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: Jonathan Atkin - RBC Capital Markets Inc - Analyst
: So I'm going to ask some big picture questions, get a little bit more detailed onto wavelengths, talk a little bit about asset monetization, legacy
business, and then wrap up with a couple of balance sheet related questions. But before that, why don't we dial back. I think within the past day,
there's been some developments on your front around share repurchases. So maybe you can tell us what's the latest update since the quarterly
earnings call.
Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst
: Any audience questions before we move on to the topics that I outlined?
So, turning first to big picture, I guess interested in exploring your views on which enterprise verticals are seeing different demand patterns,
accelerated demand for high-speed data, versus, say, the rest of the market. What are you noticing from basically your net-centric business as well
as your retail business?
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NOVEMBER 18, 2025 / 7:00PM, CCOI.OQ - Cogent Communications Holdings Inc at RBC Capital Markets
Global Technology, Internet, Media & Telecommunications Conference
Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst
: As you -- maybe just a one-off on CapEx then, so like what level of investments in the network do you anticipate in order to support some of these
trends around speed and capacity?
Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst
: Talking about expected market growth and the TAM for wavelengths, can you give examples of types of tasks or workloads where waves are best
suited to your product versus some of your other traditional services on-net?
Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst
: Any behavior around demand for wavelengths as models evolve? They're still getting bigger, but is there a trajectory where that might no longer
be the case and as we pivot towards more inference workloads?
Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst
: As you look at your target for wave market share, what portion do you see coming from taking existing customers from traditional on-net services
to wavelengths versus bringing on net new traffic?
Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst
: The competitive environment -- is it changing, or is it static? How would you kind of describe the competitive set?
Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst
: So turning to asset monetization, what's the update on data center sales for the two initially discussed assets as well as the rest of the portfolio?
Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst
: So based on the location of those data centers, the amount of capacity, power density, and other attributes, what are the best use cases for portions
or the entirety of that portfolio?
Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst
: And use of anything more on the monetization theme more broadly, maybe non-data center?
Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst
: And the use of proceeds from data center and other asset monetizations is?
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NOVEMBER 18, 2025 / 7:00PM, CCOI.OQ - Cogent Communications Holdings Inc at RBC Capital Markets
Global Technology, Internet, Media & Telecommunications Conference
Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst
: Maybe getting to margins. What's keeping margins from returning to pre-Sprint levels as legacy Sprint and off-net get de-emphasized as part of
the mix?
Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst
: Last question for me, and maybe the last question of the fireside, but what's the plan to tackle upcoming debt maturities? You've got two notes
due in June of 2027.
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NOVEMBER 18, 2025 / 7:00PM, CCOI.OQ - Cogent Communications Holdings Inc at RBC Capital Markets
Global Technology, Internet, Media & Telecommunications Conference
Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst
: We have time for one question, please.
Question: Jonathan Atkin - RBC Capital Markets Inc - Analyst
: Thank you for your time.
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consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.
NOVEMBER 18, 2025 / 7:00PM, CCOI.OQ - Cogent Communications Holdings Inc at RBC Capital Markets
Global Technology, Internet, Media & Telecommunications Conference
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