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Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Net Revenues $ 78,050 $ 75,893 $ 242,233 $ 221,861
Cost of revenues (note 10)        
Direct cost of revenues 48,302 49,540 147,023 144,860
Network, other costs 4,244 3,445 13,188 10,295
Network, depreciation of property and equipment 7,136 4,622 19,620 12,344
Network, amortization of intangible assets (note 6) 378 21 1,134 344
Network, impairment of property and equipment 3 241 30 302
Total cost of revenues 60,063 57,869 180,995 168,145
Gross profit 17,987 18,024 61,238 53,716
Expenses:        
Sales and marketing 13,894 9,892 39,384 27,579
Technical operations and development 2,983 3,742 10,212 10,044
General and administrative 7,897 5,069 22,006 15,232
Depreciation of property and equipment 149 136 443 384
Loss on disposition of property and equipment (19) 229 461 234
Amortization of intangible assets (note 6) 2,464 2,267 7,394 6,909
Loss (gain) on currency forward contracts (note 5) 0 (87) 0 (277)
Total expenses 27,368 21,248 79,900 60,105
Income (Loss) from operations (9,381) (3,224) (18,662) (6,389)
Other income (expenses):        
Interest expense, net (4,337) (1,169) (8,555) (3,108)
Gain on sale of Ting customer assets, net (note 17) 4,737 5,564 14,009 15,767
Other expense, net (27) (95) (128) (274)
Total other income (expenses) 373 4,300 5,326 12,385
Income (Loss) before provision for income taxes (9,008) 1,076 (13,336) 5,996
Provision for income taxes (note 8) (1,027) (299) 790 665
Net income for the period (7,981) 1,375 (14,126) 5,331
Other comprehensive income, net of tax        
Unrealized income (loss) on hedging activities (note 5) (1,674) (501) (510) 115
Net amount reclassified to earnings (note 5) (100) (884) (109) (2,739)
Other comprehensive income net of tax expense (recovery) of ($566) and ($419) for the three months ended September 30, 2022 and September 30, 2021, ($197) and ($794) for the nine months ended September 30, 2022 and September 30, 2021 (note 5) (1,774) (1,385) (619) (2,624)
Comprehensive income, net of tax for the period $ (9,755) $ (10) $ (14,745) $ 2,707
Basic earnings/(loss) per common share (note 9) (in dollars per share) $ (0.74) $ 0.13 $ (1.31) $ 0.50
Shares used in computing basic earnings per common share (note 9) (in shares) 10,779,348 10,679,309 10,766,657 10,643,798
Diluted earnings/(loss) per common share (note 9) (in dollars per share) $ (0.74) $ 0.13 $ (1.31) $ 0.49
Shares used in computing diluted earnings per common share (note 9) (in shares) 10,779,348 10,819,716 10,766,657 10,800,361