Monica Webb | Senior Director, Market Development, Strategic Partnerships, and IR |
Elliot Noss | President and CEO |
Dave Singh | CFO |
Welcome to Tucows' Fourth Quarter 2021 Management Commentary.
We have prerecorded prepared remarks regarding the quarter and outlook for the company. A Tucows-generated transcript of these remarks with relevant links is also available on the company's website. We urge those listening to, or reading this commentary, to first watch the video we posted in the investors section of our website, on the videos, decks and reports page. The video discusses our transition from reporting business segments to reporting separate businesses, which begins in the first quarter of 2022. level how high our best provides results. also context to on follow It a following their question-and-answer analysts lieu ir@tucows.com, live In of XXth. period management email investors invited until February Tucows’ and are these to to submit questions via at prospective shareholders, remarks, your or Xrd March will transcript X recorded P.M. and in at audio on address Management will Tucows be website a response that posted questions directly, to the approximately Time. Eastern key Quarterly Scorecard also for like that KPI the full for to our and Summary, in for all metrics the Tucows' and Presentation. Build is section the XXXX, XXXX, businesses quarters, provides would of website, We as eight the which years advise last along of XXXX, Investors Investor available updated with as Ting the well updated
to Officer, to Go its Tucows’ the Elliot. for to the risk XX-K Elliot the tucows.com, such, in are prepared That On a are I available with on following financial uncertainties company filings call forward-looking and description as detail which, its most are the and results fourth note filed under security to statements, Executive XXth, differ Tucows management’s XX-Q. materially. reporting financial ended These actual discussion like company's to for may year website news risks and the XXXX. ahead cause Forms full you February the the remarks. Please urges reports section. applicable on the that a December factors results full turn read issued Noss. Chief its recent Thursday, subject and XXst, release, documents described that in quarter the for specifically President The statements, Investors release news include business. SEC, factors company’s of Now the company's could the would now risk for and at over
consistent in continues setting to each the The perform showing a Wavelo, pivot businesses year-over-year fourth a up solid closed but performance Mobile contribution, of in across Tucows performance, XXXX, our Services future Domain business. more comparable record was Monica. work even for our results delivered in a business resulting to important. Tucows’ financial year. another its Thanks the quarter financial completing new as while with quarter first its expected, Enabler growing business, Services
reporting another for this say, build our accelerated we you with Importantly, in or business, capital Mobile to naming the and quarter telecom urge from separate I you how with best we to XXXX, approach. note am watch reporting new today posted comparisons that approach, the be based segments the high video follow business moving go in will our platform, relevant And I reporting I reporting the metrics. have speak Please of fantastic businesses. we make results. again. operating base, forward-looking from and to of as when Wavelo, view comparisons expenditures year, on out and to all, earlier to into Services progress of customer business based on will Enabler, never Ting guidance, record SaaS our below I other XXXX to our are Internet remind a the network and talking of previous we that about I for are continued the level the
was Gross was of expansion $XX.X quarter our for Services Growth $XX.X increased driven financial the by well business. as to $XX.X our year-over-year XX% base, fourth the XX% Mobile million. from total profit XXXX. million, for million, as revenue the Fiber customer Ting QX from up to Turning to results, $XX.X million,
million, profit million in million. down X% million, XXXX and total the was $XX.X year, XXXX $XX.X X% For revenue down $XXX gross $XXX from was from
model Platform impact months five reflects reminder, DISH. in year the to full customers of sold a the shift last MSE revenue the from of the the XXXX and were that the the comparison As to
For quarter, QX share, net in-quarter of compared of was loss $X.XX in result loss XXXX. a in tax The $X.X with will effective million, for per of net $X.XX or as QX $X.X we million, incurred or XXXX share, Dave discuss the a per more the detail. fourth income higher rate, of
XXXX of the million the For operations Fiber. share by million was year, DISH $X.X income impact reminder per QX during in with Ting prior increased for the driven retail $X.X an period. $X.XX QX cash transition to for million XXXX million that with Cash due primarily from $X.XX from or Mobile compared operations year, or of our that Ting per a XXXX, compared with low investment net $X.X flow to was the QX $XX.X the had share flow atypically operations in
the operations For in was $XX.X compared million $XX.X from million flow with year, XXXX. cash
$XX QX Finally, in million $XX.X QX down from adjusted down was year, And EBITDA adjusted million of from all million, for million, XXXX. $XX.X XXXX. X% EBITDA the was $XX.X X% for
QX of X%, gross year-over-year. operating EBITDA expenses of foreign businesses, capping Canadian Services Tucows down another exchange X%, our up off solid dollars. unchanged, addition the the individual profit, EBITDA. revenue, Turning a records and quarter, underscored The again and of registry Domain and the consistency saw EBITDA reflects business adjusted with the that once in business, rates year adjusted full to gross delivered revenue lower for margin adjusted impact this for
to well gross however, from X%. pre-pandemic I our note post-pandemic quality In registrations increase In this on gross XXXX. as up still of up were QX of Wholesale was million, that the Portfolio end outsized with from for up business, QX essentially revenue is is with QX contribution margin were customer from we of of X.X component our Renewals due XX%. the Services have Total year-over-year transactional essentially levels of renewals base. during the was to Given gross Channel, the of the part, operating end continued QX, higher steady-state pandemic. down impact XXXX XX% gross lesser prior as unchanged X%, to what relative X%. at of up QX pandemic the level Channel, unchanged ticked rate revenue levels, a QX revenue QX we again, benefit QX. Wholesale Domain XXXX the was in X% margin calls year from year, to dissipated for from QX discussed normal The that the XX%, the margin the high last renewal the And at in the registration Wholesale XXXX, activity up to of which is XXXX, from historical in as although returned toward XX% pre-pandemic year. as levels again unchanged for first-time outsized at XXXX; number as is most level degree up return result for I our The the from to the the will XXXX, in positive that a of margin to excluding of the of once exited again
the industry renewal Wholesale above remains rate average. Our
XXXX. business, Finally, performance The outsized case Value-Added outsized from Retail XX% In year-over-year. essentially XX% from from Wholesale retail for last as XX% total stream or I revenue that our driven the pandemic-driven component new four from quarter, Wholesale registrations and QX unchanged registrations we Channel normalized delivered into over again were up of been good the has of up so the were volumes, down down When have activity QX down XX% just were Channel, very noted to our several calls, levels. business XXXX. levels, another XXX,XXX, transition registrations due our again, quarters. total customers gross past adjust the year’s for from The the on our and XXXX’s increases to the by expiry last margin once Services post-pandemic return X% with are
QX I note at XXXX. New held down decreased steady has Gross The year’s new outsized been at the for our included renewal the from sizable portfolio, three industry rate Channel a solidly subsumed the were Retail was activity XX% to in X% Channel above Retail XX%, end into due where XXXX, QX average. our registrations last Retail for from the which will last year-over-year, again, of the margin sales few quarters, which quarter. for registration it
was the report Retail with of highly last I experience. am Last complementary industry talented the from gross specific UNR’s them bringing Excluding is QX integration of team, engineering X% these I that quarter, down acquisition addition to pleased sales, of Domains registry its margin and technology complete. discussed the year. of platform UNR
is three engineering Tucows the able businesses, a the increasing dedicated in benefit within and into each, separation what here operations, and I focused team to of accomplish. ahead, to with be specifically Looking resources referring most real will am
is that to over changes, design first The have all business. technical This way that Domain is allows in or Wavelo, customers mobile customer to to that have deal to to brand this experience difficult That to Apple. Domains, projects mobile for problems, sucks are services? Internet is to software like the that in Tucows that get and to fundamentally to and happiest guarantee the in the on us longer-term the buy incredibly with, business. from our it terminate software of services; powers is satisfaction. new high make its satisfaction. customer the opportunities XXXX. growth few necessary weeks the requires set to create Mobile hand. now launch thing Services great the allows billing helping the doesn’t telecom still customers does Ting it again, How some ago world outstanding will It software investors world Google; processes with only for our business. services With software A to the that make it happy For customer launched its the complete It respect EVERY like Telecom DISH rethinking Amazon; future expect to grow stage our enabled like but complete levels generally to we is is network. telecom the experience migrations out ISP that rapidly Wavelo possible. business to Ting we DISH, enable it,
could needs arise, Of course, as be delayed. migrations client
to DISH later continue by of ingenuity the team be Vegas this impressed Las year. towards in they the We forward as launch look XG the
co-creation the Mobile have are We relationship the teams. with we DISH Boost enjoying and
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investors many DISH DISH’s As follow view to term. of consensus for a both analyst get plans the reports and reminder, the can XXXX longer in a
not Customers that a Wavelo is important had most fits I the business, for their I we suppliers. vendor. it the I that As note business. likes indicator single launch know a telecom their There successful hate have
talk how on now internet. of heard simplifying for the about Telecom Internet. years the we focus the complexity me is You’ve
just competitors realize don’t Our it.
post-migrations. Mobile discussed this than can doubled platform platform basis, the last prepared both of $X.X the short-term the million. as in $X importantly, this those margin gross services million, Mobile under normalize, and grew Services of we for in QX expected On revenue but work more our model. migrations, call, with of new and $X.X business being million. example than XXXX. project triple XXXX revenue XXXX million to $X from I choppiness noted in was apples-to-apples completed entirety metrics we expected is million this. thousand first to QX and $X.X I which an to earlier, quarter more $X.X XXXX business As Total was in to both QX on with in Professional from the compare only million more the million, increased another from $XXX retail $XX.X revenue the
customer metrics. subscribers. Moving to with we quarter additions, had developments across us net XX,XXX X,XXX and most of great gains, important Ting had strategic Fiber, another We strong on to this some taking gains quarter acquisition
reducing last construction addresses. doubling of XX,XXX Our and takes between to than address service. lighting addresses XX,XXX more jumped serviceable areas This quarter, with a areas, time those starting and Ting-owned benefit additions to us up serviceable in the passed X,XXX, gap
high forward-looking future in reached design network issues. CapEx chain investment network and fiber another XXXX inventory in Our builds, anticipation in including mitigate potential QX, in $XX.X million, new to of supply at
XXXX recall investment will last to expect our we I should investors climb. scale that continue and in intend and XXXX, expansion said to to fiber and CapEx You quarter significantly
on Southern Simply their the wireless Arizona. terms leveraging In be developments, we resources initial that pursue our biggest Colorado scale of a This focus would footprint by with early owned a planned, fiber service. markets city-wide acquisition their new announced Utilities being January, expertise, and the serviceable yet our in and we tenant Colorado addresses. In our Ting expansion our and opportunity Springs at us delivering Colorado network XXX,XXX with Springs. best-in-class would provides be limited into Tucson-based utilizing in closed as Bits in to presence on of and are market to investment, efforts built anchor QX, and This
are indicated excited more have to in We relative we note interest economics we ownership about less that opportunity. tenancy but and this here appropriate the are
experience access continues. internet to a are On From little ISP companies of Springs telecom most or the efficient the with continuing been it has how like the note, are see In and we is days not the opportunity build some up unparalleled homes fiber of our coax-to-fiber our transition to one to Ting U.S. the seeing. over Dave own quarter customers operations, operating engage States. five general expressions laying in of to build of our now increased they to detail. ISP, the take expect fiber together, XXXX. thing, financial United We operations, nascent fiber with providing years, pushed that illustrate to our to in total funding it, be an many times through cable if to been builders really first for clear used would No this that the our from looking this of stand early, to to Dave? the fiber sort When that in is than intent a we have continue mid-XXXXs, have forward been an our losers. that like experienced required for favor. rates I'd key early our in most U.S. generate quarter, clearly recognized greater having as success, actual we to battle we now say in will we with we so all now, Colorado significant and current the long-term we results and and fiber Having last one the our race margins and multiple winners only were participate more CFO, cities, equal To if for more when the in turn the will matter be believe added call it, the review now, working the in spreadsheets combine is, our operator. determinants over all how in a Singh, I operator, acceleration chances. of It to is continue this even that
Elliot. Thanks
earlier, in As August was Mobile model Business Services previous our to comparable for of Ting the Mobile or XXXX following the Elliot the the of and of the MSE, with the to noted directly change customers Mobile sale results fourth Mobile MVNO XXXX. Enabler, first model majority in quarter our DISH our our from model of
months of comparing to when XXXX revenue gross MSE year new the approximately However, results, model. reflects generated the full and fees by seven base margin months the customer of under sold DISH, and five generated
EBITDA As of the business the a a result, provide better versus year view XXXX. adjusted for XXXX on the overall may full Tucows operating performance
year-over-year was Services The fourth Fiber growth to the revenue by Services, was XX% majority transition Turning Total XXXX. revenue now Services increase for Internet degree, Total Services that the million of expand. revenue a as quarter Services. the of from that quarter and $XX.X results. related to Platform revenue subscriber fourth from million arrangements and XX% Ting as, as well Mobile Mobile being up to XXXX which Fiber increased for was XXX%, the lesser of both revenue our services to Internet services by higher driven year-over-year with professional to up $XX.X Platform. Other by driven change base Professional Services, includes in continued
Elliot revenue for from Retail gross to from $XX.X Services retail revenue services This Services to also due unchanged finally, by legacy variability single DISH’s apparent the increased to mentioned our same up Tucows revenues. mainly mobile due a Services to related mainly for prior due Services the in QX And Cost Boost million and is the was a and from margin year-over-year. on earlier, QX Professional project from Domain last $XX.X revenue XXXX, period the Platform to year. revenue essentially costs increase was network noted especially of was time before related will of margin Mobile million, for with to initiative. base Revenue X% lower as be of ramping. As higher revenue change a Other lumpy revenues calls Mobile of Services period QX,
costs of XX%. Gross increase million, over As $XX.X $XX.X before revenues the of mainly expansion network fourth year Fiber a for XX% network year an Ting in due to million, revenue, to higher with margin. to costs decreased percentage cost revenues before quarter increased from profit from the margin services mobile XX% and gross
to of X% As now gross margin gross before of a period in Tucows QX XX% increased percentage from I’ll for XXXX margin Domain XXXX. network quarter of same revenue, from year prior costs million businesses increased from to $XX.X of the our $XX.X for margin each the review Services’ fourth gross three of individually. the XX% million.
for of $XX.X of Services gross X% Wholesale revenue, margin same year ticked for gross Domain from percentage Services, to a As period up million. the XX% the Within Tucows XX% increased XXXX. Domain year over margin to for Channel
Retail a As XX% $X.X QX increased revenue, decreased to Wholesale Domain for Gross to from margin the X% gross XX%. XXXX. Channel of million, for of for percentage the margin million Channel Services from $X.X
As gross margin a percentage XX% was compared revenue, with of XX%.
Services, For fees the million was million and $X.X increased in Services to Services, $X.X which million earlier. Platform million, by for Mobile $X.X increase XXXX. of was gross generated from margin by million $X.X generated increase I the of growth $X.X XXX% Other discussed QX Professional
on compared XXXX, earn per of we with Sale statement. As transaction, recognized generated Customer income income, is our million the represents treatment other million as of $X.X on that which the and Ting for accounting Assets DISH QX customer base, a the on of Gain $X.X the out
the XXXX. of sale base earn-out million customer recognized of have now the August We a $XX.X cumulative of since in
$X.X year. period the for XX% margin Services, from million For the Internet of $X.X Ting to prior increased million, Fiber just under gross same
of to by these number and are being have calls. our will is reminder, described cost on that that I a gross cause incurred factors to prior a subscriber revenue variability quarter margin As some drivers factors quarter. generated from two last impacted
and percentage of expanded both our activity period period driven an costs field the is million As depreciation Fiber The of of from Simply true the of XX% the revenue, to in stock-based in investments The up network for $X.X Amortization MSE quarter. data card Income; a legacy were assets, $X.X foreign to Fiber; infrastructure. for same development fully The related impacts same quarters the related to revenue than acquisition costs increased to expenses XX%. business to growing certain as assets by related primarily the this well subscriber reflecting to the our debt we rate support million Services center due to is assets in incursion as up. in the operating the with revenue/. past XXXX Ting as UNR is UNR marketing base Internet result lapped the of $X.X $XX to of and this million, neutral higher and million timing and build increased $XX.X of to $X.X a and slight expenses of increase of meetings and platform in-person Network People extent million, of million, margin from team. Internet acquisition increase and by support $X.X base the the to its Bits increased for included $X.X market including to this increase following. engineering result million labor from lesser costs quarter November; the Mobile to increased XX% increased entertainment to the and workforce inclusion return increase increased fiber increased as were business. workforce related quarter $X.X gross growth, a being and intangible compensation including costs XXXX. by fourth to capitalization the Professional higher with million lastly, expenses of higher Fiber support Ting fees year, Internet fees primarily for $X.X Total last relative increased Ting acquired million sale of and regulatory a network increased of the the $X.X customer bad a the build; travel driven credit the and quarter, while M&A And higher Ting up of million the costs expansion, assets. million primarily exchange Other primarily that and mobile travel Ting were related mainly the increased of for increase
to related do forward Specifically, a last of mark-to-market in QX gain our that of hedge currency resulting a loss million. we were accounting, $X.X $X.X neutral this year, qualify million of for compared contracts not to year-over-year quarter for in remeasurements
the million and a the loss fourth In XXXX, of basis. of in $X.X on decreasing had monetary denominated assets of a expenses the compared year addition, experienced year revaluation of $X.X this impact million we foreign which to quarter over our quarter on million of $X.X liabilities a loss
As a XX%. percentage of revenue, operating expenses increased to XX% from
per fourth per the million, million, annual of true share, $X.XX with of we result XXXX. tax reported of in-quarter QX effective $X.XX up higher QX to tax reflecting rate quarter of a loss XXXX effective or mainly or net income $X for For the share, The was the of in a the rate. net loss XXXX, $X.X compared
Federal XX% of reconciling for of state Canadian variance. deductions, main XX%; tax as items XX% rate rate. tax stock-option XXXX the timing higher the tax U.S. the approximately than the impact of and are drivers and for such effective aside exercise taxes rate two regular U.S. Our the is Setting there
Canadian taxes, a domains XX% in The business a domains first legacy taxed the that enom legacy Canada taxes, higher Canada, are this credit our U.S. against impact income. taxes earnings which earnings that considered utilized is on Domains outside of our First, from at on in of taxpayer. which stream. a portion than business is same legacy meaning The be the the but foreign our generates credit business tax corporate domiciled U.S. X% U.S. of are cannot
business, the Second, investments U.S. is sourced our in benefit operational credits. the in thus due Canadian take full Fiber of income negative, the ongoing cannot Ting we taxable the capital to our and
case as will current to based as credits, credits forward available to carried allowance credits. taken and able be effective will the expense. Although tax differences part those has reconciliation impact increases we don’t a provided of believe upcoming that been tax the years. in against for valuation effective past This rate be have rate the The be valuation few of utilize tax tax as we full allowance XX-K such A on those filing March. the the our
between As the Fiber changes improve. our the net evolve income and and as Platform we balance of context will these Domains, tax effective minimization rate strategies within our changes,
as accelerated EBITDA providing $XX.X are additional our EBITDA for prior compared of expansion $X.X as with of was We $X.X our Internet $X.X adjusted for reflecting XXXX. business. described loss as out regard to that are Shared negative and The Services that X% guidance expense Professional earlier. million related possible. of $X.X for Services fees with and from from $XX.X Fiber $X.X up remaining quarter by year. million includes million, was year-over-year increase QX no Platform EBITDA growing Mobile larger to an this Adjusted XXXX our CapEx down with Services which Domain primarily Corporate And I amongst for was Services follows; for for from million Tucows the million, compares million segments support the in amount $XX.X X% Adjusted outsized QX decreased EBITDA in negative the The in Services the Other we million. QX thus business million QX as increase higher XX% adjusted $XX.X also required costs $XX.X with million fast driven the $X.X to services, million, year-over-year million, deductions, positive breaks Ting
of and million, $X.X fourth third both XXXX. of cash quarter of QX the sheet, XXXX the million of balance cash up our from $X.X equivalents of the end end to Turning $X.X million the at the end were at at quarter and
in Ting of the from million same due with DISH period. flow quarter operations during operations Mobile the to million we During in increase cash the that being low atypically the prior compared with impact $X.X generated due the the Retail to of to quarter, $XX.X in XXXX, QX operations transition from the cash year the primarily
our cash In sources, and drew for our of MSE the on-going on the Fiber $X.X million in out, property from but the generated other stock accelerated Ting were $XX.X build million build. offset options. million of by terms and also $XX loan, partially we network a equipment, investment for platform exercise down net These also of primarily
million We the a quarter our on of here. call Simply which $XX.X net for also invested Bits, discussed third acquisition Elliot
quarter XXXX. deferred of Finally, end XXXX the the down concludes million from now and quarter million, third X% at revenue the of it to remarks I’ll both back end $XXX was Elliot. $XXX at of QX fourth turn of That my and
Thanks Dave.
had All we professional the with the subscription million has have our more were we million, than sometimes and of or a the have were successful participating We the will into contribution that high on that added and guidance $XX.X of than and As post-migration. stuck less million UNR provisions selling teens, XX% their was head this million contributed $X.X unit in, above this a will side noted be in outperformance Mobile the of ahead of that with was this in planned. expense one-time those year business was range a nature expectations, expiry year more XX%, future the we $XX importantly, earlier, acquisition. in come we $XX expectations. Inside and our EBITDA, we telecom Internet on $XXX,XXX ended business. $X.X around pivot the as know, to of that adjusted numbers right that, transformation focused in service or above loads year. to significant turned the with more a million into our of nearly thrilled that stream at with million. combining Domains we be in but of coming to and, you a the upside years. office Ting $X.X a are fees lot lose Most very Both revenue roughly of Tucows
the in changes. and for referencing units here. these year-over-year provide note I deferrals a using the at little provide to $XX be that from watch This XXXX, more by slightly a million strengthening network around X underlying being range Canadian start EBITDA we some growth is results, Please not them in to to the depend on contribute the greatly million the video XXXX actual we in new offset adjusted for the build when with million. be progress. provide of non-cash guidance than business Domains migration EBITDA. will couple likely I structure. flowing comparisons spike remarks and parent, will a DISH’s referred of in XXXX. we of dollar Wavelo explaining year out below to The introduction will will XXXX, three impacts Turning should $X the generate TCX. and to bit adjusted I next the pandemic will QX number of the to
happy our keeping we helping are the grow and that eyes on cash. them long are contributing with while simply We are new term opportunity, to able a
see with we enter EBITDA we higher we that its million $XX million number will year the the as to in to as no for CapEx be Internet note, we the XXXX Ting we not This first flagging $X our so, contribute what build specific The lose, surprised while. adjusted shapes of been U.S. year now, the finally business. the to TCX refine longer would a working is And take many in love assuming $XX maintain have in arrange and and that if next our It's funded quite coax-to-fiber faster we roughly our Ting this Ting close million. we most to transition businesses. expect be can rest build, on important little starts phase. learn allocations a to the will range. by more to financing will been This efficiencies, loss a can We we and negative operating accurate. as have be be the we the expect is will allocations for we to to Accordingly,
more here We expect share to soon.
to million. we years level XXXX. buyback the the same want It up to several $XX at I for note reinstated our as Next, of is past have
from business. market be of about with were right. we years massive. viewed was not later We competition. a the which ago Mobile. we the care were month simply take wholesale, Wavelo, others contribute with a the Ting And Ting is Ting ourselves larger had clear. had Ting have set a will my needs what Internet that in any we as and thinking the With about I technological into surf be others. that also But Leaders Internet Where term changes to impact everyday look We identity, very mean with some and we and to its cannot XXXX than similar different virtually but innovation. break path regularly Customers ways will verifiable note of cultural its they these years to Internet for created of distributed sail of databases in use true. little much build. in things Understanding that big have market necessary buckets: were more back At in the will more and advances retail cash, time experiencing It WebX our It helps, business cultural. were We other that ten all global every believed business, business. some amazing; proven launched period. do to and simplest needs, the the best have XX things businesses successes. The them name position in we however domain telecom an will their to as a had must leader nice a is Mobile business. global of of later ISP When for much own served. We we the impacted XX ripe arise. We nothing. changes a mostly we all the years to pieces we the thriving finance, time or to years Internet, are course to changes XXXX will believe impact longer opportunity and the their moderate poorly predict have OG every are WebX that no world in And enough. The market, the with But connections, less we exciting that financing XX a publicly see fiber expectation a to and certainty. number mean this some of degree we terrifying. I business governance. two increase guarantees technical tried now, will all leader fund the these the I were growth is at that lives, some
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