Earnings call transcript Q4 2022

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Monica Webb

Welcome to Tucows’ Fourth Quarter 2022 management commentary.

We have pre-recorded prepared remarks regarding the quarter and outlook for the company. A Tucows-generated transcript of these remarks, with relevant links is also available on the Company’s website. In lieu of a live question-and-answer period following these remarks, shareholders, analysts and prospective investors are invited to submit questions to Tucows management via email at ir@tucows.com until Thursday, February 16. Management will address your questions directly or in a recorded audio response and transcript that will be posted to the Tucows website on Tuesday, February 28 at approximately 4 p.m. time. eastern

quarters, like provides the of and updated and presentation. key for of last along also KPI Tucows our website XXXX, advise for the in the which as Build the historical Ting investor Summary, metrics eight is and to also would XXXX, the financial updated that Scorecard Quarterly businesses full includes We years well results XXXX available as with for section all Investors

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

started to businesses;Ting, reporting Finally, as Tucows separate discussed in in previously as starting we and XXXX Corporate. Tucows of Wavelo QX Domains; addition

video additional Tucows the available on detail for and a website. for As change we have rationale the a reminder,

Elliot President turn to to Elliot. like over now Tucows would ahead, and Officer, Chief Executive Go call Noss. I the

Elliot Noss

the the challenging last hoped successfully reflect now which start the challenges for important flexibility and time into provided the The learned impacting restructured rest year. that ex-Ting. an and the business, as on always to as access infrastructure year has capital work to both we Monica. This without was productive is the year. year’s we the of I for, lessons and Tucows performance, following XXXX to into channel refer quarter allowing separate past financial the of the businesses Ting of Thanks, at

business learned shared to We did services operate the a with how provisioning more importantly the holding of across but company. okay

We control. also increasing and before, dealt economic these, as and in on capital like life with world uncertainty post-pandemic. have restarting it’s of costs focus you important times can said what I’ve to a And

that’s So what done. we’ve

the had Now the exciting of in in but years, have for the for of More business. the long-term three year, continues work for more plans growth first each we than that the of we on part have XXXX, businesses the funding close. on

million. of I’m $XX.X EBITDA of that of guidance a had $XX XXXX $XX of we million beating for finished million pleased to We $XX.X million with report loss to $XX adjusted million for guidance $XX million comfortably loss. EBITDA an Ting, ex-Ting, total the to inside

to able for earnest of be is Ting end of The to telecom. notable to and to is now commenced new built in revolution Domains scale and it years-long the year Boost able integration base the Wavelo Tucows for towards migration the execution. and of coming poised refined finally advantage now take And customers to to is turn is things. has platforms poised do is established each of multiple is business. the a to

now in these from will from as as each in will detail. financial cover of well Singh, CFO, Dave the business heads our results directly remarks, You hear our who

Tucows ahead, Officer, Domains. Executive Chief Woroch, Go Dave is Dave. speaker first The

Dave Woroch

at albeit business environment. domain to broader industry and Tucows continue our Thanks, with both within normalize Domains levels, pre-pandemic year challenging the in Elliot. another quarter expectations, as that with finished was line our the a

the for million, $XX year, of million was adjusted of from was $XX.X Domain EBITDA $XX.X gross quarter fourth X%. while down quarter million, and million. last was consistent with guidance XXXX, our down Revenue margin $XX.X the Services For X% for same

in was year. transactions sequentially transactions be back Domain we previous pre-COVID our have it EBITDA the the million and the results appears Services through normalization The X% down worked calls. last modest domain that to slowed The to the of we adjusted to in reflect levels and growth. by pandemic of was that pulled $XX.X and of move discussed path channel demand QX from that fourth a has may has on forward decline quarter starting

Our QX buying through the dollar, XXXX price to which the results has our of U.S. end second the selling addressed devaluation domains is in the in in margins when recovered tail XXXX. expected We cost help end did of reflect since also implement of of the and the to in increases us escalated impact the of dollars some. U.S. customers that to Euros. half two This XXXX in Euro

in track available up support now of X% Additionally, results almost the sale XXXX is and year When periods. the for share both efficiently of EBITDA pre- our XXXX, divesting domain multi-year margin, as gross ongoing. as of business of view our looking a With COVID, period, health XXXX, with adjusted careful like a is over the full that the up business possible. post-COVID of I results timeframe the of is even a were of would transactions in record last that operating mature year and for the with management as efficiency domain over full before XXXX consistent at slowdown. This comparing we for with business, post-COVID and our absent to expenses, X% business our that normalizes portfolio are

available gross of product in Our options from pricing. continues to margin excess growing mix transactions, on be leveraging to focus all

our margin of channel last from the QX of for segments channel, quarter X% revenue down Looking and in XX%. our at business, the gross down year fourth Wholesale was

XX%, due channel, after-market sales. period to down Within was Domain last reduced down the was domain X% year, the demand gross the margin Services’ in from Value-Added gross margin Wholesale while Services’ for same

consistent margin well channel, revenue gross average. in and XX% brands with all QX year-over-year. the while Retail was industry renewal above our at In And up Tucows XX% X%, remains was increased overall across combined rate, Domains QX our

finally, topic to core you in and and exploring and Services. wanted to on interested the distribution services with Value-Added our early for very new of are over we XXXXs I two business channels. again, to XXXXs And in; bring Having with am to up been a efforts are complementary pick I and launch many know the initiatives decades, our I business familiar the one

integration More business with success And through focus was the provide scale. from we some our XXXX XXXX acquisitions and to with our email, did certificates achieve sales. domain related and recently, aftermarket SSL on

and integration leveraging Now, margin Domains sights platform the nearing our we we generate again work already turned with completion, business. are incremental the our revenue to can capabilities for gross how, have,

that is the A significantly foundation develop services invest to a that more not and presence, name domain currently. we web of presence. the spend development do facilitate in understand and resellers We our web that that

year last we have value our the additional parts exploring quietly bring to of automation older we might how channel the been and hosting For payments. through

development cost to we not we distribution but operating is within fit get will importantly, to on a to and consistent do are And possess. material expect we operational be unique structure. done see these of about In being channel to back best vigilance looking our excited initiatives with how product thinking contribution, for current costs, market the the our leverage XXXX,

to bear. So streamline about for ways provide excited now, operationally our revenue business to really being able develop distribution and I’m that find to for bringing new business creative something the the channels services incremental is

Wavelo. of CEO Reilly, Justin to over Now,

Justin Reilly

pleased. and between Thanks, million XX What course, will in developed first anchor a we’re I’m In revenue. the platform, an Dave. Wow! a a But in long Wavelo months, as Overall, XXXX customers inning. launched million we game. And Wavelo’s and with marks built feature-rich $XX $XX the business brand, productized built very first year. year a just two it’s the team, independent business. that generate and of

Since the the is provisioning networks, spoken that a legacy flexible and between platform. allowing fragmented very a collection for aggregates into the that opportunity today believe gap about exists I for and beginning, fixed of is and billing used solution emphatically large. brands the systems mobile and the and chasm there single multiple Wavelo opportunity I’ve services a

say, deliver should not type experience. we provisioning.” matter excited are for us seamless to wrap It no Wavelo, with heard the or to customer a network the and year platform has. the You’ve service, is something billing and else That “Everything platform is one

with be We continue pleased our partnership to with DISH.

optimistic a growth customer a experience, subscriber they service Boost on lineup, competitive pricing. we DISH’s the cheapest launch to they base. shared market the their and and As on legacy progress push disruptive with Between country, are of DISH’s the towards focus superior Infinite, XG, of product a about unlimited our continue fulsome in add

investors recommend we DISH, about own speak with we when disclosure. always, As supplement DISH’s

email and doing Tucows now fall and experiences and have ultimately we’ve means in across with tool on our While telecom migration clunky robust in for toolkit This Wavelo at mobile it market. the switching, names, alike, customers struggled love has spent We sharpening decades dime. often on domain simplicity. less with try making most customer’s the pain telecoms the the new to migration easier so

new go-to-market that not one And announcing sometime a to expecting topic today, activities. but of to this I’m customer our announce the are year. a we me brings new here

them is MVNOs from all We’re a of MNOs, world; getting interest common diverse course, The forces back of fixed-mobile a to systems. revisit which, office their theme range of operators convergence the lot over ISPs. and

investors I professional significant our our remind business fees. reoccurring that revenue Currently, user a portion services. based is of primarily on is model

We with the X in million from QX We addition end have QX of subscribers existing X much spent new at subscribers QX subscribers. migrating million ended of QX. Boost adding platform, to up total organic the and on

read X.X I this, million. we’re As at

pace can accelerating. you So the see

the of We Boost expect continue be to to by subscribers midyear. most migrated

$X.X cash for The adjusted $X within was of XXXX, is we that labor capitalized from guidance the reported as to foundation. Wavelo built million. the do recognize EBITDA, million negative report our I in million we year organizational were full which topline $X

Wavelo Tucows remarks. talk job. Having is a close cash, will XXXX today’s in one the of number my guidance tradition, about Elliot generate

from As down million, XX% of QX, up year-over-year. Wavelo’s $X.X revenues XX.X% but were QX

cover professional DISH QX will margin more recognition user the in QX, flat Dave from revenue year-over-year. earlier from in and recurring the detail. on $X.X to lumpy revenue largely down These which transition and XX% my revenue services Gross from illustrate point was Wavelo agreement impacts as numbers moves revenue million

this QX because quarter XXXX. we Our hiring more adjusted growth negative year-over-year. with the that, conservative from million, at above be of decline I last in down note the burn environment, macroeconomic will of noted and the and gross $X.X the was margin business. This reflects XXX% both for will in number the point XX% EBITDA

quarters. challenging four expect the We next continue the over economic environment to

in confidence out business not complete feature, waters to this Tucows, we challenging our born a team’s a know ability As management bug. the is a ahead. of I And navigate It well. have

Thanks Elliot. and now to for listening, over

Elliot Noss

Thanks, construction, in Ting Justin. construction In QX, fiber September delivered microtrenching. using is including in nicely strong and started of quarter accelerating where another Alexandria

first serviceable We address XXX,XXX to addresses Ting-owned infrastructure expect number total addresses, Partner there QX. addresses. in XX,XXX the us serviceable The late and serviceable XX,XXX for for taking QX is total

consistent Our CapEx was quarter. QX fiber million, with the previous $XX.X

XXXX supply as million, additions potential Annual we in was to level spent increasing have up any been inventory three CapEx last a XXXX $XX.X over million is we XX.X% address $XX And issues. that, velocity in the to for I which note addition, consistent, build quarters. chain higher about our

about. Our X,XXX, taking to that Partner was additions Ting total and Ting-owned talked XXX,XXX serviceable nearly both us address we for

QX numbers subscribers in added as footprints. those in us Ting-owned to We in ramp over net as expect taking well X,XXX our XX,XXX QX, total. continue in We Partner both of to some footprints

end quarter before have function The mentioned I’ve of that they address is total with holidays. year-over-year. and the high have grown during growth. Our address a that growth subscribers the were largely at good in service the QX. subscriber serviceable And lit is we serviceable additions did challenge XX.X% of

$XX.X is the QX So and quarter-over-quarter, year-over-year the the It be installing factors X% QX will $X.X have in as quarter million. continue year-over-year. revenue grew through despite corresponding currently pipeline. ongoing X.X% in up we’re in by and a X% XX% and we U.S., The from strong is Gross grew quarter-over-quarter profit this bump preorders. mature $X.X million. macroeconomic million, that for subscribers contribution preorder to to market XX% worth working year-over-year QX again Ting’s to mentioning XX%

line that on larger line, our to it ever as more will story but will bottom continue growth on a continue build tell uneven reminder to A the the be footprints. top numbers in we

California, microtrenching markets Culver in market For updates, our in continues partner and our California. in Alexandria, City, markets Virginia,

weather delays. although Colorado, our will see some We’re Centennial, in accelerated using microtrenching also that continuing build winter market

Our of Springs their ramping market there. partner up Colorado marketing has and construction, we’re our started also efforts

suburbs, we to our some best other Denver be areas will construction as deploy South crews. of we surrounding from attention our moving to the Aurora In work

We will accordingly. updating Scorecard be our Build

Ubiquity. pleased our be the parties. from to are Generate partnership shared with continue both with The productively company We together, knowledge is working Capital teams each and and benefiting

succeeded to Szuchmacher, the pleased in of mighty is accelerate. addresses our brought Ting to EVP at incredible come. delivery their Jill early the Encinitas, an especially see is great all Networks Jason to great for that on Jill I operational and in Jill share wish she tenure. built to laid and California, market years also and that in She a team by Internet, and to know organization I Both that us her two is will the moving hands. for to dare ably begin We’re her know years continue the build in was to in we will who to with success we serviceable want personally, great new want her things. opportunity. on Smith, time and I thank she foundation that very of group

all the we firsthand. deeper a the you post providing Within discussed quarter a to dive This will into Jason last expect see week, CapEx. chance video to we give

it You’ll components for Videos. our Investors CapEx about in section begun issue; into been during a It’s to gain grouping streamlined. and under a cities primarily and find and opportunity on build great regions. be insight spent is investors housekeeping able point Scorecard learn reporting, which footprints has Ting slightly the how a Build regional into to of the We’ve means Raleigh And measurement spend. local at this for our build the Denver our website

like call over turn on to I’d results. a Dave? now, our to dive And Singh Dave financial the for deeper

Davinder Singh

from year-over-year, the XXXX Total XXXX in mainly of from to of million for revenue Ting The in fourth were of from $X.X year-over-year decline Elliot. to XXXX. quarter to revenue offset quarter as $XX.X a revenues well by of Wavelo, expected XXXX by increasing the X.X% recognition the $XX.X in million There Thanks, revenues from gains low a $X.X XX% $XX.X fourth XX% million margin million for reduced agreement. QX due had impact XXXX. decrease reassessment related to in revenue decreased a from million QX revenue of of $X.X of of in professional services of corporate DISH revenue of with million was to as DISH, the year-over-year, decline transitional payments service in driven also fixed QX a QX XX% in XXXX, DISH. in gains

following last modest Domains pandemic. before revenues as compared to QX QX for $XX.X $XX.X year-over-year, levels million of period revenue $XX.X normalized was million slightly from up had QX million XXXX a XXXX, million costs in decrease of $XX.X the of network transaction year. in at for Cost to same the X.X% as

QX due which to XXXX. both year. As business lower XX% in last had revenue, higher of high-margin a and revenues impact Wavelo to QX of increased network revenues cost was in before This the of from year percentage XX% the this versus revenues of of lower costs proportionally cost primarily

network Gross contribution XX% for costs Domains. the million contribution million the profit the decrease and to quarter due $XX.X year-over-year fourth before $XX.X from Wavelo with mainly from lower to lower decreased

in XX% $XX.X down Domains’ million decreased XX% quarter Tucows gross fourth revenue, for of percentage QX year a profit before costs by from business, QX from of quarter last X.X% $XX.X to million. this profit gross XXXX Breaking XXXX. the profit network to from decreased As of gross

we buying of the fall price XXXX, reflect down the revenue, dollar has both domains that QX As XXXX. last well implemented XX% the domains. impact increases Tucows margin to in domain normalization as That transactions tail dollars which of were Euro of U.S. QX the as at U.S. increased to of gross from XXXX, sold devaluation XX% been pre-COVID levels late numbers slightly of in compared now to customers to end of mitigated for in for The of our costs in for was Euro-priced a Euros. percentage impact Domains the

$X.X XX% to profit by XXXX. $X.X million gross for declined QX Wavelo from million

compared for As was a last year. of XX% margin in XX% revenue, with percentage gross QX Wavelo

profit to As recognition related discussed a the in DISH reduction and a by revenue revenue down, DISH of is earlier in by payments from Justin, professional the Wavelo driven fixed agreement. gross services impact reassessment

Ting gross profit from last increased $X.X QX for for XX% the $X.X same of million year-over-year to year. million period

quarter, in Ting XX% down at fourth from As continues a revenue, for gross in slightly the XX% of year. healthy QX percentage margin last a

$XX from and same last quarter driven fourth fiber Network for continues the the be depreciation The assets, Total by increase year-over-year. to expenses for XX% of of XX% network million increased for same to increase were from period the operating increased this million our costs $XX.X XX% as year. for up up year. related QX last to $X.X of ramp. amortization XXXX support expenses with the higher to well the Wavelo million primarily $XX is business workforce Ting following: growth, the The period million quarter costs of expansion result to increased Internet $X.X million continued People

costs support were million, million Facility by Internet up $X.X expansion. fees third-party Marketing by were card year-over-year, million, and $X.X the $X.X compensation $X.X while Ting up increased increased credit investments mainly business and at Sales driven stock-based in and costs contracting and million increased year-over-year.

this liabilities. professional of year-over-year of foreign $X.X in $X.X revaluation debt reduction quarter, impacts by million. driven the fees the from primarily and lower expenses bad a assets and decreased impacts million by our lastly, offset foreign-denominated monetary And were exchange by These of million charges $X.X of

loss last year. $X.XX As with the loss million, expenses of same QX million, quarter of $XX.X net We of year. $X.X of of XX% to for reported or for a share, the fourth period the for increased $X.XX year this of or revenue, per net share, compared a XX% period for per XXXX operating same percentage from last

amongst Wavelo driven Note, debt with new loss our and compensation higher and higher accelerated and operations the down breaks million, QX ongoing Adjusted our our follows: as our Capital; for Tucows XXXX. depreciation investment EBITDA predominantly on the year, net of That Domains higher Generate The was a platform. expenses; X.X% businesses $XX.X with the from million, by million for payable build XX% was for domains pre-COVID $X.X legacy was business. was expenses, expense million million, Wavelo from down normalization ramp the XXX% Canada related of into positive of Internet mix, three QX the down to stock-based operational in reflecting from taxes including $X.X fiber EBITDA $X.X QX $XX.X renewals Adjusted Ting and EBITDA and last year. network of negative total levels. decrease Adjusted tax interest for preferred a reflects geographic of last our

$X.X agreement. The of the primarily of reassessment contract mix of the fixed DISH, payments. revenue asset contract to services recognition the professional and The $X.X relative impact year-over-year is million, on related lower decrease was of payments the an fixed and DISH The based high-margin a to negative asset due variable change impact contract estimated associated varies asset-related recognition from this revenue impact in and quarter. million

will as is QX Ting we million of XXXX revenue unwind our asset XXXX, expansion. compared the As was renewal network negative to Adjusted million of continue the for in QX XX, negative and is XXXX. December $X.X a for $X.X as up invest balance term in fiber which over with EBITDA $X contra in contract, contract the it million,

compared the and the including primarily million by Corporate of with this corporate from the a $X.X finally, to this versus Mobile adjusted one-time DISH. items QX had year increase expenses million $X.X in in of last XXXX And earnout last sale customers EBITDA Ting QX quarter higher the year year, driven lower to as category

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

income the we had million last QX The working from with was due quarter, adjusted the for in During compared operations year items. to once cash with our impact decrease non-cash $X.X capital million lower consistent being net in year-over-year. $XX.X

the primarily Our of by Wavelo offset cash the in was accelerated million addition the network, than platform. property investment and more our $XX.X to in Ting the continued investment Internet build-out Fiber for in equipment, of

for in $XX.X to was XX that statement. and, gross assets flow capital Note; our inventory, actual Wavelo assets, lesser million data internal labor cash of both this Domains, in on equipment servers number extent, and our in the quarter fixed networking the book and reflects external and cash value The a quarter. capitalized including centers, paid capital software-related

that requires in A flows paid $XX.X difference reminder a difference. we between million of cash in the a for opposed cash financing in further Also, present to on and preferred capital $XX.X arrangement GAAP actual drew showing statement U.S. basis. accrual as is Generate. the million it an with a the assets quarter, million to our cash $XX.X under

of balance purposes X.XX a also now ratio to $XXX.X first $X hand million, payments when that of calculation and factoring XX, in resulting covenant loan for and cash I letters times. net syndicated leverage drawn December million, years. total in reminder, up our of credit a of two million on a was have as cash note $XX.X for are to deferred We wanted a XXXX, interest the

primarily at revenue the the of end deferred quarter third at from $XXX down reflecting of and levels. million, the fourth for reversion end X.X% quarter was of Finally, down from million Domains last the to of XXXX million pre-COVID renewals year, $XXX QX X.X% the of $XXX

back my I’ll it That Elliot. remarks and concludes to now turn

Elliot Noss

First housekeeping. some Dave! Thanks,

With announce first three I holding pleased the am of and company, that added day. hosting a be to complexity Tucows investor will its businesses

timezone person, and us person be dates would know time All they could in remotely; who to your after are interested receiving they the input. mode investors date whether be determined participating let if any in We in in attend at and, will Toronto. and in it May hold when a or like to or restrictions should preferences;

of shareholders range on discussed the work possible. sheet idea be last we quarters, of want broadest been it. to accommodate the of has balance couple to the investors side over of with and holding some other try will the We This before

other We’ve companies Constellation here Tucows will participate. heads team been by and The executive like business informed Software.

We like we have need we would are on views idea a your good note cover. addressed, to also interested you specific what we in although pretty content of

always today that reinstated Also, at have It several I for we is In to these important to sheet. allow be million. we past us intend This up to our buyback the the rest forward of I that as announced look quickly to to note XXXX. the is balance remarks, of level XXXX, opportunistic. discuss look back years the XXXX, $XX on then and same

to terms This of of company. upfront. holding meeting the In across and XXXX, businesses all Operationally, numbers businesses roughly you heard three true each the performed and was guidance, positive plan. the

in negatives that had operate all able wish reliable rates; in moving remarkably And and XXXX, externalities clear our a to businesses were We the to interest continue where a subscriber grateful deal we in digest feel The our more and they’ll externalities Generate likely closing, rise biggest we often. these is be business and world and I We to forward. the are the predictable to things delayed with. DISH look to fashion. slower-than-hoped-for happen, that loading happen

this effort of Domains, both done, did unsuccessfully have larger to legacy of acquisitions numerous customers. a underestimate a have not from seen We number XXXX. significant and Tucows our do taken successfully not In number that made by work as and integrate. platforms we Those we to XXXX

now we we Woroch’s excited growth a are have about as in remarks, heard brisk is With long you As prospects been loading time. platform Dave at Wavelo, the in a our pace. as

of in earnest You Wavelo the of shared turned X building new of million. to number the and million Justin can customers. current now best number end-of-year by see subscribers that pipeline X has a over

team already of have north revenue This the business confidence that year. With generate is million $XX they’ve will a next every in built, I them. in

structures likely to an end of virtue. has execution one. to new maximize choose the a mode, match patience hopefully and two-year to better ISP journey industry, be is deep a With are funding the build equity a ISPs evolved helped forever. and in transaction the do Ting, take any structure. changing have TCX while potential right the to Funding us believe we we nearing moves proven about over whole if of has way for we we to value in nature best-in-industry people to what continuing think lay the into the to shareholders level, Ting Patience

all to essentially is significantly term. handle EBITDA of of million around breakeven this long and all this coax-to-fiber What the the comments for scale Ting a of remainder of million Domains, you guidance fantastic loss the Ting. roughly this of built so below, meaning translates my period by in hear cost loss; in an in we well When of where number, EBITDA building light they are are operation to be for that Tucows but ramping loss $XX for understood this the have transition. participants. is is remember it roughly alarmed Wavelo made Don’t $XX in business by industry the U.S. I also note paybacks

am I sheets. sheet. that, talking balance like I talk would to when really balance separate about two about I the Finally, say And

most I to business, expect is and sides work while that work complete next done be importantly, First, there of our quarter. by on or the to we both the report substantially time be complete

been Obviously, has we note as make a that announcements, this but long specifics will journey. only I come

my work dates winter For of XXXX. journey the specifically, to back this

the On straightforward. likely side, be are solutions ex-Ting to the

quarter XXXX either like that that close syndicate on the leverage in to were delayed understand of rates. would of draw the banking At load we for than fund of the the us we and slower-than-hoped-for which a rise an the extra the business or side the was fiber all reasons; negative down financing, the interest time, higher same to to reasons DISH it which is build; be. required cash business outcome to capital that subscribers, in the for of right both Generate continue Our the primary

deleveraging ex-Ting see plan. you performed businesses said over and for the straightforward. we start this XXXX, I remarkably well beyond. with the results year Simply, As to EBITDA to underlying expect

On transition more and rush participating who the the the to the has work. participating they are the was in are land in deploy excitement see new over reached looking already last I inevitability. conference heads at Infrastructure this capital as are funds Ting, week, Connect the level. Operators coax-to-fiber that U.S. are already Metro their on side focused and a down

the well Those that are of late and are to outside in themes topics who and not fixed-mobile themes on both convergence too up builds. that to new fortune, curve realizing we have There are it’s are detail the People to I wholesale yet our the also stand clearly at in. investor are platforms. the on: involved two ahead these cover are cycle emerged, they day. good in intend fiber looking

level, place excited generate feeling Domains, is tradition puts fantastic and the and peers the well are by a that I right early of inevitability for level, right for shocks cash of the days and With position. the With are prospects in is more is and work macroeconomy do, delighting and and time micro very On century. since Wavelo, I macro is growth accepted a there with is businesses our in admired is Tucows have and our reliable, Domains susceptible to we people general. by have respected building by I to now of Ting, There had business a us not Tucows right This am running But work the still right With this view. at it a and years. that that all. industry being the and in XXXX. predictable our the I underway. fiber in deep a still dynamic excited customers, At of now am the in than been

interest with I XX, to detail. approximately written recorded exploring And and and please Q&A the you you. p.m. February questions look that Thank forward that, areas XX call greater website your send to response at your look be questions transcript Again, on February our to time. Tucows’ by to Eastern posted for audio X this to in ir@tucows.com Thursday, and Tuesday,

Tucows (TCX) 9 Feb 232022 Q4 Earnings call transcript