Tucows (TCX) 10 Feb 212020 Q4 Earnings call transcript

Welcome to Tucows’ Fourth Quarter 2020 Management Commentary.

We have pre-recorded prepared remarks regarding the quarter and outlook for the Company. A Tucows-generated transcript of these remarks, with relevant links, is also available on the Company’s website. In lieu of a live question and answer period following the remarks, shareholders, analysts and prospective investors are invited to submit their questions to Tucows’ management via email at ir@tucows.com, until Wednesday, February 17. Management will address your questions directly, or in a recorded audio response and transcript that will be posted to the Tucows website on Tuesday, February 23 at approximately 4 p.m. time. eastern quarters, like provides the of available key for Scorecard last Presentation. also KPI Tucows our Investor in advise XXXX, and the the which as updated of Summary, metrics eight along the to Investors would XXXX, the updated that Quarterly businesses XXXX, section We and well website, is with as for Build all Ting Operator a to been has Mobile Please note Mobile to our Virtual transition KPI Network that Enabler. modified from a reflect Services Summary the This mobile our the metrics means longer that applicable business are to removed. no have been

under management’s February These and December described specifically statements news for the a factors remarks: and materially. XXXX. you SEC, reports the for on to are recent The the in Now XX-K company Forms in financial the documents fourth to urges are with most the differ prepared release, On financial XX, X, risk Tucows XX-Q. Company's results Company’s its reporting filed Tuesday, read That issued detail full ending filings applicable its to risk Noss. Elliot quarter news I the its for release for President like over description that the website Investors turn are Executive results the cause tucows.com, would factors statements, on that note now include to uncertainties Company's such, which, discussion call Mr. Officer, security as business. Please the Tucows’ a and Chief could available of following risks the and section. may subject actual to forward-looking the at

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to the that might For a refer QX the comments opening on please management require those remarks. XXXX in of my refresh impact, details

$XX.X QX an as will was that for I operations benefited best the for For Domains absent the way and from revenue and and Internet sale X% exited comparative confining increase purposes, portfolio the impact QX gross for $XX.X remind Revenue to Domains those you by the of is from last million from to -- businesses that same performance period Internet Ting view Mobile. $X.X Ting million, business. million And our our the that we is, of QX margin XXXX year.

portfolio for Domains for margin revenue Total sale, for Domains QX Internet year-over-year, revenue million. up and Ting the year, the X%. the and that X%. increased gross $XXX Excluding was was Internet for up or $XX.X businesses to X% businesses million, Ting And QX

for margin Portfolio XX%. was bulk the of contribution the sale, Domains up over Internet and excluding Ting year However, year, gross

million. million approximately of $XX.X gross portfolio when contributed $X.X same and that’s for our compared reflecting million, X% margin the that Including -- or compared for to million Ting Fourth For the and quarter decrease including $XX.X margin for up share XX% of per QX XXXX Portfolio the the Mobile of business XXXX QX sales to total Portfolio sales, the including was decreased Mobile the XX% up $XX.X Total large those year but Domains million, Internet period the to model. results, MSE excluded. XXXX are $X.XX after gross million, $XX.X revenue year, bulk was with income $X.X that in from tax. net the shift with sale was last over QX million in $XX.X

bulk Excluding $XX.X $X with that the there $XX.X year and mobile a and launch. in year $XX that roughly DISH. with our was waiting share, million; for million, partnership note income Portfolio sale, for per is XXXX, share, million resulting or to adjustment $XX.X decreased operations. $X.XX million resulting impairment monies our XX%. And for sheet business. compared was well the million Adjusted income million, our due million million to Net $X.X customers, an $XX from XXXX and simply XX by balance buildout guidance year QX $X EBITDA with of primarily or million XXXX, the generated $XX per million additional million to compared $X.XX our QX net for is $X.X fiber portfolio expense the with incremental $X.X sales related and for of the one-time as investment as decrease of of for from of finally, days cash was TV slightly $X depreciation in totaling last the flow We network, in $X.X the Mobility of compared This XXXX, ahead an Roam from City million million. Culver

$X.X from which operations last EBITDA Excluding was the the fourth for two $XX.X of in flow a to compared items million few reduction above, remind year, XXXX. was XXXX, Reported with in million QX due million, outsized cash reasons. from I from quarter $XX.X operations was flow cash

million excluding in to flow and cash year, XXXX, Domains of consistently was again compared Internet. flow million $XX.X businesses from for growth Services once the the million. Reported to $XX.X outsized cash opportunity from to the operations underscoring in operations ability items, inherent those $XX.X Ting Mobile invest cash full the was generate For

business. the Domains The business, off of capping contribution that we very the for however, true XXXX, Turning the quarter exited at of the for mask year. good Portfolio the business include to individual numbers, QX businesses, solid underlying year end which was our a another performance reported

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in success was evident continued this in Our regard XXXX.

XXXX of all retail us well Portfolio business, foregone that the I replace have our the the previously, names the fact, then from as margin natural gross as saw Enom from with exit and In of high-priced discussed some. churn

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X% X% increase last the business, For QX, for in on for adjusting large Portfolio year, from sale year-over-year, gross a revenue. increased margin Domains the the bulk in dollars QX

in the primarily margin in growth a well of were earlier quarters, for the down volumes from result transaction impact increasingly X.X the Domain as very quarter was generated another was of driven of decelerate as the by the and total registrations of XX% which million quarters new of year-over-year, quarter. has growth performance expected it the pandemic Wholesale healthy registrations increase which the QX component was impact by Services in XX%, Domains by we contributed generated increases strong up a year-over-year as As incremental from in that but, mentioned X% transactions impact of deferred and further seen channel, seeing the the in previously far growth previous the we two XX% another XX% year. And the increase quarter for posted the the year. in three, the revenue as gross in expected. continues particular, and X.X thus QX, two to the as decelerate earlier in we anchored numbers increase revenue to are of saw have that expect XX% to to the the by Wholesale. in that for benefit which deferred The The in million,

industry Our businesses. solidly Wholesale XX%, resellers QX real attachment to quality and their again rate for again the the our rate underscoring the of at steady of both average, once once and domains high held renewal above

the over channel XXX,XXX, three. up registrations year, resulting from Total continued in again, benefit X%, quarters growth new registrations to the Retail transaction for two with the to deceleration also activity, higher were from Our year X% a Domains QX from up pandemic. and

saw elevated year. the transaction earlier the Wholesale the we the deferred in of the As activity impact revenue benefit of channel, per

Ting fact, invest in to in gross and QX the was being the of end a despite entered the business, our companies of On the our for a very last years, its profitable in the I advancement very of to had continues accounting pricing, Retail business, financial impact word. to in deferral-related and to XXXX our benefits the side, domains and in of the X%, around of of QX, to With the alongside XX-year competitive efficiency adjustment performance Mobile the net highly We mark. This support in and the retail good also while only consistent the On competitive one of margins The us. XXX,XXX sense Domains in has us continue business MVNO a enabled XX%, advantage, terms of infrastructure. history focus to We seasonally to our in margins also year, invest channel in the subscribers. our zone scale quarter. our overall but to profitability brief health pivotal call a continuing by increased XXXX. gross customers, in year it at platform, and high-quality on nearly industry, with XXXX, platform launched softer deal, higher than margin in above the all, generating profitability the future growth business the rare further In for grew size. the the for perform of year in Domains about the All business, QX still business. industry the our contribute eight Excluding and XXXX a Company. retail performance, coming line best talked terms sequentially the other and we strengthen a we year-end was profit offer in exited rate was our meaningful for in average, XX% moment significant solidly not truest renewal new notably, and

unique leverages strengths, built experience of times over More our the This them, hundreds with market a those challenges. historic of all the at fundamental DISH, juncture product and a customer for importantly, we while world, and telcos that our envy accomplishments addressing a agreement and size. were

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transition a to take the we that turn it to plateaued grow. had retail from platforms, one business With and expect we into unit that mobile fully

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large Long-term, work integrate fees doing be in base driven this our for Boost a by see more are to consistency will platform. predictability Mobile will small will we offer similar on You to and stores the financials platform our business. Domains and on XXXX

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in an QX CapEx subscribers. an Our spent investment X,XXX XX% of from net year at In increase steady of record million, total subscribers X,XXX total new year-over-year, bringing QX, our XX% subscriber serviceable passed we X,XXX representing increase addresses and addresses, year-over-year. of QX $XX.X in saw from We our CapEx slightly from biggest to XX% XXXX. us of or increase XX,XXX added down and remained QX, bringing million a year. to XX,XXX, but over serviceable quarterly of was XX.X% in QX, XX% the up of $XX.X addresses,

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of growth our of bulk were part sale large partially business that end in in decreases due by of QX XXXX, offset in subsequently which exited year. to Those in the the at domains we Thanks, result reflect for January notably the the million transition decrease the fourth reminder, Mobile therefore our third as relationships MSE to the year, same of revenue contribute with XXXX attributable of of customer in Ting also continued Portfolio growth million, Again, during decrease revenue, quarter. mark not Mobile QX Internet fourth base, result continued largely the for period of the Cedar to in Ting the quarter which also in of but was XX,XXX did customer XX% of a the of the Elliot. the the but the XXXX, revenue which Total the fourth sale model. Services the acquisition $XX.X $XX.X any our quarter, of XXXX, in the quarter Internet this business strong results the crossed an from majority

on sales QX the the the increased due combined for the revenues of for lower Mobile As Domains revenue the network to Elliot decline primarily XX% million decreased prior Internet with X%. businesses, and of $XX.X revenue to change impact the the million Portfolio year, Ting Cost in from excluding before model, discussed, costs, when factoring the $XX revenue. out

quarter of As for outsized million, to by the improved extent the from a Ting the services a before revenue, decrease the $XX.X before to sale the mix of margin business in primarily revenues transition as to Domains XXXX. was revenues, in in related network offset of and with XX% to margin costs decreased cost sale costs the XX% slightly of assets fourth percentage Gross the mobile addition $XX.X low from million Mobile including portfolio to increased network the DISH. lesser XX% shift QX

As margin the a by customers the now DISH mobile incorporated in reminder, recorded in the generated sold to earn-out Income. is Other

quarter As a for % Network percentage gross each gross fourth margin the at costs Services, for the network XXXX of review and XX% now gross revenue, Domain million. QX businesses. to XX unchanged with the decreased Services Starting fourth XXXX. before from for margin $XX.X of from essentially quarter was XXXX Domain I’ll margin of of Access

excluding XXXX, sale However, bulk increased QX gross X%. in the domains large margin

for As up a bulk margin excluding percentage of XX%. unchanged at points. the of gross from sale, was basis XXXX Domain revenue, about gross when But, XXX QX Services XXXX Domain was QX margin

the year-over-year number Within the million Domain Services for million of from period as gross the focus year, margin. was of management, on same for $XX.X the Channel under up result business business, Domains for success $XX.X growth well gross in Wholesale prior as continued managing the the to of margin our the the XX%

for Services Domain quarter of Gross that for increased positive X% year-over-year. excluding from the revenue, margin margin XXXX, million year note QX X% percentage gross in that a related from we from XXXX, increased adjustment Wholesale although decreased in margin Retail $X.X outsized XX% will impact, deferral of retail margin to $X.X benefited as accounting gross a million an for to As QX had prior I gross QX XX%.

was to gross due revenue, of in with in prior compared QX the the XXXX, noted. adjustment percentage a the XX% quarter to just As XX% margin decrease year

majority that to a Mobile however, represents of to generate of the result QX in as margin million during Ting our of to and We quarter result of of the which on of XXXX Networks difference in of this in a decrease million, and Internet XX% increased QX this is business, vast Internet Ting as MSE heading $XX.X contribution Customer of million transition on was to $X.X third now which continued Gain the to million, Mobile under Turning decrease and customers $X.X of models. of from gross was Ting appears the the P&L. from million, Other margin incremental for revenue Again, Network with the In of the a year, a XX% of in Services margin of gross $X.X base Assets, the the the $X.X Mobile the result in XX% fourth customer absence the quarter as Income sale Access, two Sale Services QX million the the from did, the subscriber model of DISH XXXX, Cedar XXXX. at well beginning $X.X decrease the the a Fiber of the margin year. growth gross acquisition attributable base. million the as expansion XXXX, earn-out $X.X

a gross the for XX% mix of Services with of Mobile and XX%, acquisition. the XX% Access XX% sales revenue, was unchanged decreasing of to As primarily percentage stated Internet to from QX Fiber as Cedar at reasons all from result Services to a the year, earlier, for to compared decreasing XX% prior due Network of margin

fourth quarter fourth operating as of from the Cedar million acquisition. the Turning is to for result corresponding following. being quarter amortization with from network, increase now year. build-out for expenses to XX% well XXXX from continued last Fiber $XX.X expenses in million higher primarily Network The the Total to the due from QX increase $X.X period the for the XXXX, increased of XXXX the as impact for increased to incremental costs, $XX.X the of XX% the million resulting million $X.X the

expansion as expansion, to bonus as Xst year, from to impact anticipated of $X.X including from Excluding business MSE and million the from Internet build, acquisition people an of last million, on payments performance performance. primarily higher Ting increased the January due improved by year-to-date versus well costs Cedar business $X.X platform support Ting the the XXXX, workforce increased

costs million. our decreased the Ting $X.X XXXX, million, facility due $X.X million, assets space. In year, quarter, the addition, lastly, fourth added exchange intangible related to from Cedar platform. and foreign customer when there was associated related. of expenses our costs by by partially of business, the $X.X the a Cedar assets of workforce million to office with development assets commenced net $X.X earlier compensation decreased $X.X the to increased Marketing of decreased set-up rights discretionary year the expenses we related million, $X.X mobile to impacts. primarily capitalizing a million, net the $X.X transition this while and by related related quarter to by work relationships by of write-down costs Stock-based while $X Amortization efforts, Mobile million million driven elimination was travel increase for by domains of some increased million. totaling mainly increase network other expenses there of intangible the And offset the this in $X.X

for QX year-over-year for of do a Specifically, $X.X gain forward contracts resulting a gain million accounting, million re-measurements last a we of to in our in mark-to-market in currency $X.X $X.X related year, to gain XXXX, of that QX compared hedge not had million. of qualify

a the quarter million, our fourth had revaluation $X.X assets $X.X impact compared XXXX, of quarter, gain which of of increasing million on experienced we on in expenses addition, the year-over-year foreign basis. this and of a monetary liabilities of In million to $X.X denominated the loss a

XXXX. fourth from to EBITDA was the year $X.X As driven down noted driven million, Net with Mobile XXXX a with same revenue by revenue, million, a the $XX.X driven of QX, the and continued Fiber to domain share, The lower $XX.X QX being million Ting in by or network name earlier. or percentage operating share compared was relationships per to the quarter was mainly resulting The EBITDA due the effective primarily increased income of for the sale, rate. XX% sale from in in per reduction higher million, increase the by slightly lower total XX% higher customer Adjusted of XXXX, the was $X.XX DISH. EBITDA our build, prior $X.XX for XX%, expenses for quarter tax fourth period from largely decrease depreciation, bulk XXXX. $X.X

balance sheet the flows, million and third $XX.X of Turning at million, $X.X at of XXXX end to the fourth the our and cash $XX.X with quarter of end quarter end fourth of and at were million, equivalents cash of of XXXX. the XXXX quarter the cash compared the

the generated $X.X with million the quarter, million fourth During from operations, cash XXXX. of same $XX.X compared we in period in

our also which out. our offset of down loan, was primarily $X.X related $XX.X transition period. and are than flow million the Internet this the a two operations We after from to in post-close on flow property Note, normal by in was drew impacted Cash quarter by including more equipment, fourth investment transition operations, operations, return of additional QX an from XXXX. of the million to Ting cash the in Dish expected to month Ting levels daily to cash quarter collections, build

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