Tucows Reports Financial Results for Fourth Quarter, 2020
TORONTO, February 9, 2021 – Tucows Inc. (NASDAQ:TCX, TSX:TC), a provider of network access, domain names and other Internet services, today reported its financial results for the second quarter ended December 31, 2021. All figures are in U.S. dollars.
“The fourth quarter was a solid finish to a very good year for Tucows,” said Elliot Noss, President and Chief Executive Officer, Tucows Inc. “Revenue and gross margin from our Domains and Ting Internet businesses, excluding the impact of large bulk domains sales from our Domains Portfolio in prior year periods, increased 6% and 13% year over year, respectively, for the fourth quarter, and for all of 2020 were up 5% and 13%.”
“Our Domains business continued to benefit from the elevated but decelerating transaction levels, resulting from the pandemic impact, which on top of the underlying consistency of this business and our focus on the quality of our customer base, resulted in the highest annual gross profit for this business in our 21-year history.”
“In Mobile, the fourth quarter -- our first full quarter under our new MSE model -- is off to a good start, setting the stage as we look forward to increasing that revenue in the future as DISH adds customers under the Ting Mobile brand and we migrate DISH’s Boost customers to the MSE platform.”
“And In our Ting Internet business, we achieved our second consecutive quarter of capital expenditures above $10 million -- just shy of our third quarter record -- and by far our best quarter ever for new serviceable addresses. The quarter capped off a year in which we grew serviceable addresses by 53% year-over-year, total subscribers by 51%, contributing to year-over-year growth in revenue and gross margin of 67% and 52%, respectively. All of this sets us up very well for continued growth in all of these key metrics as we accelerate our capital expenditure spending in 2021.”
Read the full news release here.