Cogent Communications Holdings (CCOI) FY2021 results: revenue $590 million, up 3.8% on the year

Cogent Communications Holdings, Inc. (CCOI) reported revenue of $590 million for fiscal 2021, the year ended 31 December 2021, up 3.8% on the year before. Net income was $48 million, up 675.2%, and diluted earnings per share $1.03. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2022.

Revenue

$590 million

+3.8% on the year

FY2014FY2021

Operating margin

20.2%

18.8% a year earlier

FY2014FY2021

Net income

$48 million

+675.2% on the year

FY2014FY2021

Diluted EPS

$1.03

+692.3% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	590	568	546	+3.8%
Cost of revenue	226	219	220	+3.3%
Gross profit	363	349	326	+4.2%
Gross margin	61.6%	61.4%	59.8%
Selling, general and administrative	162	158	147	+2.5%
Operating income	119	107	100	+11.5%
Operating margin	20.2%	18.8%	18.4%
Interest expense	58.1	62.5	57.5	-7.1%
Pre-tax income	71.4	10.3	52.7	+592.6%
Income tax	23.2	4.1	15.2	+467.3%
Effective tax rate	32.5%	39.7%	28.8%
Net income	48.2	6.2	37.5	+675.2%
Net margin	8.2%	1.1%	6.9%
Diluted EPS	$1.03	$0.13	$0.81	+692.3%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	170	140	149	+21.3%
Capital expenditure	69.9	56.0	47.0	+25.0%
Free cash flow	100	84.4	102	+18.9%
Free cash flow margin	17.0%	14.9%	18.6%
Cash from investing	-69.9	-56.0	-47.0
Cash from financing	-141	-116	22.0
Depreciation and amortisation	89.2	83.5	80.2	+6.9%
Share-based compensation	26.8	23.5	18.5	+14.0%
Buybacks	n/a	4.5	n/a
Dividends paid	150	129	113	+16.1%
Dividend per share	$3.17	$2.78	$2.44	+14.0%
Diluted shares, weighted	47m	47m	46m	+0.6%
Shares outstanding at period end	48m	47m	47m	+1.0%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	-373	-293	-204
Debt	898	882	798	+1.8%
Operating lease liabilities	112	111	86.7	+0.4%
Finance lease liabilities	229	203	162	+12.5%
Other liabilities	119	96.9	89.4	+23.0%
Total liabilities and equity	985	1,000	932	-1.6%
Fixed assets	458	430	369	+6.4%
Cash and equivalents	320	371	399	-13.9%
Receivables	41.9	44.2	40.5	-5.1%
Other assets	165	155	123	+6.8%
Total assets	985	1,000	932	-1.6%

10-K for the year ended 31 December 2021, filed 25 February 2022: the filing.