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Tucows Announces Timing for Q2 2024 Financial Results News Release and Management Commentary
Prnewswire· 2024-07-25 21:00
Concurrent with the dissemination of its quarterly financial results news release at 5:05 p.m. ET on Thursday, August 8, 2024, management's pre-recorded audio commentary and transcript discussing the quarter and outlook for the Company will be posted to the Tucows website at http://www.tucows.com/investors/financials. SOURCE Tucows Inc. About Tucows Following management's prepared commentary, for the subsequent seven days, until Thursday, August 15, 2024, shareholders, analysts and prospective investors can ...
Tucows Announces Voting Results from 2024 Annual Meeting of Shareholders
Prnewswire· 2024-07-11 20:52
1. Election of Directors TORONTO, July 11, 2024 /PRNewswire/ - Tucows Inc. (NASDAQ: TCX) (TSX: TC) The following matters were voted upon at the Tucows Annual Meeting of Shareholders held on June 20, 2024. Each of the matters is described in greater detail in the 2024 Notice of Annual Meeting of Shareholders and Proxy Statement, available at www.tucows.com/investors/filings. Each of the eight nominees listed in the Tucows Proxy Statement dated May 10, 2024, was elected as a director to serve until the next a ...
Tucows Announces Hiring of Ivan Ivanov as new Chief Financial Officer
Prnewswire· 2024-06-28 13:10
TORONTO, June 28, 2024 /PRNewswire/ - Tucows Inc. (NASDAQ: TCX) (TSX: TC), a global internet services leader, announced today that it has named Ivan Ivanov as its new Chief Financial Officer (CFO), effective August 5, 2024. Ivanov assumes the role from Dave Singh—who has been with Tucows since 2017— as he steps down to pursue other opportunities. SOURCE Tucows Inc. "I am excited to welcome Ivan to the Tucows family. Ivan is an accomplished business leader with highlyrelevant financial expertise, including s ...
Zacks Initiates Coverage of Tucows With Neutral Recommendation
ZACKS· 2024-06-10 13:40
Tucows' growth is highlighted by a 25.6% year-over-year increase in Ting Internet subscribers and an 8.7% rise in net revenues for the first quarter of 2024. These improvements are driven by the expansion of serviceable addresses and robust performances across all segments. Ting Internet provides high-speed internet services through Gigabit Fiber and Fixed Wireless, focusing on both consumer and business markets in the United States. Ting's strategic expansion has led to a 22.5% year-overyear increase in se ...
Wavelo launches new product catalog to help telecom operators compete for customer retention and acquisition
Prnewswire· 2024-06-10 11:05
TORONTO, June 10, 2024 /PRNewswire/ - Earlier today, Wavelo—a software company modernizing telecom operations—launched a new product catalog that will unlock a critical advantage for communication service providers (CSPs) globally as they compete for customer retention and acquisition. As the backbone of any successful telecom operation, an effective product catalog provides a comprehensive overview of available offerings and drives customer engagement. Once established, a flexible product catalog allows op ...
Tucows(TCX) - 2024 Q1 - Earnings Call Transcript
2024-05-11 20:47
Tucows Inc. (NASDAQ:TCX) Q1 2024 Results Conference Call May 9, 2024 5:00 PM ET Company Participants Monica Webb - Director of Market Development and Government Affairs Elliot Noss - President and CEO Dave Woroch - CEO, Tucows Domains Justin Reilly - CEO, Wavelo Dave Singh - CFO Monica Webb Welcome to Tucows' First Quarter 2024 Management Commentary. We have prerecorded prepared remarks regarding the quarter and outlook for the Company. A Tucows-generated transcript of these remarks, with relevant links, is ...
Tucows(TCX) - 2024 Q1 - Quarterly Report
2024-05-09 21:07
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q Commission file number 1-32600 TUCOWS INC. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of (I.R.S. Employer Incorporation or Organization) Identification No.) Pennsylvania 23-2707366 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to ☒ QUARTERLY REPORT ...
Tucows(TCX) - 2023 Q4 - Annual Report
2024-04-01 20:06
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K FOR ANNUAL AND TRANSITION REPORTS PURSUANT TO SECTIONS 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-32600 (Exact Name of Registrant as Specifie ...
Tucows(TCX) - 2023 Q4 - Annual Results
2024-02-26 19:02
[Executive Summary](index=1&type=section&id=Executive%20Summary) This section highlights Tucows' strong Q4 2023 performance, achieving high-end Adjusted EBITDA guidance driven by Wavelo's growth and consistent Domains performance [Q4 2023 Highlights](index=1&type=section&id=Q4%202023%20Highlights) Tucows concluded 2023 at the high end of its Adjusted EBITDA guidance, fueled by Wavelo's growth and consistent Domains performance, alongside significant Q4 operating cash flow improvement - Achieved high end of Adjusted EBITDA guidance for 2023, primarily due to robust growth from Wavelo and consistent performance from Tucows Domains[3](index=3&type=chunk) - Consolidated revenue grew **10% year-over-year** in Q4 2023[3](index=3&type=chunk) Q4 2023 Operating Cash Flow | Metric | Q4 2023 (Millions USD) | Q4 2022 (Millions USD) | Change (%) | | :----- | :--------------------- | :--------------------- | :--------- | | Operating Cash Flow | $9.0 | $2.9 | 210% | - The company continued to make growth investments in Ting and Wavelo businesses and deleveraged the business by making payments on syndicated debt using cash flow from Wavelo and Tucows Domains[3](index=3&type=chunk) [Consolidated Financial Performance](index=1&type=section&id=Consolidated%20Financial%20Performance) Tucows' consolidated financial performance in Q4 and full year 2023 showed mixed results, with revenue growth but significant declines in profitability metrics due to investments and expenses [Q4 2023 Consolidated Results](index=1&type=section&id=Q4%202023%20Consolidated%20Results) Tucows reported a **10.2% increase** in Q4 2023 consolidated net revenue, but net loss widened and Adjusted EBITDA decreased due to Ting Fiber investments and higher interest expenses Q4 2023 Consolidated Financial Highlights | Metric | Q4 2023 (Thousands USD) | Q4 2022 (Thousands USD) | Change (%) | | :-------------------------- | :---------------------- | :---------------------- | :--------- | | Net Revenues | 86,958 | 78,909 | 10.2% | | Gross Profit | 17,821 | 17,010 | 4.8% | | Net Income (Loss) | (23,374) | (13,445) | (74)% | | Basic earnings (Loss) per share | (2.14) | (1.25) | (71)% | | Adjusted EBITDA | 2,554 | 6,700 | (62)% | | Net cash by (used in) operating activities | 9,003 | 2,901 | 210% | - The increase in net loss and decrease in Adjusted EBITDA were primarily due to costs from continued investment in the Ting Fiber network and operations, network depreciation, and higher interest expenses[6](index=6&type=chunk)[7](index=7&type=chunk) Cash Equivalents | Metric | Q4 2023 (Millions USD) | Q3 2023 (Millions USD) | Q4 2022 (Millions USD) | | :------------------------------------------------ | :--------------------- | :--------------------- | :--------------------- | | Cash equivalents, restricted cash and restricted cash equivalents | $92.7 | $110.7 | $23.5 | [Full Year 2023 Consolidated Results](index=2&type=section&id=Full%20Year%202023%20Consolidated%20Results) For FY2023, Tucows saw modest net revenue growth but significant declines in gross profit, net income, and Adjusted EBITDA, shifting to net cash used in operations Full Year 2023 Consolidated Financial Highlights | Metric | FY 2023 (Thousands USD) | FY 2022 (Thousands USD) | Change (%) | | :-------------------------- | :---------------------- | :---------------------- | :--------- | | Net Revenues | 339,337 | 321,142 | 5.7% | | Gross Profit | 66,667 | 78,248 | (15)% | | Net Income (Loss) | (96,197) | (27,571) | (249)% | | Basic earnings (Loss) per share | (8.85) | (2.56) | (246)% | | Adjusted EBITDA | 15,451 | 37,590 | (59)% | | Net cash by (used in) operating activities | (4,771) | 19,876 | (124)% | [Segment Performance Overview](index=3&type=section&id=Segment%20Performance%20Overview) An overview of Q4 2023 segment performance reveals varied results across Ting, Wavelo, and Domains, with Wavelo showing strong growth and Ting facing increased investment costs [Ting Internet Services](index=3&type=section&id=Ting%20Internet%20Services) Ting Internet Services reported Q4 2023 revenue growth but a significant Adjusted EBITDA decline due to network expansion and operating capacity investments Ting Internet Services - Q4 Performance | Metric | Q4 2023 (Thousands USD) | Q4 2022 (Thousands USD) | | :---------------- | :---------------------- | :---------------------- | | Revenue | 13,821 | 11,470 | | Gross Margin | 7,881 | 7,211 | | Adj. EBITDA | (12,366) | (6,011) | [Wavelo Platform Services](index=3&type=section&id=Wavelo%20Platform%20Services) Wavelo Platform Services achieved robust Q4 2023 growth, more than doubling revenue and significantly improving Adjusted EBITDA to a positive figure Wavelo Platform Services - Q4 Performance | Metric | Q4 2023 (Thousands USD) | Q4 2022 (Thousands USD) | | :---------------- | :---------------------- | :---------------------- | | Revenue | 9,545 | 4,479 | | Gross Margin | 9,214 | 3,807 | | Adj. EBITDA | 2,604 | (1,142) | [Tucows Domain Services](index=3&type=section&id=Tucows%20Domain%20Services) Tucows Domain Services maintained consistent Q4 2023 performance with slight increases in revenue, gross margin, and Adjusted EBITDA, driven by wholesale and retail growth Tucows Domain Services - Q4 Performance | Metric | Q4 2023 (Thousands USD) | Q4 2022 (Thousands USD) | | :-------------------------------- | :---------------------- | :---------------------- | | Wholesale Domain Services Revenue | 48,279 | 46,742 | | Value Added Services Revenue | 4,184 | 4,583 | | Total Wholesale Revenue | 52,463 | 51,325 | | Retail Revenue | 9,348 | 8,943 | | Total Tucows Domain Services Revenue | 61,811 | 60,268 | | Total Tucows Domain Services Gross Margin | 18,858 | 18,402 | | Total Tucows Domain Services Adj. EBITDA | 10,794 | 10,568 | [Corporate and Network Expenses](index=3&type=section&id=Corporate%20and%20Network%20Expenses) The Corporate segment saw decreased revenue and Adjusted EBITDA in Q4 2023, while network expenses, including depreciation, significantly increased, impacting gross profit Corporate - Q4 Performance | Metric | Q4 2023 (Thousands USD) | Q4 2022 (Thousands USD) | | :-------------------------- | :---------------------- | :---------------------- | | Mobile Services and Eliminations Revenue | 1,781 | 2,692 | | Mobile Services and Eliminations Gross Margin | (201) | 244 | | Mobile Services and Eliminations Adj. EBITDA | 1,522 | 3,285 | Network Expenses - Q4 Impact on Gross Margin | Metric | Q4 2023 (Thousands USD) | Q4 2022 (Thousands USD) | | :-------------------------------------- | :---------------------- | :---------------------- | | Network, other costs | (7,584) | (4,245) | | Network, depreciation of property and equipment | (9,533) | (7,969) | | Network, amortization of intangible assets | (371) | (378) | | Network, impairment | (143) | (62) | | Total Network Expenses | (17,631) | (12,654) | [Non-GAAP Financial Measures](index=3&type=section&id=Non-GAAP%20Financial%20Measures) This section defines Adjusted EBITDA as a non-GAAP measure, explaining its rationale for assessing core business performance and providing a detailed reconciliation [Adjusted EBITDA Definition and Rationale](index=3&type=section&id=Adjusted%20EBITDA%20Definition%20and%20Rationale) Tucows utilizes Adjusted EBITDA as a non-GAAP measure to clarify core business operational and financial performance, excluding non-cash and non-recurring charges - Adjusted EBITDA is a non-GAAP measure used to assist financial statement users in assessing historical performance and evaluating the operational and financial performance of the Company's core business[15](index=15&type=chunk)[16](index=16&type=chunk) - Adjusted EBITDA excludes depreciation, impairment, amortization of intangible assets, income tax provision, interest expense (net), accretion of contingent consideration, stock-based compensation, asset impairment, gains/losses from unrealized foreign currency transactions, loss on debt extinguishment, and acquisition/transition costs[17](index=17&type=chunk) - The company cautions that Adjusted EBITDA may not be comparable to other companies' measures, should not be considered in isolation, and is not a substitute for GAAP measures or a liquidity measure[16](index=16&type=chunk) [Adjusted EBITDA Reconciliation](index=5&type=section&id=Adjusted%20EBITDA%20Reconciliation) The reconciliation table details adjustments from Net Income (Loss) to Adjusted EBITDA for three and twelve months, highlighting non-cash and non-operating item impacts Reconciliation of Net Income (Loss) to Adjusted EBITDA (Thousands USD) | Item | 3 Months ended Dec 31, 2023 | 3 Months ended Dec 31, 2022 | 12 Months ended Dec 31, 2023 | 12 Months ended Dec 31, 2022 | | :---------------------------------------------------------------- | :-------------------------- | :-------------------------- | :--------------------------- | :--------------------------- | | Net income (Loss) for the period | (23,374) | (13,445) | (96,197) | (27,571) | | Less: | | | | | | Provision (recovery) for income taxes | (1,316) | (1,006) | (6,873) | (217) | | Depreciation of property and equipment | 9,661 | 8,124 | 36,431 | 28,187 | | Impairment of property and equipment | 143 | 62 | 4,822 | 553 | | Amortization of intangible assets | 2,728 | 2,866 | 10,829 | 11,394 | | Interest expense, net | 12,651 | 5,901 | 41,771 | 14,456 | | Loss on debt extinguishment | - | - | 14,680 | - | | Accretion of contingent consideration | - | 50 | - | 248 | | Stock-based compensation | 1,528 | 3,203 | 8,134 | 7,599 | | Unrealized loss (gain) on foreign exchange revaluation | (316) | (166) | (62) | 281 | | Acquisition and transition costs* | 849 | 1,111 | 1,916 | 2,660 | | **Adjusted EBITDA** | **2,554** | **6,700** | **15,451** | **37,590** | [Company Information & Investor Relations](index=5&type=section&id=Company%20Information%20%26%20Investor%20Relations) This section provides an overview of Tucows' business, its key brands, and details regarding investor relations communications and contacts [About Tucows](index=6&type=section&id=About%20Tucows) Tucows is a global internet services leader connecting people through communications service technology, domain services, and fiber-optic internet infrastructure - Tucows helps connect people to internet access through communications service technology, domain services, and fiber-optic internet infrastructure[21](index=21&type=chunk) - Key brands include Ting (fixed fiber Internet access), Wavelo (telecommunications software suite for service providers), Tucows Domains (manages ~25 million domain names), and Hover (domain and email management for individuals/small businesses)[21](index=21&type=chunk)[22](index=22&type=chunk) [Investor Relations and Management Commentary](index=5&type=section&id=Investor%20Relations%20and%20Management%20Commentary) Tucows offers pre-recorded audio commentary and transcripts for quarterly results, with a process for shareholder questions and a dedicated investor relations contact - Management's pre-recorded audio commentary and transcript for Q4 2023 results were posted on February 22, 2024[19](index=19&type=chunk) - Shareholders, analysts, and prospective investors could submit questions to management from February 22 to February 29, 2024, with responses posted on March 12, 2024[20](index=20&type=chunk) - Contact for investor relations is Monica Webb, Vice President, Investor Relations[24](index=24&type=chunk) [Legal Disclosures](index=6&type=section&id=Legal%20Disclosures) This section contains standard forward-looking statements regarding future financial results and growth, subject to inherent uncertainties and risks [Forward-Looking Statements](index=6&type=section&id=Forward-Looking%20Statements) This section includes standard forward-looking statements about future financial results and growth, subject to inherent uncertainties and risks, with no obligation to update - The release contains forward-looking statements concerning future financial results and growth expectations, including synergies from the Enom acquisition and Ting Internet growth[23](index=23&type=chunk) - These statements are based on management's current expectations and are subject to uncertainties and risks that could cause actual results to differ materially[23](index=23&type=chunk) - Tucows assumes no obligation to update any forward-looking statements, except as required by law[23](index=23&type=chunk)
Tucows(TCX) - 2023 Q4 - Earnings Call Transcript
2024-02-23 03:11
Tucows Inc. (NASDAQ:TCX) Q4 2023 Earnings Conference Call February 22, 2024 5:05 PM ET Company Participants Monica Webb - Director of Market Development and Government Affairs Elliot Noss - President and CEO Dave Woroch - CEO, Tucows Domains Justin Reilly - CEO, Wavelo Dave Singh - CFO Conference Call Participants Monica Webb Welcome to Tucows Fourth Quarter 2023 Management Commentary. We have prerecorded prepared remarks regarding the quarter and outlook for the company. A Tucows-generated transcript of th ...