Business
Tucows Reports Financial Results for Fourth Quarter 2019
TORONTO, Feb. 12, 2020 (GLOBE NEWSWIRE) -- Tucows Inc. (NASDAQ:TCX, TSX:TC), a provider of network access, domain names and other Internet services, today
About this update from Tucows Inc.
[{"type":"text","content":"TORONTO, Feb. 12, 2020 (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, 2019. All figures are in U.S. dollars.\n Summary Financial Results(In Thousands of US Dollars, Except Per Share Data) 3 Months Ended December 3112 Months Ended December 312019(Unaudited)2018(Unaudited)%Change2019(Unaudited)2018(Unaudited)%ChangeNet revenue85,94685,6120.4%337,145346,013-3%Net income5,7784,43630%15,39817,135-10%Basic Net earnings per common share0.550.4231%1.451.62-10%Adjusted EBITDA1,216,15516,623-3%51,90550,0544%Net cash provided by operating activities13,19610,66824%40,38137,2099% This Non-GAAP financial measure is described below and reconciled to GAAP net income in the accompanying table.Adjusted EBITDA for the three-month and 12-month periods ended December 31, 2019 reflect the impact of the purchase price accounting adjustment related to the fair value write down of deferred revenue from the Ascio acquisition on March 18, 2019, which lowered Adjusted EBITDA by $0.5 million and $2.5 million, respectively. Summary of Revenues and Gross profit(In Thousands of US Dollars) RevenueGross Profit 3 Months endedDecember 313 Months endedDecember 31 2019(Unaudited)2018(Unaudited)2019(Unaudited)2018(Unaudited)Network Access Services:Mobile Services21,14022,5119,44511,093Other Services3,0292,3202,0621,429Total Network Access Services24,16924,83111,50712,522Domain Services:Wholesale Domain Services46,62243,3969,0857,752Value Added Services4,8094,1804,1283,438Total Wholesale51,43147,57613,21311,190 Retail8,6488,8804,6824,475Portfolio1,6984,3251,5263,900Total Domain Services61,77760,78119,42119,565Network Expenses:Network, other costs--(2,156)(2,256)Network, depreciation and amortization costs--(2,727)(2,100)Total Network expenses--(4,883)(4,356) Total85,94685,61226,04527,731 “Our fourth quarter results were once again demonstrative of the consistency in the Tucows business. Continuing strong cash generation from our Domains and Ting Mobile businesses contributed to record cash from operations for the year of $40 million to support investment in our outsized Ting Internet growth opportunity,” said Elliot Noss, President and Chief Executive Officer, Tucows Inc. Mr. Noss added, “2019 was a year in whic...