Core Viewpoint - GoDaddy has been ordered to pay $170 million for patent infringement related to website-building technology, as determined by a Delaware federal jury [1][2]. Group 1: Legal Proceedings - A jury found that GoDaddy's web-design tools infringe on two patents owned by Express Mobile [1]. - GoDaddy plans to contest the verdict in district court and potentially on appeal [2]. - Express Mobile's attorney described the verdict as a significant affirmation of the value of their patents [2]. Group 2: Company Background - Express Mobile, based in Novato, California, holds patents in internet and mobile technology, developed by founder Steven Rempell, a former IBM engineer [2]. - GoDaddy, located in Tempe, Arizona, has previously denied similar allegations and argued the patents in question are invalid [3]. Group 3: Related Legal History - In 2023, GoDaddy won a separate jury trial concerning related infringement claims from Express Mobile [3]. - Express Mobile previously secured a $40 million verdict against Shopify in 2022, although that verdict was later overturned by a federal judge [3].

Core Insights - Cogent Communications Inc. (CCOI) reported mixed results for Q3 2025, with net income exceeding estimates while revenue fell short due to weakness in enterprise and corporate segments [1][9] Financial Performance - The company experienced a net loss of $41.5 million, or $0.87 per share, an improvement from a net loss of $63.1 million, or $1.33 per share, in the same quarter last year [2][9] - Service revenues decreased to $241.9 million from $257.2 million year-over-year, missing the consensus estimate by $4 million [3][9] - Gross profit increased significantly to $49.84 million from $9.83 million, with operating loss narrowing to $18.1 million compared to a loss of $57.9 million a year ago [6][9] Revenue Breakdown - On-Net revenues were $135.3 million, slightly down from $136.5 million year-over-year, but exceeded the estimate of $130.8 million [3] - Off-Net revenues fell to $95.11 million from $111.291 million, with customer connections decreasing to 25,518 from 32,420 [4] - Wavelength revenues rose to $10.2 million from $5.3 million, with customer connections increasing to 1,750 from 1,041 [4] Customer Connections - Net-centric customer connections grew to 63,875 from 62,273 year-over-year, while enterprise customer connections declined to 11,013 from 16,447 [5] Cash Flow and Liquidity - Cogent generated $3.1 million in cash from operations, a significant improvement from a cash utilization of $20.2 million in the previous year [7] - As of September 30, 2025, the company held $226.3 million in cash and cash equivalents, alongside $576.9 million in finance lease obligations [7]

Group 1: Affirm Holdings (AFRM) - Affirm Holdings reported an EPS of 23 cents, beating estimates by 12 cents [1][7] - Revenue reached $933.34 million, a 33.6% year-over-year increase, surpassing estimates by $49.98 million [1][7] - The company raised its gross merchandise volume (GMV) guidance to $47.5 billion from $46 billion and increased the adjusted operating margin outlook to 27.1% from 26.1% [1][7] Group 2: Expedia Group (EXPE) - Expedia Group's shares rose by about 17%, or $37.47 per share, driven by strong earnings [2] - The company raised its 2025 revenue growth forecast to between 6% and 7%, up from earlier estimates of 3% to 5% [2] - Bookings in the B2B segment increased by 26% to $9.38 billion during the third quarter [2] Group 3: Globus Medical (GMED) - Globus Medical's shares increased by about 29%, or $18 per share, following strong earnings [3] - The company reported an EPS of $1.18, beating estimates by 41 cents [3] - Revenue was $769 million, a 23% increase year-over-year, exceeding estimates by $34.33 million [3][4] Group 4: Akamai Technologies (AKAM) - Akamai Technologies' shares rose by about 10%, or $7.26 per share, due to strong earnings [5] - The company reported an EPS of $1.86, beating estimates by 22 cents [5] - Revenue was $1.05 billion, a 5% year-over-year increase, surpassing estimates by $10 million [5][6]

Core Insights - Analysts at Stifel upgraded Penn Entertainment (NASDAQ: PENN) to a buy rating with a price target of $21 per share following the early termination of its sports betting agreement with ESPN [2][6] - Deutsche Bank upgraded Baidu (NASDAQ: BIDU) to a buy rating with a price target of $156, up from $88, citing AI as a key growth driver [5][7] - Bank of America reiterated a buy rating on Qualcomm (NASDAQ: QCOM) with a price target of $215, emphasizing its long-term benefits from the adoption of 3G-4G-5G technologies [8] Company-Specific Summaries Penn Entertainment - The company has mutually agreed to wind down its collaboration with ESPN, allowing it to refocus on its iCasino business and leverage its position as a leading regional retail casino operator [4][6] - The termination of the agreement is expected to provide a tailwind for future growth [6] Baidu - The upgrade by Deutsche Bank highlights the potential of Baidu's AI initiatives, including Baidu AI Cloud and intelligent search capabilities, as well as its chip subsidiary's positioning in the AI capital expenditure market [5][7] Qualcomm - Analysts believe Qualcomm will benefit from the global adoption of 3G-4G-5G technologies across smartphones, tablets, and machine-to-machine communications [8] Datadog - KeyBanc upgraded Datadog (NASDAQ: DDOG) to an overweight rating with a price target of $230, noting accelerated revenue growth excluding OpenAI and a renewed commitment from OpenAI [9]

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Financial Data and Key Metrics Changes - Tucows reported a 7% year-over-year growth in top-line revenue for Q3, reaching $98.6 million [4][17] - Gross profit increased by 9% year-over-year to $24.2 million, while adjusted EBITDA surged 53% to $13.3 million for the quarter [4][17] - Year-to-date adjusted EBITDA totaled $39.5 million, positioning the company well to meet its full-year guidance of $47 million [4][20] Business Line Data and Key Metrics Changes - Tucows Domains experienced a 5% revenue growth year-over-year, with adjusted EBITDA at $12.1 million, also up 5% [5][19] - Wavelo's revenue grew by nearly 18% year-over-year to $11.9 million, with adjusted EBITDA increasing by 25% to $4.3 million [10][19] - Ting's revenue reached $17 million, an 11% increase year-over-year, with adjusted EBITDA losses improving to $880,000 from $5.1 million [14][19] Market Data and Key Metrics Changes - The wholesale channel in Tucows Domains saw a 5% revenue increase to $58 million, driven by strong reseller demand and higher-margin value-added services [6][7] - The retail segment posted a modest revenue increase of 2% year-over-year to $9.8 million, with gross margin remaining flat [7] - Ting's enterprise and bulk segment revenue grew by 28% year-over-year, contributing significantly to overall performance [15] Company Strategy and Development Direction - The company is evaluating strategic paths for Ting, considering a potential sale to focus on its domain and Wavelo businesses [22] - Tucows aims to streamline its asset base and pivot to a capital-light ISP model, particularly for Ting [18][22] - The management emphasizes disciplined capital allocation and cash conservation, alongside the adoption of AI as key levers for growth [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued top-line growth and expanding adjusted EBITDA, despite challenges in the operating environment [21] - There is a cautious sentiment in the telecom sector, with procurement cycles lengthening, but an increase in RFI and RFP activities is noted [12] - The company expects to have a clearer direction regarding the Ting business by the end of the year [22] Other Important Information - The company paid down an additional $2.5 million on its syndicated bank loan, reducing corporate net debt to $189.6 million [4] - A non-cash impairment of $10.9 million related to Ting's inventory and lease assets was recorded, which does not impact cash flow [18] - The management team is undergoing a transition, with a new CEO appointed for Tucows [23] Q&A Session Summary - Questions were invited via email, with responses to be posted on the company's website on November 25 [2][26]

Financial Data and Key Metrics Changes - The company reported a 7% year-over-year growth in top-line revenue, reaching $98.6 million in Q3 2025 [4][17] - Gross profit increased by 9% year-over-year to $24.2 million, while adjusted EBITDA surged 53% to $13.3 million for the quarter [4][17] - Year-to-date adjusted EBITDA totaled $39.5 million, positioning the company well to meet its full-year guidance of $47 million [4][20] Business Line Data and Key Metrics Changes - Tucows Domains achieved a revenue growth of 5% year-over-year, with adjusted EBITDA at $12.1 million, also up 5% from the previous year [5][19] - WaveLow's revenue increased by nearly 18% year-over-year to $11.9 million, with adjusted EBITDA rising 25% to $4.3 million [10][19] - Ting's revenue reached $17 million, an 11% increase year-over-year, with adjusted EBITDA losses improving to $880,000 from $5.1 million in Q3 2024 [14][19] Market Data and Key Metrics Changes - The wholesale channel in Tucows Domains saw a revenue increase of 5% year-over-year, driven by strong reseller demand and higher-margin value-added services [5][6] - The retail segment experienced a modest revenue increase of 2% year-over-year, reflecting a stable performance despite a decline in total domains under management [7][8] Company Strategy and Development Direction - The company is formally involved in a process to sell the Ting business, aiming to strengthen its focus on the Domains and WaveLow segments [22] - The strategy includes divesting non-strategic assets, generating $8.5 million from such sales in Q3 2025 [15][18] - The management emphasizes disciplined capital allocation and the adoption of AI as key levers for future growth [21] Management's Comments on Operating Environment and Future Outlook - Management noted that operator sentiment remains cautious, with procurement cycles lengthening, but there is an increase in RFI and RFP activities, particularly around legacy replacement programs [12] - The company expects to continue benefiting from year-to-date tailwinds while ramping up investments in sales and marketing to drive customer acquisition [10][12] Other Important Information - The company revised its presentation of segment gross profit to align external reporting with internal management practices, which does not affect consolidated financials [17] - A non-cash impairment of $10.9 million related to Ting's inventory and lease assets was recorded, which is excluded from adjusted EBITDA [18] Q&A Session Summary - Questions were invited via email for a recorded response to be posted on the company's website [2][27] - The management team expressed gratitude for the support received over the years and emphasized the ongoing work ahead [25][26]

Financial Data and Key Metrics Changes - Tucows reported a 7% year-over-year growth in top-line revenue for Q3 2025, reaching $98.6 million [4][17] - Gross profit increased by 9% year-over-year to $24.2 million, while adjusted EBITDA surged 53% to $13.3 million for the quarter [4][17] - Year-to-date adjusted EBITDA totaled $39.5 million, positioning the company well to meet its full-year guidance of $47 million [4][20] Business Line Data and Key Metrics Changes - Tucows Domains experienced a 5% revenue growth year-over-year, with adjusted EBITDA at $12.1 million, also up 5% from the previous year [5][19] - WaveLow's revenue grew by nearly 18% year-over-year to $11.9 million, with adjusted EBITDA increasing by 25% to $4.3 million [10][19] - Ting's revenue reached $17 million, an 11% increase year-over-year, with adjusted EBITDA losses improving to $880,000 from $5.1 million in Q3 2024 [13][19] Market Data and Key Metrics Changes - The wholesale channel within Tucows Domains saw a 5% revenue increase to $58 million, driven by strong reseller demand and higher-margin value-added services [5][19] - The retail segment posted a modest revenue increase of 2% year-over-year to $9.8 million, with gross margin remaining flat [6][19] - WaveLow noted a seasonal slowdown in Q3 due to the delivery of professional services, but anticipates a reduction in historical seasonality moving forward [10][12] Company Strategy and Development Direction - The company is formally evaluating strategic paths for the Ting business, with plans to potentially sell it to focus on its domain and WaveLow businesses [22] - Tucows aims to streamline its asset base and pivot to a capital-light ISP model, particularly for Ting [18][22] - The management emphasizes disciplined capital allocation and the adoption of AI as key levers for future growth [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued top-line growth and expanding adjusted EBITDA, despite challenges in the operating environment [21] - There is cautious sentiment in the telecom sector, with procurement cycles lengthening, but an increase in RFI and RFP activities is noted [12] - The company expects to maintain momentum in its core businesses while navigating the transition in Ting [22] Other Important Information - The company paid down an additional $2.5 million on its syndicated bank loan, bringing corporate net debt to $189.6 million [4] - A non-cash impairment of $10.9 million related to Ting's inventory and lease assets was recorded, which does not impact cash flow [18] - The company generated $8.5 million from divestitures in Q3, contributing to a total of $20.8 million year-to-date [15][20] Summary of Q&A Session Questions and Answers - Questions were invited via email to ir@tucows.com until November 13, with a recorded audio response and transcript to be posted on November 25 [1][27]

Leadership Transition - Tucows Inc. has appointed David Woroch as the new President and CEO, succeeding Elliot Noss after his 25-year tenure [1][2][4] - Elliot Noss will continue to serve on the Board of Directors and as a consultant for the Ting Internet business [2][7] Company Transformation - Under Elliot Noss's leadership, Tucows evolved from a software download platform to a diversified technology company, including Tucows Domains, Wavelo, and Ting Internet [3] - The company became publicly listed on both Nasdaq and Toronto Stock Exchange and was an inaugural member of the TSX 30 [3] David Woroch's Background - David Woroch has been with Tucows for 25 years and has led Tucows Domains, which is now the world's largest wholesale domain registrar [4][6] - He has a strong background in technology and economics, focusing on improving scalability, differentiation, and margins [5] Strategic Focus - The Board is confident in David Woroch's ability to maintain Tucows' culture of innovation and efficiency while driving long-term value for shareholders [6] - Tucows is exploring strategic options for its Ting Internet business and has engaged a financial advisor for this process [7] Financial Performance - Tucows announced its Q3 2025 earnings, indicating strong results and reiterating full-year financial guidance [11]

Q3 2025 Investor presentation 11.06.2025 Nasdaq (TCX) | TSX (TC) Safe harbor statement This presentation may contain forward-looking statements, relating to the Company's operations or to the environment in which it operates, which are based on Tucows Inc.'s operations, estimates, forecasts and projections. These statements are not guarantees of future performance and are subject to important risks, uncertainties and assumptions concerning future conditions that may ultimately prove to be inaccurate or diff ...