GAAP gross profit increased by 10.5% from Q1 2018 to $59.7 million for Q1 2019 and non-GAAP gross profit increased by 8.3% from Q1 2018 to $80.2 million for Q1 2019.Service revenue increased by 1.6% from Q4 2018 to Q1 2019 and increased from Q1 2018 to Q1 2019 by 4.2%.Service revenue, on a constant currency basis, increased by 1.7% from Q4 2018 to Q1 2019 and increased from Q1 2018 to Q1 2019 by 5.8%.
Cogent Group's consolidated leverage ratio, as defined in Cogent Group's indenture agreements, is below 4.25 which will allow Cogent Holdings to utilize its accumulated builder basket.The Q2 2019 $0.60 dividend per share represents an annual increase of 15.4% from the dividend per share of $0.52 for Q2 2018.Cogent approves a $0.02 increase per share to its regular quarterly dividend to $0.60 per share for Q2 2019 from $0.58 per share for Q1 2019 - the twenty-seventh consecutive quarterly dividend increase.