe, based on concerns I was hearing from investors, that this was an extremely important metric that they cared about. And we then basically invested what was effectively a full-time person to do this analysis.

至於我們為什麼要這樣做以及如何這樣做，這是一項非常艱鉅且需要人工完成的任務。我們必須進入近 1300 個已收購客戶，並逐一查看每個訂單。這是一個完全人工操作的過程。但根據我從投資者那裡聽到的擔憂，我相信這是一個他們非常關心的重要指標。然後，我們基本上投入了一名全職人員來進行這項分析。

We will be able to do this going forward. And I think it gives an investor a better lens on how Cogent's business is performing versus the acquired business, as well as the mix shift that we are focused on and being more on-net.

今後我們將能夠做到這一點。我認為這能讓投資人更了解 Cogent 的業務表現與被收購業務的表現，以及我們正在關注的業務組合轉變，並更重視淨利。

The way to improve our cash flow going forward is growth in top line, but growth in top line of more profitable business. And the 80% on-net that we sold in Q4 is actually better than we did the quarter before we acquired Sprint. So in Q1 of 2023, we actually only were 76% on and 24% off. So this focus on on-net is going to be a significant driver of margin expansion.

改善未來現金流的途徑是提高營收，但要提高獲利能力更強的業務的營收。我們在第四季實現的淨銷售額佔比 80%，實際上比我們收購 Sprint 之前那個季度的業績還要好。因此，在 2023 年第一季度，我們實際上只有 76% 的時間在工作，24% 的時間不在工作。因此，對網內利潤的重視將成為利潤率擴張的重要驅動力。

I'll just add one thing to the complexity. So when we acquired the business under the TSA, T-Mobile was billing the customers on our behalf through their billing system. We worked an incredible effort to bring all of those customers into our billing systems. We had one billing system for November 2023. But for that period, from close, so May 2023 through October '23, we were relying on the information that we got from T-Mobile billing on our behalf. So bifurcating that and post billing on our system was complicated, I'll just leave at that.

我再補充一點，讓事情變得更複雜。因此，當我們根據 TSA 收購該業務時，T-Mobile 透過其計費系統代表我們向客戶收費。我們付出了巨大的努力，才將所有這些客戶納入我們的計費系統。2023年11月我們只有一個計費系統。但在那段時間裡，從 2023 年 5 月結束到 2023 年 10 月，我們一直依賴 T-Mobile 代表我們提供的帳單資訊。所以，在我們系統中將這部分和後續計費分開處理很複雜，我就說到這裡吧。

Understood. And if I could just follow up with one quick one. Where would you estimate the EBITDA contribution of the Sprint business is today?

明白了。如果可以的話，我再補充一個簡短的問題。您估計Sprint業務目前的EBITDA貢獻是多少？

I think it's close to 0, but slightly positive. But still far below our aggregate margins. It's probably in the 0% to 5% range. But we are working on improving that, which does include, in some cases, price increases.

我認為它接近 0，但略微為正。但仍然遠低於我們的整體利潤率。可能在0%到5%之間。但我們正在努力改善這種情況，這在某些情況下確實包括提價。

Nick Del Deo, MoffetNathanson.

尼克·德爾·迪奧，莫菲特·內桑森。

A couple of questions on the data center front. Dave, you were explicit that the LOI fell apart because of the demand to help you finance it. I recall that one of the due diligence items that the counterparty needed to complete was confirming power availability from the utilities. Was that availability confirmed?

關於資料中心方面，我有幾個問題。戴夫，你明確表示，意向書之所以破裂，是因為有人要求你提供融資。我記得交易對手需要完成的盡職調查項目之一是向公用事業公司確認電力供應情況。確認有貨了嗎？

It was confirmed by that party. And we have now made the data available to the backup providers to go through the same confirmation process. But the reason why we did not move forward with the previous LOI was not a negotiation on price. They got comfortable with both the power availability and title to the actual land, which were their two big concerns. And they just came back and tried to have us provide them financing.

消息已得到對方證實。現在，我們已將資料提供給備份供應商，以便他們進行相同的確認流程。但我們之前沒有推進意向書的原因並非價格談判。他們最終解決了電力供應和土地所有權的問題，這兩點正是他們最關心的問題。他們回來後又想讓我們提供融資給他們。

Even though when we executed the LOI, they had assured us that they have proof of funds and the wherewithal to pay all cash. They were just trying to magnify their returns through owner financing.

儘管我們在簽署意向書時，他們向我們保證他們有資金證明，並且有能力全額現金支付。他們只是想透過業主融資來提高收益。

Got it. Are you able to share when the LOI fell apart? And if you do have new deals in hand soon, as you suggested, should we expect a press release to announce those? Or would you disclose those on your next earnings call or some other conference presentation or something?

知道了。能否透露一下意向書何時破裂？如果您真的像您所說，很快就能達成新的交易，我們是否可以期待新聞稿來宣布這些交易？或者您會在下次財報電話會議或其他會議演講中揭露這些資訊嗎？

I think we would probably announce it in a stand-alone announcement. And I do think we anticipate something in the next couple of months. That's probably as specific as I can be. But unless it was a day or two before the earnings call, I think we would probably announce it separately.

我認為我們可能會單獨發布一份公告。而且我認為我們預計未來幾個月內會發生一些事情。我大概只能提供這麼多細節了。但除非是在財報電話會議前一兩天，否則我認為我們可能會單獨宣布。

And then to when the LOI fell apart, it was fairly recent. There was a negotiation. They had made the request, we went back, and we're trying to keep them moving forward under the original terms. But eventually, earlier this year, we became convinced that they were not going to move forward unless we provide the financing.

而意向書最終破裂的時間也相當近。雙方進行了談判。他們提出了請求，我們回應了，現在我們正努力讓他們按照原先的條款繼續前進。但最終，在今年早些時候，我們確信，除非我們提供資金，否則他們不會繼續推進專案。

Okay. Okay. And then can I ask a couple about the legacy Cogent versus legacy Sprint revenue splits. So it looks like you're talking about a $42 million growth in quarterly legacy Cogent revenue from the time of the deal closing to today. It looks like over that time, your quarterly IPv4 revenue is up about $9 million.

好的。好的。然後，我可以問幾個關於Cogent舊版和Sprint舊版收入分配情況的問題嗎？所以看來您指的是從交易完成到今天，Cogent 的季度傳統收入成長了 4,200 萬美元。看起來，在此期間，您的季度 IPv4 收入增加了約 900 萬美元。

Waves are now at about $12 million. So that would imply that about half the revenue growth was from those two line items and about half came from, call it, the core products that you focused on pre-deal. Is that a fair way to think about it? And --

Waves 目前價值約 1200 萬美元。所以這意味著大約一半的收入成長來自這兩個項目，另一半來自，姑且稱之為，你在交易前重點關注的核心產品。這種思考方式合理嗎？和--

Yes.

是的。

Is it correct to assume that the -- okay. Okay. Good. And the T-Mobile TSA revenue, is that in the Sprint bucket?

假設——好的，這樣理解對嗎？好的。好的。T-Mobile 的 TSA 收入是否計入 Sprint 的收入中？

No, it is not. That was revenue that did not exist previously and was a drag to our revenue. I guess it was about $400,000 for the quarter -- last quarter. And I think at peak, it was almost $6 million. So that was the services we were providing to T-Mobile that we had previously never provided.

不，並非如此。那部分收入以前並不存在，反而拖累了我們的收入。我猜上個季度大概是 40 萬美元。我認為巔峰時期，它接近 600 萬美元。這就是我們之前從未向 T-Mobile 提供的服務。

And it was not to a Sprint customer, it was to T-Mobile. But they have been able to reduce their reliance on our paid services by about 93%, 94%. But that remaining $400,000 is in there. So in fact, the underlying Cogent revenue growth probably would have been a little better if we had excluded the TSA both initially and today.

而且收款方不是Sprint的客戶，而是T-Mobile的客戶。但他們已經能夠將對我們付費服務的依賴程度降低約 93%、94%。但剩下的40萬美元還在那裡。因此，事實上，如果我們最初和今天都排除 TSA 的影響，Cogent 的實際收入成長可能會更好一些。

Okay. Got it. That's helpful. And if I can squeeze in one more quick one about the IPv4 leasing revenue. So the revenue was down a little bit quarter-over-quarter despite the address at least being up noticeably.

好的。知道了。那很有幫助。如果我能再擠出一點時間，快速補充一下關於 IPv4 租賃收入的問題。儘管地址數量明顯增加，但收入環比略有下降。

Can you just talk about the dynamics there?

您能談談那裡的具體情況嗎？

It was actually pretty simple. One of the parties that took the large wholesale block had a small retail block with us, and it was the timing of when we terminated that retail agreement and converted it to wholesale in conjunction with a much larger purchase.

其實很簡單。承接大宗批發業務的其中一家公司在我們這裡承接了一小筆零售業務，而我們終止該零售協議並將其轉換為批發協議，恰好與一筆更大的採購同時進行。

Michael Rollins, Citi.

麥可‧羅林斯，花旗集團。

Dave, I was curious if you could be more specific on the cost base. I think in the past, you described that there's some duplicative costs that the company is incurring during this integration. How much of those are left, and the timing of those savings? And then can you also share with us what the burn rate is for the data center portfolio that you're looking to monetize?

戴夫，我想請你更具體地說明成本組成。我認為你之前曾提到過，公司在整合過程中會產生一些重複成本。其中還剩下多少？這些節省何時到位？那麼，您能否也和我們分享一下，您正在尋求變現的資料中心投資組合的燒錢率是多少？

Yes. Two very different questions. So first of all, we have achieved the vast majority of the increased cost savings that we had targeted. So if you remember, the initial number was $220 million. We then increased that number to $240 million. And we probably have achieved over $230 million of that $240 million in cost savings. So there is a small tail, but it is not material.

是的。兩個截然不同的問題。首先，我們已經實現了預期的大部分成本節約目標。所以如果你還記得的話，最初的數字是 2.2 億美元。然後我們將這個數字增加到 2.4 億美元。我們可能已經實現了2.4億美元成本節約中的2.3億美元以上。所以它有個小尾巴，但它不是物質性的。

Secondly, we have incurred incremental expenses associated with integration activities. Those will continue throughout this year. They peaked at about an annual run rate of $60 million or about $5 million a month. Today, they're down to probably closer to $3 million a month, but there is still monies being spent on various integration optimization programs, but we do anticipate those ending by the end of the year.

其次，我們因整合活動而產生了額外的費用。這些活動將持續到今年底。它們的年收入高峰約為 6000 萬美元，即每月約 500 萬美元。如今，他們的支出可能已經降至每月 300 萬美元左右，但仍有資金用於各種整合優化項目，不過我們預計這些項目將在年底前結束。

And then to the final question, which is the burn associated with the infrastructure that we acquired from T-Mobile. So the infrastructure business, which includes the data centers and the physical fiber network, has a negative EBITDA of about $140 million. We have partially offset that because the IPv4 securitization sits under infrastructure and generates about $60 million of EBITDA. So the infrastructure silo of Cogent's balance sheet is about negative $80 million of EBITDA. Roughly 20% of that is associated with the data centers, and we're looking to sell a significant portion of that footprint, probably at least 50% of it.

最後一個問題，即我們從 T-Mobile 收購的基礎設施所帶來的損失。因此，包括資料中心和實體光纖網路在內的基礎設施業務的 EBITDA 為負約 1.4 億美元。我們已經部分抵銷了這項損失，因為 IPv4 證券化屬於基礎設施範疇，並產生了約 6,000 萬美元的 EBITDA。因此，Cogent 資產負債表中的基礎設施部分 EBITDA 為負 8,000 萬美元。其中約 20% 與資料中心相關，我們正尋求出售其中相當一部分面積，可能至少 50%。

And sorry, that 20% associated with the data centers, is that 20% of the --

抱歉，與資料中心相關的 20% 指的是…--

20% of the $140 million of negative costs associated with the Sprint assets. These are primarily in three buckets. They're real estate taxes, personal property taxes and right-of-way fees. We got the actual network for $1 with no revenue. We now are completing the repurposing of that.

與 Sprint 資產相關的 1.4 億美元負面成本的 20%。這些主要分為三類。它們包括房地產稅、個人財產稅和通行權費。我們只花了 1 美元就獲得了這個網絡，而且沒有任何收入。我們現在正在完成它的改造利用工作。

And as we add high-margin -- the margins accrued [to] group, but we can fund those losses over at infrastructure through our ability to move money out of the borrower group through holding some back down to infrastructure. In fact, that's how we've been funding those to date using our restricted payments capacity. And we do have about $350 million of accumulated unused restricted payments capacity at the borrower.

而且，隨著我們增加高利潤——集團累積的利潤，我們可以透過把部分資金從借款人集團轉移出去，並將部分資金保留回基礎設施，來彌補基礎設施方面的損失。事實上，到目前為止，我們一直都是利用我們有限的支付能力來為這些項目提供資金。而且，我們在藉款人處還有大約 3.5 億美元的未使用受限支付能力。

If I could just follow up real quick with two other items. First, if you look at the corporate business at the heritage Cogent side of the equation, can you share with us a little bit more detail about what's driving the heritage revenue change over the last couple of years? And if there's any inflection in trend there? And the same for NetCentric, where it might be a little bit easier to unpack the IPv4 and the wave impact, just given the concentration of those products in NetCentric?

我再補充兩件事。首先，如果您從傳統 Cogent 業務的角度來看，您能否向我們詳細介紹過去幾年推動傳統業務收入變化的因素？如果那裡的趨勢出現任何轉捩點呢？對於 NetCentric 也是如此，考慮到這些產品集中在 NetCentric，因此分析 IPv4 及其帶來的影響可能會更容易？

Yes. So on the NetCentric side, it is easier because we do break out the IPv4 revenue, of which 85% of it is NetCentric. We break out the wave revenue, which is virtually all NetCentric. And then the incremental difference is the growth in the core transit product. In the corporate business, there was a mix of DIA and VPN services at Cogent and then a mix at Sprint.

是的。因此，在 NetCentric 方面，情況就比較容易了，因為我們確實單獨列出了 IPv4 收入，其中 85% 來自 NetCentric。我們單獨列出 wave 收入，這幾乎全部來自 NetCentric。然後，增量差異體現在核心公共交通產品的成長。在企業業務方面，Cogent 公司混合使用了 DIA 和 VPN 服務，而 Sprint 公司也採用了混合服務。

At Sprint, the mix was much heavier VPN than it was DIA. At Cogent, it was much more DIA. We have converted some of the Sprint customers from MPLS to VPLS VPNs, improving the profitability, but we are continuing to support the MPLS product long term. We are trying to move as much on-net as possible. But the underlying growth in the corporate business at Cogent has come mostly from DIA.

在 Sprint，VPN 的使用比例遠高於 DIA。在 Cogent，情況更偏向 DIA。我們已將部分 Sprint 客戶從 MPLS VPN 轉換為 VPLS VPN，提高了獲利能力，但我們將繼續長期支援 MPLS 產品。我們正努力將盡可能多的業務轉移到線上。但 Cogent 公司企業業務的根本成長主要來自 DIA。

David Barden, New Street Research.

David Barden，新街研究公司。

The first one, Dave -- and I apologize for asking this -- is about your new contracts that you've signed in January with the Board and how we, as investors from the outside, look at maybe how your incentives have changed. You always took stock as compensation. Now you're getting cash compensation. Does that change how you think about the business, how you think about dividends? It would be really helpful to get some insight there.

戴夫，第一個問題——很抱歉問這個問題——是關於你一月份與董事會簽署的新合同，以及我們作為外部投資者，如何看待你的激勵機制可能發生的變化。你總是把股票當作補償。現在你將獲得現金補償。這會改變你對企業和股利的看法嗎？如果能獲得一些這方面的信息，那就太好了。

I think the second question, maybe for Tad, is when you talk about secured financing, what specifically are you planning on securing? How much are you planning to secure? And what rates are you expecting?

我認為第二個問題，或許應該問 Tad，是當您談到擔保融資時，您具體計劃擔保什麼？你計劃籌集多少資金？您預期的利率是多少？

All right. Great. So first of all, with regard to my contract, I am still in negotiations with the comp committee for some additional equity going forward. The vast majority of my compensation, roughly 80% of it remains in equity, and that equity does not begin the vest until 2029. So there's both a long-term cliff and a significant portion that needs to vest.

好的。偉大的。首先，關於我的合同，我仍在與薪酬委員會協商未來的一些額外股權。我的薪酬絕大部分（約 80%）仍以股權形式存在，而這些股權要到 2029 年才會開始歸屬。所以既存在長期的懸崖效應，也存在著需要逐步兌現的很大一部分收益。

Now -- so I do not have to pledge shares going forward, which created a cascade of bad events. I now have cash compensation that will allow me to pay both taxes and to be able to live, but it is a fraction of my total compensation.

現在——這樣我就不必再質押股份了，這避免了一系列不良事件的發生。我現在獲得了一些現金補償，足以支付稅款並維持生活，但這只是我總收入的一小部分。

In terms of being able to go forward and how I think about dividends, I'm as committed to shareholder returns as I've ever been. We have shifted our priorities to get our leverage down. And I think we will be in a position where we will see our leverage rapidly fall and be able to return to either buybacks, dividends at a higher rate or a combination thereof. I'll let Tad touch on the refi, and I may jump in as well.

就公司未來的發展以及我對分紅的看法而言，我對股東回報的承諾一如既往。我們已調整工作重點，以降低我們的槓桿作用。我認為我們將處於這樣的境地：我們的槓桿率將迅速下降，我們將能夠恢復股票回購、提高股息率或兩者兼而有之。我會讓塔德來談談再融資的事，我可能也會參與討論。

Well, I mean, we're in negotiations with multiple parties. We've essentially only kind of come to terms on the amount, but not with respect to rates and the rest of the terms that we are in the process of negotiating.

嗯，我的意思是，我們正在與多個方面進行談判。我們基本上只就金額達成了一致，但利率和其他條款尚未達成一致，這些條款我們正在協商中。

Yes. I think we have a very clear structure that will allow us to do this as secured debt. I don't think this call is the correct forum to roll that out, but we will see. And we also will anticipate that the current secured debt is a pretty good education of about where our new debt will price.

是的。我認為我們已經建立了一個非常清晰的架構，可以讓我們以擔保債務的形式進行這項交易。我認為這次電話會議不是適當的場合，但我們拭目以待。我們也預計，目前的擔保債務能夠很好地反映我們新債務的定價水準。

Got it. And is there anything about the 2032s that is relevant to kind of rolling the '27s?

知道了。那麼，2032 年的車型有什麼與 27 年的車型相關的特點嗎？

Not really. I mean, the same test will be in place will be governed by the most restrictive covenants, which will probably be the existing '32s, and that will be 4x secured leverage and a 2x debt service test.

並不真地。我的意思是，同樣的測試將會實施，但會受到最嚴格的契約約束，很可能是現有的「32」條款，即4倍擔保槓桿和2倍債務償還測試。

Got it. And if I could just squeeze in one more, I really appreciate it, guys. Dave, you've kind of mentioned that the two kind of things that were going to be advantages for you in the wave market were price and time provision. I think you said you're down to 30 days, I think you targeted two weeks. Could you elaborate a little bit on the kind of process to get to even better provisioning timing?

知道了。如果我能再擠出一點時間，我真的非常感謝大家。戴夫，你之前提到過，在衝浪市場中對你有利的兩件事是價格和時間供應。我想你說過你只剩下 30 天了，我想你的目標是兩週。能否詳細說明如何才能進一步優化資源調配時間？

And where are you, do you believe, on a price perspective relative to market?

那麼，您認為從價格角度來看，您目前的市場地位如何？

Yes, I'll take the price one first. I think we're probably at a 20% to 30% discount. I also believe our advantages are more than you outlined. I think the breadth of the footprint, as well as the diversity of the routes and reliability, are all really important criteria. And I think the acceleration you're seeing in our waves business is as a result of that.

是的，我先選價格最低的那個。我覺得我們大概可以享受20%到30%的折扣。我認為我們的優勢遠不止你提到的那些。我認為涵蓋範圍的廣度、路線的多樣性和可靠性都是非常重要的標準。我認為，我們在波浪業務方面看到的加速發展正是由此而來。

And then in terms of getting the provisioning window even shorter, I think it will be three things. It will be, one, [our just] continued process refine it as we do more, but 30 days is still generally 3x to 4x quicker than industry averages. A third party actually just last month, released a report benchmarking us. And in terms of wavelength services, out of all of the providers -- there were several dozen providers, both regional and national, evaluated -- we were actually number two in terms of provisioning already. And I think we'll end up being number one, just like we are in IP.

至於如何進一步縮短配置窗口，我認為有三件事可以做到。首先，我們會繼續完善流程，隨著工作的進展不斷改進，但 30 天通常仍然比行業平均快 3 到 4 倍。就在上個月，一家第三方機構發布了一份對我們進行基準測試的報告。就波長服務而言，在所有供應商中——我們評估了數十家區域性和全國性供應商——我們在供應方面實際上已經排名第二。我認為我們最終會成為第一，就像我們在智慧財產權領域一樣。

I think the other thing that is a constraint today is actually, pluggable optics lead times have become more challenging just because of the pressures that some of the massive data center builds have put on the entire ecosystem for telecom and networking equipment.

我認為如今的另一個限制因素實際上是，由於一些大型資料中心建設給整個電信和網路設備生態系統帶來的壓力，可插拔光元件的交付週期變得更加具有挑戰性。

Mike Funk, Bank of America.

麥克‧芬克，美國銀行。

I've had one question, Dave. Going back to the sequential revenue growth, I'm looking at the Street forecast, and consensus is for about $3.5 million sequential revenue growth in 2026. And this is not '26-ish. I think historically, straight forecast revenue growth faster than actual probably a combination of constructive commentary from the company. The longer-term revenue growth guidance provided and relative opaqueness of your business.

戴夫，我有一個問題。回到營收環比成長方面，我查看了華爾街的預測，普遍認為 2026 年營收季增約 350 萬美元。這不是 26 年左右的情況。我認為從歷史數據來看，直接預測的營收成長速度超過實際成長速度，可能是公司做出建設性評論的結果。提供的長期收入成長預期以及貴公司業務的相對不透明性。

I don't think it's helpful to have revenue growth so much higher than actual. So maybe help us think about the correct rate of sequential revenue growth in 2026 to reduce some of the volatility that we see in your stock on earnings?

我認為營收成長遠高於實際水準並沒有什麼幫助。所以，您能否幫助我們思考一下2026年合理的營收季報成長率，以減少我們目前看到的貴公司股票獲利波動？

Yes. And it's a delicate balancing act because while I want to give clarity and guidance, I'm not comfortable in giving quarterly or even annual guidance. I do think that over a multiyear period, that 6% to 8% growth rate is what is absolutely appropriate to model. I'm going to have to leave it to every analyst to do their own diligence and channel checks, and we're just not going to give a number that says 3.5 is too high or too low on a sequential increase in revenue.

是的。這需要巧妙地平衡，因為雖然我想給出清晰的指示和指導，但我並不願意給出季度甚至年度的業績指引。我認為，從多年時間來看，6%到8%的成長率是完全合適的建模標準。我得讓每位分析師自行進行盡職調查和管道核查，我們不會給出一個數字來說明 3.5 是太高還是太低，畢竟營收環比增長是高還是低。

What we said is, from this point forward, we're comfortable that our quarterly reported revenues are going to grow. We think that's going to continue to improve. We think that, that growth is going to be driven by high-margin products. And just as you said, maybe Street numbers were too high on top line, they've consistently underestimated our ability to expand margins.

我們當時的意思是，從現在開始，我們有信心季度報告收入將會成長。我們認為這種情況會繼續改善。我們認為，這種成長將由高利潤產品驅動。正如你所說，或許華爾街對營收的預期過高，他們一直低估了我們擴大利潤率的能力。

Maybe one more if I could, Dave, sneak it in here. Rep productivity, I wanted to touch on that. They've been coming down. What are you doing internally, change in processes, people, to improve rep productivity?

如果可以的話，戴夫，再偷偷加一個吧。關於業績提升，我想談談這一點。它們一直在下降。為了提高銷售代表的生產力，你們公司內部正在採取哪些措施？例如流程變革、人員調整等等？

So the productivity is measured on a unit basis. If you've actually noticed, our ARPUs have actually gone up somewhat too. We are focused more on on-net services. So there is a higher payout for on-net versus off-net to help get to that 80:20 mix that I referenced. And then third, we continue to train, to promote internally and try to incent our sales force to grow.

因此，生產力是以單位為基礎來衡量的。如果你仔細觀察的話，你會發現我們的每位用戶平均收入（ARPU）其實也有所上升。我們更專注於網路內服務。因此，網內收益高於網外收益，這有助於實現我提到的 80:20 的比例。第三，我們持續進行培訓，提拔內部人才，並努力激勵我們的銷售團隊成長。

But we do still have 5.4% per month of turnover. That is below the long-term average of 5.7%, the peak of 8.7%. But our productivity at [4.1] for the fourth quarter was actually about 18% better than our rep productivity in the fourth quarter of 2024.

但我們每月仍有 5.4% 的員工流動率。這低於 5.7% 的長期平均值和 8.7% 的峰值。但我們第四季的生產力為 [4.1]，實際上比 2024 年第四季的代表生產力高出約 18%。

There is some seasonality to rep productivity. And while the 4.8 that we average is good, we actually think we can do better than that. And I think you'll see that number trend up as this focus on on-net and as we kind of roll through the seasonality that I mentioned.

銷售代表的生產力存在一定的季節性波動。雖然我們平均 4.8 分還不錯，但我們認為我們其實可以做得更好。我認為隨著我們更加關注線上行銷，以及我們逐漸度過我提到的季節性因素，你會看到這個數字呈現上升趨勢。

Ana Goshko, Bank of America.

安娜‧戈什科，美國銀行。

So just on the plan to refi the '27 sort of dollar for dollar with new secured. So in the prior question on the planned use of proceeds of any data center sale, you clearly didn't commit to using it to repay debt. So I think you said you have options. But when you reduced your dividend about -- in the last earnings announced date, the rationale that was provided for reducing the dividend was that you wanted to focus on deleveraging. And I think implicit in that was the idea that cash on the balance sheet, potential cash from asset sale proceeds and potential cash from free cash flow would be used to repay debt.

所以，計劃是按 2027 年的貸款再融資，用新的擔保貸款進行等額再融資。所以，在先前關於資料中心出售所得款項計劃用途的問題中，您顯然沒有承諾將其用於償還債務。所以我覺得你剛才說了你有很多選擇。但是，在最近一次公佈收益時，你減少了股息，當時給出的理由是你想專注於去槓桿化。我認為其中隱含的想法是，資產負債表上的現金、資產出售所得的潛在現金以及自由現金流的潛在現金將用於償還債務。

So I just wanted to revisit that concept and what the plan is to get leverage down? And I believe you cited a target of 4x?

所以我只是想重新探討這個概念，以及降低槓桿率的計畫是什麼？我記得你提到目標是4倍？

Yes, that is absolutely correct, Ana. And we are absolutely committed to not materially changing our return of capital either through buybacks or dividends until we reach 4x net leverage. We each quarter have less money due to us from T-Mobile, which we're counting in our leverage. So that is a bit of a hill that we have to climb. We also are again, delevering both on a gross and net basis.

是的，安娜，你說得完全正確。我們絕對承諾，在達到 4 倍淨槓桿率之前，不會透過股票回購或分紅等方式實質地改變我們的資本回報。每個季度我們應從 T-Mobile 收到的款項都會減少，這在我們的槓桿率中有所體現。所以，我們得克服這道坎。我們正在再次降低總槓桿率和淨槓桿率。

And I think we will continue to do that.

我認為我們會繼續這樣做。

And holding cash on the balance sheet has the exact same impact on net debt. We have not been specific around a gross debt target, and we may opportunistically even buy back some of our debt if it's some [concentrates] at a discount as our current secured debt has, that could also be an effective mechanism to use excess cash to reduce leverage. But we are absolutely committed, I don't want to leave no ambiguity, that we intend to get for the entire complex, not just the borrower group, down to 4x net leverage before we materially change our return of capital strategy.

資產負債表上持有現金對淨債務的影響也完全相同。我們沒有設定具體的債務總額目標，如果某些債務像我們目前的擔保債務一樣以折扣價回購，我們甚至可能會伺機回購部分債務，這也可以成為利用多餘現金降低槓桿率的有效機制。但我鄭重承諾，我們不僅要讓借款人集團的淨槓桿率降至 4 倍，然後再對資本回報策略進行實質改變，這一點我毫不含糊。

Okay. And then secondly, I know you don't provide specific guidance. But in terms of your ability to generate free cash flow, particularly this year, what is your level of confidence and maybe some order of magnitude if you expect it to be positive?

好的。其次，我知道你沒有提供具體的指導。但就您創造自​​由現金流的能力而言，特別是今年，您的信心程度如何？如果您預期自由現金流為正，您能否給出一個大致的數量級？

So we absolutely will produce a growth in EBITDA. You can extrapolate what we have done and then later on, the contribution margins with the mix shift that I described and then layer in some of the aggregate savings. Two, we absolutely expect our capital expenditures to go down.

因此，我們的 EBITDA 絕對會成長。您可以推斷我們已經完成的工作，然後稍後，根據我描述的組合變化計算貢獻毛利，然後再疊加一些總體節省。第二，我們絕對預期資本支出會下降。

Those two things will allow us to generate unlevered free cash flow growth. And it is likely that when we refinance the unsecureds, our coupon will be slightly higher probably than it is today for the current unsecureds even though we will be converting them to secured. That is highly dependent on how the current bonds trade. But we do think that even on a levered basis, we will be generating free cash. That's as close to guidance as you're going to get me.

這兩件事將使我們能夠產生無槓桿自由現金流成長。而且，當我們對無擔保債券進行再融資時，即使我們將它們轉換為擔保債券，我們的票息也可能比目前的無擔保債券略高。這很大程度上取決於當前債券的交易情況。但我們認為，即使以槓桿為基礎，我們也能產生自由現金流。這就是我能給你的全部指引了。

And that concludes our question-and-answer session. I will now turn the call back over to Mr. Dave Schaeffer for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給戴夫·謝弗先生，請他作總結發言。

Well, first of all, I want to thank everyone. I know it was 1.5 hours. We have actually gone longer. I thought this was somewhat unique in that we added a lot more granularity to our disclosures around the trajectory of this acquired business and also, the relative mix of products.

首先，我要感謝大家。我知道是1.5小時。實際上，我們走得更久。我認為這在某種程度上是獨一無二的，因為我們對收購業務的發展軌跡以及產品組合的揭露增加了更多細節。

I think in summary, there are three really important objectives for Cogent to build value. One is to grow top line. Two, to continue to expand margins. And then three, eliminate any overhang of a debt maturity that is 17 months away. And I think on all three of those vectors, we are and will continue to demonstrate meaningful progress. Thanks, everyone, and we'll talk soon. Take care.

總而言之，我認為 Cogent 實現價值有三個非常重要的目標。一是提高營收。第二，繼續擴大利潤率。第三，消除17個月後到期的任何債務所帶來的壓力。我認為在這三個方面，我們都取得了並將繼續取得有意義的進展。謝謝大家，我們很快再聊。小心。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。