Exhibit 99.1

	FOR IMMEDIATE RELEASE

Cogent Communications Reports First Quarter 2022 Results, Increases its Regular Quarterly Dividend on its Common Stock by $0.025 and Appoints CFO

Financial and Business Highlights

[WASHINGTON, D.C. April 29, 2022] Cogent Communications Holdings, Inc. (NASDAQ: CCOI) (“Cogent”) today announced service revenue of $149.2 million for the three months ended March 31, 2022, an increase of 1.3% from the three months ended December 31, 2021 and an increase of 1.6% from the three months ended March 31, 2021. Foreign exchange rates negatively impacted service revenue growth from the three months ended December 31, 2021 to the three months ended March 31, 2022 by $0.5 million and negatively impacted service revenue growth from the three months ended March 31, 2021 to the three months ended March 31, 2022 by $1.9 million. On a constant currency basis, service revenue increased by 1.7% from the three months ended December 31, 2021 to the three months ended March 31, 2022 and increased by 2.9% from the three months ended March 31, 2021 to the three months ended March 31, 2022. The impact of excise taxes, including Universal Service Fund fees, recorded on a gross basis and included in service revenue and cost of network operations expense, negatively impacted service revenue growth from the three months ended December 31, 2021 to the three months ended March 31, 2022 by $0.6 million and negatively impacted service revenue growth from the three months ended March 31, 2021 to the three months ended March 31, 2022 by $0.8 million. On a constant currency basis, and adjusting for the impact of changes in excise tax revenue, service revenue increased by 2.1% from the three months ended December 31, 2021 to the three months ended March 31, 2022 and increased by 3.5% from the three months ended March 31, 2021 to the three months ended March 31, 2022.

On-net service is provided to customers located in buildings that are physically connected to Cogent’s network by Cogent facilities. On-net revenue was $112.6 million for the three months ended March 31, 2022, an increase of 1.7% from the three months ended December 31, 2021 and an increase of 2.4% from the three months ended March 31, 2021.

Off-net customers are located in buildings directly connected to Cogent’s network using other carriers’ facilities and services to provide the last mile portion of the link from the customers’ premises to Cogent’s network. Off-net revenue was $36.4 million for the three months ended March 31, 2022; an increase of 0.2% from the three months ended December 31, 2021 and a decrease of 0.9% from the three months ended March 31, 2021.

Non-core services are legacy services, which Cogent acquired and continues to support but does not actively sell.

GAAP gross profit is defined as total service revenue less network operations expense, depreciation and amortization and equity-based compensation included in network operations expense. GAAP gross margin is defined as GAAP gross profit divided by total service revenue. GAAP gross profit increased by 2.0% from the three months ended March 31, 2021 to $69.0 million for the three months ended March 31, 2022 and increased by 1.2% from the three months ended December 31, 2021. GAAP gross margin was 46.3% for the three months ended March 31, 2022, 46.1% for the three months ended March 31, 2021 and 46.3% for the three months ended December 31, 2021.

Non-GAAP gross profit represents service revenue less network operations expense, excluding equity-based compensation and amounts shown separately (depreciation and amortization expense). Non-GAAP gross margin is defined as Non-GAAP gross profit divided by total service revenue. Non-GAAP gross profit increased by 0.1% from the three months ended March 31, 2021 to $91.9 million for the three months ended March 31, 2022 and increased by 1.0% from the three months ended December 31, 2021. Non-GAAP gross margin was 61.6% for the three months ended March 31, 2022, 62.5% for the three months ended March 31, 2021 and 61.8% for the three months ended December 31, 2021.

Excise taxes, including Universal Service Fund fees, recorded on a gross basis and included in service revenue and cost of network operations expense were $3.7 million for the three months ended March 31, 2022, $4.5 million for the three months ended March 31, 2021 and $4.3 million for the three months ended December 31, 2021.

Net cash provided by operating activities increased by 4.9% from the three months ended March 31, 2021 to $49.4 million for the three months ended March 31, 2022 and increased by 37.3% from the three months ended December 31, 2021.

Earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 2.9% from the three months ended March 31, 2021 to $57.2 million for the three months ended March 31, 2022 and decreased by 0.4% from the three months ended December 31, 2021. EBITDA margin was 38.3% for the three months ended March 31, 2022, 37.8% for the three months ended March 31, 2021 and 39.0% for the three months ended December 31, 2021.

Basic net income per share was $0.02 for the three months ended March 31, 2022, $0.41 for the three months ended March 31, 2021 and $0.40 for the three months ended December 31, 2021. Diluted net income per share was $0.02 for the three months ended March 31, 2022, $0.41 for the three months ended March 31, 2021 and $0.39 for the three months ended December 31, 2021.

Unrealized foreign exchange gains on Cogent’s 2024 Senior Euro Unsecured Notes were $8.0 million for the three months ended March 31, 2022, $18.9 million for the three months ended March 31, 2021 and $8.8 million for the three months ended December 31, 2021.

Total customer connections increased by 4.4% from March 31, 2021 to 94,884 as of March 31, 2022 and increased by 1.2% from December 31, 2021. On-net customer connections increased by 4.1% from March 31, 2021 to 81,627 as of March 31, 2022 and increased by 1.1% from December 31, 2021. Off-net customer connections increased by 5.8% from March 31, 2021 to 12,922 as of March 31, 2022 and increased by 2.0% from December 31, 2021.

The number of on-net buildings increased by 126 from March 31, 2021 to 3,065 as of March 31, 2022 and increased by 30 from December 31, 2021.

CFO Transition

Effective April 29, 2022, Sean Wallace resigned his position as Cogent’s Chief Financial Officer to accept another CFO position and Thaddeus ‘’Tad” Weed, Cogent’s Senior Vice President of Audit & Operations was reappointed as Cogent’s Chief Financial Officer. Dave Schaeffer, Cogent’s Chief Executive Officer stated; “I want to personally thank Sean, who I have known for 25 years, for his excellent performance and his willingness to step in as Cogent’s Chief Financial Officer while Tad Weed was on medical leave. Tad has been serving as our Senior Vice President of Audit & Operations and while in this position, Tad implemented numerous operational improvements which led to substantial cost savings for Cogent. Tad previously served as our Chief Financial Officer from May 2004 until March 2020 and, now that Tad has recovered and after a brief transition period with Sean, Tad will resume his CFO duties. I am excited to welcome Tad back to serve as our CFO.”

Quarterly Dividend Increase Approved

On April 29, 2022, Cogent’s Board approved a regular quarterly dividend of $0.880 per share payable on May 27, 2022 to shareholders of record on May 13, 2022. This second quarter 2022 regular dividend represents an increase of $0.025 per share, or 2.9%, from the first quarter 2022 regular dividend of $0.855 per share and an annual increase of 12.8% from the second quarter 2021 dividend of $0.780 per share.

The payment of any future dividends and any other returns of capital will be at the discretion of the Board and may be reduced, eliminated or increased and will be dependent upon Cogent’s financial position, results of operations, available cash, cash flow, capital requirements, limitations under Cogent’s debt indentures and other factors deemed relevant by the Board.

Impact of COVID-19

Cogent continues to be impacted by the COVID-19 pandemic and the accompanying responses by governments around the world. The recent spread of variants of COVID-19 has introduced new uncertainty.

The ongoing impact of the COVID-19 pandemic, including the spread of variant strains, and related government restrictions on Cogent’s business is unknown as a significant amount of uncertainty and volatility remains. Cogent does not know the ultimate scope and duration of the pandemic, the availability, efficacy and uptake of vaccines and therapeutic treatments, government actions that have been taken, or may be taken in the future in response to the pandemic and global economic conditions during and after the pandemic. Cogent has experienced a slight slowdown in the availability and delivery of networking equipment but Cogent believes it can adequately manage the operation, maintenance, upgrading and growth of its network. A worsening or prolonged slowdown may impact our ability to expand and augment our network. Most Cogent employees worldwide returned to its offices on a full-time basis in the first quarter of 2022. Cogent is implementing measures to protect its workforce, but it can provide no assurance that these measures will be sufficient. Cogent’s decisions to require its employees to return to its offices on a full-time basis and to implement a COVID-19 vaccine mandate, where legally permitted, may impede its ability to retain existing employees or attract new employees. Moreover, Cogent’s results of operations may be adversely affected in the future as the pandemic and the related government restrictions continue or are reintroduced. Cogent may also experience slowdowns in new customer orders, find it difficult to collect from customers who are experiencing financial distress, undergo an increase in customer churn, encounter difficulties accessing the buildings and locations where Cogent installs new services and serves existing customers, or have difficulties procuring, shipping or installing necessary equipment on its network. Cogent may find that the impact of the pandemic on its vendors and their respective workforces may slow the delivery of services from these vendors to Cogent. Cogent may also find that its largest customer base, which is served primarily in its multi-tenant office buildings, may be adversely affected by falling demand for commercial office space in central business districts as companies located in these buildings elect not to return to their office space either on a temporary or even permanent basis or slow the pace of opening new offices. In addition, Cogent’s corporate customer base may reduce their overall number of locations due to adverse economic conditions or new working configurations which may adversely affect Cogent’s number of corporate connections and service revenues. As a result, the global economic impact of the COVID-19 pandemic may have prolonged effects that impact Cogent’s business well into the future. These and other risks are described in more detail in Cogent’s Annual Report on Form 10-K for the year ended December 31, 2021 and it Quarterly Report on Form 10-Q for the quarter ended March 31, 2022.

Conference Call and Website Information

Cogent will host a conference call with financial analysts at 8:30 a.m. (ET) on May 5, 2022 to discuss Cogent’s operating results for the first quarter of 2022 and to discuss Cogent’s expectations for full year 2022. Investors and other interested parties may access a live audio webcast of the earnings call in the “Events” section of Cogent’s website at www.cogentco.com/events. A replay of the webcast, together with the press release, will be available on the website following the earnings call. A downloadable file of Cogent’s “Summary of Financial and Operational Results” and a transcript of its conference call will also be available on Cogent’s website following the conference call.

About Cogent Communications

Cogent Communications (NASDAQ: CCOI) is a multinational, Tier 1 facilities-based ISP. Cogent specializes in providing businesses with high-speed Internet access, Ethernet transport, and colocation services. Cogent’s facilities-based, all-optical IP network backbone provides services in 216 markets globally.

Cogent Communications is headquartered at 2450 N Street, NW, Washington, D.C. 20037. For more information, visit www.cogentco.com. Cogent Communications can be reached in the United States at (202) 295-4200 or via email at info@cogentco.com.

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COGENT COMMUNICATIONS HOLDINGS, INC., AND SUBSIDIARIES

Summary of Financial and Operational Results

Schedules of Non-GAAP Measures

EBITDA, EBITDA, as adjusted, EBITDA margin and EBITDA, as adjusted, margin

EBITDA represents net cash flows provided by operating activities plus changes in operating assets and liabilities, cash interest expense and cash income tax expense. Management believes the most directly comparable measure to EBITDA calculated in accordance with generally accepted accounting principles in the United States, or GAAP, is net cash provided by operating activities. The Company also believes that EBITDA is a measure frequently used by securities analysts, investors, and other interested parties in their evaluation of issuers. EBITDA, as adjusted, represents EBITDA plus net gains (losses) on asset related transactions. EBITDA margin is defined as EBITDA divided by total service revenue. EBITDA, as adjusted, margin is defined as EBITDA, as adjusted, divided by total service revenue.

The Company believes that EBITDA, EBITDA, as adjusted, EBITDA margin and EBITDA as adjusted margin are useful measures of its ability to service debt, fund capital expenditures and expand its business. The measurements are an integral part of the internal reporting and planning system used by management as a supplement to GAAP financial information. EBITDA, EBITDA, as adjusted, EBITDA margin and EBITDA, as adjusted, margin are not recognized terms under GAAP and accordingly, should not be viewed in isolation or as a substitute for the analysis of results as reported under GAAP, but rather as a supplemental measure to GAAP. For example, these measures are not intended to reflect the Company’s free cash flow, as it does not consider certain current or future cash requirements, such as capital expenditures, contractual commitments, and changes in working capital needs, interest expenses and debt service requirements. The Company’s calculations of these measures may also differ from the calculations performed by its competitors and other companies and as such, its utility as a comparative measure is limited.

EBITDA, and EBITDA, as adjusted, are reconciled to net cash provided by operating activities in the table below.

Constant currency revenue is reconciled to service revenue as reported in the tables below.

Constant currency impact on revenue changes – sequential periods

Constant currency impact on revenue changes – prior year periods

Revenue on a constant currency basis and adjusted for the impact of excise taxes is reconciled to service revenue as reported in the tables below.

Constant currency and excise tax impact on revenue changes – sequential periods

Constant currency and excise tax impact on revenue changes – prior year periods

Non-GAAP gross profit and Non-GAAP gross margin

Non-GAAP gross profit and Non-GAAP gross margin are reconciled to GAAP gross profit and GAAP gross margin in the table below.

Gross and Net Leverage Ratios

Gross leverage ratio is defined as total debt divided by the trailing last 12 months EBITDA, as adjusted. Net leverage ratio is defined as total net debt (total debt minus cash and cash equivalents) divided by the trailing last 12 months EBITDA, as adjusted. Cogent’s gross leverage ratio and net leverage ratio are shown below.

Cogent’s SEC filings are available online via the Investor Relations section of www.cogentco.com or on the Securities and Exchange Commission’s website at www.sec.gov.

COGENT COMMUNICATIONS HOLDINGS, INC. AND SUBSIDIARIES 

CONDENSED CONSOLIDATED BALANCE SHEETS 

AS OF MARCH 31, 2022 AND DECEMBER 31, 2021 

(IN THOUSANDS, EXCEPT SHARE DATA)

COGENT COMMUNICATIONS HOLDINGS, INC. AND SUBSIDIARIES 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 

FOR THE THREE MONTHS ENDED MARCH 31, 2022 AND MARCH 31, 2021 

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

COGENT COMMUNICATIONS HOLDINGS, INC. AND SUBSIDIARIES 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 

FOR THE THREE MONTHS ENDED MARCH 31, 2022 AND MARCH 31, 2021 

(IN THOUSANDS)

Except for historical information and discussion contained herein, statements contained in this release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to statements identified by words such as “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “targets,” “projects” and similar expressions. The statements in this release are based upon the current beliefs and expectations of Cogent’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Numerous factors could cause or contribute to such differences, including the impact of the COVID-19 pandemic and the related government policies; future economic instability in the global economy or a contraction of the capital markets which could affect spending on Internet services and our ability to engage in financing activities; the impact of changing foreign exchange rates (in particular the Euro to USD and Canadian dollar to USD exchange rates) on the translation of our non-USD denominated revenues, expenses, assets and liabilities; legal and operational difficulties in new markets; the imposition of a requirement that we contribute to the US Universal Service Fund on the basis of our Internet revenue; changes in government policy and/or regulation, including net neutrality rules  by the United States Federal Communications Commission and in the area of data protection; cyber-attacks or security breaches of our network; increasing competition leading to lower prices for our services; our ability to attract new customers and to increase and maintain the volume of traffic on our network; the ability to maintain our Internet peering arrangements on favorable terms; our reliance on an equipment vendor, Cisco Systems Inc., and the potential for hardware or software problems associated with such equipment; the dependence of our network on the quality and dependability of third-party fiber providers; our ability to retain certain customers that comprise a significant portion of our revenue base; the management of network failures and/or disruptions; and outcomes in litigation as well as other risks discussed from time to time in our filings with the Securities and Exchange Commission, including, without limitation, our Annual Report on Form 10-K for the year ended December 31, 2021 and our Form 10-Q for the quarter ended March 31, 2022. Cogent undertakes no duty to update any forward-looking statement or any information contained in this press release or in other public disclosures at any time.

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