– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
TORONTO, May 5, 2022 /PRNewswire/ - Tucows Inc. (NASDAQ: TCX) (TSX: TC), a global internet services leader, today reported its financial results for the first quarter ended March 31, 2022. All figures are in U.S. dollars.
"The first quarter was a very solid start to 2022, with revenue and gross profit up 14% and 22% year-over-year, respectively, driven by strong growth in each of our Ting Internet Services ("Ting") and Wavelo Platform Services ("Wavelo") businesses, as our Tucows Domain Services ("Tucows Domains") business delivered another quarter of consistent performance," said Elliot Noss, President and Chief Executive Officer, Tucows Inc. "Adjusted EBITDA decreased 11% from the first quarter last year as we continued to accelerate the build of our Fiber network and ramp up of operations. We achieved a new record for trailing 12-month capital expenditure for the Ting opportunity."
Financial Results
Net revenue for the first quarter of 2022 increased 14% to $81.1 million from $70.9 million for the first quarter of 2021. The increase was the result of growth in revenue from each of Ting Internet Services and Wavelo Platform Services businesses.
Gross profit for the first quarter of 2022 increased 22% to $21.2 million from $17.5 million for the first quarter of 2021. The increase was the result of the same factors as net revenue.
Net loss for the first quarter of 2021 was $3.0 million, or a loss of $0.28 per share, compared with net income of $2.1 million, or $0.20 per share, for the first quarter of 2021 with the loss being the result of accelerated build of our Ting Internet Services fiber network and ramp up of operations, higher depreciation and interest expenses.
Adjusted EBITDA1 for the first quarter of 2022 decreased 11% to $11.3 million from $12.7 million for the first quarter of 2021. The modest decline in adjusted EBITDA1 reflects the accelerated build of our Ting Internet Services fiber network and ramp up of operations.
Cash and cash equivalents at the end of the first quarter of 2022 were $6.2 million compared with $9.1 million at the end of the fourth quarter of 2021 and $8.3 million at the end of the first quarter of 2021.
Summary Financial Results(In Thousands of US Dollars, Except Per Share Data)
3 Months ended March 31 |
|||
2022 (Unaudited) |
2021 (Unaudited) |
% Change |
|
Net Revenues |
81,099 |
70,875 |
14.4% |
Gross Profit |
21,198 |
17,453 |
21.5% |
Gain on Sale of Ting Customer Assets, net1 |
4,752 |
5,395 |
(11.9%) |
Net income |
(3,020) |
2,149 |
(240.5%) |
Basic earnings per common share |
(0.28) |
0.20 |
(239.1%) |
Adjusted EBITDA1 |
11,311 |
12,724 |
(11.1%) |
Net cash provided by operating activities |
5,407 |
14,086 |
(61.6%) |
1. This Non-GAAP financial measure is described below and reconciled to GAAP net income in the accompanying table. |
Summary of Revenues, Gross Profit and Adjusted EBITDA(In Thousands of US Dollars)
Revenue |
Gross Profit |
Adj. EBITDA1 |
||||
3 Months ended March 31 |
3 Months ended March 31 |
3 Months ended March 31 |
||||
2022 (Unaudited) |
2021 (Unaudited) |
2022 (Unaudited) |
2021 (Unaudited) |
2022 (Unaudited) |
2021 (Unaudited) |
|
Ting Internet Services: |
||||||
Fiber Internet Services |
9,788 |
5,082 |
5,750 |
2,473 |
(4,321) |
(3,927) |
Wavelo Platform Services: |
||||||
Platform Services |
6,097 |
638 |
5,912 |
553 |
||
Other Professional Services |
750 |
- |
(26) |
- |
||
Total Wavelo Platform Services |
6,847 |
638 |
5,886 |
553 |
2,047 |
(1,080) |
Tucows Domain Services: |
||||||
Wholesale |
||||||
Domain Services |
46,836 |
46,991 |
10,439 |
11,218 |
||
Value Added Services |
5,649 |
5,080 |
4,993 |
4,481 |
||
Total Wholesale |
52,485 |
52,071 |
15,432 |
15,699 |
||
Retail |
9,061 |
9,154 |
4,302 |
4,753 |
||
Total Tucows Domain Services |
61,546 |
61,225 |
19,734 |
20,452 |
11,774 |
13,196 |
Corporate: |
||||||
Mobile Services and Eliminations |
2,918 |
3,930 |
308 |
1,210 |
1,811 |
4,535 |
Network Expenses: |
||||||
Network, other costs |
n/a |
n/a |
(4,180) |
(3,238) |
n/a |
n/a |
Network, depreciation of property and equipment |
n/a |
n/a |
(5,895) |
(3,638) |
n/a |
n/a |
Network, amortization of intangible assets |
n/a |
n/a |
(378) |
(299) |
n/a |
n/a |
Network, impairment of property and equipment |
n/a |
n/a |
(27) |
(60) |
n/a |
n/a |
Total Network expenses |
n/a |
n/a |
(10,480) |
(7,235) |
n/a |
n/a |
Total |
81,099 |
70,875 |
21,198 |
17,453 |
n/a |
n/a |
Change in Reporting Segments
During the first quarter of 2022, Tucows completed a reorganization into three businesses: Fiber Internet Services ("Ting"), Platform Services ("Wavelo") and Domain Services ("Tucows Domains"). Previously, we disclosed the three operating and reportable segments: Fiber Internet Services, Mobile Services and Domain Services. The previously named Mobile Services segment was renamed the Platform Services segment, and no longer includes the 10-year payment stream on transferred legacy subscribers earned as part of the DISH Purchase Agreement as well as the retail sale of mobile phones, retail telephony services and transition services, which are now part of the financial results reported under the Corporate category. The renamed Platform Services segment includes Platform and Professional Services offerings (now branded as Wavelo), as well as the billing solutions to Internet services providers ("ISPs") that was previously reported under the Fiber Internet Services segment. The Fiber Internet Services segment now includes only the retail high speed Internet access operations, excluding the billing solutions moved to the new Platform Services segment. The offerings included in the Domain Services segment are unchanged. The Corporate category includes the aforementioned mobile services, as well as eliminations of intercompany transactions, portions of Finance and Human Resources that are centrally managed, Legal and Corporate IT. Prior period comparable results have been restated to reflect the changes in reporting segments. A quarterly summary of the Company's restated segment revenue, gross margin and EBITDA for 2021 and annual 2020 can be found in the "KPI Summary Q1 2022" supplementary disclosure, posted on https://tucows.com/investors/financials/.
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 certain 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, impairment and loss on disposition of property and equipment, amortization of intangible assets, income tax provision, interest expense (net), accretion of contingent consideration, stock-based compensation, asset impairment, 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 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 adjusted EBITDA to income before provision for income taxes (dollars in thousands):
3 months ended March 31 |
||
2022 (Unaudited) |
2021 (Unaudited) |
|
Adjusted EBITDA |
11,311 |
12,724 |
Depreciation of property and equipment |
6,043 |
3,759 |
Impairment and loss on disposition of property and equipment |
412 |
60 |
Amortization of intangible assets |
2,843 |
2,619 |
Interest expense, net |
1,796 |
936 |
Accretion of contingent consideration |
98 |
96 |
Stock-based compensation |
1,391 |
1,022 |
Unrealized loss (gain) on change in fair value of forward contracts |
- |
166 |
Unrealized loss (gain) on foreign exchange revaluation of foreign denominated monetary assets and liabilities |
53 |
67 |
Acquisition and transition costs* |
617 |
767 |
Income before provision for income taxes |
(1,942) |
3,232 |
*Acquisition and other costs represent transaction-related expenses, transitional expenses, such as redundant post-acquisition expenses, primarily related to our acquisitions, including Simply Bits in November 2021. Expenses include severance or transitional costs associated with department, operational or overall company restructuring efforts, including geographic alignments. |
Management Commentary
Concurrent with the dissemination of this news release, management's pre-recorded audio commentary (and transcript) discussing the quarter and outlook for the Company, has been posted to the Tucows website at http://www.tucows.com/investors/financials.
In lieu of a live question and answer period, for the subsequent eight days (until Friday, May 13), shareholders, analysts and prospective investors can submit questions to Tucows' management at [email protected]. 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 Thursday, May 25, at approximately 4 pm ET. All questions will receive a response, however, questions of a more specific nature may be responded to directly.
Tucows helps connect more people to the benefit of internet access through communications service technology, domain services, and fiber-optic internet infrastructure. Ting (https://ting.com) delivers fixed fiber Internet access with outstanding customer support. Wavelo (http://wavelo.com) is a telecommunications software suite for service providers that simplifies the management of mobile and internet network access, provisioning, billing and subscription, developer tools, and more. 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 35,000 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).
Tuscows Inc. |
||||
(Dollar amounts in thousands of U.S. dollars) |
||||
March 31, |
December 31 |
|||
2022 |
2021 |
|||
(unaudited) |
(unaudited) |
|||
Assets |
||||
Current assets: |
||||
Cash and cash equivalents |
$ 6,201 |
$ 9,105 |
||
Accounts receivable |
16,391 |
14,579 |
||
Contract asset |
3,283 |
778 |
||
Inventory |
3,558 |
3,277 |
||
Prepaid expenses and deposits |
23,221 |
20,986 |
||
Derivative instrument asset, current portion |
1,358 |
299 |
||
Deferred costs of fulfillment, current portion |
96,986 |
94,506 |
||
Income taxes recoverable |
3,249 |
3,474 |
||
Total current assets |
154,247 |
147,004 |
||
Deferred costs of fulfillment, long-term portion |
17,674 |
18,205 |
||
Derivative instrument asset, long-term portion |
459 |
278 |
||
Property and equipment |
191,456 |
172,662 |
||
Right of use operating lease asset |
18,136 |
17,515 |
||
Contract costs |
1,306 |
1,079 |
||
Deferred tax asset |
20 |
22 |
||
Intangible assets |
47,659 |
50,409 |
||
Goodwill |
130,410 |
130,410 |
||
Investment |
2,012 |
2,012 |
||
Total assets |
$ 563,379 |
$ 539,596 |
||
Liabilities and Stockholders' Equity |
||||
Current liabilities: |
||||
Accounts payable |
$ 14,103 |
$ 10,016 |
||
Accrued liabilities |
16,351 |
15,240 |
||
Customer deposits |
16,351 |
16,974 |
||
Derivative instrument liability, current portion |
- |
125 |
||
Operating lease liability, current portion |
3,463 |
3,150 |
||
Deferred revenue, current portion |
128,413 |
124,116 |
||
Accreditation fees payable, current portion |
882 |
882 |
||
Income taxes payable |
307 |
102 |
||
Other current liabilities |
2,974 |
3,078 |
||
Total current liabilities |
182,844 |
173,683 |
||
Derivative instrument liability, long-term portion |
- |
- |
||
Deferred revenue, long-term portion |
23,753 |
23,677 |
||
Accreditation fees payable, long-term portion |
156 |
170 |
||
Operating lease liability, long-term portion |
12,220 |
11,853 |
||
Loan payable, long-term portion |
207,183 |
190,748 |
||
Other long-term liability |
- |
1,804 |
||
Deferred tax liability |
22,211 |
22,569 |
||
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; 10,762,581 shares issued and outstanding as of March 31, 2022 and |
29,655 |
28,515 |
||
Additional paid-in capital |
3,530 |
2,764 |
||
Retained earnings |
80,450 |
83,470 |
||
Accumulated other comprehensive income (loss) |
1,377 |
343 |
||
Total stockholders' equity |
115,012 |
115,092 |
||
Total liabilities and stockholders' equity |
$ 563,379 |
$ 539,596 |
||
Tucows Inc. |
||||
Consolidated Statements of Operations |
||||
(Dollar amounts in thousands of U.S. dollars) |
||||
Three months ended March 31, |
||||
2022 |
2021 |
|||
(unaudited) |
||||
Net revenues |
$ |
81,099 |
$ |
70,875 |
Cost of revenues: |
||||
Direct cost of revenues |
49,421 |
46,187 |
||
Network, other costs |
4,180 |
3,238 |
||
Network, depreciation of property and equipment |
5,895 |
3,638 |
||
Network, amortization of intagible assets (note 6) |
378 |
299 |
||
Network, impairment of property and equipment |
27 |
60 |
||
Total cost of revenues |
59,901 |
53,422 |
||
Gross profit |
21,198 |
17,453 |
||
Expenses: |
||||
Sales and marketing (*) |
$ |
11,987 |
$ |
8,311 |
Technical operations and development (*) |
3,765 |
3,132 |
||
General and administrative (*) |
7,296 |
4,953 |
||
Depreciation of property and equipment |
148 |
121 |
||
Loss on disposition of property and equipment |
385 |
- |
||
Amortization of intangible assets |
2,465 |
2,320 |
||
Loss (gain) on currency forward contracts |
- |
(253) |
||
Total expenses |
26,046 |
18,584 |
||
Income from operations |
(4,848) |
(1,131) |
||
Other income (expenses): |
||||
Interest expense, net |
(1,796) |
(936) |
||
Gain on sale of Ting Customer Assets, net |
4,752 |
5,395 |
||
Other expense, net |
(50) |
(96) |
||
Total other income (expenses) |
2,906 |
4,363 |
||
Income before provision for income taxes |
(1,942) |
3,232 |
||
Provision for income taxes |
1,078 |
1,083 |
||
Net income for the period |
(3,020) |
2,149 |
||
Other comprehensive income, net of tax |
||||
Unrealized income (loss) on hedging activities |
968 |
368 |
||
Net amount reclassified to earnings |
66 |
(834) |
||
Other comprehensive income net of tax expense (recovery) |
1,034 |
(466) |
||
Comprehensive income, net of tax for the period |
$ |
(1,986) |
$ |
1,683 |
Basic earnings per common share |
$ |
(0.28) |
$ |
0.20 |
Shares used in computing basic earnings per common share |
10,754,758 |
10,617,807 |
||
Diluted earnings per common share |
$ |
(0.28) |
$ |
0.20 |
Shares used in computing diluted earnings per common share |
10,754,758 |
10,796,762 |
||
(*) Stock-based compensation has been included in expenses as follows: |
||||
Network expenses |
$ |
110 |
$ |
125 |
Sales and marketing |
$ |
375 |
$ |
505 |
Technical operations and development |
$ |
118 |
$ |
167 |
General and administrative |
$ |
788 |
$ |
225 |
Tucows Inc. |
||||
Consolidated Statements of Cash Flows |
||||
(Dollar amounts in thousands of U.S. dollars) |
||||
Three months ended March 31, |
||||
2022 |
2021 |
|||
Cash provided by: |
(unaudited) |
|||
Operating activities: |
||||
Net income for the period |
$ |
(3,020) |
$ |
2,149 |
Items not involving cash: |
||||
Depreciation of property and equipment |
6,043 |
3,759 |
||
Impairment of property and equipment |
27 |
60 |
||
Amortization of debt discount and issuance costs |
120 |
67 |
||
Amortization of intangible assets |
2,843 |
2,619 |
||
Net amortization contract costs |
(227) |
(7) |
||
Accretion of contingent consideration |
98 |
96 |
||
Deferred income taxes (recovery) |
(686) |
(220) |
||
Excess tax benefits on share-based compensation expense |
(52) |
(172) |
||
Net Right of use operating assets/Operating lease liability |
59 |
55 |
||
Loss on disposal of domain names |
2 |
1 |
||
Loss (gain) on change in the fair value of forward contracts |
- |
166 |
||
Disposal of Ting Mobile customer assets |
- |
- |
||
Stock-based compensation |
1,391 |
1,022 |
||
Change in non-cash operating working capital: |
||||
Accounts receivable |
(1,812) |
(328) |
||
Contract asset |
(2,505) |
- |
||
Inventory |
(281) |
(442) |
||
Prepaid expenses and deposits |
(2,235) |
2,266 |
||
Deferred costs of fulfillment |
(1,949) |
(4,111) |
||
Income taxes recoverable |
482 |
(689) |
||
Accounts payable |
2,267 |
1,451 |
||
Accrued liabilities |
1,111 |
793 |
||
Customer deposits |
(623) |
125 |
||
Deferred revenue |
4,368 |
5,349 |
||
Accreditation fees payable |
(14) |
77 |
||
Net cash provided by operating activities |
5,407 |
14,086 |
||
Financing activities: |
||||
Proceeds received on exercise of stock options |
515 |
229 |
||
Payment of tax obligations resulting from net exercise of stock options |
- |
(218) |
||
Proceeds received on loan payable |
16,500 |
- |
||
Payment of loan payable costs |
(177) |
- |
||
Contingent consideration for acquisition of Cedar Holdings Group |
(2,000) |
- |
||
Net cash (used in) provided by financing activities |
14,838 |
11 |
||
Investing activities: |
||||
Additions to property and equipment |
(23,054) |
(13,944) |
||
Investment in securities |
(95) |
(154) |
||
Net cash used in investing activities |
(23,149) |
(14,098) |
||
(Decrease) increase in cash and cash equivalents |
(2,904) |
(1) |
||
Cash and cash equivalents, beginning of period |
9,105 |
8,311 |
||
Cash and cash equivalents, end of period |
$ |
6,201 |
$ |
8,310 |
Supplemental cash flow information: |
||||
Interest paid |
$ |
1,683 |
$ |
949 |
Income taxes paid, net |
$ |
896 |
$ |
2,381 |
Supplementary disclosure of non-cash investing and financing activities: |
||||
Property and equipment acquired during the period not yet paid for |
$ |
1,909 |
$ |
3,320 |
Reconciliation of Adjusted EBITDA to Income before Provision for Income Taxes |
||||
(In Thousands of U.S. Dollars) |
Three months ended March 31, |
|||
(unaudited) |
2022 (unaudited) |
2021 (unaudited) |
||
Adjusted EBITDA |
$ |
11,311 |
$ |
12,724 |
Depreciation of property and equipment |
6,043 |
3,759 |
||
Impairment and loss on disposition of property and equipment |
412 |
60 |
||
Amortization of intangible assets |
2,843 |
2,619 |
||
Impairment of indefinite life intangible assets |
- |
- |
||
Interest expense, net |
1,796 |
936 |
||
Accretion of contingent consideration |
98 |
96 |
||
Stock-based compensation |
1,391 |
1,022 |
||
Unrealized loss (gain) on change in fair value of forward contracts |
- |
166 |
||
Unrealized loss (gain) on foreign exchange revaluation of foreign denominated monetary assets and liabilities |
53 |
67 |
||
Acquisition and other costs1 |
617 |
767 |
||
Income before provision for income taxes |
$ |
(1,942) |
$ |
3,233 |
1Acquisition and other costs represent transaction-related expenses, transitional expenses, such as redundant post-acquisition expenses, primarily related to our acquisitions, including Simply Bits in November 2021. 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, Wavelo, OpenSRS, Enom, Ascio and Hover are registered trademarks of Tucows Inc. or its subsidiaries.
ТОРОНТО, 5 мая 2022 г. /PRNewswire/ - Tucows Inc. (NASDAQ: TCX) (TSX: TC), мировой лидер интернет-сервисов, сегодня сообщила о своих финансовых результатах за первый квартал, закончившийся 31 марта 2022 года. Все цифры указаны в долларах США.
"Первый квартал стал очень уверенным началом 2022 года: выручка и валовая прибыль выросли на 14% и 22% в годовом исчислении соответственно, что обусловлено сильным ростом каждого из наших бизнесов Ting Internet Services ("Ting") и Wavelo Platform Services ("Wavelo"), поскольку наш Доменные сервисы Tucows ("Домены Tucows") показали еще один квартал стабильных показателей", - сказал Эллиот Носс, президент и главный исполнительный директор Tucows Inc. "Скорректированная EBITDA снизилась на 11% по сравнению с первым кварталом прошлого года, поскольку мы продолжали ускорять строительство нашей оптоволоконной сети и наращивать операции. Мы достигли нового рекорда по отставанию от 12-месячных капитальных затрат на Ting opportunity".
Финансовые результаты
Чистая выручка за первый квартал 2022 года увеличилась на 14% до 81,1 млн долларов с 70,9 млн долларов за первый квартал 2021 года. Увеличение стало результатом роста выручки от каждого из интернет-сервисов Ting и сервисов платформы Wavelo.
Валовая прибыль за первый квартал 2022 года увеличилась на 22% до 21,2 млн долларов с 17,5 млн долларов за первый квартал 2021 года. Увеличение было результатом тех же факторов, что и чистая выручка.
Чистый убыток за первый квартал 2021 года составил 3,0 миллиона долларов, или убыток в размере 0,28 доллара на акцию, по сравнению с чистой прибылью в 2,1 миллиона долларов, или 0,20 доллара на акцию, за первый квартал 2021 года. Убыток является результатом ускоренного строительства нашей оптоволоконной сети Ting Internet Services и увеличение объема операций, увеличение амортизационных отчислений и процентных расходов.
Скорректированный показатель EBITDA1 за первый квартал 2022 года снизился на 11% до $11,3 млн с $12,7 млн за первый квартал 2021 года. Умеренное снижение скорректированного показателя EBITDA1 отражает ускоренное строительство нашей оптоволоконной сети Ting Internet Services и расширение операционной деятельности.
Денежные средства и их эквиваленты на конец первого квартала 2022 года составили 6,2 миллиона долларов по сравнению с 9,1 миллиона долларов на конец четвертого квартала 2021 года и 8,3 миллиона долларов на конец первого квартала 2021 года.
Сводные Финансовые Результаты (В Тысячах Долларов США, За Исключением Данных По Акциям)
3 Months ended March 31 |
|||
2022 (Unaudited) |
2021 (Unaudited) |
% Change |
|
Net Revenues |
81,099 |
70,875 |
14.4% |
Gross Profit |
21,198 |
17,453 |
21.5% |
Gain on Sale of Ting Customer Assets, net1 |
4,752 |
5,395 |
(11.9%) |
Net income |
(3,020) |
2,149 |
(240.5%) |
Basic earnings per common share |
(0.28) |
0.20 |
(239.1%) |
Adjusted EBITDA1 |
11,311 |
12,724 |
(11.1%) |
Net cash provided by operating activities |
5,407 |
14,086 |
(61.6%) |
1. This Non-GAAP financial measure is described below and reconciled to GAAP net income in the accompanying table. |
Сводная информация о выручке, Валовой прибыли и Скорректированной EBITDA (В тысячах долларов США)
Revenue |
Gross Profit |
Adj. EBITDA1 |
||||
3 Months ended March 31 |
3 Months ended March 31 |
3 Months ended March 31 |
||||
2022 (Unaudited) |
2021 (Unaudited) |
2022 (Unaudited) |
2021 (Unaudited) |
2022 (Unaudited) |
2021 (Unaudited) |
|
Ting Internet Services: |
||||||
Fiber Internet Services |
9,788 |
5,082 |
5,750 |
2,473 |
(4,321) |
(3,927) |
Wavelo Platform Services: |
||||||
Platform Services |
6,097 |
638 |
5,912 |
553 |
||
Other Professional Services |
750 |
- |
(26) |
- |
||
Total Wavelo Platform Services |
6,847 |
638 |
5,886 |
553 |
2,047 |
(1,080) |
Tucows Domain Services: |
||||||
Wholesale |
||||||
Domain Services |
46,836 |
46,991 |
10,439 |
11,218 |
||
Value Added Services |
5,649 |
5,080 |
4,993 |
4,481 |
||
Total Wholesale |
52,485 |
52,071 |
15,432 |
15,699 |
||
Retail |
9,061 |
9,154 |
4,302 |
4,753 |
||
Total Tucows Domain Services |
61,546 |
61,225 |
19,734 |
20,452 |
11,774 |
13,196 |
Corporate: |
||||||
Mobile Services and Eliminations |
2,918 |
3,930 |
308 |
1,210 |
1,811 |
4,535 |
Network Expenses: |
||||||
Network, other costs |
n/a |
n/a |
(4,180) |
(3,238) |
n/a |
n/a |
Network, depreciation of property and equipment |
n/a |
n/a |
(5,895) |
(3,638) |
n/a |
n/a |
Network, amortization of intangible assets |
n/a |
n/a |
(378) |
(299) |
n/a |
n/a |
Network, impairment of property and equipment |
n/a |
n/a |
(27) |
(60) |
n/a |
n/a |
Total Network expenses |
n/a |
n/a |
(10,480) |
(7,235) |
n/a |
n/a |
Total |
81,099 |
70,875 |
21,198 |
17,453 |
n/a |
n/a |
Изменения в отчетных сегментах
В течение первого квартала 2022 года Tucows завершила реорганизацию в три подразделения: Услуги оптоволоконного интернета ("Ting"), Услуги платформы ("Wavelo") и Доменные услуги ("Домены Tucows"). Ранее мы раскрыли информацию о трех операционных и отчетных сегментах: Услуги оптоволоконного Интернета, Услуги мобильной связи и Доменные услуги. Ранее названный сегмент мобильных услуг был переименован в сегмент услуг платформы и больше не включает в себя 10-летний поток платежей за переданных устаревших абонентов, заработанных в рамках Соглашения о покупке DISH, а также розничную продажу мобильных телефонов, услуги розничной телефонии и услуги перехода, которые теперь являются частью финансовых результатов сообщается в корпоративной категории. Переименованный сегмент услуг платформы включает предложения Платформ и профессиональных услуг (теперь под брендом Wavelo), а также решения для выставления счетов интернет-провайдерам ("Интернет-провайдерам"), о которых ранее сообщалось в сегменте услуг оптоволоконного Интернета. Сегмент услуг оптоволоконного Интернета теперь включает в себя только операции розничного высокоскоростного доступа в Интернет, исключая биллинговые решения, перенесенные в сегмент услуг новой платформы. Предложения, включенные в сегмент Доменных услуг, остаются неизменными. Корпоративная категория включает вышеупомянутые мобильные услуги, а также устранение внутрифирменных транзакций, части финансовых и человеческих ресурсов, которые управляются централизованно, Юридические и корпоративные ИТ. Сопоставимые результаты за предыдущий период были пересчитаны с учетом изменений в отчетных сегментах. Ежеквартальную сводку пересчитанной выручки сегмента, валовой прибыли и EBITDA Компании за 2021 и 2020 год можно найти в дополнительном раскрытии "Сводка ключевых показателей эффективности за 1 квартал 2022 года", размещенном на https://Tucows.com/investors/financials /.
1. Скорректированный показатель EBITDA
Tucows сообщает всю необходимую финансовую информацию в соответствии с общепринятыми принципами бухгалтерского учета США (GAAP). Наряду с этой информацией, чтобы помочь пользователям финансовой отчетности в оценке наших исторических показателей, Компания обычно раскрывает и обсуждает финансовый показатель, не относящийся к GAAP, скорректированный показатель EBITDA, в пресс-релизах и на телефонных конференциях с инвесторами и связанных с ними мероприятиях, которые исключают определенные неденежные и другие расходы, поскольку Компания считает, что информация, не относящаяся к GAAP, улучшает общее понимание инвесторами наших финансовых показателей.
Компания считает, что предоставление этого дополнительного показателя, не связанного с GAAP, позволяет инвесторам оценивать операционные и финансовые показатели основного бизнеса Компании, используя аналогичные оценочные показатели, используемые руководством. Компания использует скорректированный показатель EBITDA для оценки своей деятельности и подготовки бюджетов. Поскольку скорректированный показатель EBITDA является показателем финансовых результатов, отличным от GAAP, расчет скорректированного показателя EBITDA Компании может быть несопоставим с другими аналогичными показателями других компаний; и его не следует рассматривать изолированно, в качестве замены или превосходства показателей финансовых результатов, подготовленных в соответствии с GAAP. Поскольку скорректированный показатель EBITDA рассчитывается до определенных периодических денежных расходов, включая процентные расходы и налоги, и не корректируется с учетом капитальных затрат или других текущих потребностей бизнеса в денежных средствах, его не следует рассматривать как показатель ликвидности. Финансовые показатели, не относящиеся к GAAP, не отражают всеобъемлющую систему бухгалтерского учета и могут отличаться от финансовых показателей, не относящихся к GAAP, с теми же или похожими заголовками, которые используются другими компаниями и /или аналитиками, и могут отличаться от периода к периоду. Компания стремится компенсировать эти ограничения, предоставляя соответствующую информацию о статьях, исключенных при расчете скорректированного отношения EBITDA к чистой прибыли на основе ОПБУ США, что следует учитывать при оценке результатов Компании. Tucows настоятельно рекомендует инвесторам просматривать свою финансовую информацию во всей ее полноте и не полагаться на какой-либо один финансовый показатель.
Скорректированное определение EBITDA Компании исключает износ, обесценение и убытки от выбытия основных средств, амортизацию нематериальных активов, резерв по налогу на прибыль, процентные расходы (нетто), увеличение условного вознаграждения, компенсацию на основе акций, обесценение активов, прибыли и убытки от нереализованных операций в иностранной валюте и затраты, которые являются одним- временной характер и не указывает на текущую производительность (прибыльность), включая затраты на приобретение и переход. Прибыли и убытки от нереализованных операций в иностранной валюте устраняют нереализованный эффект изменения рыночной стоимости непогашенных нехеджированных контрактов в иностранной валюте, а также нереализованный эффект от пересчета денежных счетов, выраженных не в долларах США, в доллары США.
В следующей таблице приведена сверка скорректированной EBITDA с доходом до вычета резерва по налогу на прибыль (в тысячах долларов США):
3 months ended March 31 |
||
2022 (Unaudited) |
2021 (Unaudited) |
|
Adjusted EBITDA |
11,311 |
12,724 |
Depreciation of property and equipment |
6,043 |
3,759 |
Impairment and loss on disposition of property and equipment |
412 |
60 |
Amortization of intangible assets |
2,843 |
2,619 |
Interest expense, net |
1,796 |
936 |
Accretion of contingent consideration |
98 |
96 |
Stock-based compensation |
1,391 |
1,022 |
Unrealized loss (gain) on change in fair value of forward contracts |
- |
166 |
Unrealized loss (gain) on foreign exchange revaluation of foreign denominated monetary assets and liabilities |
53 |
67 |
Acquisition and transition costs* |
617 |
767 |
Income before provision for income taxes |
(1,942) |
3,232 |
*Acquisition and other costs represent transaction-related expenses, transitional expenses, such as redundant post-acquisition expenses, primarily related to our acquisitions, including Simply Bits in November 2021. Expenses include severance or transitional costs associated with department, operational or overall company restructuring efforts, including geographic alignments. |
Комментарий руководства
Одновременно с распространением этого пресс-релиза на веб-сайте Tucows по адресу <url> был размещен предварительно записанный аудиокомментарий руководства (и стенограмма), в котором обсуждаются результаты квартала и перспективы Компании. http://www .Tucows.com/investors/financials .
Вместо живого периода вопросов и ответов в течение последующих восьми дней (до пятницы, 13 мая) акционеры, аналитики и потенциальные инвесторы могут отправлять вопросы руководству Tucows по адресу [email protected]. Руководство разместит ответы на вопросы, представляющие общий интерес (аудиозапись и стенограмма), на веб-сайте Компании по адресу http://www .Tucows.com/investors/financials / в четверг, 25 мая, примерно в 4 часа дня по восточному времени. На все вопросы будут даны ответы, однако на вопросы более конкретного характера можно ответить напрямую.
Tucows помогает подключить больше людей к преимуществам доступа в Интернет с помощью технологии коммуникационных услуг, доменных служб и волоконно-оптической инфраструктуры Интернета. Тинг (https://ting.com ) обеспечивает фиксированный оптоволоконный доступ в Интернет с отличной поддержкой клиентов. Вейвло (http://wavelo.com ) - это набор телекоммуникационного программного обеспечения для поставщиков услуг, который упрощает управление доступом к мобильной сети и сети Интернет, подготовку, выставление счетов и подписку, инструменты разработчика и многое другое. OpenSRS (https://opensrs.com ), Эном (https://www.enom.com ) и Ascio (https://ascio.com ) в совокупности управляют примерно 25 миллионами доменных имен и миллионами дополнительных услуг через глобальную сеть реселлеров, состоящую из более чем 35 000 веб-хостингов и интернет-провайдеров. Наведите курсор (https://hover.com ) позволяет частным лицам и малым предприятиям легко управлять своими доменными именами и адресами электронной почты. Более подробную информацию можно найти на корпоративном сайте Tucows' (https://Tucows.com ).
Tuscows Inc. |
||||
(Dollar amounts in thousands of U.S. dollars) |
||||
March 31, |
December 31 |
|||
2022 |
2021 |
|||
(unaudited) |
(unaudited) |
|||
Assets |
||||
Current assets: |
||||
Cash and cash equivalents |
$ 6,201 |
$ 9,105 |
||
Accounts receivable |
16,391 |
14,579 |
||
Contract asset |
3,283 |
778 |
||
Inventory |
3,558 |
3,277 |
||
Prepaid expenses and deposits |
23,221 |
20,986 |
||
Derivative instrument asset, current portion |
1,358 |
299 |
||
Deferred costs of fulfillment, current portion |
96,986 |
94,506 |
||
Income taxes recoverable |
3,249 |
3,474 |
||
Total current assets |
154,247 |
147,004 |
||
Deferred costs of fulfillment, long-term portion |
17,674 |
18,205 |
||
Derivative instrument asset, long-term portion |
459 |
278 |
||
Property and equipment |
191,456 |
172,662 |
||
Right of use operating lease asset |
18,136 |
17,515 |
||
Contract costs |
1,306 |
1,079 |
||
Deferred tax asset |
20 |
22 |
||
Intangible assets |
47,659 |
50,409 |
||
Goodwill |
130,410 |
130,410 |
||
Investment |
2,012 |
2,012 |
||
Total assets |
$ 563,379 |
$ 539,596 |
||
Liabilities and Stockholders' Equity |
||||
Current liabilities: |
||||
Accounts payable |
$ 14,103 |
$ 10,016 |
||
Accrued liabilities |
16,351 |
15,240 |
||
Customer deposits |
16,351 |
16,974 |
||
Derivative instrument liability, current portion |
- |
125 |
||
Operating lease liability, current portion |
3,463 |
3,150 |
||
Deferred revenue, current portion |
128,413 |
124,116 |
||
Accreditation fees payable, current portion |
882 |
882 |
||
Income taxes payable |
307 |
102 |
||
Other current liabilities |
2,974 |
3,078 |
||
Total current liabilities |
182,844 |
173,683 |
||
Derivative instrument liability, long-term portion |
- |
- |
||
Deferred revenue, long-term portion |
23,753 |
23,677 |
||
Accreditation fees payable, long-term portion |
156 |
170 |
||
Operating lease liability, long-term portion |
12,220 |
11,853 |
||
Loan payable, long-term portion |
207,183 |
190,748 |
||
Other long-term liability |
- |
1,804 |
||
Deferred tax liability |
22,211 |
22,569 |
||
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; 10,762,581 shares issued and outstanding as of March 31, 2022 and |
29,655 |
28,515 |
||
Additional paid-in capital |
3,530 |
2,764 |
||
Retained earnings |
80,450 |
83,470 |
||
Accumulated other comprehensive income (loss) |
1,377 |
343 |
||
Total stockholders' equity |
115,012 |
115,092 |
||
Total liabilities and stockholders' equity |
$ 563,379 |
$ 539,596 |
||
Tucows Inc. |
||||
Consolidated Statements of Operations |
||||
(Dollar amounts in thousands of U.S. dollars) |
||||
Three months ended March 31, |
||||
2022 |
2021 |
|||
(unaudited) |
||||
Net revenues |
$ |
81,099 |
$ |
70,875 |
Cost of revenues: |
||||
Direct cost of revenues |
49,421 |
46,187 |
||
Network, other costs |
4,180 |
3,238 |
||
Network, depreciation of property and equipment |
5,895 |
3,638 |
||
Network, amortization of intagible assets (note 6) |
378 |
299 |
||
Network, impairment of property and equipment |
27 |
60 |
||
Total cost of revenues |
59,901 |
53,422 |
||
Gross profit |
21,198 |
17,453 |
||
Expenses: |
||||
Sales and marketing (*) |
$ |
11,987 |
$ |
8,311 |
Technical operations and development (*) |
3,765 |
3,132 |
||
General and administrative (*) |
7,296 |
4,953 |
||
Depreciation of property and equipment |
148 |
121 |
||
Loss on disposition of property and equipment |
385 |
- |
||
Amortization of intangible assets |
2,465 |
2,320 |
||
Loss (gain) on currency forward contracts |
- |
(253) |
||
Total expenses |
26,046 |
18,584 |
||
Income from operations |
(4,848) |
(1,131) |
||
Other income (expenses): |
||||
Interest expense, net |
(1,796) |
(936) |
||
Gain on sale of Ting Customer Assets, net |
4,752 |
5,395 |
||
Other expense, net |
(50) |
(96) |
||
Total other income (expenses) |
2,906 |
4,363 |
||
Income before provision for income taxes |
(1,942) |
3,232 |
||
Provision for income taxes |
1,078 |
1,083 |
||
Net income for the period |
(3,020) |
2,149 |
||
Other comprehensive income, net of tax |
||||
Unrealized income (loss) on hedging activities |
968 |
368 |
||
Net amount reclassified to earnings |
66 |
(834) |
||
Other comprehensive income net of tax expense (recovery) |
1,034 |
(466) |
||
Comprehensive income, net of tax for the period |
$ |
(1,986) |
$ |
1,683 |
Basic earnings per common share |
$ |
(0.28) |
$ |
0.20 |
Shares used in computing basic earnings per common share |
10,754,758 |
10,617,807 |
||
Diluted earnings per common share |
$ |
(0.28) |
$ |
0.20 |
Shares used in computing diluted earnings per common share |
10,754,758 |
10,796,762 |
||
(*) Stock-based compensation has been included in expenses as follows: |
||||
Network expenses |
$ |
110 |
$ |
125 |
Sales and marketing |
$ |
375 |
$ |
505 |
Technical operations and development |
$ |
118 |
$ |
167 |
General and administrative |
$ |
788 |
$ |
225 |
Tucows Inc. |
||||
Consolidated Statements of Cash Flows |
||||
(Dollar amounts in thousands of U.S. dollars) |
||||
Three months ended March 31, |
||||
2022 |
2021 |
|||
Cash provided by: |
(unaudited) |
|||
Operating activities: |
||||
Net income for the period |
$ |
(3,020) |
$ |
2,149 |
Items not involving cash: |
||||
Depreciation of property and equipment |
6,043 |
3,759 |
||
Impairment of property and equipment |
27 |
60 |
||
Amortization of debt discount and issuance costs |
120 |
67 |
||
Amortization of intangible assets |
2,843 |
2,619 |
||
Net amortization contract costs |
(227) |
(7) |
||
Accretion of contingent consideration |
98 |
96 |
||
Deferred income taxes (recovery) |
(686) |
(220) |
||
Excess tax benefits on share-based compensation expense |
(52) |
(172) |
||
Net Right of use operating assets/Operating lease liability |
59 |
55 |
||
Loss on disposal of domain names |
2 |
1 |
||
Loss (gain) on change in the fair value of forward contracts |
- |
166 |
||
Disposal of Ting Mobile customer assets |
- |
- |
||
Stock-based compensation |
1,391 |
1,022 |
||
Change in non-cash operating working capital: |
||||
Accounts receivable |
(1,812) |
(328) |
||
Contract asset |
(2,505) |
- |
||
Inventory |
(281) |
(442) |
||
Prepaid expenses and deposits |
(2,235) |
2,266 |
||
Deferred costs of fulfillment |
(1,949) |
(4,111) |
||
Income taxes recoverable |
482 |
(689) |
||
Accounts payable |
2,267 |
1,451 |
||
Accrued liabilities |
1,111 |
793 |
||
Customer deposits |
(623) |
125 |
||
Deferred revenue |
4,368 |
5,349 |
||
Accreditation fees payable |
(14) |
77 |
||
Net cash provided by operating activities |
5,407 |
14,086 |
||
Financing activities: |
||||
Proceeds received on exercise of stock options |
515 |
229 |
||
Payment of tax obligations resulting from net exercise of stock options |
- |
(218) |
||
Proceeds received on loan payable |
16,500 |
- |
||
Payment of loan payable costs |
(177) |
- |
||
Contingent consideration for acquisition of Cedar Holdings Group |
(2,000) |
- |
||
Net cash (used in) provided by financing activities |
14,838 |
11 |
||
Investing activities: |
||||
Additions to property and equipment |
(23,054) |
(13,944) |
||
Investment in securities |
(95) |
(154) |
||
Net cash used in investing activities |
(23,149) |
(14,098) |
||
(Decrease) increase in cash and cash equivalents |
(2,904) |
(1) |
||
Cash and cash equivalents, beginning of period |
9,105 |
8,311 |
||
Cash and cash equivalents, end of period |
$ |
6,201 |
$ |
8,310 |
Supplemental cash flow information: |
||||
Interest paid |
$ |
1,683 |
$ |
949 |
Income taxes paid, net |
$ |
896 |
$ |
2,381 |
Supplementary disclosure of non-cash investing and financing activities: |
||||
Property and equipment acquired during the period not yet paid for |
$ |
1,909 |
$ |
3,320 |
Reconciliation of Adjusted EBITDA to Income before Provision for Income Taxes |
||||
(In Thousands of U.S. Dollars) |
Three months ended March 31, |
|||
(unaudited) |
2022 (unaudited) |
2021 (unaudited) |
||
Adjusted EBITDA |
$ |
11,311 |
$ |
12,724 |
Depreciation of property and equipment |
6,043 |
3,759 |
||
Impairment and loss on disposition of property and equipment |
412 |
60 |
||
Amortization of intangible assets |
2,843 |
2,619 |
||
Impairment of indefinite life intangible assets |
- |
- |
||
Interest expense, net |
1,796 |
936 |
||
Accretion of contingent consideration |
98 |
96 |
||
Stock-based compensation |
1,391 |
1,022 |
||
Unrealized loss (gain) on change in fair value of forward contracts |
- |
166 |
||
Unrealized loss (gain) on foreign exchange revaluation of foreign denominated monetary assets and liabilities |
53 |
67 |
||
Acquisition and other costs1 |
617 |
767 |
||
Income before provision for income taxes |
$ |
(1,942) |
$ |
3,233 |
1Acquisition and other costs represent transaction-related expenses, transitional expenses, such as redundant post-acquisition expenses, primarily related to our acquisitions, including Simply Bits in November 2021. Expenses include severance or transitional costs associated with department, operational or overall company restructuring efforts, including geographic alignments. |
Этот релиз включает заявления прогнозного характера, как этот термин определен в Законе США о реформе судебных разбирательств по частным ценным бумагам 1995 года, включая заявления о наших ожиданиях относительно наших будущих финансовых результатов и, в том числе, помимо прочего, наши ожидания относительно нашей способности реализовать синергию от приобретения Enom и наши ожидания роста Ting Internet. Эти заявления основаны на текущих ожиданиях руководства и подвержены ряду неопределенностей и рисков, которые могут привести к тому, что фактические результаты будут существенно отличаться от тех, которые описаны в прогнозных заявлениях. Информация о других потенциальных факторах, которые могут повлиять на бизнес, результаты операций и финансовое состояние Tucows, включена в разделы "Факторы риска" в заявках Tucows в Комиссию по ценным бумагам и биржам. Все прогнозные заявления должны оцениваться с пониманием присущей им неопределенности. Все прогнозные заявления основаны на информации, доступной Tucows на дату их составления. Tucows не берет на себя никаких обязательств по обновлению каких-либо прогнозных заявлений, за исключением случаев, когда это может потребоваться по закону.
Tucows, Ting, Wavelo, OpenSRS, Enom, Ascio и Hover являются зарегистрированными товарными знаками Tucows Inc. или ее дочерних компаний.
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