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Note 12 - Segment Reporting (Tables) | 3 Months Ended
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Mar. 31, 2023
Notes Tables |
Condensed Income Statement [Table Text Block] |
Reconciliation of Income before Provision for Income Taxes to Adjusted EBITDA |  | Three Months Ended March 31, |
(In Thousands of US Dollars) |  | 2023 |  |  | 2022 |
(unaudited) |  | (unaudited) |  |  | (unaudited) |
Net Income (Loss) for the period |  | $ | (19,083 | ) |  | $ | (3,020 | )
Less: |  |  |  |  |  |  |  |
Provision for income taxes |  |  | (1,710 | ) |  |  | 1,078 |
Depreciation of property and equipment |  |  | 8,588 |  |  |  | 6,043 |
Impairment and loss on disposition of property and equipment |  |  | 1,942 |  |  |  | 412 |
Amortization of intangible assets |  |  | 2,872 |  |  |  | 2,843 |
Interest expense, net |  |  | 7,880 |  |  |  | 1,796 |
Accretion of contingent liability |  |  | - |  |  |  | 98 |
Stock-based compensation |  |  | 2,246 |  |  |  | 1,391 |
Unrealized loss (gain) on foreign exchange revaluation of foreign denominated monetary assets and liabilities |  |  | 40 |  |  |  | 53 |
Acquisition and other costs1 |  |  | 255 |  |  |  | 617 |
Adjusted EBITDA |  | $ | 3,030 |  |  | $ | 11,311 |
|  | Ting |  |  | Wavelo |  |  | Tucows Domains |  |  | Tucows Corporate |  |  | Consolidated Totals |
For the Three Months Ended March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External Revenues |  | $ | 11,853 |  |  | $ | 7,958 |  |  | $ | 59,242 |  |  | $ | 1,377 |  |  | $ | 80,430 |
Intersegment Revenues |  |  | - |  |  |  | 658 |  |  |  | - |  |  |  | (658 | ) |  |  | - |
Total Net Revenues |  |  | 11,853 |  |  |  | 7,300 |  |  |  | 59,242 |  |  |  | 2,035 |  |  |  | 80,430 |
Direct cost of revenues |  |  | 3,985 |  |  |  | 1,026 |  |  |  | 41,721 |  |  |  | 2,558 |  |  |  | 49,290 |
Segment Gross Margin |  |  | 7,868 |  |  |  | 6,274 |  |  |  | 17,521 |  |  |  | (523 | ) |  |  | 31,140 |
Network, other costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,323 |
Network, depreciation of property and equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,436 |
Network, amortization of intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 378 |
Network, impairment of property and equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,942 |
Gross profit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14,061 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales and marketing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 15,737 |
Technical operations and development |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,815 |
General and administrative |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,146 |
Depreciation of property and equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 152 |
Loss on disposition of property and equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | - |
Amortization of intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,494 |
Loss (gain) on currency forward contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | - |
Total expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 31,344 |
Income (Loss) from operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (17,283 | )
Other income (expenses): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (7,880 | )
Income earned on sale of transferred assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,370 |
Other expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | - |
Total other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,510 | )
Income (Loss) before provision for income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (20,793 | )
Adjusted EBITDA |  | $ | (9,273 | ) |  | $ | 335 |  |  | $ | 10,338 |  |  | $ | 1,630 |  |  | $ | 3,030 |
|  | Ting |  |  | Wavelo |  |  | Tucows Domains |  |  | Tucows Corporate |  |  | Consolidated Totals |
For the Three Months Ended March 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External Revenues |  | $ | 9,788 |  |  | $ | 7,004 |  |  | $ | 61,546 |  |  | $ | 2,761 |  |  | $ | 81,099 |
Intersegment Revenues |  |  | - |  |  |  | 157 |  |  |  | - |  |  |  | (157 | ) |  |  | - |
Total Net Revenues |  |  | 9,788 |  |  |  | 6,847 |  |  |  | 61,546 |  |  |  | 2,918 |  |  |  | 81,099 |
Direct cost of revenues |  |  | 4,038 |  |  |  | 961 |  |  |  | 41,812 |  |  |  | 2,610 |  |  |  | 49,421 |
Segment Gross Margin |  |  | 5,751 |  |  |  | 5,886 |  |  |  | 19,733 |  |  |  | 308 |  |  |  | 31,678 |
Network, other costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,180 |
Network, depreciation of property and equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,895 |
Network, amortization of intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 378 |
Network, impairment of property and equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 27 |
Gross profit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 21,198 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales and marketing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11,987 |
Technical operations and development |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,765 |
General and administrative |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,296 |
Depreciation of property and equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 148 |
Loss on disposition of property and equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 385 |
Amortization of intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,465 |
Loss (gain) on currency forward contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | - |
Total expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 26,046 |
Income (Loss) from operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (4,848 | )
Other income (expenses): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,796 | )
Income earned on sale of transferred assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,752 |
Other expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (50 | )
Total other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,906 |
Income (Loss) before provision for income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (1,942 | )
Adjusted EBITDA |  | $ | (4,321 | ) |  | $ | 2,047 |  |  | $ | 11,774 |  |  | $ | 1,811 |  |  | $ | 11,311 |
Schedule of Property Plant and Equipment by Geographic Region [Table Text Block] |
|  | March 31, 2023 |  |  | December 31, 2022 |
Canada |  | $ | 1,348 |  |  | $ | 1,240 |
United States |  |  | 302,407 |  |  |  | 280,219 |
Europe |  |  | 36 |  |  |  | 36 |
|  | $ | 303,791 |  |  | $ | 281,495 |
Schedule of Acquired Intangible Assets by Major Class [Table Text Block] |
|  | March 31, 2023 |  |  | December 31, 2022 |
Canada |  | $ | 2,349 |  |  | $ | 2,736 |
United States |  |  | 22,451 |  |  |  | 24,770 |
Germany |  |  | - |  |  |  | - |
|  | $ | 24,800 |  |  | $ | 27,506 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] |
Allowance for doubtful accounts |  | Balance at beginning of period |  |  | Charged to costs and expenses |  |  | Write-offs during period |  |  | Balance at end of period |
Three Months Ended March 31, 2023 |  | $ | 693 |  |  | $ | - |  |  | $ | 68 |  |  | $ | 625 |
Twelve months ended December 31, 2022 |  | $ | 541 |  |  | $ | 152 |  |  | $ | - |  |  | $ | 693 |

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