TCX Q3 24 KPISummary.pdf
TUCOWS, INC. QUARTERLY KPI SUMMARY
Operating Statistics
(Amounts in thousands)
| QUARTERLY | YTD | ANNUAL | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Q3/24 | Q2/24 | Q1/24 | Q4/23 | Q3/23 | Q2/23 | Q1/23 | 2024 | 2023 | 2022 | |
| TING | ||||||||||
| Internet Subscribers under management3 | 49.6 | 48.2 | 46.1 | 43.4 | 41.1 | 38.6 | 36.7 | 49.6 | 43.4 | 34.5 |
| Internet Subscribers under management- Net additions3 | 1.4 | 2.1 | 2.7 | 2.3 | 2.6 | 1.9 | 2.2 | 6.2 | 9.0 | 9.0 |
| Owned Infrastructure Serviceable Addresses1,3,5 | 132.0 | 128.3 | 124.0 | 121.3 | 114.5 | 109.3 | 101.2 | 132.0 | 121.3 | 95.8 |
| Owned Infrastructure Serviceable Addresses- Net additions1,3,5 | 3.7 | 4.3 | 2.7 | 6.8 | 5.2 | 8.1 | 5.4 | 10.7 | 25.5 | 19.9 |
| Partner Infrastructure Serviceable Addresses1,5 | 40.7 | 36.2 | 33.0 | 29.4 | 25.4 | 21.1 | 19.4 | 40.7 | 29.4 | 19.1 |
| Partner Infrastructure Serviceable Addresses- Net additions1,5 | 4.5 | 3.2 | 3.6 | 4.0 | 4.3 | 1.7 | 0.3 | 11.3 | 10.3 | 3.9 |
| Fiber Capital Expenditures- Consumption2 | $8,200 | $12,100 | $18,100 | $18,000 | $17,250 | $21,800 | $23,200 | $38,400 | $80,250 | $86,250 |
| TUCOWS DOMAINS | ||||||||||
| Domains under management | 24,600 | 24,500 | 24,700 | 24,560 | 24,543 | 24,429 | 24,483 | 24,600 | 24,560 | 24,390 |
| Total new, renewal and transferred-in domain name transactions4 | 5,278 | 5,276 | 5,996 | 5,253 | 5,391 | 5,424 | 5,963 | 16,550 | 22,031 | 21,774 |
1 Defined as premises to which Ting Owned Infrastructure or Ting Partner Infrastructure has the capability to provide a customer connection in a service area.
2 This includes all capital expenditures used to build and expand the Ting footprint, including construction and activation of the network and customers, capitalized labor, materials and acquisitions. The Company’s life-to-date Fiber capex investment since February 2015 is $385.2 million, including the Blue Ridge Websoft, Cedar Holdings, and Simply Bits acquisitions, net of capex write-offs.
3 Internet Subscribers and Serviceable Addresses from Simply Bits are not included in Ting metrics.
4 Includes all transactions processed under our accreditations for our resellers and our retail brands, as well as transactions processed on behalf of other registrars using our platform.
5 Serviceable addresses were revised for Q1 2023 and Q4 2022 based on new address recognition methodology, resulting in a reduction of 419 Owned Infrastructure Serviceable Addresses and 420 Partner Infrastructure Serviceable Addresses.
Summary of Historical Financial Results
(In thousands of US dollars)
| QUARTERLY | YTD ANNUAL | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Q3/24(Unaudited) | Q2/24(Unaudited) | Q1/24(Unaudited) | Q4/23(Unaudited) | Q3/23(Unaudited) | Q2/23(Unaudited) | Q1/23(Unaudited) | 2024(Unaudited) | 2023(Unaudited) | 2022(Unaudited) | |
| REVENUE | ||||||||||
| Ting | $15,310 | $14,571 | $14,102 | $13,821 | $12,855 | $12,408 | $11,853 | $43,983 | $50,937 | $42,425 |
| Wavelo | 10,082 | 10,501 | 9,390 | 9,545 | 11,074 | 10,751 | 7,300 | 29,973 | 38,670 | 24,344 |
| Tucows Domains | 64,715 | 62,368 | 61,882 | 61,811 | 61,088 | 59,956 | 59,242 | 188,965 | 242,097 | 243,158 |
| Tucows Corporate¹ | 2,190 | 1,983 | 2,083 | 1,781 | 1,954 | 1,863 | 2,035 | 6,256 | 7,633 | 11,215 |
| TOTAL REVENUE | 92,297 | 89,423 | 87,457 | 86,958 | 86,971 | 84,978 | 80,430 | 269,177 | 339,337 | 321,142 |
| GROSS MARGIN | ||||||||||
| Ting | 10,989 | 9,818 | 8,742 | 7,881 | 7,986 | 7,051 | 7,868 | 29,549 | 30,786 | 25,421 |
| Wavelo | 10,019 | 10,162 | 9,039 | 9,214 | 10,504 | 10,052 | 6,274 | 29,220 | 36,044 | 21,418 |
| Tucows Domains | 19,810 | 18,869 | 18,536 | 18,858 | 18,375 | 17,929 | 17,521 | 57,215 | 72,683 | 76,269 |
| Tucows Corporate¹ | (1,134) | (754) | (654) | (501) | (611) | (797) | (523) | (2,542) | (2,432) | 1,766 |
| Network Expenses | (17,496) | (17,285) | (17,347) | (17,631) | (19,501) | (16,203) | (17,079) | (52,128) | (70,414) | (46,626) |
| TOTAL GROSS PROFIT | 22,188 | 20,810 | 18,316 | 17,821 | 16,753 | 18,032 | 14,061 | 61,314 | 66,667 | 78,248 |
| ADJUSTED EBITDA² | ||||||||||
| Ting | (5,070) | (6,442) | (9,537) | (12,366) | (12,176) | (10,336) | (9,273) | (21,049) | (44,151) | (21,557) |
| Wavelo | 3,429 | 3,911 | 2,787 | 2,604 | 4,207 | 3,427 | 335 | 10,127 | 10,573 | 3,875 |
| Tucows Domains | 11,529 | 11,217 | 10,011 | 10,794 | 10,913 | 10,578 | 10,338 | 32,757 | 42,623 | 44,834 |
| Tucows Corporate | (1,200) | 492 | 941 | 1,522 | 1,528 | 1,726 | 1,630 | 233 | 6,406 | 10,438 |
| TOTAL ADJUSTED EBITDA² | $8,688 | $9,178 | $4,202 | $2,554 | $4,472 | $5,395 | $3,030 | $22,068 | $15,451 | $37,590 |
1 Tucows Corporate Revenue and Gross Margin includes revenue from retail mobile services, transition services provided to DISH and intercompany revenue eliminations.
2 Our adjusted EBITDA definition excludes depreciation, amortization of intangible assets, income tax provision, interest expense (net), accretion of contingent consideration, stock-based compensation, asset impairment, loss on debt extinguishment, gains and losses from unrealized foreign currency transactions and costs that are one-time in nature and not indicative of on-going performance (profitability), 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 foreign currency contracts not designated in accounting hedges, as well as the unrealized effect from the translation of monetary accounts denominated in non-U.S. dollars to U.S. dollars.