Consolidated Balance Sheets (Dollar amounts in thousands ...
Tucows Inc. Consolidated Balance Sheets (Dollar amounts in thousands of U.S. dollars)
Assets
Current assets: Cash and cash equivalents Accounts receivable Contract asset, current portion Inventory Prepaid expenses and deposits Derivative instrument asset, current portion Deferred costs of fulfillment, current portion Income taxes recoverable Total current assets
Deferred costs of fulfillment, long-term portion Derivative instrument asset, long-term portion Property and equipment Right of use operating lease asset Contract costs Deferred tax asset Intangible assets Goodwill Investment
Total assets
Liabilities and Stockholders' Equity
Current liabilities: Accounts payable Accrued liabilities Customer deposits Derivative instrument liability, current portion Operating lease liability, current portion Deferred revenue, current portion Accreditation fees payable, current portion Income taxes payable Total current liabilities
Derivative instrument liability, long-term portion Deferred revenue, long-term portion Accreditation fees payable, long-term portion Operating lease liability, long-term portion Loan payable, long-term portion Other long-term liability Deferred tax liability
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; 10,696,779 shares issued and outstanding as of September 30, 2021 and 10,612,414 shares issued and outstanding as of December 31, 2020 Additional paid-in capital Retained earnings Accumulated other comprehensive income (loss) Total stockholders' equity
Total liabilities and stockholders' equity
September 30, 2021
(unaudited)
December 31, 2020
(unaudited)
$
5,535 $
8,311
14,822
15,540
2,783
-
3,111
1,875
18,719
16,845
-
3,860
94,970
93,467
3,892
1,302
143,832
141,200
18,226
17,599
78
-
155,236
117,530
16,138
11,238
806
362
153
226
40,413
47,444
116,304
116,304
2,012
-
$ 493,198 $ 451,903
$
9,260
12,176
15,139
453
2,588
127,792
913
62
168,383
$
6,329
10,235
15,402
99
1,761
127,336
940
863
162,965
24,195
177 11,103 149,937
3,703 22,481
114 24,909
195 9,179 121,733 3,416 24,694
-
-
25,520
20,798
2,550
1,458
85,437
80,106
(288)
2,336
113,219
104,698
$ 493,198 $ 451,903
Tucows Inc. Consolidated Statements of Operations and Comprehensive Income
(Dollar amounts in thousands of U.S. dollars)
Net revenues
Cost of revenues: Direct cost of revenues Network expenses (*) Depreciation of property and equipment Amortization of intangible assets Impairment of property and equipment Total cost of revenues
Gross profit
Expenses: Sales and marketing (*) Technical operations and development (*) General and administrative (*) Depreciation of property and equipment Loss on disposition of property and equipment Amortization of intangible assets Impairment of definite life intangible assets Loss (gain) on currency forward contracts Total expenses
Income from operations
Other income (expenses): Interest expense, net Gain on sale of Ting Customer Assets, net Other expense, net Total other income (expenses)
Income before provision for income taxes
Provision for income taxes Net income before redeemable non-controlling interest
Redeemable non-controlling interest
Net income attributable to redeemable non-controlling interest Net income for the period
Other comprehensive income, net of tax Unrealized income (loss) on hedging activities Net amount reclassified to earnings
Other comprehensive income net of tax expense (recovery) of $(419) and $230 for the three months ended September 30, 2021 and September 30, 2020, ($794) and $262 for the nine months ended September 30, 2021 and Septmeber 30, 2020
Comprehensive income, net of tax for the period
Basic earnings per common share
Shares used in computing basic earnings per common share
Diluted earnings per common share
Shares used in computing diluted earnings per common share
Three months ended September 30,
2021
2020
(unaudited)
$
75,893
$ 74,311
49,540 3,445 4,622 21 241
57,869
18,024
48,330 2,612 2,985 330 113
54,370
19,941
$
9,892
$
8,318
3,742
3,162
5,069
4,868
136
125
229
-
2,267
2,315
-
-
(87)
(159)
21,248
18,629
(3,224)
1,312
(1,169) 5,564
(95) 4,300
1,076
(299) 1,375
-
1,375
(760) 1,090
(86) 244
1,556
840 716
-
716
(501)
729
(884)
46
(1,385)
$
(10)
$
0.13
10,679,309
$
0.13
10,819,716
775
$
1,491
$
0.07
10,577,731
$
0.07
10,682,808
Nine months ended September 30,
2021
2020
(unaudited)
$ 221,861
$ 240,418
144,860 10,295 12,344 344 302
168,145
53,716
153,308 7,513 8,892 1,010 1,638
172,361
68,057
$
27,579
$
26,521
10,044
8,980
15,232
15,074
384
363
234
-
6,909
7,766
-
1,431
(277)
(99)
60,105
60,036
(6,389)
8,021
(3,108) 15,767
(274) 12,385
5,996
665 5,331
-
5,331
(2,756) 1,090 (258) (1,924)
6,097
2,390 3,707
-
3,707
115
609
(2,739)
289
(2,624)
$
2,707
$
0.50
10,643,798
$
0.49
10,800,361
898
$
4,605
$
0.35
10,585,785
$
0.35
10,679,162
(*) Stock-based compensation has been included in expenses as follows:
Network expenses
$
Sales and marketing
$
Technical operations and development
$
General and administrative
$
131
$
443
$
209
$
344
$
138
$
457
$
208
$
214
$
400
$
1,498
$
610
$
849
$
333 1,203
558 570
Cash provided by: Operating activities:
Net income for the period Items not involving cash:
Depreciation of property and equipment Impairment of property and equipment Amortization of debt discount and issuance costs Amortization of intangible assets Net amortization contract costs Impairment of definite life intangible assets Other Accretion of contingent consideration Deferred income taxes (recovery) Excess tax benefits on share-based compensation expense Net Right of use operating assets/Operating lease liability Loss on disposal of domain names Loss (gain) on change in the fair value of forward contracts Write-down on disposal of Ting Mobile customer assets Stock-based compensation Change in non-cash operating working capital: Accounts receivable Contract asset Inventory Prepaid expenses and deposits Deferred costs of fulfillment Income taxes recoverable Accounts payable Accrued liabilities Customer deposits Deferred revenue Accreditation fees payable Net cash provided by operating activities
Financing activities: Proceeds received on exercise of stock options Payment of tax obligations resulting from net exercise of stock options Repurchase of common stock Proceeds received on loan payable Payment of loan payable costs Net cash (used in) provided by financing activities
Investing activities: Cost of Domain Names acquired Additions to property and equipment Gross proceeds from the waiver of rights to .online registry Acquisition of other assets Acquisition of Cedar Holdings Group, net of cash of $66 Acquisition of Ascio Technologies Inc. (net of cash of $1,437) Acquisition of intangible assets Investment in securities Net cash used in investing activities
(Decrease) increase in cash and cash equivalents
Cash and cash equivalents, beginning of period Cash and cash equivalents, end of period
Supplemental cash flow information: Interest paid Income taxes paid, net
Tucows Inc. Consolidated Statements of Cash Flows (Dollar amounts in thousands of U.S. dollars)
Three months ended September 30,
2021
2020
(unaudited)
Nine months ended September 30
2021
2020
(unaudited)
$
1,375 $
716 $
5,331 $
3,707
4,758 241 68
2,288 (189)
96 (488) (323) (2,378) 249 1,126
3,110 113 68
2,645 (15) 86 180 (164) 137 (175)
3,513 1,016
12,728 302 202
7,253 (444)
287 (1,368) (868) (2,149) 1 606 3,357
9,255 1,638
202 8,776
109 1,431
223 258 (927) (508) 249
15 (263) 3,513 2,664
(11) (2,783)
(275) 918 1,442 532 271 (1,828) (673) (2,873) (51) 1,492
118 -
(123) 2,905
984 (2,475)
509 (668)
69 (1,070)
(47) 11,432
718 (2,783) (1,236) (1,874) (2,130) (2,502) 2,289 1,941
(263) (258) (45) 19,095
2,670 -
1,681 (317) (4,073) (1,681) 759 (334) 463 4,927
7 34,444
1,368
(89) -
10,000 -
11,279
632
(132) -
500
2,844
(387) -
28,000 -
30,457
678
(479) (3,281)
(32) (3,114)
(14,488)
(6) (14,494)
(1,723)
7,258
$
5,535 $
(10,636)
(10,636)
1,296
8,859 10,155 $
(50,093)
(223) (2,012) (52,328)
(2,776)
8,311 5,535 $
(32,729)
(8,770) (69) (41,568)
(10,238)
20,393 10,155
$
1,144 $
$
212 $
635 $ 3,249 $
3,038 $ 6,008 $
2,638 5,449
Supplementary disclosure of non-cash investing and financing activities:
Property and equipment acquired during the period not yet paid for
$
Fair value of shares issues for acquisition of Cedar Holdings Group
Fair value of contingent consideration for acquisition of Cedar Holdings
Group
1,772 $ -$
-$
1,697 $ -$
-$
1,772 $ -$
-$
1,697 2,000
3,072
Reconciliation of Net income to Adjusted EBITDA (In Thousands of U.S. Dollars)
(unaudited)
Three months ended September 30,
2021 (unaudited)
2020 (unaudited)
Nine months ended September 30,
2021 (unaudited)
2020 (unaudited)
Net income for the period
$
Depreciation of property and equipment
Impairment of property and equipment
Amortization of intangible assets
Impairment of indefinite life intangible assets
Write-down on disposal of Ting Mobile assets
Interest expense, net
Accretion of contingent consideration
Provision for income taxes
Stock-based compensation
Unrealized loss (gain) on change in fair value of forward contracts
Unrealized loss (gain) on foreign exchange revaluation of foreign
denominated monetary assets and liabilities
Acquisition and other costs1
Adjusted EBITDA
$
1,375 $ 4,758
470 2,288
1,169 96 (299) 1,126 249 72
901
12,205 $
716 $ 3,110
113 2,645
3,513
760 86 840 1,016 (175) 81
565
13,270 $
1Acquisition and other costs represents transaction-related expenses, transitional expenses, such as duplicative post-acquisition expenses. Expenses include severance and transitional costs associated with department, operational, or overall company restructuring efforts, including geographic alignments.
5,331 $ 12,728
536 7,253
3,108 287 665 3,357 606 178
2,034
36,083 $
3,707 9,255 1,638 8,776 1,431 3,513 2,756
258 2,390 2,664 (263)
479
1,520
38,124
................
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