Thaddeus Weed
CFO & Treasurer at Cogent Communications
Our capital spending for the 2025 was $114,300,000 and for the fourth quarter was 105,300,000.0 Our principal payments on capital leases for the '5 were $16,500,000 and last year for the first half was $156,700,000 That included a buyout of an uneconomic lease for $114,600,000 at a 12% discount. Comments on debt and debt ratios. Our total gross debt at par, including our $605,200,000 of finance lease obligations, was $2,300,000,000 at quarter end and our net debt total debt net of our cash and our $244,800,000 due from T Mobile was $1,800,000,000 Our leverage ratio as calculated under our more restrictive 2027 unsecured seven fifty million dollars notes was 6.82, and our secured leverage ratio was 4.2, and our fixed coverage ratio was 2.43. Our leverage ratio as calculated under our newly issued 2,032 secondured $600,000,000 notes indenture was 5.05, secured leverage ratio was 3.12 and fixed coverage was 3.27. The definition of consolidated cash flow under our 600,000,000 secured notes that we issued this quarter includes cash payments under the IP transit services agreement with T Mobile, and these payments were 100,000,000 for the last trailing twelve months.