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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