Q2 2024 Tucows Inc Earnings Call (Pre-Recorded) Transcript
Key Points
- Tucows Inc (TCX) reported a 5.2% year-over-year increase in consolidated net revenue for Q2 2024, reaching $89.4 million.
- Gross profit grew 15.4% year over year to $20.8 million, with contributions from all three business segments.
- Adjusted EBITDA increased by 70% year over year to $9.2 million, driven by improvements in Ting's performance.
- Ting's subscriber base grew by 10.5% year over year, with a 17.4% increase in serviceable addresses.
- The company successfully reduced its leverage ratio for the fifth consecutive quarter, reflecting effective debt management.
- Tucows Inc (TCX) reported a net loss of $18.6 million for Q2 2024, although this was an improvement from the previous year's loss.
- Wavelo's revenues decreased by 2.3% year over year, attributed to a reduction in professional services fees.
- Cash and cash equivalents decreased significantly to $39.3 million at the end of Q2 2024 from $147.9 million a year earlier.
- Operating expenses, although reduced, still reflect increased costs from contract and professional services.
- Ting's adjusted EBITDA remained negative at $6.4 million, despite improvements from the previous year.
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
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