TUCOWS, INC. QUARTERLY KPI SUMMARY

Operating Statistics

(Amounts in thousands)

QUARTERLY

YTD

ANNUAL

TING

Internet Subscribers under management3

Internet Subscribers under management - Net additions Owned Infrastructure Serviceable Addresses1,3

Owned Infrastructure Serviceable Addresses - Net additions1,3 Partner Infrastructure Serviceable Addresses1

Partner Infrastructure Serviceable Addresses - Net additions1 Fiber Capital Expenditures - Consumption2

TUCOWS DOMAINS Domains under management

Total new, renewed and transferred-in domain name registrations provisioned4

Q1/23

36.7

2.2

101.6

5.4

19.8

0.3 $23,200

24,483

5,963

Q4/22

34.5

2.0

96.2

6.4

19.5

0.8 $23,600

24,390

5,157

Q3/22

32.6

2.3

89.8

4.3

18.7

0.5 $23,700

24,504

5,234

Q2/22

30.3

2.5

85.5

4.4

18.2

1.2 $24,900

24,844

5,432

Q1/22

27.8

2.3

81.1

5.2

17.0

1.8 $14,050

25,020

5,951

2023

36.7

2.2

101.6

5.4

19.8

0.3 $23,200

24,483

5,963

2022

34.5

9.0

96.2

20.3

19.5

4.3 $86,250

24,390

21,774

2021

25.5

10.1

75.9

26.6

15.2

4.9 $56,200

25,163

22,530

1 Defined as premises to which Ting Owned Infrastructure or Ting Partner Infrastructure has the capability to provide a customer connection in a service area.

2 The Company's life-to-date Fiber capex investment since February 2015 is $292.8 million, including the Blue Ridge Websoft, Cedar Holdings, and Simply Bits acquisitions, net of capex write-offs.3 Internet Subscribers and Serviceable Addresses from Simply Bits are not included in Ting metrics.

4 Includes all transactions processed under our accreditations for our resellers and our retail brands, as well as transactions processed on behalf of other registrars using our platform.

TUCOWS, INC. QUARTERLY KPI SUMMARY

Summary Ting Financial Results

(In thousands of US dollars)

QUARTERLY

YTD

ANNUAL

Q1/23

Q4/22

Q3/22

Q2/22

Q1/22

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

2023 2022 2021

(Unaudited) (Unaudited) (Unaudited)

Mature Market Contribution1

$1,952

$2,432

$2,257

$1,557

$1,617

$1,952

$7,863

$6,336

Growing and Other Market Contribution2

(1,461)

(1,214)

(1,001)

(779)

(450)

(1,461)

(3,444)

(4,541)

Subtotal Market Level Contribution

491

1,218

1,256

778

1,167

491

4,419

1,795

Construction Opex3

(4,070)

(3,477)

(2,371)

(3,290)

(2,459)

(4,070)

(11,597)

(8,249)

National Opex4

(5,694)

(3,752)

(3,925)

(3,673)

(3,029)

(5,694)

(14,379)

(12,324)

Subtotal Head-office OpEx

(9,764)

(7,229)

(6,296)

(6,963)

(5,488)

(9,764)

(25,976)

(20,573)

Total Ting Adjusted EBITDA5

(9,273)

(6,011)

(5,040)

(6,185)

(4,321)

(9,273)

(21,557)

(18,778)

Fiber Capex

$23,200

$23,600

$23,700

$24,900

$14,050

$23,200

$86,250

$56,200

1 Contributions from subsets of markets with weighted average age of serviceable addresses greater than 24 months, not including markets operating under brands acquired in recent acquisitions; Cedar and Simply Bits. The definition was updated in Q2 2022. The historical results were restated to reflect the refined definition.

2 Contributions from subsets of markets with weighted average age of serviceable addresses less than 24 months as well as all markets operating under brands acquired in recent acquisitions; Cedar and Simply Bits. The definition was updated in Q2 2022. The historical results were restated to reflect the refined definition.

3 Represents front-loaded growth opex that is incurred to enable expansion of the Ting Network. This includes construction, market development, and management of local installation operations.

4 Represents recurring, scalable opex that is incurred to attract and retain subscribers and manage the overall Ting business. This includes sales and marketing, product management, network operations, and allocated corporate shared services.

5 Our adjusted EBITDA definition excludes depreciation, amortization of intangible assets, income tax provision, interest expense (net), accretion of contingent consideration, stock-based compensation, asset impairment, gains and losses from unrealized foreign currency transactions, and costs that are one-time in nature and not indicative of on-going performance (profitability), including acquisition and transition costs. Gains and losses from unrealized foreign currency transactions removes the unrealized effect of the change in the mark-to-market values on outstanding foreign currency contracts not designated in accounting hedges, as well as the unrealized effect from the translation of monetary accounts denominated in non-U.S. dollars to U.S. dollars

TUCOWS, INC. QUARTERLY KPI SUMMARY

Summary of Historical Financial Results

(In thousands of US dollars)

QUARTERLY

YTD

ANNUAL

Q1/23

Q4/22

Q3/22

Q2/22

Q1/22

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

2023 2022 2021

(Unaudited) (Unaudited) (Unaudited)

REVENUE

Ting

$11,853

$11,470

$10,946

$10,221

$9,788

$11,853

Wavelo

7,300

4,479

4,048

8,970

6,847

7,300

Tucows Domains

59,242

60,268

60,281

61,063

61,546

59,242

Tucows Corporate1

2,035

2,035

2,692

2,775

2,830

2,918

TOTAL REVENUE

80,430

78,909

78,050

83,084

81,099

80,430

GROSS MARGIN

Ting

7,868

7,211

6,656

5,804

5,750

7,868

Wavelo

6,274

3,813

7,912

5,886

6,274

3,807

Tucows Domains

17,521

18,402

18,170

19,963

19,734

17,521

Tucows Corporate1

(523)

(523)

244

1,109

105

308

Network Expenses

(17,079)

(12,654)

(11,761)

(11,731)

(10,480)

(17,079)

TOTAL GROSS MARGIN

14,061

17,010

17,987

22,053

21,198

14,061

ADJUSTED EBITDA2

Ting

(9,273)

(6,011)

(5,040)

(6,185)

(4,321)

(9,273)

Wavelo

335

(1,142)

(902)

3,872

2,047

335

Tucows Domains

10,338

10,568

10,385

12,107

11,774

10,338

Tucows Corporate

1,630

3,285

3,436

1,906

1,811

1,630

TOTAL ADJUSTED EBITDA2

$3,030

$6,700

$7,879

$11,700

$11,311

$3,030

$42,425 $25,327

24,344 16,781

243,158 245,576

11,215 16,653

321,142 304,337

25,421 13,292

21,418 15,473

76,269 78,088

1,766 4,445

(46,626) (33,005)

78,248 78,293

(21,557) (18,778)

3,875 7,334

44,834 47,765

10,438 12,500

$37,590 $48,821

1 Tucows Corporate Revenue and Gross Margin includes revenue from retail mobile services, transition services provided to DISH and intercompany revenue eliminations.

2 Our adjusted EBITDA definition excludes depreciation, amortization of intangible assets, income tax provision, interest expense (net), accretion of contingent consideration, stock-based compensation, asset impairment, gains and losses from unrealized foreign currency transactions and costs that are one-time in nature and not indicative of on-going performance (profitability), including acquisition and transition costs. Gains and losses from unrealized foreign currency transactions removes the unrealized effect of the change in the mark-to-market values on outstanding foreign currency contracts not designated in accounting hedges, as well as the unrealized effect from the translation of monetary accounts denominated in non-U.S. dollars to U.S. dollars.

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Tucows Inc. published this content on 08 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 May 2023 21:16:12 UTC.