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Note 13 - Segment Reporting (Tables) | 9 Months Ended
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Sep. 30, 2024
Notes Tables |
Condensed Income Statement [Table Text Block] |
Reconciliation of Loss before Provision for Income Taxes to Adjusted EBITDA |  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(In Thousands of US Dollars) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Net Loss for the period |  | $ | (22,297 | ) |  | $ | (22,772 | ) |  | $ | (67,385 | ) |  | $ | (72,823 | )
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Provision (recovery) for income taxes |  |  | 3,074 |  |  |  | (822 | ) |  |  | 6,068 |  |  |  | (5,557 | )
Depreciation of property and equipment |  |  | 9,526 |  |  |  | 9,275 |  |  |  | 29,686 |  |  |  | 26,770 |
Impairment and loss on disposition of property and equipment |  |  | 852 |  |  |  | 2,663 |  |  |  | 905 |  |  |  | 4,679 |
Amortization of intangible assets |  |  | 1,209 |  |  |  | 2,620 |  |  |  | 4,089 |  |  |  | 8,101 |
Interest expense, net |  |  | 13,095 |  |  |  | 10,739 |  |  |  | 37,527 |  |  |  | 29,120 |
Loss on debt extinguishment |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 14,680 |
Stock-based compensation |  |  | 1,808 |  |  |  | 2,308 |  |  |  | 5,383 |  |  |  | 6,606 |
Unrealized loss (gain) on foreign exchange revaluation of foreign denominated monetary assets and liabilities |  |  | (197 | ) |  |  | 340 |  |  |  | 357 |  |  |  | 254 |
Acquisition and other costs1 |  |  | 1,618 |  |  |  | 121 |  |  |  | 5,438 |  |  |  | 1,067 |
Adjusted EBITDA |  | $ | 8,688 |  |  | $ | 4,472 |  |  | $ | 22,068 |  |  | $ | 12,897 |
|  | Ting |  |  | Wavelo |  |  | Tucows Domains |  |  | Tucows Corporate |  |  | Consolidated Totals |
For the Three Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External revenues |  | $ | 15,310 |  |  | $ | 10,010 |  |  | $ | 64,715 |  |  | $ | 2,262 |  |  | $ | 92,297 |
Intersegment revenues |  |  | - |  |  |  | 72 |  |  |  | - |  |  |  | (72 | ) |  |  | - |
Total net revenues |  |  | 15,310 |  |  |  | 10,082 |  |  |  | 64,715 |  |  |  | 2,190 |  |  |  | 92,297 |
Direct cost of revenues |  |  | 4,321 |  |  |  | 63 |  |  |  | 44,905 |  |  |  | 3,324 |  |  |  | 52,613 |
Segment gross margin |  |  | 10,989 |  |  |  | 10,019 |  |  |  | 19,810 |  |  |  | (1,134 | ) |  |  | 39,684 |
Network, other costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,864 |
Network, depreciation of property and equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,414 |
Network, amortization of intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 366 |
Network, impairment of property and equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 852 |
Gross profit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 22,188 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales and marketing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 15,180 |
Technical operations and development |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,615 |
General and administrative |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11,485 |
Depreciation of property and equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 112 |
Amortization of intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 843 |
Total expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 32,235 |
Loss from operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (10,047 | )
Other income (expenses): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (13,095 | )
Income earned on sale of transferred assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,853 |
Other expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 66 |
Total other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (9,176 | )
Loss before provision for income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (19,223 | )
Adjusted EBITDA |  | $ | (5,070 | ) |  | $ | 3,429 |  |  | $ | 11,529 |  |  | $ | (1,200 | ) |  | $ | 8,688 |
|  | Ting |  |  | Wavelo |  |  | Tucows Domains |  |  | Tucows Corporate |  |  | Consolidated Totals |
For the Three Months Ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External revenues |  | $ | 12,855 |  |  | $ | 10,397 |  |  | $ | 61,088 |  |  | $ | 2,631 |  |  | $ | 86,971 |
Intersegment revenues |  |  | - |  |  |  | 677 |  |  |  | - |  |  |  | (677 | ) |  |  | - |
Total net revenues |  |  | 12,855 |  |  |  | 11,074 |  |  |  | 61,088 |  |  |  | 1,954 |  |  |  | 86,971 |
Direct cost of revenues |  |  | 4,869 |  |  |  | 570 |  |  |  | 42,713 |  |  |  | 2,565 |  |  |  | 50,717 |
Segment gross margin |  |  | 7,986 |  |  |  | 10,504 |  |  |  | 18,375 |  |  |  | (611 | ) |  |  | 36,254 |
Network, other costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,322 |
Network, depreciation of property and equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,138 |
Network, amortization of intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 378 |
Network, impairment of property and equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,663 |
Gross profit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 16,753 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales and marketing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 17,295 |
Technical operations and development |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,818 |
General and administrative |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,399 |
Depreciation of property and equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 137 |
Amortization of intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,242 |
Loss (gain) on currency forward contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 29 |
Total expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 33,920 |
Loss from operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (17,167 | )
Other income (expenses): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (10,739 | )
Income earned on sale of transferred assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,312 |
Total other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (6,427 | )
Loss before provision for income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (23,594 | )
Adjusted EBITDA |  | $ | (12,176 | ) |  | $ | 4,207 |  |  | $ | 10,913 |  |  | $ | 1,528 |  |  | $ | 4,472 |
|  | Ting |  |  | Wavelo |  |  | Tucows Domains |  |  | Tucows Corporate |  |  | Consolidated Totals |
For the Nine Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External revenues |  | $ | 43,983 |  |  | $ | 29,755 |  |  | $ | 188,965 |  |  | $ | 6,474 |  |  | $ | 269,177 |
Intersegment revenues |  |  | - |  |  |  | 218 |  |  |  | - |  |  |  | (218 | ) |  |  | - |
Total Net revenues |  |  | 43,983 |  |  |  | 29,973 |  |  |  | 188,965 |  |  |  | 6,256 |  |  |  | 269,177 |
Direct cost of revenues |  |  | 14,434 |  |  |  | 753 |  |  |  | 131,750 |  |  |  | 8,798 |  |  |  | 155,735 |
Segment gross margin |  |  | 29,549 |  |  |  | 29,220 |  |  |  | 57,215 |  |  |  | (2,542 | ) |  |  | 113,442 |
Network, other costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 20,790 |
Network, depreciation of property and equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 29,336 |
Network, amortization of intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,097 |
Network, impairment of property and equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 905 |
Gross profit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 61,314 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales and marketing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 48,491 |
Technical operations and development |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14,153 |
General and administrative |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 30,491 |
Depreciation of property and equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 350 |
Amortization of intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,992 |
Total expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 96,477 |
Loss from operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (35,163 | )
Other income (expenses): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (37,527 | )
Loss on debt extinguishment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | - |
Income earned on sale of transferred assets, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10,831 |
Other expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 542 |
Total other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (26,154 | )
Loss before provision for income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (61,317 | )
Adjusted EBITDA |  | $ | (21,049 | ) |  | $ | 10,127 |  |  | $ | 32,757 |  |  | $ | 233 |  |  | $ | 22,068 |
|  | Ting |  |  | Wavelo |  |  | Tucows Domains |  |  | Tucows Corporate |  |  | Consolidated Totals |
For the Nine Months Ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External revenues |  | $ | 37,116 |  |  | $ | 27,123 |  |  | $ | 180,286 |  |  | $ | 7,854 |  |  | $ | 252,379 |
Intersegment revenues |  |  | - |  |  |  | 2,002 |  |  |  | - |  |  |  | (2,002 | ) |  |  | - |
Total net revenues |  |  | 37,116 |  |  |  | 29,125 |  |  |  | 180,286 |  |  |  | 5,852 |  |  |  | 252,379 |
Direct cost of revenues |  |  | 14,211 |  |  |  | 2,295 |  |  |  | 126,461 |  |  |  | 7,783 |  |  |  | 150,750 |
Segment gross margin |  |  | 22,905 |  |  |  | 26,830 |  |  |  | 53,825 |  |  |  | (1,931 | ) |  |  | 101,629 |
Network, other costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 20,638 |
Network, depreciation of property and equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 26,331 |
Network, amortization of intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,135 |
Network, impairment of property and equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,679 |
Gross profit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 48,846 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales and marketing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 49,052 |
Technical operations and development |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14,214 |
General and administrative |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 25,674 |
Depreciation of property and equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 439 |
Amortization of intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,966 |
Loss (gain) on currency forward contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 52 |
Total expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 96,397 |
Loss from operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (47,551 | )
Other income (expenses): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (29,120 | )
Loss on debt extinguishment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (14,680 | )
Income earned on sale of transferred assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12,971 |
Total other income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (30,829 | )
Loss before provision for income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (78,380 | )
Adjusted EBITDA |  | $ | (31,785 | ) |  | $ | 7,969 |  |  | $ | 31,829 |  |  | $ | 4,884 |  |  | $ | 12,897 |
Schedule of Property Plant and Equipment by Geographic Region [Table Text Block] |
|  | September 30, 2024 |  |  | December 31, 2023 |
Canada |  | $ | 932 |  |  | $ | 943 |
United States |  |  | 354,752 |  |  |  | 338,696 |
Europe |  |  | 5 |  |  |  | 5 |
|  | $ | 355,689 |  |  | $ | 339,644 |
Schedule of Acquired Intangible Assets by Major Class [Table Text Block] |
|  | September 30, 2024 |  |  | December 31, 2023 |
Canada |  | $ | 1,402 |  |  | $ | 1,864 |
United States |  |  | 12,290 |  |  |  | 15,341 |
|  | $ | 13,692 |  |  | $ | 17,205 |
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 |
Nine Months Ended September 30, 2024 |  | $ | 511 |  |  | $ | 45 |  |  | $ | 59 |  |  | $ | 497 |
Twelve months ended December 31, 2023 |  | $ | 693 |  |  | $ | - |  |  | $ | (182 | ) |  | $ | 511 |

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