The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Mike Ng - Goldman Sachs - Analyst
: To start things off, I was wondering if you could just talk about the big picture, three to five year view. What are some of the biggest developments
that you're focused on? And where should we be spending our time as analysts and investors on the Cogent story?
Question: Mike Ng - Goldman Sachs - Analyst
: It's a fantastic overview, Dave. Maybe just on the wavelengths piece. So a $500 million annual revenue run rate, $2 billion TAM, the 25% market
share.
What do you need to do to execute from where we are today at $36 million to get to that $500 million by 2028, key customer wins, investments
in the infrastructure? Yeah.
Question: Mike Ng - Goldman Sachs - Analyst
: And when you talk about these customers just in terms of the type and category and flavor of these customers.
I was just wondering if you could just talk about what that looks like, are these hyperscale customers what I would call like AI cloud NeoCloud type
of customers? Or are these more Tier 2 cloud, Netflix, Salesforce, like those types of companies.
Question: Mike Ng - Goldman Sachs - Analyst
: Great. Just on the new use cases, just as a follow-up. Could you just put a finer point on what some of those things are? Connecting storage to
training facilities, that sounds like data center interconnect.
Is there a part of this wavelength thesis that's really relying on enterprise inferencing to really take off in a meaningful way so that the content
distributors and some of the traditional hyperscalers see increased demand for wavelength over this period of time through 2028?
Question: Mike Ng - Goldman Sachs - Analyst
: Great. You talked a little bit about the preparation for the data center asset sales that you acquired as part of the Sprint deal. Could you just touch
on how much that could potentially be worth?
And then similarly, I think there are some excess IP addresses that you're also considering monetizing? What could that do for your capital structure
and success?
Question: Mike Ng - Goldman Sachs - Analyst
: Great. I just wanted to see if there are any questions from the audience before I'm done. Dave, maybe you can talk a little bit about that declining
capital intensity point.
You're expecting to reduce capital intensity, I think, to about a $100 million annual run rate later this year. How do you balance that piece with the
need to invest in the business to compete?
Question: Mike Ng - Goldman Sachs - Analyst
: Maybe just in closing, maybe you could talk a little bit about capital allocation. The company has consistently reiterated intent to sequentially grow
the dividend.
You're obviously in the midst of several potential asset sales, talk a little bit about capital allocation, your willingness to do additional M&A to the
extent that the conditions make sense.
Question: Mike Ng - Goldman Sachs - Analyst
: Well, we're out time. So we'll wrap it up there. But Dave, it's been such a privilege to have you on stage here with us. Thank you for joining us and
thank you, everybody, for listening in.
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