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Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Net revenues (note 10) $ 75,093 $ 82,122 $ 145,968 $ 166,107
Cost of revenues (note 10)        
Direct cost of revenues 49,133 51,790 95,320 104,978
Network expenses 3,612 2,485 6,850 4,901
Depreciation of property and equipment 4,084 3,030 7,722 5,907
Amortization of intangible assets (note 6) 24 326 323 680
Impairment of property and equipment 1 1,525 61 1,525
Total cost of revenues 56,854 59,156 110,276 117,991
Gross profit 18,239 22,966 35,692 48,116
Expenses:        
Sales and marketing 9,376 9,218 17,687 18,203
Technical operations and development 3,170 3,067 6,302 5,818
General and administrative 5,210 5,465 10,163 10,206
Depreciation of property and equipment 127 125 248 238
Loss on disposition of property and equipment 5 0 5 0
Amortization of intangible assets (note 6) 2,322 2,504 4,642 5,451
Impairment of definite life intangible assets 0 1,431 0 1,431
Loss (gain) on currency forward contracts (note 5) 63 (381) (190) 60
Total expenses 20,273 21,429 38,857 41,407
Income from operations (2,034) 1,537 (3,165) 6,709
Other income (expenses):        
Interest expense, net (1,003) (846) (1,939) (1,996)
Gain on sale of Ting customer assets, net (note 17) 4,808 0 10,203 0
Other expense, net (83) (85) (179) (172)
Total other income (expenses) 3,722 (931) 8,085 (2,168)
Income before provision for income taxes 1,688 606 4,920 4,541
Provision for income taxes (note 8) (119) 449 964 1,550
Net income for the period 1,807 157 3,956 2,991
Other comprehensive income, net of tax        
Unrealized income (loss) on hedging activities (note 5) 248 1,114 616 (120)
Net amount reclassified to earnings (note 5) (1,021) 200 (1,855) 243
Other comprehensive income net of tax expense (recovery) of ($235) and $398 for the three months ended June 30, 2021 and June 30, 2020, ($375) and $32 for the six months ended June 30, 2021 and June 30, 2020 (note 5) (773) 1,314 (1,239) 123
Comprehensive income, net of tax for the period $ 1,034 $ 1,471 $ 2,717 $ 3,114
Basic earnings per common share (note 9) (in dollars per share) $ 0.17 $ 0.01 $ 0.37 $ 0.28
Shares used in computing basic earnings per common share (note 9) (in shares) 10,633,601 10,567,382 10,625,748 10,589,806
Diluted earnings per common share (note 9) (in dollars per share) $ 0.17 $ 0.01 $ 0.37 $ 0.28
Shares used in computing diluted earnings per common share (note 9) (in shares) 10,797,921 10,653,527 10,794,523 10,684,304