| Description of the business: | 1. Description of the business: Reorganization and merger On May 15, 2014, pursuant to the Agreement and Plan of Reorganization (the “Merger Agreement”) by and among Cogent Communications Group, Inc. (“Group”), a Delaware corporation, Cogent Communications Holdings, Inc., a Delaware corporation (“Holdings”) and Cogent Communications Merger Sub, Inc., a Delaware corporation, Group adopted a new holding company organizational structure whereby Group is now a wholly owned subsidiary of Holdings. Holdings is a “successor issuer” to Group pursuant to Rule 12g-3(a) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). References to the “Company” for events that occurred prior to May 15, 2014 refer to Cogent Communications Group, Inc. and its subsidiaries and on and after May 15, 2014 the “Company” refers to Cogent Communications Holdings, Inc. and its subsidiaries. Cogent Communications, Inc. is wholly owned by Group and the vast majority of the Company’s assets, contractual arrangements, and operations are executed by Sprint Communications Company LP and Cogent Communications, Inc. Description of business The Company is a facilities-based provider of low-cost, high-speed Internet access, private network services, and data center colocation space and power. The Company’s network is specifically designed and optimized to transmit packet switched data. The Company delivers its services primarily to small and medium-sized businesses, communications service providers and other bandwidth-intensive organizations in 54 countries across North America, Europe, South America, Oceania and Africa. The Company is a Delaware corporation and is headquartered in Washington, DC. The Company offers on-net Internet access services exclusively through its own facilities, which run from its network to its customers’ premises. The Company offers its on-net services to customers located in buildings that are physically connected to its network. As a result, the Company is not dependent on local telephone companies or cable TV companies to serve its customers for its on-net Internet access and private network services. The Company’s on-net service consists of high-speed Internet access and private network services offered at speeds ranging from 100 megabits per second to 400 gigabits per second. The Company provides its on-net Internet access and private network services to its corporate, net-centric and enterprise customers. The Company’s corporate customers are located in multi-tenant office buildings that typically include law firms, financial services firms, advertising and marketing firms, as well as health care providers, educational institutions and other professional services businesses. The Company’s net-centric customers include bandwidth-intensive users that leverage its network either to deliver content to end users or to provide access to residential or commercial internet users. Content delivery customers include over the top media service providers, content delivery networks, web hosting companies, and commercial content and application software providers. Access customers include access networks comprised of other Internet Service Providers, telephone companies, mobile phone operators and cable television companies that collectively provide internet access to a substantial number of broadband subscribers and mobile phone subscribers across the world. These net-centric customers generally receive the Company’s services in carrier neutral colocation facilities and in the Company’s own data centers. The Company operates data centers throughout North America and Europe that allow its customers to collocate their equipment and access the Company’s network. In addition to providing on-net services, the Company provides Internet access and private network services to customers that are not located in buildings directly connected to its network. The Company provides these off-net services primarily to corporate customers using other carriers’ circuits to provide the “last mile” portion of the link from the customers’ premises to the Company’s network. The Company also provides certain non-core services that resulted from acquisitions, including the acquisition of the Wireline Business of Sprint Communications (as discussed below). The Company continues to support but does not actively sell these non-core services. In connection with the Company’s acquisition of the Wireline Business of Sprint Communications (as discussed below), the Company began to provide optical wavelength services and optical transport services over its fiber network. The Company is selling these wavelength services to its existing customers, customers of Sprint Communications and to new customers who require dedicated optical transport connectivity without the capital and ongoing expenses associated with owning and operating network infrastructure. Additionally, the Wireline Business customers include a number of companies larger than the Company’s historical customer base. In connection with the acquisition of the Wireline Business of Sprint Communications, the Company expanded selling services to these larger “Enterprise” customers. Acquisition of Sprint Communications On September 6, 2022, Cogent Infrastructure, Inc., a Delaware corporation (the “Buyer”) and a direct wholly owned subsidiary of the Company, entered into a Membership Interest Purchase Agreement (the “Purchase Agreement”) with Sprint Communications LLC, a Kansas limited liability company (“Sprint Communications”) and an indirect wholly owned subsidiary of T-Mobile US, Inc., a Delaware corporation (“T-Mobile”), and Sprint LLC, a Delaware limited liability company and an indirect wholly owned subsidiary of T-Mobile (the “Seller”), pursuant to which the Company acquired the U.S. long-haul fiber network (including the non-U.S. extensions thereof) of Sprint Communications and its subsidiaries (the “Wireline Business”). The Purchase Agreement provides that, upon the terms and conditions set forth therein, the Company purchased from the Seller all of the issued and outstanding membership interests (the “Purchased Interests”) of Wireline Network Holdings LLC, a Delaware limited liability company that, following an internal restructuring and divisive merger, holds Sprint Communications’ assets and liabilities relating to the Wireline Business (such transactions contemplated by the Purchase Agreement, collectively, the “Transaction”). The Purchase Agreement includes customary representations, warranties, indemnities and covenants, including regarding the conduct of the Wireline Business prior to the closing of the Transaction (the “Closing”). In addition, the Closing was subject to customary closing conditions, including as to the receipt of certain required regulatory approvals and consents, all of which have been received. The Company has agreed to guarantee the obligations of the Buyer under the Purchase Agreement pursuant to the terms of a Guaranty, dated as of September 6, 2022, by and between the Company and the Seller (the “Parent Guaranty”). The Parent Guaranty contains customary representations, warranties and covenants of the Company and the Seller. The Company believes it is in a unique position to monetize the Wireline Business and its network and management expects to achieve significant cost reduction synergies and revenue synergies from the Transaction. Revenue and pre-tax loss for the Wireline Business included in the Company’s condensed consolidated statements of comprehensive income for both the three and six month periods ended June 30, 2023 were $78.0 million and $65.6 million, respectively. Purchase Price The Transaction closed on May 1, 2023 (the “Closing Date”). On the Closing Date, the Buyer consummated the Transaction pursuant to the terms of the Purchase Agreement, providing a purchase price of $1 payable to the Seller for the Purchased Interests, subject to customary adjustments, including working capital (the “Working Capital Adjustment”), as set forth in the Purchase Agreement. As consideration for the Purchased Interests, the Working Capital Adjustment (primarily related to acquired cash and cash equivalents of an estimated $43.4 million at the Closing Date in order to fund the international operations of the Wireline Business) resulted in the Buyer making a payment to the Seller of $61.1 million on the Closing Date. After an update to the estimated working capital, an additional payment of $3.5 million is due to the Seller 90 days from the Closing Date. The Purchase Agreement also includes an estimated payment of $57.1 million from Seller to Buyer related to acquired short-term lease obligations. This amount will be paid from the Seller to the Company in four equal payments in months 55 to 58 after the Closing Date. This amount was recorded at its present value resulting in a discount of $17.0 million. The interest rate used in determining the present value was derived considering rates on similar issued debt instruments with comparable durations, amongst other market factors. The determination of the discount rate requires some judgment. The amortization of the discount resulted in interest income of $0.5 million for the three and six months ended June 30, 2023. A final determination of the Working Capital Adjustment and the assumed short-term operating lease liabilities is expected by the end of 2023. IP Transit Services Agreement On the Closing Date, Cogent Communications, Inc. and T-Mobile USA, Inc., a Delaware corporation and direct subsidiary of T-Mobile (“TMUSA”), entered into an agreement for IP transit services (“IP Transit Services Agreement”), pursuant to which TMUSA will pay an affiliate of the Company an aggregate of $700.0 million, consisting of (i) $350.0 million in equal monthly installments during the first year after the Closing Date and (ii) $350.0 million in equal monthly installments over the subsequent 42 months. The Company accounted for the Transaction as a business combination under ASC Topic 805 Business Combinations Revenue from Contracts with Customers Transition Services Agreement On the Closing Date, the Buyer entered into a transition services agreement (the “TSA”) with the Seller, pursuant to which the Seller will provide to the Buyer, and the Buyer will provide to the Seller on an interim basis following the Closing Date, certain specified services (the “Transition Services”) to ensure an orderly transition following the separation of the Wireline Business from Sprint Communications. The services to be provided by the Seller to the Buyer include, among others, information technology support, back office and finance, real estate and facilities, vendor and supply chain management, the payment and processing of vendor invoices for the Company and human resources. The services to be provided by the Buyer to the Seller include, among others, information technology and network support, finance and back office and other wireless business support. The Transition Services are generally intended to be provided for a period of up to two years following the Closing Date, although such period may be extended for an additional one-year term by either party upon 30 days’ prior written notice. The fees for the Transition Services are calculated using either a per service monthly fee or an hourly rate for the employees allocated to provide such services. Any third-party costs incurred in providing the Transition Services are passed on to the party receiving such services at cost for the two-year period and at cost plus 20 percent, if the TSA is extended. Amounts paid for the Wireline Business by T-Mobile are reimbursed at cost. Either party to the TSA may terminate the agreement (i) with respect to any individual service in full for convenience upon 30 days’ prior written notice for certain services and reduced for other services after a 90-day period. The TSA may be terminated in its entirety if the other party has failed to perform any of its material obligations and such failure is not cured within 30 days. The TSA provides for customary indemnification and limits on liability. During the three and six months ended June 30, 2023 the Company recorded $118.8 million due to the Seller under the TSA and recorded $7.0 million as due from the Seller under the TSA. Amounts billed under the TSA are due 30 days from receipt of the related invoice. As of June 30, 2023, the Company owed $118.8 million to the Seller and the Seller owed $7.0 million to the Buyer under the TSA agreement. The amounts due to the Seller are primarily reimbursements for costs related to Wireline Business vendors paid by the Seller for the Company until these vendors are fully transitioned to the Company. Other Services Provided to Seller In addition, on the Closing Date, the Buyer and TMUSA entered into a commercial agreement (“Commercial Agreement”) for colocation and connectivity services, pursuant to which the Company will provide such services to TMUSA for a per service monthly fee plus certain third-party costs incurred in providing the services. During the three and six months ended June 30, 2023 the Company recorded $7.3 million from TMUSA under the Commercial Agreement. As of June 30, 2023, TMUSA owed $7.3 million to the Company under the Commercial Agreement. These amounts are included in accounts receivable. Acquisition-Related Costs In connection with the Transaction and negotiation of the Purchase Agreement, the Company has incurred a total of $3.4 million in professional fees, including $0.7 million and $1.1 million incurred in the three and six months ended June 30, 2023, respectively. Consideration The acquisition-date fair value of consideration to be received from the Transaction totaled $595.8 million and comprised of the following: (In thousands) May 1, 2023 Estimated working capital payments made to the Seller (a) $ 64,604 Estimated Purchase Agreement payment to be received from the Seller, net of discount of $17,032 (b) 40,028 Amounts due from the Seller – IP Transit Services Agreement, net of discount of $79,610 (c) 620,390 Total to be received from the Seller 660,419 Total net consideration to be received from the Seller (d) 595,814 Fair Value of Assets Acquired and Liabilities Assumed and Gain on Bargain Purchase The Company accounted for the Transaction as a business combination under ASC 805. Under ASC 805, the identifiable assets acquired and liabilities assumed were recorded at their fair values as of the acquisition date. Assigning fair market values to the assets acquired and liabilities assumed at the date of an acquisition requires the use of significant judgment regarding estimates and assumptions. For the fair values of the assets acquired and liabilities assumed, the Company used the cost, income and market approaches, including market participant assumptions. The fair value of the identifiable assets acquired (including amounts due under the IP Transit Services Agreement) were in excess of the liabilities assumed and the net consideration to be paid resulting in a gain on bargain purchase of $1.2 billion. The Transaction is considered an asset purchase for income tax purposes. The tax basis of the acquired business is the consideration paid ($1) plus the tax basis of certain liabilities assumed, with adjustments for cash acquired in excess of the purchase price. Deferred income taxes are recorded based upon the difference between the book and tax basis of the acquired assets and assumed liabilities at the Company’s marginal effective income tax rate on the Closing Date. The following table summarizes the fair values for each major class of assets acquired and liabilities assumed at the acquisition date. The Company retained the services of certified valuation specialists to assist with assigning values to certain acquired assets and assumed liabilities. The amounts presented are provisional and are subject to change as the Company refines the estimates and inputs used in the calculations of the assets acquired and liabilities assumed. May 1, 2023 Assets Current assets: Cash and cash equivalents $ 47,074 Accounts receivable 39,948 Prepaid expenses and other current assets 21,288 Total current assets 108,310 Total property and equipment 1,030,200 Right-of-use leased assets 339,533 Intangible assets 57,000 Deposits and other assets 7,191 Total assets $ 1,542,234 Liabilities Current liabilities: Accounts payable $ 13,312 Accrued and other current liabilities 36,629 Current maturities, operating lease liabilities 114,121 Total current liabilities 164,062 Operating lease liabilities, net of current maturities 372,915 Deferred income tax liabilities 407,000 Other long-term liabilities 38,352 Total liabilities 982,329 Fair value of net assets acquired $ 559,905 Gain on bargain purchase Fair value of net assets acquired $ 559,905 Total net consideration to be received from the Seller, net of discounts (b) (c) (d) 595,814 Gain on bargain purchase $ 1,155,719 (a) Includes a payment of $61.1 million paid to the Seller on the Closing Date. After updating the estimated working capital, an additional payment of $3.5 million is due to the Seller 90 days from the Closing Date. A final determination of the Working Capital Adjustment is expected by the end of 2023. IP Transit Services Agreement (b) Under the Purchase Agreement, 50% of the assumed short-term operating lease liabilities totaling $57.1 million is to be paid to the Company from the Seller in four equal installments in months 55-58 from the Closing Date and is recorded at its present value resulting in a discount of $17.0 million. A final determination of the assumed short-term operating lease liabilities is expected by the end of 2023. (c) The IP Transit Services Agreement payments totaling $700.0 million are recorded at their present value resulting in a discount of $79.6 million. The $700.0 million is to be paid to the Company from the Seller in equal monthly payments of $29.2 million in months 1-12 and $8.3 million in months 13-54. (d) Cash consideration was $1 Intangible Assets Intangible assets include $57.0 million of acquired customer relationships with an estimated useful life of nine years and were determined using the income approach. This fair value measurement is based on significant inputs not observable in the market and, therefore, represents a Level 3 measurement as defined in ASC 820: Fair Value Measurement the income approach include the discount rate, projected revenue from existing customers, customer attrition rate and projected capital and operating expenditures. Future amortization expense of the customer relationships is $6.3 million per year for nine years. Asset Retirement Obligations In connection with the Transaction, the Company assumed $35.0 million of asset retirement obligations related to restoration obligations for acquired leases. The obligations and corresponding asset retirement assets are being accreted and amortized over approximately four years. Accretion of the asset retirement obligations (recorded as an increase to network operations expenses) and amortization of the asset retirement assets (recorded as depreciation and amortization expenses) for the three and six months ended June 30, 2023 were $0.4 million and $1.4 million, respectively. Pro Forma Information The following unaudited pro forma financial information gives effect to the Transaction as if it had been completed on January 1, 2022. The pro forma adjustments are based on historically reported transactions by the respective companies. The pro forma results do not include anticipated synergies or other expected benefits of the acquisition. The pro forma results for the six months ended June 30, 2023 include the historical results of the Wireline Business through April 30, 2023 and the combined results of the Company and the Wireline Business for the two months ended June 30, 2023. The unaudited pro forma information is based upon available information and certain assumptions that the Company believes are reasonable under the circumstances. Actual results may differ materially from the assumptions within the accompanying unaudited pro forma financial information. The purchase adjustments are preliminary and subject to change as additional analyses are performed and finalized. The selected unaudited pro forma condensed combined financial information is provided for illustrative purposes only and does not purport to represent what the actual consolidated results of operations would have been had the Transaction actually occurred on January 1, 2022, nor do they purport to project the future consolidated results of operations. Six Months Six Months Ended Ended (In thousands) June 30, 2023 June 30, 2022 Service revenue $ 574,153 $ 587,850 Operating loss from continuing operations (177,476) (670,166) Net income 974,731 443,802 The pro forma results for the six months ended June 30, 2022 include estimates for the gain on bargain purchase related to the Transaction of $1.2 billion, interest income from the amortization of the discount recorded under the IP Transit Services Agreement of $21.1 million, a net reduction to historical depreciation expense based on the fair value of property and equipment of $8.0 million, amortization expense related to the customer relationship intangible assets of $3.2 million, the elimination of amounts charged from the parent company to the Wireline Business as autonomous entity expense adjustments of $24.9 million, amortization of unfavorable lease liabilities of $19.4 million and the impact to income tax expense from the pro-forma and autonomous entity adjustments of $17.8 million. The historical results of the Sprint Wireline Business for the six months ended June 30, 2022 include a loss on impairment of $477.3 million and a gain on the sale of IP addresses of $4.0 million. The pro forma results for the six months ended June 30, 2023 include estimates for the gain on bargain purchase related to the Transaction of $1.2 billion, interest income from the amortization of the discount recorded under the IP Transit Services Agreement of $14.7 million, a net increase to historical depreciation expense based on the fair value of property and equipment of $14.9 million, amortization expense related to the customer relationship intangible assets of $2.1 million, amortization of unfavorable lease liabilities of $12.9 million and the impact to income tax expense from the pro-forma adjustments of $3.0 million. Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the unaudited condensed consolidated financial statements reflect all normal recurring adjustments that the Company considers necessary for the fair presentation of its results of operations and cash flows for the interim periods covered, and of the financial position of the Company at the date of the interim condensed consolidated balance sheet. Certain information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles, (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. The operating results for interim periods are not necessarily indicative of the operating results for the entire year. While the Company believes that the disclosures are adequate to not make the information misleading, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in its annual report on Form 10-K for the year ended December 31, 2022. The accompanying unaudited condensed consolidated financial statements include all wholly owned subsidiaries. All inter-company accounts and activity have been eliminated. Use of estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates. Financial instruments At June 30, 2023 and December 31, 2022, the carrying amount of cash and cash equivalents, restricted cash, accounts receivable, prepaid and other current assets, accounts payable, and accrued expenses approximated fair value because of the short-term nature of these instruments. The Company measures its cash equivalents and restricted cash at amortized cost, which approximates fair value based upon quoted market prices (Level 1). Based upon recent trading prices (Level 2—market approach) at June 30, 2023, the fair value of the Company’s $450.0 million aggregate principal amount of 7.00% Senior Unsecured Notes due 2027 (the “2027 Notes”) was $433.1 million, the fair value of the Company’s $500.0 million aggregate principal amount of 3.50% Senior Secured Notes due 2026 (the “2026 Notes”) was $461.3 million and the estimated liability fair value of the Company’s interest rate swap agreement was $51.6 million. Restricted cash and interest rate swap agreement Restricted cash represents amounts held in segregated bank accounts by our clearing broker as margin in support of our Swap Agreement as discussed in Note 3 and was $51.6 million as of June 30, 2023. Additional cash may be further restricted to maintain our swap agreement as interest rates fluctuate and margin requirements change. The Company does not use derivative financial instruments for trading purposes. Gross receipts taxes, universal service fund and other surcharges Revenue recognition standards include guidance relating to taxes or surcharges assessed by a governmental authority that are directly imposed on a revenue-producing transaction between a seller and a customer and may include, but are not limited to, gross receipts taxes, excise taxes, Universal Service Fund fees and certain state regulatory fees. Such charges may be presented gross or net based upon the Company’s accounting policy election. The Company records certain excise taxes and surcharges on a gross basis and includes them in its revenue and network operations expense. Excise taxes and surcharges billed to customers and recorded on a gross basis (as service revenue and costs of network operations) were $11.0 million and $3.4 million for the three months ended June 30, 2023 and June 30, 2022, respectively, and $15.2 million and $7.2 million for the six months ended June 30, 2023 and June 30, 2022, respectively. Basic and diluted net income per common share Basic earnings per share (“EPS”) excludes dilution for common stock equivalents and is computed by dividing net income or (loss) available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is based on the weighted-average number of shares of common stock outstanding during each period, adjusted for the effect of dilutive common stock equivalents. Shares of restricted stock are included in the computation of basic EPS as they vest and are included in diluted EPS, to the extent they are dilutive, determined using the treasury stock method. The following details the determination of diluted weighted average shares: Three Months Three Months Six Months Six Months Ended Ended Ended Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Weighted average common shares - basic 47,137,822 46,691,142 47,142,074 46,705,088 Dilutive effect of stock options 16,147 17,686 16,223 19,498 Dilutive effect of restricted stock 372,238 320,618 350,037 326,325 Weighted average common shares - diluted 47,526,207 47,029,446 47,508,334 47,050,911 The following details unvested shares of restricted common stock as well as the anti-dilutive effects of stock options and restricted stock awards outstanding: Three Months Three Months Six Months Six Months Ended Ended Ended Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Unvested shares of restricted common stock 1,476,049 1,326,873 1,476,049 1,326,873 Anti-dilutive options for common stock 107,898 98,682 104,468 92,060 Anti-dilutive shares of restricted common stock 104,086 459,641 153,978 465,420 Stockholders’ (Deficit) Equity The following details the changes in stockholders’ (deficit) equity for the three and six months ended June 30, 2023 and June 30, 2022, respectively (in thousands except share data): Accumulated Additional Other Total Common Stock Paid-in Comprehensive Accumulated Stockholders’ Shares Amount Capital Income (Loss) Deficit Equity (Deficit) Balance at March 31, 2022 47,926,580 $ 48 $ 554,552 $ (13,168) $ (950,038) $ (408,606) Forfeitures of shares granted to employees (42,783) — — — — — Equity-based compensation — — 6,479 — — 6,479 Foreign currency translation — — — (7,493) — (7,493) Issuances of common stock 116,480 — — — — — Exercises of options 3,447 — 130 — — 130 Dividends paid — — — — (41,855) (41,855) Net income — — — — 11,164 11,164 Balance at June 30, 2022 48,003,724 $ 48 $ 561,161 $ (20,661) $ (980,729) $ (440,181) Accumulated Additional Other Total Common Stock Paid-in Comprehensive Accumulated Stockholders’ Shares Amount Capital Income (Loss) Deficit Equity (Deficit) Balance at March 31, 2023 48,296,882 $ 48 $ 582,524 $ (17,368) $ (1,113,751) $ (548,547) Forfeitures of shares granted to employees (5,321) — — — — — Equity-based compensation — — 6,809 — — 6,809 Foreign currency translation — — — 1,741 — 1,741 Issuances of common stock 320,430 1 — — — 1 Exercises of options 5,171 — 240 — — 240 Dividends paid — — — — (44,907) (44,907) Net income — — — — 1,123,863 1,123,863 Balance at June 30, 2023 48,617,162 $ 49 $ 589,573 $ (15,627) $ (34,795) $ 539,200 Accumulated Additional Other Total Common Stock Paid-in Comprehensive Accumulated Stockholders’ Shares Amount Capital Income (Loss) Deficit Equity (Deficit) Balance at December 31, 2021 47,674,189 $ 48 $ 547,734 $ (11,003) $ (909,877) $ (373,098) Forfeitures of shares granted to employees (52,365) — — — — — Equity-based compensation — — 13,093 — — 13,093 Foreign currency translation — — — (9,658) — (9,658) Issuances of common stock 373,280 — — — — — Exercises of options 8,620 — 334 — — 334 Dividends paid — — — — (83,153) (83,153) Net income — — — — 12,301 12,301 Balance at June 30, 2022 48,003,724 $ 48 $ 561,161 $ (20,661) $ (980,729) $ (440,181) Accumulated Additional Other Total Common Stock Paid-in Comprehensive Accumulated Stockholders’ Shares Amount Capital Income (Loss) Deficit Equity (Deficit) Balance at December 31, 2022 48,013,330 $ 48 $ 575,064 $ (19,156) $ (1,074,588) $ (518,632) Forfeitures of shares granted to employees (11,830) — — — — — Equity-based compensation — — 14,124 — — 14,124 Foreign currency translation — — — 3,529 — 3,529 Issuances of common stock 607,192 1 — — — 1 Exercises of options 8,470 — 385 — — 385 Dividends paid — — — — (90,218) (90,218) Net income — — — — 1,130,011 1,130,011 Balance at June 30, 2023 48,617,162 $ 49 $ 589,573 $ (15,627) $ (34,795) $ 539,200 Revenue recognition The Company recognizes revenue under ASU No. 2014-09, Revenue from Contracts with Customers The Company’s service offerings consist |
