Skip to main content

Market Overview

Tucows Reports Financial Results for Fourth Quarter 2020

Share:

TORONTO, Feb. 09, 2021 (GLOBE NEWSWIRE) -- Tucows Inc. (NASDAQ:TCX, TSX:TC), a provider of network access, domain names and other Internet services, today reported its financial results for the fourth quarter ended December 31, 2020. All figures are in U.S. dollars.

COVID-19:   Tucows shareholders and prospective investors are encouraged to read Tucows' public statement regarding COVID-19, which is available here: https://bit.ly/2LavpOc.

Note on the Financial Impact of Tucows' Sale of Ting Mobile Customer Relationships and Transition to Mobile Services Enabler Platform:

As previously announced, effective August 1, 2020 most of Tucows' mobile customers relationships were sold to DISH Networks ("DISH") as part of Tucows' transition of its mobile business to a Mobile Services Enabler (MSE) model from a Mobile Virtual Network Operator (MVNO) model, under which DISH became Tucows's first MSE customer. Accordingly, the results of the Mobile Services business in the Network Access segment for the fourth quarter of 2020 reflects operations under the new MSE model with prior periods being composed entirely of operations under Tucows' previous MVNO model.

Under the terms of the earn out arrangement for the Ting customer base acquired by DISH, the income generated by the customer base acquired by Dish are recognized (net of expenses) as "Other Income" under the heading "Gain on Sale of Ting Customer Assets". As a result, revenue and gross margin for Mobile Services in the Network Access segment for the fourth quarter of 2020 are lower than those for the fourth quarter of 2019. Tucows will recognize fees per subscriber for customers owned by DISH under the Ting brand as well as customers under DISH's Boost brand that are added to Tucows' MSE platform, as Mobile Platform Services revenue under the terms of the MSE Agreement signed with Dish. For more information, see Tucows' Financial Statements and Management Discussion and Analysis for the fourth quarter of 2020.


Summary Financial Results
(In Thousands of US Dollars, Except Per Share Data)

 
3 Months ended December 31


12 Months ended December 31

2020
(Unaudited)
2019
(Unaudited)1
% Change 2020
(Unaudited)
2019
(Unaudited)
% Change
Net revenue 70,784 85,946 (17.6 %) 311,202 337,145 (7.7 %)
Gross Profit 17,428 26,045 (33.1 %) 85,485 100,777 (15.2 %)
Gain on Sale of Ting Customer Assets1 6,522 - n/a 7,612 - n/a
Net income 2,068 5,778 (64.2 %) 5,775 15,398 (62.5 %)
Basic Net earnings per common share 0.19 0.55 (65.5 %) 0.55 1.45 (62.1 %)
Adjusted EBITDA2 12,847 16,155 (20.5 %) 50,972 51,905 (1.8 %)
Net cash provided by operating activities 1,637 13,196 (87.6 %) 36,081 40,381 (10.6 %)

1.   Gain on Sale of Ting Customer Assets for 2020 includes proceeds of $11.1 million under the DISH earn-out arrangement, offset by the disposal of Ting Customer Assets totalling $3.5 million.
2.   This Non-GAAP financial measure is described below and reconciled to GAAP net income in the accompanying table.


Summary of Revenues and Gross profit
(In Thousands of US Dollars)

  Revenue Gross Profit
 
3 Months ended December 31

3 Months ended December 31

  2020
(Unaudited)
2019
(Unaudited)
2020
(Unaudited)
2019
(Unaudited)
Network Access Services:
Mobile Services        
Retail Mobile Services 1,806 21,140 821   9,445  
Mobile Platform Services 188 - 132   -  
Other Professional Services 1,959 - 256   -  
Total Mobile Services 3,953 21,140 1,209   9,445  
         
Fiber Internet Services 5,049 3,029 3,130   2,062  
Total Network Access Services 9,002 24,169 4,339   11,507  
Domain Services:
Wholesale        
Domain Services 47,463 46,622 10,310   9,085  
Value Added Services 5,373 4,809 4,483   4,128  
Total Wholesale 52,836 51,431 14,793   13,213  
         
Retail 8,654 8,648 4,382   4,682  
Portfolio3 292 1,698 177   1,526  
Total Domain Services 61,782 61,777 19,352   19,421  
Network Expenses:
Network, other costs n/a n/a (2,681 ) (2,156 )
Network, depreciation and amortization costs n/a n/a (3,582 ) (2,727 )
Total Network expenses n/a n/a (6,263 ) (4,883 )
         
Total 70,784 85,946 17,428   26,045  

3. Beginning in the first quarter of 2020, portfolio revenue consisted of individual sales from Tucows' surname portfolio following the sale of the Company's remaining domain name portfolio in the fourth quarter of 2019.

"The fourth quarter was a solid finish to a very good year for Tucows," said Elliot Noss, President and Chief Executive Officer, Tucows Inc. "Revenue and gross margin from our Domains and Ting Internet businesses, excluding the impact of large bulk domains sales from our Domains Portfolio in prior year periods, increased 6% and 13% year over year, respectively, for the fourth quarter, and for all of 2020 were up 5% and 13%."

"Our Domains business continued to benefit from the elevated but decelerating transaction levels, resulting from the pandemic impact, which on top of the underlying consistency of this business and our focus on the quality of our customer base, resulted in the highest annual gross profit for this business in our 21-year history."

"In Mobile, the fourth quarter -- our first full quarter under our new MSE model -- is off to a good start, setting the stage as we look forward to increasing that revenue in the future as DISH adds customers under the Ting Mobile brand and we migrate DISH's Boost customers to the MSE platform."

"And In our Ting Internet business, we achieved our second consecutive quarter of capital expenditures above $10 million -- just shy of our third quarter record -- and by far our best quarter ever for new serviceable addresses. The quarter capped off a year in which we grew serviceable addresses by 53% year-over-year, total subscribers by 51%, contributing to year-over-year growth in revenue and gross margin of 67% and 52%, respectively. All of this sets us up very well for continued growth in all of these key metrics as we accelerate our capital expenditure spending in 2021."

Financial Results
  
Net revenue for the fourth quarter of 2020 was $70.8 million, a decrease of 18% from $85.9 million for the fourth quarter of 2019. The majority of the decrease was the result of the absence of Ting Mobile MVNO revenue in the fourth quarter of 2020 following the Company's sale of its Ting Mobile customer relationships to DISH and the related earn out being recognized as Other Income. The decrease was also due in part to a $1.5 million bulk sale in the Domains Portfolio business in the fourth quarter of 2019 that was not repeated in the fourth quarter of 2020 as the Company exited its Domains Portfolio business at the end of 2019. Excluding the Mobile Services business, as well as the impact of the bulk Domains sale in the third quarter of 2019, net revenue for the combined Domains and Ting Internet businesses for the fourth quarter of 2020 increased 6% from the fourth quarter of 2019.

Gross profit for the fourth quarter of 2020 was $17.4 million, a decrease of 33% from $26.0 million for the fourth quarter of 2019. The decrease in gross profit is attributable to the same factors as the decrease in revenue. Excluding the Mobile Services business, as well as the impact of the bulk Domains sale in the fourth quarter of 2019, gross margin for the combined Domains and Ting Internet businesses for the fourth quarter of 2020 increased 13% from the fourth quarter of 2019.

Net income for the fourth quarter of 2020 was $2.1 million, or $0.19 per share, a decrease of 64% from $5.8 million, or $0.55 per share for the fourth quarter of 2019.

Adjusted EBITDA1 for the fourth quarter of 2020 was $12.8 million, a decrease of 20% compared with $16.2 million for the fourth quarter of 2019. Excluding the impact of an outsized Portfolio bulk domain name sale in the fourth quarter of 2019, Adjusted EBITDA for the fourth quarter of 2020 decreased 12% compared to the fourth quarter of 2019.

Cash and cash equivalents at the end of the fourth quarter of 2020 were $8.3 million compared with $10.2 million at the end of the third quarter of 2020 and $20.4 million at the end of the fourth quarter of 2019.

Notes:

1. Adjusted EBITDA

Tucows reports all financial information required in accordance with United States generally accepted accounting principles (GAAP). Along with this information, to assist financial statement users in an assessment of our historical performance, the Company typically discloses and discusses a non-GAAP financial measure, adjusted EBITDA, in press releases and on investor conference calls and related events that exclude certain non-cash and other charges as the Company believes that the non-GAAP information enhances investors' overall understanding of our financial performance.

The Company believes that the provision of this supplemental non-GAAP measure allows investors to evaluate the operational and financial performance of the Company's core business using similar evaluation measures to those used by management. The Company uses adjusted EBITDA to measure its performance and prepare its budgets. Since adjusted EBITDA is a non-GAAP financial performance measure, the Company's calculation of adjusted EBITDA may not be comparable to other similarly titled measures of other companies; and should not be considered in isolation, as a substitute for, or superior to measures of financial performance prepared in accordance with GAAP. Because adjusted EBITDA is calculated before recurring cash charges, including interest expense and taxes, and is not adjusted for capital expenditures or other recurring cash requirements of the business, it should not be considered as a liquidity measure. Non-GAAP financial measures do not reflect a comprehensive system of accounting and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies and/or analysts and may differ from period to period. The Company endeavors to compensate for these limitations by providing the relevant disclosure of the items excluded in the calculation of adjusted EBITDA to net income based on U.S. GAAP, which should be considered when evaluating the Company's results. Tucows strongly encourages investors to review its financial information in its entirety and not to rely on a single financial measure.

The Company's adjusted EBITDA definition excludes depreciation, amortization of intangible assets, income tax provision, interest expense (net), accretion of contingent consideration, stock-based compensation, disposal of Ting Mobile customer assets, gains and losses from unrealized foreign currency transactions and infrequently occurring items, including acquisition and transition costs. Gains and losses from unrealized foreign currency transactions removes the unrealized effect of the change in the mark-to-market values on outstanding unhedged foreign currency contracts, as well as the unrealized effect from the translation of monetary accounts denominated in non-U.S. dollars to U.S. dollars.

The following table reconciles net income to adjusted EBITDA (dollars in thousands):

 
3 months ended December 31


12 months ended December 31
  2020
(Unaudited)
2019
(Unaudited)
2020
(Unaudited)
2019
(Unaudited)
Net income for the period 2,068   5,778   5,775   15,398  
Depreciation of property and equipment 3,377   2,516   12,632   8,961  
Impairment of property and equipment -   -   1,638   -  
Loss (gain) on disposition of property and equipment (17 ) -   (17 ) 73  
Amortization of intangible assets 2,644   2,870   11,420   10,333  
Impairment of definite life intangible assets -   -   1,431   -  
Disposal of Ting Mobile customer assets -   -   3,513   -  
Interest expense, net 855   1,220   3,611   4,769  
Accretion of contingent consideration 86   -   344   -  
Provision for income taxes 2,595   2,964   4,985   9,173  
Stock-based compensation 1,054   836   3,718   2,876  
Unrealized loss (gain) on change in fair value of forward contracts (237 ) (109 ) (500 ) (313 )
Unrealized loss (gain) on foreign exchange revaluation of foreign denominated monetary assets and liabilities (19 ) (180 ) 461   (581 )
Acquisition and transition costs* 441   260   1,961   1,216  
         
Adjusted EBITDA 12,847   16,155   50,972   51,905  
*Acquisition and other costs represent transaction-related expenses, transitional expenses, such as redundant post-acquisition expenses, primarily related to our acquisition of Ascio in March 2019 and Cedar in January 2020 and disposition of certain Ting Mobile assets in August 2020. Expenses include severance or transitional costs associated with department, operational or overall company restructuring efforts, including geographic alignments.

Conference Call

Concurrent with the dissemination of its quarterly financial results news release at 5:05 pm ET on Tuesday, February 9, 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. In lieu of a live question and answer period, for the subsequent seven days, until Wednesday, February 17, shareholders, analysts and prospective investors can submit questions to Tucows' management at ir@tucows.com. Management will post responses to questions of general interest (audio recording and transcript) to the Company's website at http://www.tucows.com/investors/financials/ on Tuesday, February 23 at approximately 4 pm ET. All questions will receive a response, however, questions of a more specific nature may be responded to directly.

About Tucows

Tucows is a provider of network access, mobile technology services, domain names and other Internet services. Ting Internet (https://ting.com/internet) delivers fixed fiber Internet access with outstanding customer support. Tucows' mobile services enabler (MSE) platform provides network access, provisioning and billing services for mobile virtual network operators (MVNOs). OpenSRS (https://opensrs.com), Enom (https://www.enom.com) and Ascio (https://ascio.com) combined manage approximately 25 million domain names and millions of value-added services through a global reseller network of over 36,000 web hosts and ISPs. Hover (https://hover.com) makes it easy for individuals and small businesses to manage their domain names and email addresses. More information can be found on Tucows' corporate website (https://tucows.com).

           
           
Tucows Inc.  
Consolidated Balance Sheets  
(Dollar amounts in thousands of U.S. dollars)  
           
    December 31,   December 31,  
    2020   2019  
    (unaudited)   (unaudited)  
           
Assets          
           
Current assets:          
Cash and cash equivalents   $ 8,311   $ 20,393  
Accounts receivable     15,540     14,564  
Inventory     1,875     3,457  
Prepaid expenses and deposits     16,845     13,478  
Derivative instrument asset, current portion     3,860     731  
Deferred costs of fulfillment, current portion     93,467     91,252  
Income taxes recoverable     1,302     1,800  
Total current assets     141,200     145,675  
           
Deferred costs of fulfillment, long-term portion     17,599     17,915  
Property and equipment     117,530     82,121  
Right of use operating lease asset     11,238     11,335  
Contract costs     362     1,400  
Deferred tax asset     226     -  
Intangible assets     47,444     57,654  
Goodwill     116,304     109,818  
Total assets   $ 451,903   $ 425,918  
           
           
Liabilities and Stockholders' Equity          
           
Current liabilities:          
Accounts payable   $ 6,329   $ 6,671  
Accrued liabilities     10,235     9,373  
Customer deposits     15,402     14,074  
Derivative instrument liability, current portion     99     -  
Operating lease liability, current portion     1,761     1,413  
Deferred revenue, current portion     127,336     123,101  
Accreditation fees payable, current portion     940     952  
Income taxes payable     863     1,324  
Total current liabilities     162,965     156,908  
           
Derivative instrument liability, long-term portion     114     -  
Deferred revenue, long-term portion     24,909     26,202  
Accreditation fees payable, long-term portion     195     216  
Operating lease liability, long-term portion     9,179     9,424  
Loan payable, long-term portion     121,733     113,503  
Other long-term liability     3,416     -  
Deferred tax liability     24,694     25,471  
           
Stockholders' equity:          
Preferred stock - no par value, 1,250,000 shares authorized; none issued and outstanding     -     -  
Common stock - no par value, 250,000,000 shares authorized; 10,612,414 shares issued and outstanding as of December 31, 2020 and 10,585,159 shares issued and outstanding as of December 31, 2019     20,798     16,633  
Additional paid-in capital     1,458     880  
Retained earnings     80,106     76,208  
Accumulated other comprehensive income (loss)     2,336     473  
Total stockholders' equity     104,698     94,194  
Total liabilities and stockholders' equity   $ 451,903   $ 425,918  
           


                 
    Tucows Inc.
    Consolidated Statements of Operations and Comprehensive Income
    (Dollar amounts in thousands of U.S. dollars)
                 
                 
    Three months ended December 31,   Year ended December 31,
    2020   2019   2020   2019
         
    (unaudited)
  (unaudited)
                 
Net revenues $ 70,784   $ 85,946   $ 311,202   $ 337,145  
                 
Cost of revenues:                
Cost of revenues   47,093     55,018     200,401     217,579  
Network expenses (*)   2,681     2,156     10,194     9,190  
Depreciation of property and equipment   3,252     2,405     12,144     8,475  
Amortization of intangible assets   330     322     1,340     1,124  
Impairment of property and equipment   -     -     1,638     -  
Total cost of revenues   53,356     59,901     225,717     236,368  
                 
Gross profit   17,428     26,045     85,485     100,777  
                 
Expenses:                
Sales and marketing (*)   7,753     7,904     34,274     34,270  
Technical operations and development (*)   3,447     1,566     12,427     9,717  
General and administrative (*)   5,194     4,062     20,268     17,880  
Depreciation of property and equipment   125     111     488     486  
Loss (gain) on disposition of property and equipment   (17 )   -     (17 )   73  
Amortization of intangible assets   2,314     2,548     10,080     9,209  
Impairment of definite life intangible assets   -     -     1,431     -  
Loss (gain) on currency forward contracts   (284 )   (108 )   (383 )   (198 )
Total expenses   18,532     16,083     78,568     71,437  
                 
Income from operations   (1,104 )   9,962     6,917     29,340  
                 
Other income (expenses):                
Interest expense, net   (855 )   (1,220 )   (3,611 )   (4,769 )
Gain on sale of Ting Customer Assets, net   6,522     -     7,612     -  
Other income (expense), net   100     -     (158 )   -  
Total other income (expenses)   5,767     (1,220 )   3,843     (4,769 )
                 
Income before provision for income taxes   4,663     8,742     10,760     24,571  
                 
Provision for income taxes   2,595     2,964     4,985     9,173  
Net income for the period   2,068     5,778     5,775     15,398  
                 
Other comprehensive income, net of tax                
Unrealized income on hedging activities   1,044     487     1,653     1,101  
Net amount reclassified to earnings   (79 )   15     210     182  
Other comprehensive income net of tax expense of $288 and $161 for the three months ended December 31, 2020 and December 31, 2019, $550 and $411 for the years ended December 31, 2020 and December 31, 2019  

965
   

502
   

1,863
   

1,283
 
                 
Comprehensive income, net of tax for the period $ 3,033   $ 6,280   $ 7,638   $ 16,681  
                 
Basic earnings per common share $ 0.19   $ 0.55   $ 0.55   $ 1.45  
                 
Shares used in computing basic earnings per common share   10,605,451     10,577,080     10,590,684     10,623,799  
                 
Diluted earnings per common share $ 0.19   $ 0.54   $ 0.54   $ 1.43  
                 
Shares used in computing diluted earnings per common share   10,745,710     10,693,430     10,692,281     10,772,812  
                 
                 
                 
(*) Stock-based compensation has been included in expenses as follows:                
Network expenses $ 139   $ 82   $ 472   $ 307  
Sales and marketing $ 475   $ 395   $ 1,678   $ 1,251  
Technical operations and development $ 198   $ 168   $ 756   $ 596  
General and administrative $ 242   $ 191   $ 812   $ 722  
                 


     
    Tucows Inc.
    Consolidated Statements of Cash Flows
    (Dollar amounts in thousands of U.S. dollars)
                 
    Three months ended December 31,   Year ended December 31,
    2020   2019   2020   2019
         
Cash provided by:   (unaudited)
  (unaudited)
Operating activities:                
Net income for the period $ 2,068   $ 5,778   $ 5,775   $ 15,398  
Items not involving cash:                
Depreciation of property and equipment   3,377     2,516     12,632     8,961  
Impairment of property and equipment   -     -     1,638     142  
Amortization of debt discount and issuance costs   67     65     269     297  
Amortization of intangible assets   2,644     2,870     11,420     10,333  
Net amortization contract costs   (3 )   (2 )   106     (10 )
Accretion of contingent consideration   86     -     344     -  
Impairment of definite life intangible asset   -     -     1,431     -  
Other   -     -     223     -  
Deferred income taxes (recovery)   (3,012 )   (456 )   (3,939 )   1,285  
Excess tax benefits on share-based compensation expense   (353 )   156     (861 )   (634 )
Net Right of use operating assets/Operating lease liability   (44 )   (27 )   205     (32 )
Loss on disposal of domain names   2     43     17     115  
Loss (gain) on change in the fair value of forward contracts   (237 )   (109 )   (500 )   (313 )
Disposal of Ting Mobile customer assets   -     -     3,513     -  
Stock-based compensation   1,054     836     3,718     2,876  
Change in non-cash operating working capital:                
Accounts receivable   (2,951 )   (1,095 )   (281 )   (3,015 )
Inventory   (736 )   446     945     318  
Prepaid expenses and deposits   (3,142 )   6,147     (3,459 )   2,904  
Deferred costs of fulfillment   2,174     3,924     (1,899 )   7,678  
Income taxes recoverable   2,589     1,210     908     (89 )
Accounts payable   (1,661 )   1,556     (902 )   (1,222 )
Accrued liabilities   710     (4,945 )   376     2,329  
Customer deposits   1,030     (846 )   1,493     27  
Deferred revenue   (1,985 )   (4,838 )   2,942     (6,900 )
Accreditation fees payable   (40 )   (33 )   (33 )   (67 )
Net cash provided by operating activities   1,637     13,196     36,081     40,381  
                 
Financing activities:                
Proceeds received on exercise of stock options   307     83     985     395  
Payment of tax obligations resulting from net exercise of stock options   (77 )   (4 )   (556 )   (548 )
Repurchase of common stock   -     -     (3,281 )   (4,986 )
Proceeds received on loan payable   8,000     12,000     8,000     57,371  
Repayment of loan payable   -     (3,530 )   -     (8,130 )
Payment of loan payable costs   -     (2 )   (32 )   (641 )
Net cash provided by financing activities   8,230     8,547     5,116     43,461  
                 
Investing activities:                
Additions to property and equipment   (11,708 )   (12,913 )   (44,437 )   (44,070 )
Acquisition of Cedar Networks (net of cash of $66 and net of shares issued of $2,000)   -     -     (8,770 )   -  
Acquisition of Ascio Technologies Inc. (net of cash of $1)   -     (426 )   -     (28,450 )
Acquisition of intangible assets   (3 )   -     (72 )   (3,566 )
Net cash used in investing activities   (11,711 )   (13,339 )   (53,279 )   (76,086 )
                 
(Decrease) increase in cash and cash equivalents   (1,844 )   8,404     (12,082 )   7,756  
                 
Cash and cash equivalents, beginning of period   10,155     11,989     20,393     12,637  
Cash and cash equivalents, end of period $ 8,311   $ 20,393   $ 8,311   $ 20,393  
                 
Supplemental cash flow information:                
Interest paid $ 813   $ 1,224   $ 3,573   $ 4,785  
Income taxes paid, net $ 3,477   $ 1,818   $ 8,926   $ 7,941  
                 
Supplementary disclosure of non-cash investing and financing activities:                
Property and equipment acquired during the period not yet paid for $ 1,129   $ 548   $ 1,129   $ 548  
Fair value of shares issued for acquisition of Cedar Holdings Group $ -   $ -   $ 2,000   $ -  
Fair value of contingent consideration for acquisition of Cedar Holdings Group $ -   $ -   $ 3,072   $ -  
                 


                 
Reconciliation of Net income to Adjusted EBITDA                
(In Thousands of U.S. Dollars)   Three months ended December 31,   Year ended December 31,
(unaudited)   2020 (unaudited)   2019 (unaudited)   2020 (unaudited)   2019 (unaudited)
                 
Net income for the period $ 2,068   $ 5,778   $ 5,775   $ 15,398  
Depreciation of property and equipment   3,377     2,516     12,632     8,961  
Impairment of property and equipment   -     -     1,638     -  
Loss (gain) on disposition of property and equipment   (17 )   -     (17 )   73  
Amortization of intangible assets   2,644     2,870     11,420     10,333  
Impairment of definite life intangible assets   -     -     1,431     -  
Disposal of Ting Mobile customer assets   -     -     3,513     -  
Interest expense, net   855     1,220     3,611     4,769  
Accretion of contingent consideration   86     -     344     -  
Provision for income taxes   2,595     2,964     4,985     9,173  
Stock-based compensation   1,054     836     3,718     2,876  
Unrealized loss (gain) on change in fair value of forward contracts   (237 )   (109 )   (500 )   (313 )
Unrealized loss (gain) on foreign exchange revaluation of foreign denominated monetary assets and liabilities   (19 )   (180 )   461     (581 )
Acquisition and other costs1   441     260     1,961     1,216  
                 
Adjusted EBITDA $ 12,847   $ 16,155   $ 50,972   $ 51,905  
                 
1Acquisition and other costs represents transaction-related expenses, transitional expenses, such as redundant post-acquisition expenses, primarily related to our acquisition of Ascio in March 2019 and Cedar in January 2020 and disposition of certain Ting Mobile assets in August 2020. Expenses include severance or transitional costs associated with department, operational or overall company restructuring efforts, including geographic alignments.
                 

This release includes forward-looking statements as that term is defined in the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding our expectations regarding our future financial results and, including, without limitation, our expectations regarding our ability to realize synergies from the Enom acquisition and our expectation for growth of Ting Internet. These statements are based on management's current expectations and are subject to a number of uncertainties and risks that could cause actual results to differ materially from those described in the forward-looking statements. Information about other potential factors that could affect Tucows' business, results of operations and financial condition is included in the Risk Factors sections of Tucows' filings with the Securities and Exchange Commission. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. All forward-looking statements are based on information available to Tucows as of the date they are made. Tucows assumes no obligation to update any forward-looking statements, except as may be required by law.

Tucows, Ting, OpenSRS, Enom, Ascio and Hover are registered trademarks of Tucows Inc. or its subsidiaries.

Contact:
Lawrence Chamberlain
(416) 519-4196 | lawrence.chamberlain@loderockadvisors.com


Primary Logo

View Comments and Join the Discussion!
 
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com