Q2 2024 Tucows Inc Earnings Call (Pre-recorded Q&A) Transcript
Key Points
- Consolidated net revenue for the second quarter increased 5.2% year-over-year to $89.4 million.
- Gross profit in Q2 grew 15.4% year-over-year to $20.8 million, with Ting contributing significantly.
- Adjusted EBITDA for the second quarter of 2024 increased 70% year-over-year to $9.2 million.
- Ting added 2,100 net new subscribers, growing 10.5% year-over-year.
- Total operating expenses decreased 5.5% to $29.4 million from $31.1 million in Q2 2023, reflecting effective cost management.
- Wavelo's revenues decreased 2% year-over-year due to a reduction in professional services fees.
- Net loss for the second quarter of 2024 was $18.6 million, although this was an improvement from the previous year.
- Cash and cash equivalents at the end of Q2 2024 were $39.3 million, significantly down from $147.9 million at the end of Q2 2023.
- Adjusted EBITDA for Ting was negative $6.4 million, although this was an improvement from the previous year's negative $10.3 million.
- Network expenses for Q2 were $17.3 million, up from $16.2 million for the same period last year, largely due to higher depreciation of expanding fiber network assets.
Welcome to Tucows' second-quarter 2024 management commentary. We have prerecorded prepared remarks regarding the quarter and outlook for the company. A Tucows generated transcript of these remarks with relevant links is also available on the company's website. We will begin with opening remarks from Elliot Noss, President and CEO of Tucows and Ting; followed by business remarks from Dave Woroch, CEO of Tucows Domains; Justin Reilly, CEO of Wavelo; Elliot Noss on Ting; Ivan Ivanov, Tucows new CFO, who will discuss our financial results in detail; and finish with closing remarks from Elliot Noss.
In lieu of a live question-and-answer period following these remarks, shareholders, analysts and prospective investors are invited to submit questions to Tucows management. Please submit questions via e-mail to [email protected] until Thursday, August 15. Management will either address your questions directly or provide a recorded audio response and transcript that will be posted to the Tucows website on Tuesday, August 27, at approximately 4:00 PM
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