Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 03, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000909494 | |
Entity Registrant Name | TUCOWS INC /PA/ | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 1-32600 | |
Entity Incorporation, State or Country Code | PA | |
Entity Tax Identification Number | 23-2707366 | |
Entity Address, Address Line One | 96 Mowat Avenue | |
Entity Address, City or Town | Toronto | |
Entity Address, State or Province | ON | |
Entity Address, Postal Zip Code | M6K 3M1 | |
City Area Code | 416 | |
Local Phone Number | 535-0123 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | TCX | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 10,769,696 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 6,510 | $ 9,105 |
Accounts receivable, net of allowance for doubtful accounts of $693 as of June 30, 2022 and $541 as of December 31, 2021 | 13,526 | 14,579 |
Contract asset (note 10) | 8,954 | 778 |
Inventory | 4,796 | 3,277 |
Prepaid expenses and deposits | 19,311 | 20,986 |
Derivative instrument asset, current portion (note 5) | 2,014 | 299 |
Deferred costs of fulfillment, current portion (note 11) | 95,959 | 94,506 |
Income taxes recoverable | 2,274 | 3,474 |
Total current assets | 153,344 | 147,004 |
Deferred costs of fulfillment, long-term portion (note 11) | 17,882 | 18,205 |
Derivative instrument asset, long-term portion (note 5) | 0 | 278 |
Investments | 2,012 | 2,012 |
Deferred tax asset | 17 | 22 |
Property and equipment | 225,202 | 172,662 |
Right of use operating lease asset | 19,453 | 17,515 |
Contract costs | 1,551 | 1,079 |
Intangible assets (note 6) | 44,838 | 50,409 |
Goodwill (note 6) | 130,410 | 130,410 |
Total assets | 594,709 | 539,596 |
Current liabilities: | ||
Accounts payable | 28,179 | 10,016 |
Accrued liabilities | 17,685 | 15,240 |
Customer deposits | 17,301 | 16,974 |
Derivative instrument liability, current portion (note 5) | 38 | 125 |
Operating lease liability, current portion (note 12) | 4,008 | 3,150 |
Loan payable, current portion (note 7) | 226,448 | 0 |
Deferred revenue, current portion (note 10) | 126,994 | 124,116 |
Accreditation fees payable, current portion | 833 | 882 |
Income taxes payable | 416 | 102 |
Other current liabilities | 1,899 | 3,078 |
Total current liabilities | 423,801 | 173,683 |
Deferred revenue, long-term portion (note 10) | 23,188 | 23,677 |
Accreditation fees payable, long-term portion | 150 | 170 |
Operating lease liability, long-term portion (note 12) | 12,877 | 11,853 |
Loan payable, long-term portion (note 7) | 0 | 190,748 |
Other long-term liability (note 4) | 0 | 1,804 |
Deferred tax liability | 21,193 | 22,569 |
Stockholders' equity (note 14) | ||
Preferred stock - no par value, 1,250,000 shares authorized; none issued and outstanding | 0 | 0 |
Common stock - no par value, 250,000,000 shares authorized; 10,768,747 shares issued and outstanding as of June 30, 2022 and 10,747,417 shares issued and outstanding as of December 31, 2021 | 30,193 | 28,515 |
Additional paid-in capital | 4,484 | 2,764 |
Retained earnings | 77,325 | 83,470 |
Accumulated other comprehensive income (note 5) | 1,498 | 343 |
Total stockholders' equity | 113,500 | 115,092 |
Total liabilities and stockholders' equity | 594,709 | 539,596 |
Contingencies (note 18) |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Accounts receivable, allowance for doubtful accounts | $ 693 | $ 541 |
Preferred stock, no par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 1,250,000 | 1,250,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Common stock, shares issued (in shares) | 10,768,747 | 10,747,417 |
Common stock, shares outstanding (in shares) | 10,768,747 | 10,747,417 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net Revenues | $ 83,084 | $ 75,093 | $ 164,183 | $ 145,968 |
Cost of revenues (note 10) | ||||
Direct cost of revenues | 49,300 | 49,133 | 98,721 | 95,320 |
Network, other costs | 4,764 | 3,612 | 8,944 | 6,850 |
Network, depreciation of property and equipment | 6,589 | 4,084 | 12,484 | 7,722 |
Network, amortization of intangible assets (note 6) | 378 | 24 | 756 | 323 |
Network, impairment of property and equipment | 0 | 1 | 27 | 61 |
Total cost of revenues | 61,031 | 56,854 | 120,932 | 110,276 |
Gross profit | 22,053 | 18,239 | 43,251 | 35,692 |
Expenses: | ||||
Sales and marketing | 13,503 | 9,376 | 25,490 | 17,687 |
Technical operations and development | 3,465 | 3,170 | 7,230 | 6,302 |
General and administrative | 6,814 | 5,210 | 14,110 | 10,163 |
Depreciation of property and equipment | 146 | 127 | 294 | 248 |
Loss on disposition of property and equipment | 95 | 5 | 480 | 5 |
Amortization of intangible assets (note 6) | 2,465 | 2,322 | 4,930 | 4,642 |
Loss (gain) on currency forward contracts (note 5) | 0 | 63 | 0 | (190) |
Total expenses | 26,488 | 20,273 | 52,534 | 38,857 |
Income (Loss) from operations | (4,435) | (2,034) | (9,283) | (3,165) |
Other income (expenses): | ||||
Interest expense, net | (2,422) | (1,003) | (4,217) | (1,939) |
Gain on sale of Ting customer assets, net (note 17) | 4,520 | 4,808 | 9,272 | 10,203 |
Other expense, net | (50) | (83) | (100) | (179) |
Total other income (expenses) | 2,048 | 3,722 | 4,955 | 8,085 |
Income (Loss) before provision for income taxes | (2,387) | 1,688 | (4,328) | 4,920 |
Provision for income taxes (note 8) | 738 | (119) | 1,817 | 964 |
Net income for the period | (3,125) | 1,807 | (6,145) | 3,956 |
Other comprehensive income, net of tax | ||||
Unrealized income (loss) on hedging activities (note 5) | 195 | 248 | 1,163 | 616 |
Net amount reclassified to earnings (note 5) | (74) | (1,021) | (8) | (1,855) |
Other comprehensive income net of tax expense (recovery) of $40 and ($235) for the three months ended June 30, 2022 and June 30, 2021, $369 and ($375) for the six months ended June 30, 2022 and June 30, 2021 (note 5) | 121 | (773) | 1,155 | (1,239) |
Comprehensive income, net of tax for the period | $ (3,004) | $ 1,034 | $ (4,990) | $ 2,717 |
Basic earnings per common share (note 9) (in dollars per share) | $ (0.29) | $ 0.17 | $ (0.57) | $ 0.37 |
Shares used in computing basic earnings per common share (note 9) (in shares) | 10,765,595 | 10,633,601 | 10,758,691 | 10,625,748 |
Diluted earnings per common share (note 9) (in dollars per share) | $ (0.29) | $ 0.17 | $ (0.57) | $ 0.37 |
Shares used in computing diluted earnings per common share (note 9) (in shares) | 10,765,595 | 10,797,921 | 10,758,691 | 10,794,523 |
Consolidated Statements of Op_2
Consolidated Statements of Operations and Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Other comprehensive income (loss), tax | $ 40 | $ (235) | $ 369 | $ (375) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Operating activities: | ||||
Net income for the period | $ (3,125) | $ 1,807 | $ (6,145) | $ 3,956 |
Items not involving cash: | ||||
Depreciation of property and equipment | 6,735 | 4,211 | 12,778 | 7,970 |
Impairment of property and equipment | 0 | 1 | 27 | 61 |
Amortization of debt discount and issuance costs | 147 | 67 | 267 | 134 |
Amortization of intangible assets | 2,843 | 2,346 | 5,686 | 4,965 |
Net amortization contract costs | (245) | (248) | (472) | (255) |
Accretion of contingent consideration | 50 | 95 | 148 | 191 |
Deferred income taxes (recovery) | (1,053) | (660) | (1,739) | (880) |
Excess tax benefits on share-based compensation expense | (4) | (372) | (55) | (544) |
Net Right of use operating assets/Operating lease liability | (115) | 174 | (56) | 229 |
Loss on disposal of domain names | 0 | 0 | 2 | 1 |
Loss (gain) on change in the fair value of forward contracts | 0 | 191 | 0 | 357 |
Stock-based compensation | 1,436 | 1,209 | 2,828 | 2,231 |
Change in non-cash operating working capital: | ||||
Accounts receivable | 2,865 | 1,057 | 1,053 | 729 |
Contract assets | (5,671) | 0 | (8,176) | 0 |
Inventory | (1,238) | (519) | (1,519) | (961) |
Prepaid expenses and deposits | 3,910 | (5,058) | 1,675 | (2,792) |
Deferred costs of fulfillment | 819 | 539 | (1,130) | (3,572) |
Income taxes recoverable | 1,086 | (2,345) | 1,568 | (3,034) |
Accounts payable | 3,891 | 568 | 6,158 | 2,019 |
Accrued liabilities | 1,334 | 2,975 | 2,444 | 3,768 |
Customer deposits | 950 | 285 | 327 | 410 |
Deferred revenue | (1,984) | (2,734) | 2,384 | 2,615 |
Accreditation fees payable | (55) | (71) | (69) | 6 |
Net cash provided by operating activities | 12,576 | 3,518 | 17,983 | 17,604 |
Financing activities: | ||||
Proceeds received on exercise of stock options | 56 | 1,247 | 570 | 1,476 |
Payment of tax obligations resulting from net exercise of stock options | 0 | (80) | 0 | (298) |
Contingent consideration for acquisitions | (1,125) | 0 | (3,125) | 0 |
Proceeds received on loan payable | 19,200 | 18,000 | 35,700 | 18,000 |
Payment of loan payable costs | (88) | (1) | (265) | (1) |
Net cash (used in) provided by financing activities | 18,043 | 19,166 | 32,881 | 19,177 |
Investing activities: | ||||
Additions to property and equipment | (30,288) | (21,661) | (53,342) | (35,605) |
Investment in securities | 0 | (2,012) | 0 | (2,012) |
Acquisition of intangible assets | (22) | (63) | (117) | (217) |
Net cash used in investing activities | (30,310) | (23,736) | (53,459) | (37,834) |
Increase (decrease) in cash and cash equivalents | 309 | (1,052) | (2,595) | (1,053) |
Cash and cash equivalents, beginning of period | 6,201 | 8,310 | 9,105 | 8,311 |
Cash and cash equivalents, end of period | 6,510 | 7,258 | 6,510 | 7,258 |
Supplemental cash flow information: | ||||
Interest paid | 2,351 | 995 | 4,033 | 1,940 |
Income taxes paid, net | 1,391 | 3,415 | 2,287 | 5,796 |
Supplementary disclosure of non-cash investing and financing activities: | ||||
Property and equipment acquired during the period not yet paid for | $ 12,102 | $ 212 | $ 12,102 | $ 212 |
Note 1 - Organization of the Co
Note 1 - Organization of the Company | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Tucows Inc. (referred to throughout this report as the “Company”, “Tucows”, “we”, “us” or through similar expressions) provides simple useful services that help people unlock the power of the Internet. The Company provides US consumers and small businesses with high-speed fixed Internet access in selected towns. The Company also offers platform services which provide solutions to support Communication Service Providers ("CSPs") including subscription and billing management, network orchestration and provisioning, individual developer tools, and other professional services. The Company is also a global distributor of Internet services, including domain name registration, digital certificates, and email. It provides these services primarily through a global Internet-based distribution network of Internet Service Providers, web hosting companies and other providers of Internet services to end-users. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 2. The accompanying unaudited interim consolidated balance sheets, and the related consolidated statements of operations and comprehensive income and cash flows reflect all adjustments, consisting of normal recurring adjustments, that are, in the opinion of management, necessary for a fair presentation of the financial position of Tucows and its subsidiaries as at June 30, 2022 June 30, 2022 2021 10 not may The accompanying unaudited interim consolidated financial statements have been prepared by Tucows in accordance with the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in the Company's annual audited consolidated financial statements and accompanying notes have been condensed or omitted. Other than the exception noted below, these interim consolidated financial statements and accompanying notes follow the same accounting policies and methods of application used in the annual financial statements and should be read in conjunction with the Company's audited consolidated financial statements and notes thereto for the year ended December 31, 2021 2021 10 March 1, 2022 ( 2021 no three six June 30, 2022 2021 except as described in Note 13 |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 3. Recent Accounting Pronouncements Not In March 2020, No. 2020 04, Reference Rate Reform 848 2020 04” 2020 04 1. Modifications of contracts within the scope of Topics 310, 470, 2. Modifications of contracts within the scope of Topic 842, no not 3. Modifications of contracts do not 815 15, The amendments in ASU 2020 04 March 12, 2020 December 31, 2022. June 30, 2022, 2019 2019 19 may 2020 04. |
Note 4 - Acquisitions
Note 4 - Acquisitions | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 4. On October 1, 2021, 3 2021 On November 8, 2021, one 3 2021 |
Note 5 - Derivative Instruments
Note 5 - Derivative Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 5. The Company is exposed to certain risks relating to its ongoing business operations. The primary risks managed by using derivative instruments are foreign exchange rate risk and interest rate risk. Since October 2012, May 2020, 2019 The Company does not one twelve June 2023. The Company has designated certain of these foreign exchange transactions as cash flow hedges of forecasted transactions under ASU 2017 12, Derivatives and Hedging 815 815” 815, June 30, 2022 December 31, 2021 no As of June 30, 2022 815 As of December 31, 2021 815 As of June 30, 2022 Maturity date (Dollar amounts in thousands of U.S. dollars) Notional amount of U.S. dollars Weighted average exchange rate of U.S. dollars Fair value Asset July - September 2022 $ 16,029 1.2903 $ 41 October - December 2022 14,897 1.2906 45 $ 30,926 1.2904 $ 86 As of June 30, 2022 December 31, 2021 Fair value of derivative instruments and effect of derivative instruments on financial performance The effect of these derivative instruments on our consolidated financial statements were as follows (amounts presented do not Fair value of derivative instruments in the consolidated balance sheets Derivatives (Dollar amounts in thousands of U.S. dollars) Balance Sheet Location As of June 30, 2022 Fair Value Asset As of December 31, 2021 Fair Value Asset Foreign Currency forward contracts designated as cash flow hedges (net) Derivative instruments $ 86 $ 62 Interest rate swap contract designated as a cash flow hedge (net) Derivative instruments 1,890 390 Total foreign currency and interest swap forward contracts (net) Derivative instruments $ 1,976 $ 452 Movement in accumulated other comprehensive income (AOCI) balance for the three June 30, 2022 (Dollar amounts in thousands of U.S. dollars) Gains and losses on cash flow hedges Tax impact Total AOCI Opening AOCI balance - March 31, 2022 $ 1,813 $ (436 ) $ 1,377 Other comprehensive income (loss) before reclassifications 259 (64 ) 195 Amount reclassified from AOCI (98 ) 24 (74 ) Other comprehensive income (loss) for the three months ended June 30, 2022 161 (40 ) 121 Ending AOCI Balance - June 30, 2022 $ 1,974 $ (476 ) $ 1,498 Movement in accumulated other comprehensive income (AOCI) balance for the six June 30, 2022 (Dollar amounts in thousands of U.S. dollars) Gains and losses on cash flow hedges Tax impact Total AOCI Opening AOCI balance - December 31, 2021 $ 450 $ (107 ) $ 343 Other comprehensive income (loss) before reclassifications 1,534 (371 ) 1,163 Amount reclassified from AOCI (10 ) 2 (8 ) Other comprehensive income (loss) for the six months ended June 30, 2022 1,524 (369 ) 1,155 Ending AOCI Balance - June 30, 2022 $ 1,974 $ (476 ) $ 1,498 Effects of derivative instruments on income and other comprehensive income (OCI) for the three June 30, 2022 2021 Derivatives in Cash Flow Hedging Relationship Amount of Gain or (Loss) Recognized in OCI, net of tax, on Derivative Location of Gain or (Loss) Reclassified from AOCI into Income Amount of Gain or (Loss) Reclassified from AOCI into Income Operating expenses $ 10 Foreign currency forward contracts for the three months ended June 30, 2022 $ (187 ) Cost of revenues $ 2 Interest rate swap contract for the three months ended June 30, 2022 $ 382 Interest expense, net $ 86 Operating expenses $ 1,088 Foreign currency forward contracts for the three months ended June 30, 2021 $ 275 Cost of revenues $ 268 Interest rate swap contract for the three months ended June 30, 2021 $ (27 ) Interest expense, net $ (26 ) Effects of derivative instruments on income and other comprehensive income (OCI) for the six June 30, 2022 2021 Derivatives in Cash Flow Hedging Relationship Amount of Gain or (Loss) Recognized in OCI, net of tax, on Derivative Location of Gain or (Loss) Reclassified from AOCI into Income Amount of Gain or (Loss) Reclassified from AOCI into Income Operating expenses $ (49 ) Foreign currency forward contracts for the six months ended June 30, 2022 $ (275 ) Cost of revenues $ (10 ) Interest rate swap contract for the six months ended June 30, 2022 $ 1,438 Interest expense, net $ 69 Operating expenses $ 2,037 Foreign currency forward contracts for the six months ended June 30, 2021 $ 509 Cost of revenues $ 424 Interest rate swap contract for the six months ended June 30, 2021 $ 107 Interest expense, net $ (45 ) In addition to the above, for those foreign currency forward contracts not Three Months Ended June 30, Six Months Ended June 30, Forward currency contracts not designated as hedges: 2022 2021 2022 2021 Gain (loss) on settlement $ - $ 129 $ - $ 549 Gain (loss) on change in fair value - (192) - (359) $ - $ (63) $ - $ 190 |
Note 6 - Goodwill and Other Int
Note 6 - Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 6. Goodwill: Goodwill represents the excess of the purchase price over the fair value of tangible and identifiable intangible assets acquired and liabilities assumed in our acquisitions. The Company's Goodwill balance is $130.4 million as of June 30, 2022 December 31, 2021 nil Goodwill is not three six June 30, 2022 2021 Other Intangible Assets: Intangible assets consist of acquired brand, technology, customer relationships, surname domain names, direct navigation domain names and network rights. The Company considers its intangible assets consisting of surname domain names and direct navigation domain names as indefinite life intangible assets. The Company has the exclusive right to these domain names as long as the annual renewal fees are paid to the applicable registry. Renewals occur routinely and at a nominal cost. The indefinite life intangible assets are not June 30, 2022 June 30, 2021 June 2006 Intangible assets, comprising brand, technology, customer relationships and network rights are being amortized on a straight-line basis over periods of two fifteen Net book value of acquired intangible assets consist of the following (Dollar amounts in thousands of U.S. dollars): Surname domain names Direct navigation domain names Brand Customer relationships Technology Network rights Total Amortization period indefinite life indefinite life 7 years 3 - 7 years 2 - 7 years 15 years Balances, March 31, 2022 $ 11,156 $ 1,133 $ 4,492 $ 26,584 $ 3,237 $ 1,057 $ 47,659 Acquisition of customer relationships - - - 22 - - 22 Amortization expense - - (518 ) (2,145 ) (155 ) (25 ) (2,843 ) Balances, June 30, 2022 $ 11,156 $ 1,133 $ 3,974 $ 24,461 $ 3,082 $ 1,032 $ 44,838 Surname domain names Direct navigation domain names Brand Customer relationships Technology Network rights Total Amortization period indefinite life indefinite life 7 years 3 - 7 years 2 - 7 years 15 years Balances, December 31, 2021 $ 11,156 $ 1,135 $ 5,010 $ 28,634 $ 3,392 $ 1,082 $ 50,409 Acquisition of customer relationships - - - 117 - - 117 Additions to/(disposals from) domain portfolio, net - (2 ) - - - - (2 ) Amortization expense - - (1,036 ) (4,290 ) (310 ) (50 ) (5,686 ) Balances, June 30, 2022 $ 11,156 $ 1,133 $ 3,974 $ 24,461 $ 3,082 $ 1,032 $ 44,838 The following table shows the estimated amortization expense for each of the next 5 no Year ending December 31, Remainder of 2022 $ 5,480 2023 10,131 2024 6,544 2025 4,395 2026 2,666 Thereafter 3,333 Total $ 32,549 |
Note 7 - Loan Payable
Note 7 - Loan Payable | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. Amended 2019 On June 14, 2019, 2019 2019 2017 In connection with the Amended 2019 December 31, 2019. The obligations of the Company under the Amended 2019 first four June 13, 2023. Second Amended 2019 On October 26, 2021, 2019 two 3.50x In connection with the Second Amended 2019 On August 8, 2022 as more fully described in Note 19 as more fully described in Note 19 Credit Facility Terms The Second Amended 2019 no The Second Amended 2019 2019 June 2022 four 4.50:1.00 June 28, 2022; ( 5.00:1:00 June 29, 2022 August 31, 2022; ( 4.50:1.00 September 1, 2022 March 30, 2023; 4.00:1.00 March 31, 2023; 3.00:1.00. three six June 30, 2022 three six June 30, 2021 2019 March 2022 13 Borrowings under the Second Amended 2019 If Total Funded Debt to EBITDA is: Availment type or fee Less than 2.00 Greater than or equal to 2.00 and less than 2.50 Greater than or equal to 2.50 and less than 3.00 Greater than or equal to 3.00 and less than 3.50 Greater than or equal to 3.50 and less than 4.00 Greater than or equal to 4.00 Canadian dollar borrowings based on Bankers’ Acceptance or U.S. dollar borrowings based on LIBOR (Margin) 1.75 % 2.25 % 2.50 % 2.75 % 3.00 % 3.25 % Canadian or U.S. dollar borrowings based on Prime Rate or U.S. dollar borrowings based on Base Rate (Margin) 0.50 % 1.00 % 1.25 % 1.50 % 1.75 % 2.00 % Standby fees 0.35 % 0.45 % 0.50 % 0.55 % 0.60 % 0.65 % The following table summarizes the Company’s borrowings under the credit facilities (Dollar amounts in thousands of U.S. dollars): June 30, 2022 December 31, 2021 Revolver $ 227,100 $ 191,400 Less: unamortized debt discount and issuance costs (652 ) (652 ) Total loan payable 226,448 190,748 Less: loan payable, current portion 226,448 - Loan payable, long-term portion $ - $ 190,748 The following table summarizes our scheduled principal repayments as of June 30, 2022 Remainder of 2022 $ - 2023 227,100 $ 227,100 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8. The Company's provision for income taxes for interim periods is determined by using an estimated annual effective tax rate, adjusted for discrete items arising during the quarter. At each quarter, the Company updates the estimated annual effective tax rate and makes a year-to-date adjustment to the provision. The estimated annual effective tax rate is subject to volatility due to several factors, including accurately forecasting the Company's net income before tax and taxable income or loss and the mix of tax jurisdictions to which they relate, intercompany transactions, and changes in statutes, regulations, and case law. For the three six June 30, 2022 of December 31, 2022. three six June 30, 2022 Comparatively, for the three June 30, 2021, December 31, 2021 ( 2021” No. 2016 09—Compensation—Stock 718 2016 09” Comparatively, for the six June 30, 2021, 2021. No. 2016 09. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not not |
Note 9 - Basic and Diluted Earn
Note 9 - Basic and Diluted Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 9. The following table reconciles the numerators and denominators of the basic and diluted earnings per common share computation (Dollar amounts in thousands of US dollars, except for share data): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Numerator for basic and diluted earnings per common share: Net income for the period $ (3,125 ) $ 1,807 $ (6,145 ) $ 3,956 Denominator for basic and diluted earnings per common share: Basic weighted average number of common shares outstanding 10,765,595 10,633,601 10,758,691 10,625,748 Effect of outstanding stock options - 164,320 - 168,775 Diluted weighted average number of shares outstanding 10,765,595 10,797,921 10,758,691 10,794,523 Basic earnings per common share $ (0.29 ) $ 0.17 $ (0.57 ) $ 0.37 Diluted earnings per common share $ (0.29 ) $ 0.17 $ (0.57 ) $ 0.37 For the three six June 30, 2022 For three June 30, 2021 43,445 not For the six June 30, 2021, not |
Note 10 - Revenue
Note 10 - Revenue | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 10. Significant accounting policy The Company’s revenues are derived from (a) the provisioning of retail fiber Internet services in our Fiber Internet Services segment, (b) the CSP solutions and professional services in our Platform Services segment; and from (c) domain name registration contracts, other domain related value-added services, domain sale contracts, and other advertising revenue in our Domain Services segment. Certain revenues are disclosed under the Corporate category as they are considered non-core business activities including Mobile Retail Services, Transition Services Agreement ("TSA") revenue and eliminations of intercompany revenue. Amounts received in advance of meeting the revenue recognition criteria described below are recorded as deferred revenue. All products are generally sold without the right of return or refund. Revenue is measured based on consideration specified in a contract with a customer and excludes any sales incentives and amounts collected on behalf of third Nature of goods and services The following is a description of principal activities – separated by reportable segments – from which the Company generates its revenue. For more detailed information about reportable segments, see Note 13 (a) Fiber Internet Services The Company generates Fiber Internet Services revenues primarily through the provisioning of fixed high-speed Internet access, Ting Internet. Fiber Internet services (Ting Internet) contracts provide customers Internet access at their home or business through the installation and use of our fiber optic network. Ting Internet contracts are generally prepaid and grant customers with unlimited bandwidth based on a fixed price per month basis. Because consideration is collected before the service period, revenue is initially deferred and recognized as the Company performs its obligation to provide Internet access. Though the Company does not Ting Internet access services are primarily contracted through the Ting website, for one no In those cases, where payment is not not (b) Platform Services The Company generates Platform Services revenues by providing billing and provisioning platform services to Communication Service Providers ("CSPs") to whom we also provide other professional services. Platform service agreements contain both platform services and professional services. Platform services offer a variety of solutions that support CSPs, including subscription and billing management, network orchestration and provisioning, and individual developer tools. Consideration under platform service arrangements includes both a variable component that changes each month depending on the number of subscribers hosted on the platform, as well as fixed payments and credits. Variable consideration sometimes includes minimum contractual payments, which are considered substantive minimum commitments. The Company uses the variable allocation exception to allocate variable consideration received to the services which the variable consideration relates to. Platform services represent a single promise to provide continuous access (i.e. a stand-ready performance obligation) to the platform. As each month of providing access to the platform is substantially the same and the customer simultaneously receives and consumes the benefits as access is provided, the performance obligation is comprised of a series of distinct service periods. Professional services provided under platform service arrangements can include implementation, training, consulting or software development/modification services. Revenues related to professional services are distinct from the other promises in the contract(s) and are recognized as the related services are performed. Consideration is allocated between the platform services and professional services performance obligations by estimating the standalone selling price (“SSP”) of each performance obligation. The Company estimates the SSP of professional services based on observable standalone sales. The SSP of platform services is derived using the residual approach by estimating the total contract consideration and subtracting the SSP of professional services. Total contract consideration is estimated at contract inception, considering any constraints that may Other professional services consist of professional service arrangements with platform services customers which are billed based on separate Statement of Work (“SOW”) arrangements for bespoke feature development. Revenues for professional services contracted through separate SOWs are recognized at a point-in-time when the final acceptance criteria have been met. (c) Domain Services Domain registration contracts, which can be purchased for terms of one ten Domain related value-added services like digital certifications, WHOIS privacy, website hosting and hosted email provide our resellers and retail registrant customers with tools and additional functionality to be used in conjunction with domain registrations. All domain related value-added services are considered distinct performance obligations which transfer the promised service to the customer over the contracted term. Fees charged to customers for domain related value-added services are collected at the inception of the contract, and revenue is recognized on a straight-line basis over the contracted term, consistent with the satisfaction of the performance obligations. The Company is an ICANN accredited registrar. Thus, the Company is the primary obligor with our reseller and retail registrant customers and is responsible for the fulfillment of our registrar services to those parties. As a result, the Company reports revenue in the amount of the fees we receive directly from our reseller and retail registrant customers. Our reseller customers maintain the primary obligor relationship with their retail customers, establish pricing and retain credit risk to those customers. Accordingly, the Company does not The Company also sells the rights to the Company’s portfolio domains or names acquired through the Company’s domain expiry stream. Revenue generated from sale of domain name contracts, containing a distinct performance obligation to transfer the domain name rights under the Company’s control, is generally recognized once the rights have been transferred and payment has been received in full. Advertising revenue is derived through domain parking monetization, whereby the Company contracts with third no Disaggregation of Revenue The following is a summary of the Company’s revenue earned from each significant revenue stream (Dollar amounts in thousands of U.S. dollars): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Fiber Internet Services: Fiber Internet Services $ 10,221 $ 5,548 $ 20,009 $ 10,630 Platform Services: Platform Services 7,970 2,734 14,067 3,372 Other Professional Services 1,000 - 1,750 - Total Platform Services 8,970 2,734 15,817 3,372 Domain Services: Wholesale Domain Services 46,979 47,883 93,815 94,874 Value Added Services 5,597 5,482 11,246 10,562 Total Wholesale 52,576 53,365 105,061 105,436 Retail 8,487 8,897 17,548 18,050 Total Domain Services 61,063 62,262 122,609 123,486 Corporate: Mobile services and eliminations 2,830 4,549 5,748 8,480 $ 83,084 $ 75,093 $ 164,183 $ 145,968 During the three six June 30, 2022 one three six June 30, 2021 no one 10% At June 30, 2022 one % The following is a summary of the Company’s cost of revenue from each significant revenue stream (Dollar amounts in thousands of U.S. dollars): (Dollar amounts in thousands of U.S. dollars) For the Three Months Ended June 30, For the Six Months Ended June 30, 2022 2021 2022 2021 Fiber Internet Services: Fiber Internet Services $ 4,417 $ 3,006 $ 8,455 $ 5,614 Platform Services: Platform Services 202 113 387 198 Other Professional Services 856 - 1,632 - Total Platform Services 1,058 113 2,019 198 Domain Services: Wholesale Domain Services 36,938 37,707 73,335 73,483 Value Added Services 643 583 1,299 1,180 Total Wholesale 37,581 38,290 74,634 74,663 Retail 3,519 4,497 8,278 8,898 Total Domain Services 41,100 42,787 82,912 83,561 Corporate: Mobile services and eliminations 2,725 3,227 5,335 5,947 Network Expenses: Network, other costs 4,764 3,612 8,944 6,850 Network, depreciation of property and equipment 6,589 4,084 12,484 7,722 Network, amortization of intangible assets 378 24 756 323 Network, impairment of property and equipment - 1 27 61 11,731 7,721 22,211 14,956 $ 61,031 $ 56,854 $ 120,932 $ 110,276 Increase over prior period $ 4,177 $ 10,656 Increase - percentage 7 % 10 % Contract Balances The following tables provide information about contract assets and contract liabilities (deferred revenue) from contracts with customers. The Company accounts for contract assets and liabilities on a contract-by-contract basis, with each contract presented as either a net contract asset or a net contract liability accordingly. Some of the Company’s long-term contracts with customers are billed in advance of service, such as domain contracts and some professional service contracts. Consideration received from customers related to performance obligations which have not Deferred revenue primarily relates to the portion of the transaction price received in advance related to the unexpired term of domain name registrations and other domain related value-added services, on both a wholesale and retail basis, net of external commissions. Significant changes in deferred revenue for the six June 30, 2022 Deferred revenue: June 30, 2022 Balance, beginning of period $ 147,793 Deferred revenue 121,497 Recognized revenue (119,108 ) Balance, end of period $ 150,182 The Company receives consideration for long-term mobile platform service contracts, which we collect variably each month depending on the number of subscribers hosted on the platform (subject to certain minimums) as well as through certain fixed platform fees and credits. Contract assets are recorded for services delivered under long-term mobile platform services contracts, to the extent that the services delivered exceed the services which have been billed to the customer at the reporting date. Contract assets are transferred to receivables when the rights to consideration become unconditional. All contract assets transfer to receivables within three Contract assets : June 30, 2022 Balance, beginning of period $ 778 Consideration recognized as revenue 13,216 Transferred to receivables (5,040 ) Balance, end of period $ 8,954 Remaining Performance Obligations: For retail mobile and internet access services, where the performance obligation is part of contracts that have an original expected duration of one one not Although domain registration contracts are deferred over the lives of the individual contracts, which can range from one ten 80 twelve Deferred revenue related to Exact hosting contracts is also deferred over the lives of the individual contracts, which are expected to be fully recognized within the next twelve Professional service revenue related to platform services may not |
Note 11 - Costs to Obtain and F
Note 11 - Costs to Obtain and Fulfill a Contract | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Capitalized Contract Costs [Text Block] | 11. Deferred costs of fulfillment Deferred costs to fulfill contracts primarily consist of domain registration costs which have been paid to a domain registry, and are capitalized as deferred costs of fulfillment. These costs are deferred and amortized over the life of the domain which generally ranges from one ten six June 30, 2022 no six June 30, 2022 The breakdown of the movement in the deferred costs of fulfillment balance for the six June 30, 2022 June 30, 2022 Balance, beginning of period $ 112,711 Deferral of costs 87,248 Recognized costs (86,118 ) Balance, end of period $ 113,841 |
Note 12 - Leases
Note 12 - Leases | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 12. We lease datacenters, corporate offices and fiber-optic cables under operating leases. The Company does not Our leases have remaining lease terms of 1 year to 20 years, some of which may may The components of lease expense were as follows (Dollar amounts in thousands of U.S. dollars): For the Three Months Ended June 30, For the Six Months Ended June 30, 2022 2021 2022 2021 Operating Lease Cost (leases with a total term greater than 12 months) $ 967 $ 603 $ 1,815 $ 1,138 Short-term Lease Cost (leases with a total term of 12 months or less) 36 33 47 83 Variable Lease Cost 154 66 257 242 Total Lease Cost $ 1,157 $ 702 $ 2,119 $ 1,463 Lease Cost is presented in general and administrative expenses and network expenses within our consolidated statements of operations and comprehensive income. Information related to leases was as follows (Dollar amounts in thousands of U.S. dollars): For the Three Months Ended June 30, For the Six Months Ended June 30, Supplemental cashflow information: 2022 2021 2022 2021 Operating Lease - Operating Cash Flows (Fixed Payments) $ 938 $ 560 $ 1,874 $ 1,112 Operating Lease - Operating Cash Flows (Liability Reduction) $ 833 $ 476 $ 1,665 $ 948 New ROU Assets - Operating Leases $ 2,167 $ 1,169 $ 3,545 $ 2,563 Supplemental balance sheet information related to leases: June 30, 2022 December 31, 2021 Weighted Average Discount Rate 3.26 % 3.09 % Weighted Average Remaining Lease Term 6.85 yrs 7.74 yrs Maturity of lease liability as of June 30, 2022 June 30, 2022 Remaining of 2022 $ 2,196 2023 4,449 2024 3,554 2025 2,491 2026 1,670 Thereafter 4,247 Total future lease payments 18,607 Less imputed interest 1,722 Total $ 16,885 Operating lease payments include payments under the non-cancellable term, without any additional amounts related to options to extend lease terms that are reasonably certain of being exercised. As of June 30, 2022 not not The Company has elected to use the single exchange rate approach when accounting for lease modifications. Under the single exchange rate approach, the entire right of use asset is revalued at the date of modification in the Company’s functional currency provided the re-measurement is not |
Note 13 - Segment Reporting
Note 13 - Segment Reporting | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 13. Reportable operating segments: We are organized and managed based on three operating segments which are differentiated primarily by their services, the markets they serve and the regulatory environments in which they operate. No During the first 2022, three three The change to our reportable operating segments was the result of a shift in our business and management structures that was completed during the first 2022. first 2022, three not Our reportable operating segments and their principal activities consist of the following: 1. 2. 3. Our segmented results include shared services allocations, including a profit margin, from Corporate for Finance, Human Resources and other technical services, to the operating units. In addition, Platform Services charges Fiber Internet Services a subscriber based monthly charge services rendered. Financial impacts from these allocations and cross segment charges are eliminated as part of the Corporate results. Key measure of segment performance: The CEO, as the chief operating decision maker, regularly reviews the operations and performance by segment. The CEO reviews segment revenue, gross margin and adjusted EBITDA (as defined below) as (i) key measures of performance for each segment and (ii) to make decisions about the allocation of resources. Sales and marketing expenses, technical operations and development expenses, general and administrative expenses, depreciation of property and equipment, amortization of intangibles assets, impairment of indefinite life intangible assets, gain on currency forward contracts and other expense net are organized along functional lines and are not not "2021 10 Our key measures of segment performance and their definitions are: 1. 2. one not not Our comparative period financial results have also been reclassified to reflect the current key measures of segment performance. The Company believes that both segment gross margin and adjusted EBITDA measures are important indicators of the operational strength and performance of its segments, by identifying those items that are not not not "2021 10 Information by reportable segments (with the exception of disaggregated revenue, which is discussed in “Note 10 Reconciliation of Adjusted EBITDA to Income before Provision for Income Taxes Three Months Ended June 30, Six Months Ended June 30, (In Thousands of US Dollars) 2022 2021 2022 2021 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Adjusted EBITDA $ 11,700 $ 11,158 $ 23,012 $ 23,881 Depreciation of property and equipment 6,735 4,211 12,778 7,970 Impairment and loss on disposition of property and equipment 95 6 507 66 Amortization of intangible assets 2,843 2,346 5,686 4,965 Interest expense, net 2,422 1,003 4,217 1,939 Accretion of contingent consideration 50 95 148 191 Stock-based compensation 1,436 1,209 2,828 2,231 Unrealized loss (gain) on change in fair value of forward contracts - 191 - 357 Unrealized loss (gain) on foreign exchange revaluation of foreign denominated monetary assets and liabilities 46 42 100 106 Acquisition and other costs 1 460 367 1,076 1,136 Income before provision for income taxes $ (2,387 ) $ 1,688 $ (4,328 ) $ 4,920 1 November 2021. Fiber Internet Services Platform Services Domain Services Corporate Consolidated Totals For the Three Months Ended June 30, 2022 Net Revenues $ 10,221 $ 8,970 $ 61,063 $ 2,830 $ 83,084 Direct cost of revenues 4,417 1,058 41,100 2,725 49,300 Segment Gross Margin 5,804 7,912 19,963 105 33,784 Adjusted EBITDA $ (6,185 ) $ 3,872 $ 12,107 $ 1,906 $ 11,700 Fiber Internet Services Platform Services Domain Services Corporate Consolidated Totals For the Three Months Ended June 30, 2021 Net Revenues $ 5,548 $ 2,734 $ 62,262 $ 4,549 $ 75,093 Direct cost of revenues 3,006 113 42,787 3,227 49,133 Segment Gross Margin 2,542 2,621 19,475 1,322 25,960 Adjusted EBITDA $ (4,590 ) $ 724 $ 12,122 $ 2,902 $ 11,158 Fiber Internet Services Platform Services Domain Services Corporate Consolidated Totals For the Six Months Ended June 30, 2022 Net Revenues $ 20,009 $ 15,817 $ 122,609 $ 5,748 $ 164,183 Direct cost of revenues 8,455 2,019 82,912 5,335 98,721 Segment Gross Margin 11,554 13,798 39,697 413 65,462 Adjusted EBITDA $ (10,505 ) $ 5,919 $ 23,881 $ 3,717 $ 23,012 Fiber Internet Services Platform Services Domain Services Corporate Consolidated Totals For the Six Months Ended June 30, 2021 Net Revenues $ 10,630 $ 3,372 $ 123,486 $ 8,480 $ 145,968 Direct cost of revenues 5,613 198 83,561 5,948 95,320 Segment Gross Margin 5,017 3,174 39,925 2,532 50,648 Adjusted EBITDA $ (8,517 ) $ (356 ) $ 25,318 $ 7,436 $ 23,881 (b) The following is a summary of the Company’s property and equipment by geographic region (Dollar amounts in thousands of US dollars): June 30, 2022 December 31, 2021 Canada $ 1,523 $ 1,994 United States 223,642 170,630 Europe 37 38 $ 225,202 $ 172,662 (c) The following is a summary of the Company’s amortizable intangible assets by geographic region (Dollar amounts in thousands of US dollars): June 30, 2022 December 31, 2021 Canada $ 3,512 $ 1,386 United States 29,037 36,732 $ 32,549 $ 38,118 (d) Valuation and qualifying accounts (Dollar amounts in thousands of US dollars): Allowance for doubtful accounts Balance at beginning of period Charged to costs and expenses Write-offs during period Balance at end of period Six Months Ended June 30, 2022 $ 541 $ 152 $ - $ 693 Twelve months ended December 31, 2021 $ 222 $ 319 $ - $ 541 |
Note 14 - Stockholders' Equity
Note 14 - Stockholders' Equity | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 14. The following table summarizes stockholders' equity transactions for the three Accumulated Additional other Total Common stock paid in Retained comprehensive stockholders' Number Amount capital earnings income (loss) equity Balances, March 31, 2022 10,762,581 $ 29,655 $ 3,530 $ 80,450 $ 1,377 $ 115,012 Exercise of stock options 975 76 (20 ) - - 56 Stock-based compensation 5,191 462 974 - - 1,436 Net income - - - (3,125 ) - (3,125 ) Other comprehensive income (loss) - - - - 121 121 Balances, June 30, 2022 10,768,747 $ 30,193 $ 4,484 $ 77,325 $ 1,498 $ 113,500 Accumulated Additional other Total Common stock paid in Retained comprehensive stockholders' Number Amount capital earnings income (loss) equity Balances, December 31, 2021 10,747,417 $ 28,515 $ 2,764 $ 83,470 $ 343 $ 115,092 Exercise of stock options 12,567 832 (262 ) - - 570 Shares deducted from exercise of stock options for payment of withholding taxes and exercise consideration (1,860 ) - - - - - Repurchase and retirement of shares - - - - - - Stock-based compensation 10,623 846 1,982 - - 2,828 Net income - - - (6,145 ) - (6,145 ) Other comprehensive income (loss) - - - - 1,155 1,155 Balances, June 30, 2022 10,768,747 $ 30,193 $ 4,484 $ 77,325 $ 1,498 $ 113,500 2022 On February 10, 2022, February 11, 2022 February 10, 2023. three six June 30, 2022 not 2021 On February 9, 2021, February 10, 2021 February 9, 2022. six June 30, 2022 not three six June 30, 2021 not 2020 On February 12, 2020, February 13, 2020 February 12, 2021. six June 30, 2021, not |
Note 15 - Share-based Payments
Note 15 - Share-based Payments | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 15. Stock options The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model. Because option-pricing models require the use of subjective assumptions, changes in these assumptions can materially affect the fair value of the options. The assumptions presented in the table below represent the weighted average of the applicable assumption used to value stock options at their grant date. The Company calculates expected volatility based on historical volatility of the Company's common shares. The expected term, which represents the period of time that options granted are expected to be outstanding, is estimated based on historical exercise experience. The Company evaluated historical exercise behavior when determining the expected term assumptions. The risk-free rate assumed in valuing the options is based on the U.S. Treasury yield curve in effect at the time of grant for the expected term of the option. The Company determines the expected dividend yield percentage by dividing the expected annual dividend by the market price of Tucows Inc. common shares at the date of grant. Details of stock option transactions for the three June 30, 2022 June 30, 2021 Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Number of shares Weighted average exercise price per share Number of shares Weighted average exercise price per share Outstanding, beginning of period 883,254 $ 64.37 808,469 $ 55.55 Granted 211,480 42.07 239,050 79.43 Exercised (975 ) 56.98 (45,538 ) 43.24 Forfeited (15,951 ) 75.87 (9,498 ) 61.23 Expired (7,763 ) 58.62 (1,386 ) 61.93 Outstanding, end of period 1,070,045 59.88 991,097 61.81 Options exercisable, end of period 540,937 $ 59.62 438,437 $ 53.16 Details of stock option transactions for the six June 30, 2022 June 30, 2021 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 Number of shares Weighted average exercise price per share Number of shares Weighted average exercise price per share Outstanding, beginning of period 904,151 $ 64.36 845,020 $ 55.31 Granted 218,480 43.01 239,050 79.43 Exercised (12,567 ) 56.66 (73,875 ) 44.82 Forfeited (31,394 ) 73.05 (17,562 ) 61.00 Expired (8,625 ) 58.97 (1,536 ) 61.93 Outstanding, end of period 1,070,045 59.88 991,097 61.81 Options exercisable, end of period 540,937 $ 59.62 438,437 $ 53.16 As of June 30, 2022 Options outstanding Options exercisable Exercise price Number outstanding Weighted average exercise price per share Weighted average remaining contractual life (years) Aggregate intrinsic value Number exercisable Weighted average exercise price per share Weighted average remaining contractual life (years) Aggregate intrinsic value $19.95 - $19.95 7,000 $ 19.95 0.6 $ 172 7,000 $ 19.95 0.6 $ 172 $21.10 - $21.10 20,892 21.10 0.5 489 20,892 21.10 0.5 489 $41.97 - $48.00 221,480 42.24 6.8 535 7,000 47.29 2.6 - $51.82 - $59.98 214,121 55.59 2.1 - 205,921 55.60 2.0 - $60.01 - $68.41 328,702 62.05 4.1 - 230,456 62.63 3.8 - $70.13 - $79.51 261,350 78.43 5.7 - 65,918 78.11 5.8 - $80.61 - $82.07 16,500 81.27 6.3 - 3,750 82.07 6.3 - 1,070,045 $ 59.88 4.6 $ 1,196 540,937 $ 56.40 3.2 $ 661 Total unrecognized compensation cost relating to unvested stock options at June 30, 2022 mately $10.3 of 2.4 The Company recorded stock-based compensation of $1.4 million for the three June 30, 2022 three June 30, 2021 The Company recorded stock-based compensation of $2.8 million for the six June 30, 2022 six June 30, 2021 The Company has not |
Note 16 - Fair Value Measuremen
Note 16 - Fair Value Measurement | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 16. For financial assets and liabilities recorded in our financial statements at fair value we utilize a valuation hierarchy for disclosure of the inputs to valuation used to measure fair value. This hierarchy prioritizes the inputs into three 1 2 3 Equity investments without readily determinable fair value include ownership rights that do not The following table provides a summary of the fair values of the Company’s derivative instruments measured at fair value on a recurring basis as at June 30, 2022 June 30, 2022 Fair Value Measurement Using Assets Level 1 Level 2 Level 3 at Fair value Derivative instrument asset, net $ - $ 1,976 $ - $ 1,976 Total asset, net $ - $ 1,976 $ - $ 1,976 The following table provides a summary of the fair values of the Company’s derivative instruments measured at fair value on a recurring basis as at December 31, 2021 December 31, 2021 Fair Value Measurement Using Assets Level 1 Level 2 Level 3 at Fair value Derivative instrument asset, net $ - $ 452 $ - $ 452 Total assets, net $ - $ 452 $ - $ 452 |
Note 17 - Other Income
Note 17 - Other Income | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | 17. On August 1, 2020, one three June 30, 2022 2021 six June 30, 2022 2021 (Dollar amounts in thousands of U.S. dollars) Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Income earned on sale of Transferred Assets $ 4,520 $ 4,808 $ 9,272 $ 10,203 Gain on sale of Ting Customer Assets $ 4,520 $ 4,808 $ 9,272 $ 10,203 |
Note 18 - Contingencies
Note 18 - Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 18. From time to time, the Company has legal claims and lawsuits in connection with its ordinary business operations. The Company vigorously defends such claims. While the final outcome with respect to any actions or claims outstanding or pending as of June 30, 2022 not |
Note 19 - Subsequent Events
Note 19 - Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 19. a. Issuance of Preferred Units by Ting Fiber, LLC O n August 8, 2022, Subsequently on August 8 Generate TF Holdings, LLC $6.00 per unit with initial funding expected to occur by August 12, 2022 third three . Concurrent with the Transaction Close, Ting LLC and Generate entered into an Amended and Restated Limited Liability Company Agreement of Ting LLC (the "LLC Agreement"). Under the LLC Agreement, the Series A Preferred Units will accrue a preferred return at a rate of 15% per annum (subject to certain adjustments as described below) on a non-cash basis for the first 24 one three In addition, concurrent with the Transaction Close, Ting LLC and an affiliate of Generate TF Holdings, LLC not may b. August 8 2022, June 14, 2024. four 4.00:1.00 September 29, 2023 3.75:1.00 3.00:1.00. may one three six |
Note 5 - Derivative Instrumen_2
Note 5 - Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | Maturity date (Dollar amounts in thousands of U.S. dollars) Notional amount of U.S. dollars Weighted average exchange rate of U.S. dollars Fair value Asset July - September 2022 $ 16,029 1.2903 $ 41 October - December 2022 14,897 1.2906 45 $ 30,926 1.2904 $ 86 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Derivatives (Dollar amounts in thousands of U.S. dollars) Balance Sheet Location As of June 30, 2022 Fair Value Asset As of December 31, 2021 Fair Value Asset Foreign Currency forward contracts designated as cash flow hedges (net) Derivative instruments $ 86 $ 62 Interest rate swap contract designated as a cash flow hedge (net) Derivative instruments 1,890 390 Total foreign currency and interest swap forward contracts (net) Derivative instruments $ 1,976 $ 452 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Gains and losses on cash flow hedges Tax impact Total AOCI Opening AOCI balance - March 31, 2022 $ 1,813 $ (436 ) $ 1,377 Other comprehensive income (loss) before reclassifications 259 (64 ) 195 Amount reclassified from AOCI (98 ) 24 (74 ) Other comprehensive income (loss) for the three months ended June 30, 2022 161 (40 ) 121 Ending AOCI Balance - June 30, 2022 $ 1,974 $ (476 ) $ 1,498 Gains and losses on cash flow hedges Tax impact Total AOCI Opening AOCI balance - December 31, 2021 $ 450 $ (107 ) $ 343 Other comprehensive income (loss) before reclassifications 1,534 (371 ) 1,163 Amount reclassified from AOCI (10 ) 2 (8 ) Other comprehensive income (loss) for the six months ended June 30, 2022 1,524 (369 ) 1,155 Ending AOCI Balance - June 30, 2022 $ 1,974 $ (476 ) $ 1,498 Derivatives in Cash Flow Hedging Relationship Amount of Gain or (Loss) Recognized in OCI, net of tax, on Derivative Location of Gain or (Loss) Reclassified from AOCI into Income Amount of Gain or (Loss) Reclassified from AOCI into Income Operating expenses $ 10 Foreign currency forward contracts for the three months ended June 30, 2022 $ (187 ) Cost of revenues $ 2 Interest rate swap contract for the three months ended June 30, 2022 $ 382 Interest expense, net $ 86 Operating expenses $ 1,088 Foreign currency forward contracts for the three months ended June 30, 2021 $ 275 Cost of revenues $ 268 Interest rate swap contract for the three months ended June 30, 2021 $ (27 ) Interest expense, net $ (26 ) Derivatives in Cash Flow Hedging Relationship Amount of Gain or (Loss) Recognized in OCI, net of tax, on Derivative Location of Gain or (Loss) Reclassified from AOCI into Income Amount of Gain or (Loss) Reclassified from AOCI into Income Operating expenses $ (49 ) Foreign currency forward contracts for the six months ended June 30, 2022 $ (275 ) Cost of revenues $ (10 ) Interest rate swap contract for the six months ended June 30, 2022 $ 1,438 Interest expense, net $ 69 Operating expenses $ 2,037 Foreign currency forward contracts for the six months ended June 30, 2021 $ 509 Cost of revenues $ 424 Interest rate swap contract for the six months ended June 30, 2021 $ 107 Interest expense, net $ (45 ) |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, Forward currency contracts not designated as hedges: 2022 2021 2022 2021 Gain (loss) on settlement $ - $ 129 $ - $ 549 Gain (loss) on change in fair value - (192) - (359) $ - $ (63) $ - $ 190 |
Note 6 - Goodwill and Other I_2
Note 6 - Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Surname domain names Direct navigation domain names Brand Customer relationships Technology Network rights Total Amortization period indefinite life indefinite life 7 years 3 - 7 years 2 - 7 years 15 years Balances, March 31, 2022 $ 11,156 $ 1,133 $ 4,492 $ 26,584 $ 3,237 $ 1,057 $ 47,659 Acquisition of customer relationships - - - 22 - - 22 Amortization expense - - (518 ) (2,145 ) (155 ) (25 ) (2,843 ) Balances, June 30, 2022 $ 11,156 $ 1,133 $ 3,974 $ 24,461 $ 3,082 $ 1,032 $ 44,838 Surname domain names Direct navigation domain names Brand Customer relationships Technology Network rights Total Amortization period indefinite life indefinite life 7 years 3 - 7 years 2 - 7 years 15 years Balances, December 31, 2021 $ 11,156 $ 1,135 $ 5,010 $ 28,634 $ 3,392 $ 1,082 $ 50,409 Acquisition of customer relationships - - - 117 - - 117 Additions to/(disposals from) domain portfolio, net - (2 ) - - - - (2 ) Amortization expense - - (1,036 ) (4,290 ) (310 ) (50 ) (5,686 ) Balances, June 30, 2022 $ 11,156 $ 1,133 $ 3,974 $ 24,461 $ 3,082 $ 1,032 $ 44,838 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year ending December 31, Remainder of 2022 $ 5,480 2023 10,131 2024 6,544 2025 4,395 2026 2,666 Thereafter 3,333 Total $ 32,549 |
Note 7 - Loan Payable (Tables)
Note 7 - Loan Payable (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Standby Fees Based on Total Funded Debt to EBITDA Ratio [Table Text Block] | If Total Funded Debt to EBITDA is: Availment type or fee Less than 2.00 Greater than or equal to 2.00 and less than 2.50 Greater than or equal to 2.50 and less than 3.00 Greater than or equal to 3.00 and less than 3.50 Greater than or equal to 3.50 and less than 4.00 Greater than or equal to 4.00 Canadian dollar borrowings based on Bankers’ Acceptance or U.S. dollar borrowings based on LIBOR (Margin) 1.75 % 2.25 % 2.50 % 2.75 % 3.00 % 3.25 % Canadian or U.S. dollar borrowings based on Prime Rate or U.S. dollar borrowings based on Base Rate (Margin) 0.50 % 1.00 % 1.25 % 1.50 % 1.75 % 2.00 % Standby fees 0.35 % 0.45 % 0.50 % 0.55 % 0.60 % 0.65 % |
Schedule of Debt [Table Text Block] | June 30, 2022 December 31, 2021 Revolver $ 227,100 $ 191,400 Less: unamortized debt discount and issuance costs (652 ) (652 ) Total loan payable 226,448 190,748 Less: loan payable, current portion 226,448 - Loan payable, long-term portion $ - $ 190,748 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | Remainder of 2022 $ - 2023 227,100 $ 227,100 |
Note 9 - Basic and Diluted Ea_2
Note 9 - Basic and Diluted Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Numerator for basic and diluted earnings per common share: Net income for the period $ (3,125 ) $ 1,807 $ (6,145 ) $ 3,956 Denominator for basic and diluted earnings per common share: Basic weighted average number of common shares outstanding 10,765,595 10,633,601 10,758,691 10,625,748 Effect of outstanding stock options - 164,320 - 168,775 Diluted weighted average number of shares outstanding 10,765,595 10,797,921 10,758,691 10,794,523 Basic earnings per common share $ (0.29 ) $ 0.17 $ (0.57 ) $ 0.37 Diluted earnings per common share $ (0.29 ) $ 0.17 $ (0.57 ) $ 0.37 |
Note 10 - Revenue (Tables)
Note 10 - Revenue (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Fiber Internet Services: Fiber Internet Services $ 10,221 $ 5,548 $ 20,009 $ 10,630 Platform Services: Platform Services 7,970 2,734 14,067 3,372 Other Professional Services 1,000 - 1,750 - Total Platform Services 8,970 2,734 15,817 3,372 Domain Services: Wholesale Domain Services 46,979 47,883 93,815 94,874 Value Added Services 5,597 5,482 11,246 10,562 Total Wholesale 52,576 53,365 105,061 105,436 Retail 8,487 8,897 17,548 18,050 Total Domain Services 61,063 62,262 122,609 123,486 Corporate: Mobile services and eliminations 2,830 4,549 5,748 8,480 $ 83,084 $ 75,093 $ 164,183 $ 145,968 |
Schedule of Cost of Revenues by Revenue Stream [Table Text Block] | (Dollar amounts in thousands of U.S. dollars) For the Three Months Ended June 30, For the Six Months Ended June 30, 2022 2021 2022 2021 Fiber Internet Services: Fiber Internet Services $ 4,417 $ 3,006 $ 8,455 $ 5,614 Platform Services: Platform Services 202 113 387 198 Other Professional Services 856 - 1,632 - Total Platform Services 1,058 113 2,019 198 Domain Services: Wholesale Domain Services 36,938 37,707 73,335 73,483 Value Added Services 643 583 1,299 1,180 Total Wholesale 37,581 38,290 74,634 74,663 Retail 3,519 4,497 8,278 8,898 Total Domain Services 41,100 42,787 82,912 83,561 Corporate: Mobile services and eliminations 2,725 3,227 5,335 5,947 Network Expenses: Network, other costs 4,764 3,612 8,944 6,850 Network, depreciation of property and equipment 6,589 4,084 12,484 7,722 Network, amortization of intangible assets 378 24 756 323 Network, impairment of property and equipment - 1 27 61 11,731 7,721 22,211 14,956 $ 61,031 $ 56,854 $ 120,932 $ 110,276 Increase over prior period $ 4,177 $ 10,656 Increase - percentage 7 % 10 % |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | June 30, 2022 Balance, beginning of period $ 147,793 Deferred revenue 121,497 Recognized revenue (119,108 ) Balance, end of period $ 150,182 June 30, 2022 Balance, beginning of period $ 778 Consideration recognized as revenue 13,216 Transferred to receivables (5,040 ) Balance, end of period $ 8,954 |
Note 11 - Costs to Obtain and_2
Note 11 - Costs to Obtain and Fulfill a Contract (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Capitalized Contract Cost [Table Text Block] | June 30, 2022 Balance, beginning of period $ 112,711 Deferral of costs 87,248 Recognized costs (86,118 ) Balance, end of period $ 113,841 |
Note 12 - Leases (Tables)
Note 12 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | For the Three Months Ended June 30, For the Six Months Ended June 30, 2022 2021 2022 2021 Operating Lease Cost (leases with a total term greater than 12 months) $ 967 $ 603 $ 1,815 $ 1,138 Short-term Lease Cost (leases with a total term of 12 months or less) 36 33 47 83 Variable Lease Cost 154 66 257 242 Total Lease Cost $ 1,157 $ 702 $ 2,119 $ 1,463 For the Three Months Ended June 30, For the Six Months Ended June 30, Supplemental cashflow information: 2022 2021 2022 2021 Operating Lease - Operating Cash Flows (Fixed Payments) $ 938 $ 560 $ 1,874 $ 1,112 Operating Lease - Operating Cash Flows (Liability Reduction) $ 833 $ 476 $ 1,665 $ 948 New ROU Assets - Operating Leases $ 2,167 $ 1,169 $ 3,545 $ 2,563 Supplemental balance sheet information related to leases: June 30, 2022 December 31, 2021 Weighted Average Discount Rate 3.26 % 3.09 % Weighted Average Remaining Lease Term 6.85 yrs 7.74 yrs |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | June 30, 2022 Remaining of 2022 $ 2,196 2023 4,449 2024 3,554 2025 2,491 2026 1,670 Thereafter 4,247 Total future lease payments 18,607 Less imputed interest 1,722 Total $ 16,885 |
Note 13 - Segment Reporting (Ta
Note 13 - Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Condensed Income Statement [Table Text Block] | Reconciliation of Adjusted EBITDA to Income before Provision for Income Taxes Three Months Ended June 30, Six Months Ended June 30, (In Thousands of US Dollars) 2022 2021 2022 2021 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Adjusted EBITDA $ 11,700 $ 11,158 $ 23,012 $ 23,881 Depreciation of property and equipment 6,735 4,211 12,778 7,970 Impairment and loss on disposition of property and equipment 95 6 507 66 Amortization of intangible assets 2,843 2,346 5,686 4,965 Interest expense, net 2,422 1,003 4,217 1,939 Accretion of contingent consideration 50 95 148 191 Stock-based compensation 1,436 1,209 2,828 2,231 Unrealized loss (gain) on change in fair value of forward contracts - 191 - 357 Unrealized loss (gain) on foreign exchange revaluation of foreign denominated monetary assets and liabilities 46 42 100 106 Acquisition and other costs 1 460 367 1,076 1,136 Income before provision for income taxes $ (2,387 ) $ 1,688 $ (4,328 ) $ 4,920 Fiber Internet Services Platform Services Domain Services Corporate Consolidated Totals For the Three Months Ended June 30, 2022 Net Revenues $ 10,221 $ 8,970 $ 61,063 $ 2,830 $ 83,084 Direct cost of revenues 4,417 1,058 41,100 2,725 49,300 Segment Gross Margin 5,804 7,912 19,963 105 33,784 Adjusted EBITDA $ (6,185 ) $ 3,872 $ 12,107 $ 1,906 $ 11,700 Fiber Internet Services Platform Services Domain Services Corporate Consolidated Totals For the Three Months Ended June 30, 2021 Net Revenues $ 5,548 $ 2,734 $ 62,262 $ 4,549 $ 75,093 Direct cost of revenues 3,006 113 42,787 3,227 49,133 Segment Gross Margin 2,542 2,621 19,475 1,322 25,960 Adjusted EBITDA $ (4,590 ) $ 724 $ 12,122 $ 2,902 $ 11,158 Fiber Internet Services Platform Services Domain Services Corporate Consolidated Totals For the Six Months Ended June 30, 2022 Net Revenues $ 20,009 $ 15,817 $ 122,609 $ 5,748 $ 164,183 Direct cost of revenues 8,455 2,019 82,912 5,335 98,721 Segment Gross Margin 11,554 13,798 39,697 413 65,462 Adjusted EBITDA $ (10,505 ) $ 5,919 $ 23,881 $ 3,717 $ 23,012 Fiber Internet Services Platform Services Domain Services Corporate Consolidated Totals For the Six Months Ended June 30, 2021 Net Revenues $ 10,630 $ 3,372 $ 123,486 $ 8,480 $ 145,968 Direct cost of revenues 5,613 198 83,561 5,948 95,320 Segment Gross Margin 5,017 3,174 39,925 2,532 50,648 Adjusted EBITDA $ (8,517 ) $ (356 ) $ 25,318 $ 7,436 $ 23,881 |
Schedule of Property Plant and Equipment by Geographic Region [Table Text Block] | June 30, 2022 December 31, 2021 Canada $ 1,523 $ 1,994 United States 223,642 170,630 Europe 37 38 $ 225,202 $ 172,662 |
Schedule of Acquired Intangible Assets by Major Class [Table Text Block] | June 30, 2022 December 31, 2021 Canada $ 3,512 $ 1,386 United States 29,037 36,732 $ 32,549 $ 38,118 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Allowance for doubtful accounts Balance at beginning of period Charged to costs and expenses Write-offs during period Balance at end of period Six Months Ended June 30, 2022 $ 541 $ 152 $ - $ 693 Twelve months ended December 31, 2021 $ 222 $ 319 $ - $ 541 |
Note 14 - Stockholders' Equity
Note 14 - Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | Accumulated Additional other Total Common stock paid in Retained comprehensive stockholders' Number Amount capital earnings income (loss) equity Balances, March 31, 2022 10,762,581 $ 29,655 $ 3,530 $ 80,450 $ 1,377 $ 115,012 Exercise of stock options 975 76 (20 ) - - 56 Stock-based compensation 5,191 462 974 - - 1,436 Net income - - - (3,125 ) - (3,125 ) Other comprehensive income (loss) - - - - 121 121 Balances, June 30, 2022 10,768,747 $ 30,193 $ 4,484 $ 77,325 $ 1,498 $ 113,500 Accumulated Additional other Total Common stock paid in Retained comprehensive stockholders' Number Amount capital earnings income (loss) equity Balances, December 31, 2021 10,747,417 $ 28,515 $ 2,764 $ 83,470 $ 343 $ 115,092 Exercise of stock options 12,567 832 (262 ) - - 570 Shares deducted from exercise of stock options for payment of withholding taxes and exercise consideration (1,860 ) - - - - - Repurchase and retirement of shares - - - - - - Stock-based compensation 10,623 846 1,982 - - 2,828 Net income - - - (6,145 ) - (6,145 ) Other comprehensive income (loss) - - - - 1,155 1,155 Balances, June 30, 2022 10,768,747 $ 30,193 $ 4,484 $ 77,325 $ 1,498 $ 113,500 |
Note 15 - Share-based Payments
Note 15 - Share-based Payments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Number of shares Weighted average exercise price per share Number of shares Weighted average exercise price per share Outstanding, beginning of period 883,254 $ 64.37 808,469 $ 55.55 Granted 211,480 42.07 239,050 79.43 Exercised (975 ) 56.98 (45,538 ) 43.24 Forfeited (15,951 ) 75.87 (9,498 ) 61.23 Expired (7,763 ) 58.62 (1,386 ) 61.93 Outstanding, end of period 1,070,045 59.88 991,097 61.81 Options exercisable, end of period 540,937 $ 59.62 438,437 $ 53.16 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 Number of shares Weighted average exercise price per share Number of shares Weighted average exercise price per share Outstanding, beginning of period 904,151 $ 64.36 845,020 $ 55.31 Granted 218,480 43.01 239,050 79.43 Exercised (12,567 ) 56.66 (73,875 ) 44.82 Forfeited (31,394 ) 73.05 (17,562 ) 61.00 Expired (8,625 ) 58.97 (1,536 ) 61.93 Outstanding, end of period 1,070,045 59.88 991,097 61.81 Options exercisable, end of period 540,937 $ 59.62 438,437 $ 53.16 |
Share-Based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Options outstanding Options exercisable Exercise price Number outstanding Weighted average exercise price per share Weighted average remaining contractual life (years) Aggregate intrinsic value Number exercisable Weighted average exercise price per share Weighted average remaining contractual life (years) Aggregate intrinsic value $19.95 - $19.95 7,000 $ 19.95 0.6 $ 172 7,000 $ 19.95 0.6 $ 172 $21.10 - $21.10 20,892 21.10 0.5 489 20,892 21.10 0.5 489 $41.97 - $48.00 221,480 42.24 6.8 535 7,000 47.29 2.6 - $51.82 - $59.98 214,121 55.59 2.1 - 205,921 55.60 2.0 - $60.01 - $68.41 328,702 62.05 4.1 - 230,456 62.63 3.8 - $70.13 - $79.51 261,350 78.43 5.7 - 65,918 78.11 5.8 - $80.61 - $82.07 16,500 81.27 6.3 - 3,750 82.07 6.3 - 1,070,045 $ 59.88 4.6 $ 1,196 540,937 $ 56.40 3.2 $ 661 |
Note 16 - Fair Value Measurem_2
Note 16 - Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | June 30, 2022 Fair Value Measurement Using Assets Level 1 Level 2 Level 3 at Fair value Derivative instrument asset, net $ - $ 1,976 $ - $ 1,976 Total asset, net $ - $ 1,976 $ - $ 1,976 December 31, 2021 Fair Value Measurement Using Assets Level 1 Level 2 Level 3 at Fair value Derivative instrument asset, net $ - $ 452 $ - $ 452 Total assets, net $ - $ 452 $ - $ 452 |
Note 17 - Other Income (Tables)
Note 17 - Other Income (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | (Dollar amounts in thousands of U.S. dollars) Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Income earned on sale of Transferred Assets $ 4,520 $ 4,808 $ 9,272 $ 10,203 Gain on sale of Ting Customer Assets $ 4,520 $ 4,808 $ 9,272 $ 10,203 |
Note 4 - Acquisitions (Details
Note 4 - Acquisitions (Details Textual) | Nov. 08, 2021 |
Simply Bits LLC [Member] | |
Business Acquisition, Percentage of Voting Interests Acquired | 100% |
Note 5 - Derivative Instrumen_3
Note 5 - Derivative Instruments and Hedging Activities (Details Textual) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2021 | May 31, 2020 | |
Interest Rate Swap [Member] | |||
Derivative, Notional Amount | $ 70 | $ 70 | $ 70 |
Forward Contracts [Member] | |||
Derivative, Notional Amount | 30.9 | 25.2 | |
Forward Contracts [Member] | Designated as Hedging Instrument [Member] | |||
Derivative, Notional Amount | $ 30.9 | $ 25.2 | |
Forward Contracts [Member] | Minimum [Member] | |||
Derivative, Term of Contract (Month) | 1 month |
Note 5 - Derivative Instrumen_4
Note 5 - Derivative Instruments and Hedging Activities - Foreign Currency Forward Contracts (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Foreign Exchange Forward 1 [Member] | |
Notional amount of U.S. dollars | $ 16,029 |
Weighted average exchange rate of U.S. dollars | 1.2903 |
Foreign currency forward contracts, asset | $ 41 |
Foreign Exchange Forward 2 [Member] | |
Notional amount of U.S. dollars | $ 14,897 |
Weighted average exchange rate of U.S. dollars | 1.2906 |
Foreign currency forward contracts, asset | $ 45 |
Foreign Exchange Forward 3 [Member] | |
Notional amount of U.S. dollars | $ 30,926 |
Weighted average exchange rate of U.S. dollars | 1.2904 |
Foreign currency forward contracts, asset | $ 86 |
Note 5 - Derivative Instrumen_5
Note 5 - Derivative Instruments and Hedging Activities - Fair Value of Derivative Instruments in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ||
Interest rate swap contract designated as a cash flow hedge (net) | $ 1,890 | $ 390 |
Derivative Instruments [Member] | ||
Foreign currency forward contracts, asset | 1,976 | 452 |
Derivative Instruments [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Foreign currency forward contracts, asset | $ 86 | $ 62 |
Note 5 - Derivative Instrumen_6
Note 5 - Derivative Instruments and Hedging Activities - Movement in AOCI Balance (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
AOCI balance, Gains and losses on cash flow hedges | $ 1,813 | $ 450 | ||
AOCI balance, Tax impact | (436) | (107) | ||
AOCI balance | 1,377 | 343 | ||
Other comprehensive income (loss) before reclassifications, Gains and losses on cash flow hedges | 259 | 1,534 | ||
Other comprehensive income (loss) before reclassifications, Tax impact | (64) | (371) | ||
Other comprehensive income (loss) before reclassifications | 195 | $ 248 | 1,163 | $ 616 |
Amount reclassified from AOCI, Gains and losses on cash flow hedges | (98) | (10) | ||
Amount reclassified from AOCI, Tax impact | (24) | (2) | ||
Amount reclassified from AOCI | (74) | (1,021) | (8) | (1,855) |
Other comprehensive income (loss) for the three months ended June 30, 2022 | 161 | 1,524 | ||
Other comprehensive income (loss) for the three months ended June 30, 2022 | (40) | 369 | ||
Other comprehensive income (loss) for the three months ended June 30, 2022 | 121 | 1,155 | ||
AOCI balance, Gains and losses on cash flow hedges | 1,974 | 1,974 | ||
AOCI balance, Tax impact | (476) | (476) | ||
AOCI balance | 1,498 | 1,498 | ||
Other comprehensive income (loss), Tax impact | 40 | (369) | ||
Amount of Gain or (Loss) Recognized in OCI, net of tax, on Derivative | 121 | 1,155 | ||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Interest Expense, Net [Member] | ||||
Other comprehensive income (loss) for the three months ended June 30, 2022 | 382 | |||
Amount of Gain or (Loss) Recognized in OCI, net of tax, on Derivative | 382 | |||
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Cost of Sales [Member] | ||||
Other comprehensive income (loss) for the three months ended June 30, 2022 | (187) | 275 | ||
Amount of Gain or (Loss) Recognized in OCI, net of tax, on Derivative | (187) | 275 | ||
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Expense, Net [Member] | ||||
Other comprehensive income (loss) for the three months ended June 30, 2022 | (27) | |||
Amount of Gain or (Loss) Recognized in OCI, net of tax, on Derivative | (27) | |||
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Operating Expense [Member] | ||||
Amount of Gain or Reclassified from AOCI into Income | 10 | 1,088 | (49) | 2,037 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Cost of Sales [Member] | ||||
Other comprehensive income (loss) for the three months ended June 30, 2022 | (275) | 509 | ||
Amount of Gain or Reclassified from AOCI into Income | 2 | 268 | (10) | 424 |
Amount of Gain or (Loss) Recognized in OCI, net of tax, on Derivative | (275) | 509 | ||
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Interest Expense, Net [Member] | ||||
Amount of Gain or Reclassified from AOCI into Income | $ (26) | |||
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Interest Expense, Net [Member] | ||||
Other comprehensive income (loss) for the three months ended June 30, 2022 | 1,438 | 107 | ||
Amount of Gain or Reclassified from AOCI into Income | $ 86 | 69 | (45) | |
Amount of Gain or (Loss) Recognized in OCI, net of tax, on Derivative | $ 1,438 | $ 107 |
Note 5 - Derivative Instrumen_7
Note 5 - Derivative Instruments and Hedging Activities - Fair Value Adjustments of Forward Currency Forward Contracts Not Designated as Hedges (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Gain (Loss) on Sale of Derivatives | $ 0 | $ (63) | $ 0 | $ 190 |
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | ||||
Gain (loss) on settlement | 129 | 0 | 549 | |
Gain (loss) on change in fair value | (192) | 0 | (359) | |
Gain (Loss) on Sale of Derivatives | $ (63) | $ 190 | ||
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | Maximum [Member] | ||||
Gain (loss) on settlement | 0 | |||
Gain (loss) on change in fair value | 0 | |||
Gain (Loss) on Sale of Derivatives |
Note 6 - Goodwill and Other I_3
Note 6 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Goodwill, Ending Balance | $ 130,410 | $ 130,410 | $ 130,410 | ||
Goodwill, Impairment Loss | 0 | $ 0 | $ 0 | $ 0 | |
Minimum [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 2 years | ||||
Maximum [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | ||||
Domain Services Operating Segment [Member] | |||||
Goodwill, Ending Balance | $ 107,700 | $ 107,700 | |||
Goodwill Percentage Related to Operating Segments | 83% | 83% | |||
Network Access Services [Member] | |||||
Goodwill, Ending Balance | $ 22,700 | $ 22,700 | |||
Goodwill Percentage Related to Operating Segments | 17% | 17% | |||
Mobile Platform Services [Member] | |||||
Goodwill Percentage Related to Operating Segments | 0% | 0% |
Note 6 - Goodwill and Other I_4
Note 6 - Goodwill and Other Intangible Assets - Acquired Intangible Assets by Major Class (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Balances | $ 47,659 | $ 50,409 | ||
Acquisition of customer relationships | 22 | 117 | ||
Amortization expense | (2,843) | $ (2,346) | (5,686) | $ (4,965) |
Balances | 44,838 | 44,838 | ||
Additions to/(disposals from) domain portfolio, net | 0 | $ 0 | (2) | $ (1) |
Brand [Member] | ||||
Balances | 4,492 | 5,010 | ||
Acquisition of customer relationships | 0 | 0 | ||
Amortization expense | (518) | (1,036) | ||
Balances | 3,974 | 3,974 | ||
Customer Relationships [Member] | ||||
Balances | 26,584 | 28,634 | ||
Acquisition of customer relationships | 22 | 117 | ||
Amortization expense | (2,145) | (4,290) | ||
Balances | 24,461 | 24,461 | ||
Technology-Based Intangible Assets [Member] | ||||
Balances | 3,237 | 3,392 | ||
Acquisition of customer relationships | 0 | 0 | ||
Amortization expense | (155) | (310) | ||
Balances | 3,082 | 3,082 | ||
Network Rights [Member] | ||||
Balances | 1,057 | 1,082 | ||
Acquisition of customer relationships | 0 | 0 | ||
Amortization expense | (25) | (50) | ||
Balances | 1,032 | 1,032 | ||
Surname Domain Names [Member] | ||||
Balances | 11,156 | 11,156 | ||
Acquisition of customer relationships | 0 | 0 | ||
Balances | 11,156 | 11,156 | ||
Direct Navigation Domain Names [Member] | ||||
Balances | 1,133 | 1,135 | ||
Acquisition of customer relationships | 0 | 0 | ||
Balances | $ 1,133 | 1,133 | ||
Additions to/(disposals from) domain portfolio, net | $ (2) |
Note 6 - Goodwill and Other I_5
Note 6 - Goodwill and Other Intangible Assets - Estimated Future Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Remainder of 2022 | $ 5,480 | |
2023 | 10,131 | |
2024 | 6,544 | |
2025 | 4,395 | |
2026 | 2,666 | |
Thereafter | 3,333 | |
Total | $ 32,549 | $ 38,118 |
Note 7 - Loan Payable (Details
Note 7 - Loan Payable (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Jun. 14, 2019 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2019 USD ($) | Sep. 30, 2023 | Mar. 31, 2023 | Mar. 30, 2023 | Aug. 31, 2022 | Jun. 28, 2022 | Oct. 26, 2021 USD ($) | |
Payments of Financing Costs, Total | $ 88 | $ 1 | $ 265 | $ 1 | ||||||||
Royal Bank, Bank of Montreal, Bank of Nova Scotia, HSBC and CIBC [Member] | ||||||||||||
Debt Issuance Costs, Gross | $ 400 | |||||||||||
Debt Instrument, Term (Year) | 4 years | |||||||||||
Maximum Total Funded Debt to EBITDA Ratio | 4.50 | |||||||||||
Minimum Fixed Charge Coverage Ratio | 3 | |||||||||||
Royal Bank, Bank of Montreal, Bank of Nova Scotia, HSBC and CIBC [Member] | Forecast [Member] | ||||||||||||
Maximum Total Funded Debt to EBITDA Ratio | 3.75 | 4 | 4.50 | 5 | ||||||||
Royal Bank, Bank of Montreal, Bank of Nova Scotia, HSBC and CIBC [Member] | General and Administrative Expense [Member] | ||||||||||||
Payments of Financing Costs, Total | 100 | |||||||||||
Royal Bank, Bank of Montreal, Bank of Nova Scotia, HSBC and CIBC [Member] | Guaranteed Credit Facility [Member] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 240,000 | $ 180,000 | ||||||||||
Royal Bank, Bank of Montreal, Bank of Nova Scotia, HSBC and CIBC [Member] | Accordion Facility [Member] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 60,000 | |||||||||||
Fees to Lenders | 300 | |||||||||||
Legal Fees | $ 200 |
Note 7 - Loan Payable - Schedul
Note 7 - Loan Payable - Schedule of Standby Fees Based on Total Funded Debt to EBITDA Ratio (Details) | 6 Months Ended |
Jun. 30, 2022 | |
Debt to EBITDA is Less Than 2.00 [Member] | |
Standby fees | 0.35% |
Debt to EBITDA is Greater Than or Equal to 2.00 and Less Than 2.50 [Member] | |
Standby fees | 0.45% |
Debt to EBITDA is Greater Than or Equal to 2.50 and Less Than 3.00 [Member] | |
Standby fees | 0.50% |
Debt to EBITDA is Greater Than or Equal to 3.00 and Less Than 3.50 [Member] | |
Standby fees | 0.55% |
Debt to EBITDA is Greater Than or Equal to 3.50 and Less Than 4.00 [Member] | |
Standby fees | 0.60% |
Debt to EBITDA is Greater Than or Equal to 4.00 [Member] | |
Standby fees | 0.65% |
Bank of Montreal and Royal Bank of Canada [Member] | London Interbank Offered Rate (LIBOR) [Member] | Debt to EBITDA is Less Than 2.00 [Member] | |
Basis Spread on Variable Rate | 1.75% |
Bank of Montreal and Royal Bank of Canada [Member] | London Interbank Offered Rate (LIBOR) [Member] | Debt to EBITDA is Greater Than or Equal to 2.00 and Less Than 2.50 [Member] | |
Basis Spread on Variable Rate | 2.25% |
Bank of Montreal and Royal Bank of Canada [Member] | London Interbank Offered Rate (LIBOR) [Member] | Debt to EBITDA is Greater Than or Equal to 2.50 and Less Than 3.00 [Member] | |
Basis Spread on Variable Rate | 2.50% |
Bank of Montreal and Royal Bank of Canada [Member] | London Interbank Offered Rate (LIBOR) [Member] | Debt to EBITDA is Greater Than or Equal to 3.00 and Less Than 3.50 [Member] | |
Basis Spread on Variable Rate | 2.75% |
Bank of Montreal and Royal Bank of Canada [Member] | London Interbank Offered Rate (LIBOR) [Member] | Debt to EBITDA is Greater Than or Equal to 3.50 and Less Than 4.00 [Member] | |
Basis Spread on Variable Rate | 3% |
Bank of Montreal and Royal Bank of Canada [Member] | London Interbank Offered Rate (LIBOR) [Member] | Debt to EBITDA is Greater Than or Equal to 4.00 [Member] | |
Basis Spread on Variable Rate | 3.25% |
Bank of Montreal and Royal Bank of Canada [Member] | Base Rate [Member] | Debt to EBITDA is Less Than 2.00 [Member] | |
Basis Spread on Variable Rate | 0.50% |
Bank of Montreal and Royal Bank of Canada [Member] | Base Rate [Member] | Debt to EBITDA is Greater Than or Equal to 2.00 and Less Than 2.50 [Member] | |
Basis Spread on Variable Rate | 1% |
Bank of Montreal and Royal Bank of Canada [Member] | Base Rate [Member] | Debt to EBITDA is Greater Than or Equal to 2.50 and Less Than 3.00 [Member] | |
Basis Spread on Variable Rate | 1.25% |
Bank of Montreal and Royal Bank of Canada [Member] | Base Rate [Member] | Debt to EBITDA is Greater Than or Equal to 3.00 and Less Than 3.50 [Member] | |
Basis Spread on Variable Rate | 1.50% |
Bank of Montreal and Royal Bank of Canada [Member] | Base Rate [Member] | Debt to EBITDA is Greater Than or Equal to 3.50 and Less Than 4.00 [Member] | |
Basis Spread on Variable Rate | 1.75% |
Bank of Montreal and Royal Bank of Canada [Member] | Base Rate [Member] | Debt to EBITDA is Greater Than or Equal to 4.00 [Member] | |
Basis Spread on Variable Rate | 2% |
Note 7 - Loan Payable - Sched_2
Note 7 - Loan Payable - Schedule of Loans Payable (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Loans payable | $ 226,448 | $ 190,748 |
Less: unamortized debt discount and issuance costs | (652) | (652) |
Less: loan payable, current portion | 226,448 | 0 |
Loan payable, long-term portion | 0 | 190,748 |
Revolver Facility [Member] | ||
Loans payable | $ 227,100 | $ 191,400 |
Note 7 - Loan Payable - Princip
Note 7 - Loan Payable - Principal Repayments (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Remainder of 2022 | $ 0 |
2023 | 227,100 |
Long-term Debt | $ 227,100 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Income Tax Expense (Benefit), Total | $ 738 | $ (119) | $ 1,817 | $ 964 | |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | $ (2,387) | 1,688 | $ (4,328) | 4,920 | |
Income Tax Expense (Benefit), Continuing Operations, Valuation Allowance on Foreign Tax Credits and Net Operating Losses | 500 | $ 800 | |||
Effective Income Tax Rate Reconciliation, Share-based Compensation, Excess Tax Benefit, Amount | $ 400 | ||||
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-based Payment Arrangement, Amount | $ 200 |
Note 9 - Basic and Diluted Ea_3
Note 9 - Basic and Diluted Earnings Per Common Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 43,445 | 42,752 |
Note 9 - Basic and Diluted Ea_4
Note 9 - Basic and Diluted Earnings Per Common Share - Summary of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net income for the period | $ (3,125) | $ 1,807 | $ (6,145) | $ 3,956 |
Shares used in computing basic earnings per common share (note 9) (in shares) | 10,765,595 | 10,633,601 | 10,758,691 | 10,625,748 |
Effect of outstanding stock options (in shares) | 0 | 164,320 | 0 | 168,775 |
Diluted weighted average number of shares outstanding (in shares) | 10,765,595 | 10,797,921 | 10,758,691 | 10,794,523 |
Basic earnings per common share (note 9) (in dollars per share) | $ (0.29) | $ 0.17 | $ (0.57) | $ 0.37 |
Diluted earnings per common share (note 9) (in dollars per share) | $ (0.29) | $ 0.17 | $ (0.57) | $ 0.37 |
Note 10 - Revenue 1 (Details Te
Note 10 - Revenue 1 (Details Textual) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Minimum [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 2 years | |
Minimum [Member] | Active Domain Name Contracts [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 1 year | |
Maximum [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | |
Maximum [Member] | Active Domain Name Contracts [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||
Number of Customers | 1 | 1 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | One Customer [Member] | ||
Concentration Risk, Percentage | 11% | 10% |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||
Number of Customers | 1 | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | One Customer [Member] | ||
Concentration Risk, Percentage | 34% |
Note 10 - Revenue 2 (Details Te
Note 10 - Revenue 2 (Details Textual) - Active Domain Name Contracts [Member] - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 | Jun. 30, 2022 |
Revenue, Remaining Performance Obligation, Percentage | 80% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 12 months |
Note 10 - Revenue - Disaggregat
Note 10 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net Revenues | $ 83,084 | $ 75,093 | $ 164,183 | $ 145,968 |
Domain Name Services [Member] | Wholesale [Member] | ||||
Net Revenues | 52,576 | 53,365 | 105,061 | 105,436 |
Domain Name Services [Member] | Domain Services [Member] | Wholesale [Member] | ||||
Net Revenues | 46,979 | 47,883 | 93,815 | 94,874 |
Domain Name Services [Member] | Value Added Services [Member] | Wholesale [Member] | ||||
Net Revenues | 5,597 | 5,482 | 11,246 | 10,562 |
Operating Segments [Member] | Fiber Internet Services [Member] | ||||
Net Revenues | 10,221 | 5,548 | 20,009 | 10,630 |
Operating Segments [Member] | Mobile Platform Services [Member] | ||||
Net Revenues | 8,970 | 2,734 | 15,817 | 3,372 |
Operating Segments [Member] | Mobile Platform Services [Member] | Platform Services [Member] | ||||
Net Revenues | 7,970 | 2,734 | 14,067 | 3,372 |
Operating Segments [Member] | Mobile Platform Services [Member] | Other Services [Member] | ||||
Net Revenues | 1,000 | 0 | 1,750 | 0 |
Operating Segments [Member] | Domain Name Services [Member] | ||||
Net Revenues | 61,063 | 62,262 | 122,609 | 123,486 |
Operating Segments [Member] | Domain Name Services [Member] | Retail [Member] | ||||
Net Revenues | 8,487 | 8,897 | 17,548 | 18,050 |
Consolidation, Eliminations [Member] | ||||
Net Revenues | $ 2,830 | $ 4,549 | $ 5,748 | $ 8,480 |
Note 10 - Revenue - Cost of Rev
Note 10 - Revenue - Cost of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Network, other costs | $ 4,764 | $ 3,612 | $ 8,944 | $ 6,850 |
Network, depreciation of property and equipment | 6,589 | 4,084 | 12,484 | 7,722 |
Network, amortization of intangible assets | 378 | 24 | 756 | 323 |
Network, impairment of property and equipment | 0 | 1 | 27 | 61 |
Cost of revenue | 61,031 | 56,854 | 120,932 | 110,276 |
Increase over prior period | $ 4,177 | $ 10,656 | ||
Increase - percentage | 7% | 10% | ||
Corporate, Non-Segment [Member] | ||||
Cost of revenue | $ 2,725 | 3,227 | $ 5,335 | 5,947 |
Network Expenses [Member] | ||||
Network, other costs | 4,764 | 3,612 | 8,944 | 6,850 |
Network, depreciation of property and equipment | 6,589 | 4,084 | 12,484 | 7,722 |
Network, amortization of intangible assets | 378 | 24 | 756 | 323 |
Network, impairment of property and equipment | 0 | 1 | 27 | 61 |
Cost of revenue | 11,731 | 7,721 | 22,211 | 14,956 |
Fiber Internet Services [Member] | ||||
Cost of revenue | 4,417 | 3,006 | 8,455 | 5,614 |
Mobile Services [Member] | Platform Services [Member] | ||||
Cost of revenue | 202 | 113 | 387 | 198 |
Mobile Services [Member] | Other Services [Member] | ||||
Cost of revenue | 856 | 0 | 1,632 | 0 |
Mobile Platform Services [Member] | ||||
Cost of revenue | 1,058 | 113 | 2,019 | 198 |
Domain Name Services [Member] | ||||
Cost of revenue | 41,100 | 42,787 | 82,912 | 83,561 |
Domain Name Services [Member] | Wholesale [Member] | ||||
Cost of revenue | 37,581 | 38,290 | 74,634 | 74,663 |
Domain Name Services [Member] | Retail Services [Member] | ||||
Cost of revenue | 3,519 | 4,497 | 8,278 | 8,898 |
Domain Name Services [Member] | Domain Services [Member] | Wholesale [Member] | ||||
Cost of revenue | 36,938 | 37,707 | 73,335 | 73,483 |
Domain Name Services [Member] | Value Added Services [Member] | Wholesale [Member] | ||||
Cost of revenue | $ 643 | $ 583 | $ 1,299 | $ 1,180 |
Note 10 - Revenue - Deferred Re
Note 10 - Revenue - Deferred Revenue and Contract Assets (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Balance, beginning of period | $ 147,793 |
Deferred revenue | 121,497 |
Recognized revenue | (119,108) |
Balance, end of period | 150,182 |
Balance | 778 |
Consideration recognized as revenue | 13,216 |
Transferred to receivables | (5,040) |
Balance | $ 8,954 |
Note 11 - Costs to Obtain and_3
Note 11 - Costs to Obtain and Fulfill a Contract (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Capitalized Contract Cost, Amortization | $ (245) | $ (248) | $ (472) | $ (255) |
Deferred Costs of Acquisition [Member] | ||||
Increase (Decrease) in Capitalized Costs | 87,200 | |||
Capitalized Contract Cost, Amortization | $ 86,100 | |||
Deferred Costs of Acquisition [Member] | Minimum [Member] | ||||
Capitalized Contract Cost, Amortization Period (Year) | 1 year | 1 year | ||
Deferred Costs of Acquisition [Member] | Maximum [Member] | ||||
Capitalized Contract Cost, Amortization Period (Year) | 10 years | 10 years | ||
Domain Registration Costs [Member] | ||||
Capitalized Contract Cost, Impairment Loss | $ 0 |
Note 11 - Costs to Obtain and_4
Note 11 - Costs to Obtain and Fulfill a Contract - Capitalized Contract Costs Activity (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Deferral of costs | $ 87,248 |
Recognized costs | (86,118) |
Deferred Costs of Acquisition [Member] | |
Balance | 112,711 |
Balance | $ 113,841 |
Note 12 - Leases (Details Textu
Note 12 - Leases (Details Textual) | 6 Months Ended |
Jun. 30, 2022 | |
Lessee, Operating Lease, Renewal Term (Year) | 5 years |
Lessee, Operating Lease, Option to Terminate Term (Year) | 1 year |
Minimum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 1 year |
Maximum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 20 years |
Note 12 - Leases - Components o
Note 12 - Leases - Components of Lease Expense and Other Lease Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Operating Lease Cost (leases with a total term greater than 12 months) | $ 967 | $ 603 | $ 1,815 | $ 1,138 | |
Short-term Lease Cost (leases with a total term of 12 months or less) | 36 | 33 | 47 | 83 | |
Variable Lease Cost | 154 | 66 | 257 | 242 | |
Total Lease Cost | 1,157 | 702 | 2,119 | 1,463 | |
Operating Lease - Operating Cash Flows (Fixed Payments) | 938 | 560 | 1,874 | 1,112 | |
Operating Lease - Operating Cash Flows (Liability Reduction) | 833 | 476 | 1,665 | 948 | |
New ROU Assets - Operating Leases | $ 2,167 | $ 1,169 | $ 3,545 | $ 2,563 | |
Weighted Average Discount Rate | 3.26% | 3.26% | 3.09% | ||
Weighted Average Remaining Lease Term (Year) | 6 years 10 months 6 days | 6 years 10 months 6 days | 7 years 8 months 26 days |
Note 12 - Leases - Future Minim
Note 12 - Leases - Future Minimum Lease Payments (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Remaining of 2022 | $ 2,196 |
2023 | 4,449 |
2024 | 3,554 |
2025 | 2,491 |
2026 | 1,670 |
Thereafter | 4,247 |
Total future lease payments | 18,607 |
Less imputed interest | 1,722 |
Total | $ 16,885 |
Note 13 - Segment Reporting (De
Note 13 - Segment Reporting (Details Textual) | 6 Months Ended |
Jun. 30, 2022 | |
Number of Operating Segments | 3 |
Note 13 - Segment Reporting - I
Note 13 - Segment Reporting - Information by Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Adjusted EBITDA | $ 11,700 | $ 11,158 | $ 23,012 | $ 23,881 |
Depreciation of property and equipment | 6,735 | 4,211 | 12,778 | 7,970 |
Impairment and loss on disposition of property and equipment | 95 | 6 | 507 | 66 |
Amortization of intangible assets | 2,843 | 2,346 | 5,686 | 4,965 |
Interest expense, net | 2,422 | 1,003 | 4,217 | 1,939 |
Accretion of contingent consideration | 50 | 95 | 148 | 191 |
Share-Based Payment Arrangement, Expense | 1,436 | 1,209 | 2,828 | 2,231 |
Unrealized loss (gain) on change in fair value of forward contracts | 0 | 191 | 0 | 357 |
Unrealized loss (gain) on foreign exchange revaluation of foreign denominated monetary assets and liabilities | 46 | 42 | 100 | 106 |
Acquisition and other costs1 | 460 | 367 | 1,076 | 1,136 |
Income (Loss) before provision for income taxes | (2,387) | 1,688 | (4,328) | 4,920 |
Net Revenues | 83,084 | 75,093 | 164,183 | 145,968 |
Direct cost of revenues | 49,300 | 49,133 | 98,721 | 95,320 |
Segment Gross Margin | 33,784 | 25,960 | 65,462 | 50,648 |
Corporate, Non-Segment [Member] | ||||
Adjusted EBITDA | 1,906 | 2,902 | 3,717 | 7,436 |
Net Revenues | 2,830 | 4,549 | 5,748 | 8,480 |
Direct cost of revenues | 2,725 | 3,227 | 5,335 | 5,948 |
Segment Gross Margin | 105 | 1,322 | 413 | 2,532 |
Fiber Internet Services [Member] | ||||
Adjusted EBITDA | 11,700 | |||
Fiber Internet Services [Member] | Operating Segments [Member] | ||||
Adjusted EBITDA | (6,185) | (4,590) | (10,505) | (8,517) |
Net Revenues | 10,221 | 5,548 | 20,009 | 10,630 |
Direct cost of revenues | 4,417 | 3,006 | 8,455 | 5,613 |
Segment Gross Margin | 5,804 | 2,542 | 11,554 | 5,017 |
Mobile Services [Member] | ||||
Adjusted EBITDA | 11,158 | 23,012 | 23,881 | |
Mobile Services [Member] | Operating Segments [Member] | ||||
Adjusted EBITDA | 3,872 | 724 | 5,919 | (356) |
Net Revenues | 8,970 | 2,734 | 15,817 | 3,372 |
Direct cost of revenues | 1,058 | 113 | 2,019 | 198 |
Segment Gross Margin | 7,912 | 2,621 | 13,798 | 3,174 |
Domain Name Services [Member] | Operating Segments [Member] | ||||
Adjusted EBITDA | 12,107 | 12,122 | 23,881 | 25,318 |
Net Revenues | 61,063 | 62,262 | 122,609 | 123,486 |
Direct cost of revenues | 41,100 | 42,787 | 82,912 | 83,561 |
Segment Gross Margin | $ 19,963 | $ 19,475 | $ 39,697 | $ 39,925 |
Note 13 - Segment Reporting - S
Note 13 - Segment Reporting - Summary of Property and Equipment by Geographic Region (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Property and equipment | $ 225,202 | $ 172,662 |
CANADA | ||
Property and equipment | 1,523 | 1,994 |
UNITED STATES | ||
Property and equipment | 223,642 | 170,630 |
Europe [Member] | ||
Property and equipment | $ 37 | $ 38 |
Note 13 - Segment Reporting -_2
Note 13 - Segment Reporting - Summary of Amortizable Intangible Assets by Geographic Region (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Amortizable intangible assets | $ 32,549 | $ 38,118 |
CANADA | ||
Amortizable intangible assets | 3,512 | 1,386 |
UNITED STATES | ||
Amortizable intangible assets | $ 29,037 | $ 36,732 |
Note 13 - Segment Reporting -_3
Note 13 - Segment Reporting - Summary of Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Balance at beginning of period | $ 541 | $ 222 |
Charged to costs and expenses | 152 | 319 |
Write-offs during period | 0 | 0 |
Balance at end of period | $ 693 | $ 541 |
Note 14 - Stockholders' Equit_2
Note 14 - Stockholders' Equity (Details Textual) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Feb. 10, 2022 | Feb. 09, 2021 | Feb. 13, 2020 | Feb. 12, 2020 | |
Stock Buyback Program 2022 [Member] | ||||||||
Stock Repurchase Program, Authorized Amount | $ 40 | |||||||
Stock Repurchased and Retired During Period, Shares (in shares) | 0 | 0 | ||||||
Stock Buyback Program 2021 [Member] | ||||||||
Stock Repurchase Program, Authorized Amount | $ 40 | |||||||
Stock Repurchased and Retired During Period, Shares (in shares) | 0 | 0 | 0 | |||||
Stock Buyback Program 2020 [Member] | ||||||||
Stock Repurchase Program, Authorized Amount | $ 40 | $ 40 | ||||||
Stock Repurchased and Retired During Period, Shares (in shares) | 0 |
Note 14 - Stockholders' Equit_3
Note 14 - Stockholders' Equity - Stockholders' Equity Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Balances | $ 115,012 | $ 115,092 | ||
Exercise of stock options (in shares) | 975 | 45,538 | 12,567 | 73,875 |
Exercise of stock options | $ 56 | $ 570 | ||
Stock-based compensation | 1,436 | 2,828 | ||
Net income | (3,125) | $ 1,807 | (6,145) | $ 3,956 |
Other comprehensive income (loss) | 121 | $ (773) | 1,155 | $ (1,239) |
Balances | $ 113,500 | 113,500 | ||
Shares deducted from exercise of stock options for payment of withholding taxes and exercise consideration | 0 | |||
Repurchase and retirement of shares | $ 0 | |||
Common Stock [Member] | ||||
Balances (in shares) | 10,762,581 | 10,747,417 | ||
Balances | $ 29,655 | $ 28,515 | ||
Exercise of stock options (in shares) | 975 | 12,567 | ||
Exercise of stock options | $ 76 | $ 832 | ||
Stock-based compensation (in shares) | 5,191 | 10,623 | ||
Stock-based compensation | $ 462 | $ 846 | ||
Other comprehensive income (loss) | $ 0 | $ 0 | ||
Balances (in shares) | 10,768,747 | 10,768,747 | ||
Balances | $ 30,193 | $ 30,193 | ||
Shares deducted from exercise of stock options for payment of withholding taxes and exercise consideration (in shares) | (1,860) | |||
Shares deducted from exercise of stock options for payment of withholding taxes and exercise consideration | $ 0 | |||
Repurchase and retirement of shares (in shares) | 0 | |||
Repurchase and retirement of shares | $ 0 | |||
Additional Paid-in Capital [Member] | ||||
Balances | 3,530 | 2,764 | ||
Exercise of stock options | (20) | (262) | ||
Stock-based compensation | 974 | 1,982 | ||
Other comprehensive income (loss) | 0 | 0 | ||
Balances | 4,484 | 4,484 | ||
Shares deducted from exercise of stock options for payment of withholding taxes and exercise consideration | 0 | |||
Repurchase and retirement of shares | 0 | |||
Retained Earnings [Member] | ||||
Balances | 80,450 | 83,470 | ||
Exercise of stock options | 0 | 0 | ||
Stock-based compensation | 0 | 0 | ||
Net income | (3,125) | (6,145) | ||
Other comprehensive income (loss) | 0 | 0 | ||
Balances | 77,325 | 77,325 | ||
Shares deducted from exercise of stock options for payment of withholding taxes and exercise consideration | 0 | |||
Repurchase and retirement of shares | 0 | |||
AOCI Attributable to Parent [Member] | ||||
Balances | 1,377 | 343 | ||
Exercise of stock options | 0 | 0 | ||
Stock-based compensation | 0 | 0 | ||
Other comprehensive income (loss) | 121 | 1,155 | ||
Balances | $ 1,498 | 1,498 | ||
Shares deducted from exercise of stock options for payment of withholding taxes and exercise consideration | 0 | |||
Repurchase and retirement of shares | $ 0 |
Note 15 - Share-based Payment_2
Note 15 - Share-based Payments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 10,300 | $ 10,300 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 4 months 24 days | |||
Share-Based Payment Arrangement, Expense | $ 1,436 | $ 1,209 | $ 2,828 | $ 2,231 |
Note 15 - Share-based Payment_3
Note 15 - Share-based Payments - Share-based Payments (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Outstanding, Number of shares (in shares) | 883,254 | 808,469 | 904,151 | 845,020 |
Outstanding, Weighted average exercise price per share (in dollars per share) | $ 64.37 | $ 55.55 | $ 64.36 | $ 55.31 |
Granted, Number of shares (in shares) | 211,480 | 239,050 | 218,480 | 239,050 |
Granted, Weighted average exercise price per share (in dollars per share) | $ 42.07 | $ 79.43 | $ 43.01 | $ 79.43 |
Exercised, Number of shares (in shares) | (975) | (45,538) | (12,567) | (73,875) |
Exercised, Weighted average exercise price per share (in dollars per share) | $ 56.98 | $ 43.24 | $ 56.66 | $ 44.82 |
Forfeited, Number of shares (in shares) | (15,951) | (9,498) | (31,394) | (17,562) |
Forfeited, Weighted average exercise price per share (in dollars per share) | $ 75.87 | $ 61.23 | $ 73.05 | $ 61 |
Expired, Number of shares (in shares) | (7,763) | (1,386) | (8,625) | (1,536) |
Expired, Weighted average exercise price per share (in dollars per share) | $ 58.62 | $ 61.93 | $ 58.97 | $ 61.93 |
Outstanding, Number of shares (in shares) | 1,070,045 | 991,097 | 1,070,045 | 991,097 |
Outstanding, Weighted average exercise price per share (in dollars per share) | $ 59.88 | $ 61.81 | $ 59.88 | $ 61.81 |
Number exercisable (in shares) | 540,937 | 438,437 | 540,937 | 438,437 |
Options exercisable, Weighted average exercise price per share (in dollars per share) | $ 59.62 | $ 53.16 | $ 59.62 | $ 53.16 |
Note 15 - Share-based Payment_4
Note 15 - Share-based Payments - Summary of Exercise Prices, Weighted Average Remaining Contractual Life and Intrinsic Values of Outstanding Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Number outstanding (in shares) | 1,070,045 | |
Weighted average exercise price per share, options outstanding (in dollars per share) | $ 59.88 | |
Weighted average remaining contractual life, options outstanding (Year) | 4 years 7 months 6 days | |
Aggregate intrinsic value, options outstanding | $ 1,196 | |
Number exercisable (in shares) | 540,937 | 438,437 |
Weighted average remaining contractual life, options exercisable (in dollars per share) | $ 56.40 | |
Weighted average remaining contractual life, options exercisable (Year) | 3 years 2 months 12 days | |
Aggregate intrinsic value, options exercisable | $ 661 | |
Exercise Price Range 01 [Member] | ||
Exercise price - lower limit (in dollars per share) | $ 19.95 | |
Exercise price - upper limit (in dollars per share) | $ 19.95 | |
Number outstanding (in shares) | 7,000 | |
Weighted average exercise price per share, options outstanding (in dollars per share) | $ 19.95 | |
Weighted average remaining contractual life, options outstanding (Year) | 7 months 6 days | |
Aggregate intrinsic value, options outstanding | $ 172 | |
Number exercisable (in shares) | 7,000 | |
Weighted average remaining contractual life, options exercisable (in dollars per share) | $ 19.95 | |
Weighted average remaining contractual life, options exercisable (Year) | 7 months 6 days | |
Aggregate intrinsic value, options exercisable | $ 172 | |
Exercise Price Range 02 [Member] | ||
Exercise price - lower limit (in dollars per share) | $ 21.10 | |
Exercise price - upper limit (in dollars per share) | $ 21.10 | |
Number outstanding (in shares) | 20,892 | |
Weighted average exercise price per share, options outstanding (in dollars per share) | $ 21.10 | |
Weighted average remaining contractual life, options outstanding (Year) | 6 months | |
Aggregate intrinsic value, options outstanding | $ 489 | |
Number exercisable (in shares) | 20,892 | |
Weighted average remaining contractual life, options exercisable (in dollars per share) | $ 21.10 | |
Weighted average remaining contractual life, options exercisable (Year) | 6 months | |
Aggregate intrinsic value, options exercisable | $ 489 | |
Exercise Price Range 03 [Member] | ||
Exercise price - lower limit (in dollars per share) | $ 41.97 | |
Exercise price - upper limit (in dollars per share) | $ 48 | |
Number outstanding (in shares) | 221,480 | |
Weighted average exercise price per share, options outstanding (in dollars per share) | $ 42.24 | |
Weighted average remaining contractual life, options outstanding (Year) | 6 years 9 months 18 days | |
Aggregate intrinsic value, options outstanding | $ 535 | |
Number exercisable (in shares) | 7,000 | |
Weighted average remaining contractual life, options exercisable (in dollars per share) | $ 47.29 | |
Weighted average remaining contractual life, options exercisable (Year) | 2 years 7 months 6 days | |
Aggregate intrinsic value, options exercisable | $ 0 | |
Exercise Price Range 04 [Member] | ||
Exercise price - lower limit (in dollars per share) | $ 51.82 | |
Exercise price - upper limit (in dollars per share) | $ 59.98 | |
Number outstanding (in shares) | 214,121 | |
Weighted average exercise price per share, options outstanding (in dollars per share) | $ 55.59 | |
Weighted average remaining contractual life, options outstanding (Year) | 2 years 1 month 6 days | |
Aggregate intrinsic value, options outstanding | $ 0 | |
Number exercisable (in shares) | 205,921 | |
Weighted average remaining contractual life, options exercisable (in dollars per share) | $ 55.60 | |
Weighted average remaining contractual life, options exercisable (Year) | 2 years | |
Aggregate intrinsic value, options exercisable | $ 0 | |
Exercise Price Range 05 [Member] | ||
Exercise price - lower limit (in dollars per share) | $ 60.01 | |
Exercise price - upper limit (in dollars per share) | $ 68.41 | |
Number outstanding (in shares) | 328,702 | |
Weighted average exercise price per share, options outstanding (in dollars per share) | $ 62.05 | |
Weighted average remaining contractual life, options outstanding (Year) | 4 years 1 month 6 days | |
Aggregate intrinsic value, options outstanding | $ 0 | |
Number exercisable (in shares) | 230,456 | |
Weighted average remaining contractual life, options exercisable (in dollars per share) | $ 62.63 | |
Weighted average remaining contractual life, options exercisable (Year) | 3 years 9 months 18 days | |
Aggregate intrinsic value, options exercisable | $ 0 | |
Exercise Price Range 06 [Member] | ||
Exercise price - lower limit (in dollars per share) | $ 70.13 | |
Exercise price - upper limit (in dollars per share) | $ 79.51 | |
Number outstanding (in shares) | 261,350 | |
Weighted average exercise price per share, options outstanding (in dollars per share) | $ 78.43 | |
Weighted average remaining contractual life, options outstanding (Year) | 5 years 8 months 12 days | |
Aggregate intrinsic value, options outstanding | $ 0 | |
Number exercisable (in shares) | 65,918 | |
Weighted average remaining contractual life, options exercisable (in dollars per share) | $ 78.11 | |
Weighted average remaining contractual life, options exercisable (Year) | 5 years 9 months 18 days | |
Aggregate intrinsic value, options exercisable | $ 0 | |
Exercise Price Range 07 [Member] | ||
Exercise price - lower limit (in dollars per share) | $ 80.61 | |
Exercise price - upper limit (in dollars per share) | $ 82.07 | |
Number outstanding (in shares) | 16,500 | |
Weighted average exercise price per share, options outstanding (in dollars per share) | $ 81.27 | |
Weighted average remaining contractual life, options outstanding (Year) | 6 years 3 months 18 days | |
Aggregate intrinsic value, options outstanding | $ 0 | |
Number exercisable (in shares) | 3,750 | |
Weighted average remaining contractual life, options exercisable (in dollars per share) | $ 82.07 | |
Weighted average remaining contractual life, options exercisable (Year) | 6 years 3 months 18 days | |
Aggregate intrinsic value, options exercisable | $ 0 |
Note 16 - Fair Value Measurem_3
Note 16 - Fair Value Measurement - Summary of the Fair Values of the Company's Derivative Instrument Assets and Liabilities (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Derivative instrument asset, net | $ 1,976 | $ 452 |
Fair Value, Inputs, Level 1 [Member] | ||
Derivative instrument asset, net | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Derivative instrument asset, net | 1,976 | 452 |
Fair Value, Inputs, Level 3 [Member] | ||
Derivative instrument asset, net | $ 0 | $ 0 |
Note 17 - Other Income (Details
Note 17 - Other Income (Details Textual) - Purchase Agreement With DISH Wireless LLC [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Aug. 01, 2020 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Write Down of Intangible Assets and Capitalized Contract Costs | $ 3,500 | ||||
Purchase Agreement, Duration of Monthly Fees (Year) | 10 years | ||||
Purchase Agreement, Income | $ 4,520 | $ 4,808 | $ 9,272 | $ 10,203 |
Note 17 - Other Income - Other
Note 17 - Other Income - Other Income (Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Gain on sale of Ting Customer Assets | $ 4,520 | $ 4,808 | $ 9,272 | $ 10,203 |
Purchase Agreement With DISH Wireless LLC [Member] | ||||
Income earned on sale of Transferred Assets | 4,520 | 4,808 | 9,272 | 10,203 |
Gain on sale of Ting Customer Assets | $ 4,520 | $ 4,808 | $ 9,272 | $ 10,203 |
Note 19 - Subsequent Events (De
Note 19 - Subsequent Events (Details Textual) $ / shares in Units, $ in Millions | Aug. 08, 2022 USD ($) $ / shares shares | Sep. 30, 2023 | Mar. 31, 2023 | Mar. 30, 2023 | Aug. 31, 2022 | Jun. 28, 2022 | Oct. 26, 2021 USD ($) | Jun. 14, 2019 USD ($) |
Royal Bank, Bank of Montreal, Bank of Nova Scotia, HSBC and CIBC [Member] | ||||||||
Maximum Total Funded Debt to EBITDA Ratio | 4.50 | |||||||
Royal Bank, Bank of Montreal, Bank of Nova Scotia, HSBC and CIBC [Member] | Forecast [Member] | ||||||||
Maximum Total Funded Debt to EBITDA Ratio | 3.75 | 4 | 4.50 | 5 | ||||
Royal Bank, Bank of Montreal, Bank of Nova Scotia, HSBC and CIBC [Member] | Guaranteed Credit Facility [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 180 | $ 240 | ||||||
Subsequent Event [Member] | Royal Bank, Bank of Montreal, Bank of Nova Scotia, HSBC and CIBC [Member] | ||||||||
Maximum Total Funded Debt to EBITDA Ratio | 4 | |||||||
Minimum Interest Coverage Ratio | 3 | |||||||
Debt Instrument, SOFR Floor | 0% | |||||||
Subsequent Event [Member] | Royal Bank, Bank of Montreal, Bank of Nova Scotia, HSBC and CIBC [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.10% | |||||||
Subsequent Event [Member] | Royal Bank, Bank of Montreal, Bank of Nova Scotia, HSBC and CIBC [Member] | Adjusted One Month SOFR [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.10% | |||||||
Subsequent Event [Member] | Royal Bank, Bank of Montreal, Bank of Nova Scotia, HSBC and CIBC [Member] | Adjusted Three Month SOFR [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.15% | |||||||
Subsequent Event [Member] | Royal Bank, Bank of Montreal, Bank of Nova Scotia, HSBC and CIBC [Member] | Adjusted Six Month SOFR [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||||||
Subsequent Event [Member] | Royal Bank, Bank of Montreal, Bank of Nova Scotia, HSBC and CIBC [Member] | Guaranteed Credit Facility [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 240 | |||||||
Series A Preferred Unit Purchase Agreement [Member] | Subsequent Event [Member] | ||||||||
Unit Purchase Agreement, Maximum Units (in shares) | shares | 10,000,000 | |||||||
Unit Purchase Agreement, Price Per Unit (in dollars per share) | $ / shares | $ 6 | |||||||
Unit Purchase Agreement, Conditional Additional Units (in shares) | shares | 23,333,333.34 | |||||||
Unit Purchase Agreement, Investment | $ 60 | |||||||
Unit Purchase Agreement, Investment Payable | $ 140 | |||||||
Unit Purchase Agreement, Standby Fee Percentage | 0.50% | |||||||
Unit Purchase Agreement, Interest, Percent | 15% | |||||||
ECC Agreement [Member] | Subsequent Event [Member] | ||||||||
Equity Contribution Agreement, Commitment | $ 400 | |||||||
ECC Agreement [Member] | Subsequent Event [Member] | Minimum [Member] | ||||||||
Unit Purchase Agreement, Interest, Percent | 13% | |||||||
ECC Agreement [Member] | Subsequent Event [Member] | Maximum [Member] | ||||||||
Unit Purchase Agreement, Interest, Percent | 17% |