Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 05, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | TUCOWS INC /PA/ | |
Entity Central Index Key | 0000909494 | |
Trading Symbol | tcx | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding (in shares) | 10,572,244 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | ||
Current assets: | ||||
Cash and cash equivalents | $ 11,989 | $ 12,637 | [1] | |
Accounts receivable, net of allowance for doubtful accounts of $130 as of September 30, 2019 and $132 as of December 31, 2018 | 13,351 | 10,837 | [1] | |
Inventory | 3,903 | 3,775 | [1] | |
Prepaid expenses and deposits | 19,717 | 15,472 | [1] | |
Prepaid domain name registry and ancillary services fees, current portion (note 11) | 95,614 | 87,782 | [1] | |
Income taxes recoverable | 2,532 | 1,423 | [1] | |
Total current assets | 147,106 | 131,926 | [1] | |
Prepaid domain name registry and ancillary services fees, long-term portion (note 11) | 17,477 | 18,745 | [1] | |
Property and equipment | 72,167 | 48,065 | [1] | |
Right of use operating lease asset (note 12) | 11,028 | [1] | ||
Contract costs | 1,398 | 1,390 | [1] | |
Intangible assets (note 6) | 60,066 | 49,395 | [1] | |
Goodwill (note 6) | 110,100 | 90,054 | ||
Total assets | 419,342 | 339,575 | [1] | |
Current liabilities: | ||||
Accounts payable | 5,440 | 8,445 | [1] | |
Accrued liabilities | 14,445 | 5,899 | [1] | |
Customer deposits | 14,920 | 11,919 | [1] | |
Derivative instrument liability (note 5) | 41 | 1,276 | [1] | |
Deferred rent, current portion | 21 | [1] | ||
Operating lease liability, current portion (note 12) | 1,450 | [1] | ||
Loan payable, current portion (note 7) | 18,400 | [1] | ||
Deferred revenue, current portion (note 10) | 128,138 | 116,734 | [1] | |
Accreditation fees payable, current portion | 977 | 985 | [1] | |
Income taxes payable | 689 | 1,668 | [1] | |
Total current liabilities | 166,100 | 165,347 | [1] | |
Deferred revenue, long-term portion (note 10) | 26,003 | 26,960 | [1] | |
Accreditation fees payable, long-term portion | 224 | 250 | [1] | |
Deferred rent, long-term portion | 116 | [1] | ||
Operating lease liability, long-term portion (note 12) | 9,107 | [1] | ||
Loan payable, long-term portion (note 7) | 104,968 | 46,201 | [1] | |
Deferred tax liability | [1] | 25,941 | 20,925 | |
Stockholders' equity (note 14) | ||||
Preferred stock - no par value, 1,250,000 shares authorized; none issued and outstanding | 0 | 0 | [1] | |
Common stock - no par value, 250,000,000 shares authorized; 10,572,069 shares issued and outstanding as of September 30, 2019 and 10,627,988 shares issued and outstanding as of December 31, 2018 | 16,492 | 15,823 | [1] | |
Additional paid-in capital | 106 | 3,953 | [1] | |
Retained earnings | 70,430 | 60,810 | [1] | |
Accumulated other comprehensive income (loss) | (29) | (810) | [1] | |
Total stockholders' equity | 86,999 | 79,776 | [1] | |
Total liabilities and stockholders' equity | 419,342 | 339,575 | [1] | |
Commitments and contingencies (note 17) | ||||
[1] | The Company has initially applied ASC 2016-02 (Topic 842) using the modified retrospective method. Under this method, the comparative information is not restated. |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | [1] |
Accounts receivable, allowance for doubtful accounts | $ 130 | $ 132 | |
Preferred stock, no par value (in dollars per share) | $ 0 | $ 0 | |
Preferred stock, shares authorized (in shares) | 1,250,000 | 1,250,000 | |
Preferred stock, shares issued (in shares) | 0 | 0 | |
Preferred stock, shares outstanding (in shares) | 0 | 0 | |
Common stock, no par value (in dollars per share) | $ 0 | $ 0 | |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 | |
Common stock, shares issued (in shares) | 10,572,069 | 10,627,988 | |
Common stock, shares outstanding (in shares) | 10,572,069 | 10,627,988 | |
[1] | The Company has initially applied ASC 2016-02 (Topic 842) using the modified retrospective method. Under this method, the comparative information is not restated. |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |||
Net revenues (note 10) | $ 88,129 | $ 83,519 | [1],[2] | $ 251,199 | $ 260,401 | [1],[2] |
Cost of revenues (note 10) | ||||||
Cost of revenues | 55,756 | 55,105 | [2] | 162,561 | 178,578 | [2] |
Network expenses | 2,254 | 2,315 | [2] | 7,034 | 7,590 | [2] |
Depreciation of property and equipment | 2,231 | 1,339 | [2] | 6,070 | 3,697 | [2] |
Amortization of intangible assets | 314 | 499 | [2] | 802 | 1,497 | [2] |
Total cost of revenues | 60,555 | 59,258 | [2],[3] | 176,467 | 191,362 | [2],[3] |
Gross profit | 27,574 | 24,261 | [2] | 74,732 | 69,039 | [2] |
Expenses: | ||||||
Sales and marketing | 8,769 | 8,412 | [2] | 26,366 | 24,629 | [2] |
Technical operations and development | 2,876 | 2,207 | [2] | 8,151 | 6,657 | [2] |
General and administrative | 4,574 | 4,120 | [2] | 13,818 | 12,906 | [2] |
Depreciation of property and equipment | 117 | 106 | [2] | 375 | 309 | [2] |
Loss on disposition of property and equipment | 73 | [2] | 73 | [2] | ||
Amortization of intangible assets | 2,544 | 1,797 | [2] | 6,661 | 5,456 | [2] |
Loss (gain) on currency forward contracts (note 5) | 20 | (27) | [2] | (90) | 22 | [2] |
Total expenses | 18,973 | 16,615 | [2] | 55,354 | 49,979 | [2] |
Income from operations | 8,601 | 7,646 | [2] | 19,378 | 19,060 | [2] |
Other income (expenses): | ||||||
Interest expense, net | (1,263) | (914) | [2] | (3,549) | (2,761) | [2] |
Other income, net | (16) | [2] | 181 | [2] | ||
Total other income (expenses) | (1,263) | (930) | [2] | (3,549) | (2,580) | [2] |
Income before provision for income taxes | 7,338 | 6,716 | [2] | 15,829 | 16,480 | [2] |
Provision for income taxes (note 8) | 3,133 | 1,370 | 6,209 | 3,781 | ||
Net income before redeemable non-controlling interest | 4,205 | 5,346 | [2] | 9,620 | 12,699 | [2] |
Redeemable non-controlling interest | [2] | (26) | [2] | |||
Net income attributable to redeemable non-controlling interest | [2] | 26 | [2] | |||
Net income for the period | 4,205 | 5,346 | [2],[4] | 9,620 | 12,699 | [2],[4] |
Other comprehensive income, net of tax | ||||||
Unrealized income (loss) on hedging activities (note 5) | (175) | 144 | [2] | 614 | (112) | [2] |
Net amount reclassified to earnings (note 5) | 26 | 63 | [2] | 167 | 76 | [2] |
Other comprehensive income (loss) net of tax (expense) recovery of $47 and ($59) for the three months ended September 30, 2019 and September 30, 2018, ($250) and $19 for the nine months ended September 30, 2019 and September 30, 2018 (note 5) | (149) | 207 | [2] | 781 | (36) | [2] |
Comprehensive income, net of tax for the period | $ 4,056 | $ 5,553 | [2] | $ 10,401 | $ 12,663 | [2] |
Basic earnings per common share (note 9) (in dollars per share) | $ 0.40 | $ 0.50 | [2] | $ 0.90 | $ 1.20 | [2] |
Shares used in computing basic earnings per common share (note 9) (in shares) | 10,626,754 | 10,611,579 | [2] | 10,639,544 | 10,599,243 | [2] |
Diluted earnings per common share (note 9) (in dollars per share) | $ 0.39 | $ 0.50 | [2] | $ 0.89 | $ 1.18 | [2] |
Shares used in computing diluted earnings per common share (note 9) (in shares) | 10,745,834 | 10,794,297 | [2] | 10,798,099 | 10,795,668 | [2] |
[1] | As a result of the bulk transfers of 2.65 million domain names to Namecheap on January 5, 2018 and 0.24 million domain names to Namecheap on September 25, 2018, recognized revenue for the three and nine months ended September 30, 2018 includes $1.7 million and $16.3 million, respectively, related to previously deferred revenue, a portion of which would have otherwise been recognized after September 30, 2018. | |||||
[2] | The Company has initially applied ASC 2016-02 (Topic 842) using the modified retrospective method. Under this method, the comparative information is not restated. | |||||
[3] | As a result of the bulk transfers of 2.65 million domain names to Namecheap on January 5, 2018 and 0.24 million domain names to Namecheap on September 25, 2018, recognized cost of revenue for the three and nine months ended September 30, 2018 includes $1.7 million and $16.2 million, respectively, related to previously deferred revenue, a portion of which would have otherwise been recognized after September 30, 2018. | |||||
[4] | The Company has initially applied ASC 2016-02 (Topic 842) using the modified retrospective method. Under this method, the comparative information is not restated. |
Consolidated Statements of Op_2
Consolidated Statements of Operations and Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |||
Other comprehensive income (loss), tax | $ 47 | $ (59) | [1] | $ (250) | $ 19 | [1] |
[1] | The Company has initially applied ASC 2016-02 (Topic 842) using the modified retrospective method. Under this method, the comparative information is not restated. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||||
Operating activities: | |||||||
Net income for the period | $ 4,205 | $ 5,346 | [1],[2] | $ 9,620 | $ 12,699 | [1],[2] | |
Items not involving cash: | |||||||
Depreciation of property and equipment | 2,348 | 1,445 | [1] | 6,445 | 4,006 | [1] | |
Loss on write off of property and equipment | 120 | [1] | 142 | [1] | |||
Amortization of debt discount and issuance costs | 64 | 72 | [1] | 232 | 211 | [1] | |
Amortization of intangible assets | 2,858 | 2,296 | [1] | 7,463 | 6,953 | [1] | |
Net amortization contract costs | (61) | (29) | [1] | (8) | 21 | [1] | |
Deferred income taxes (recovery) | (170) | (369) | [1] | 1,741 | (861) | [1] | |
Excess tax benefits on share-based compensation expense | (53) | (191) | [1] | (790) | (532) | [1] | |
Amortization of deferred rent | (5) | [1] | (9) | [1] | |||
Net Right of use operating assets/Operating lease liability | (54) | [1] | (5) | [1] | |||
Loss on disposal of domain names | 66 | 5 | [1] | 72 | 70 | [1] | |
Other income | [1] | (171) | [1] | ||||
Loss (gain) on change in the fair value of forward contracts | (16) | (30) | [1] | (204) | 13 | [1] | |
Stock-based compensation | 830 | 711 | [1] | 2,040 | 1,904 | [1] | |
Change in non-cash operating working capital: | |||||||
Accounts receivable | (1,763) | 685 | [1] | (1,920) | 847 | [1] | |
Inventory | (644) | 108 | [1] | (128) | (196) | [1] | |
Prepaid expenses and deposits | (329) | 874 | [1] | (3,243) | (368) | [1] | |
Prepaid domain name registry and ancillary services fees | 3,819 | 4,229 | [1] | 3,754 | 15,777 | [1] | |
Income taxes recoverable | 1,576 | (137) | [1] | (1,299) | 293 | [1] | |
Accounts payable | (2,394) | 778 | [1] | (2,778) | 1,048 | [1] | |
Accrued liabilities | 3,687 | 107 | [1] | 7,274 | 465 | [1] | |
Customer deposits | 1,394 | (1,049) | [1] | 873 | (3,370) | [1] | |
Deferred revenue | (4,200) | (3,559) | [1] | (2,062) | (12,090) | [1] | |
Accreditation fees payable | (68) | (73) | [1] | (34) | (169) | [1] | |
Net cash provided by operating activities | 11,215 | 11,214 | [1] | 27,185 | 26,541 | [1] | |
Financing activities: | |||||||
Proceeds received on exercise of stock options | 118 | 23 | [1] | 312 | 62 | [1] | |
Payment of tax obligations resulting from net exercise of stock options | (20) | (116) | [1] | (544) | (404) | [1] | |
Repurchase of common stock | (4,986) | [1] | (4,986) | [1] | |||
Proceeds received on loan payable | 5,000 | [1] | 45,371 | 2,500 | [1] | ||
Repayment of loan payable | 3 | (4,387) | [1] | (4,600) | (15,212) | [1] | |
Payment of loan payable costs | 2 | (4) | [1] | (639) | (8) | [1] | |
Net cash (used in) provided by financing activities | 117 | (4,484) | [1] | 34,914 | (13,062) | [1] | |
Investing activities: | |||||||
Additions to property and equipment | (10,308) | (7,003) | [1] | (31,157) | (19,439) | [1] | |
Acquisition of a portion of the minority interest in Ting Virginia, LLC (note 4(a)) | [1] | (1,200) | [1] | ||||
Acquisition of other assets | [1] | [1] | |||||
Acquisition of Ascio Technologies, net of cash of $1,437 (note 4(b)) | [1] | (28,024) | [1] | ||||
Acquisition of intangible assets | (1,038) | (113) | [1] | (3,566) | (114) | [1] | |
Net cash used in investing activities | (11,346) | (7,116) | [1] | (62,747) | (20,753) | [1] | |
(Decrease) increase in cash and cash equivalents | (14) | (386) | [1] | (648) | (7,274) | [1] | |
Cash and cash equivalents, beginning of period | 12,003 | 11,161 | [1] | 12,637 | [3] | 18,049 | [1] |
Cash and cash equivalents, end of period | 11,989 | 10,775 | [1] | 11,989 | 10,775 | [1] | |
Supplemental cash flow information: | |||||||
Interest paid | 1,267 | 919 | [1] | 3,561 | 2,781 | [1] | |
Income taxes paid, net | 1,959 | 1,793 | [1] | 6,123 | 5,370 | [1] | |
Supplementary disclosure of non-cash investing and financing activities: | |||||||
Property and equipment acquired during the period not yet paid for | 991 | 382 | [1] | 991 | 382 | [1] | |
Acquisition of intangible assets transferred from other assets | $ 2,501 | ||||||
[1] | The Company has initially applied ASC 2016-02 (Topic 842) using the modified retrospective method. Under this method, the comparative information is not restated. | ||||||
[2] | The Company has initially applied ASC 2016-02 (Topic 842) using the modified retrospective method. Under this method, the comparative information is not restated. | ||||||
[3] | The Company has initially applied ASC 2016-02 (Topic 842) using the modified retrospective method. Under this method, the comparative information is not restated. |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Cash acquired in business acquisition | $ 1,437 |
Note 1 - Organization of the Co
Note 1 - Organization of the Company | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Tucows Inc. (referred to throughout this report as the “Company”, “Tucows”, “we”, “us” or through similar expressions) provides simple useful services that help people unlock the power of the Internet. The Company provides U.S. consumers and small businesses with mobile phone services nationally and high-speed fixed Internet access in selected towns. The Company is also a global distributor of Internet services, including domain name registration, digital certificates, and email. It provides these services primarily through a global Internet-based distribution network of Internet Service Providers, web hosting companies and other providers of Internet services to end-users. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 2. The accompanying unaudited interim consolidated balance sheets, and the related consolidated statements of operations and comprehensive income and cash flows reflect all adjustments, consisting of normal recurring adjustments, that are, in the opinion of management, necessary for a fair presentation of the financial position of Tucows and its subsidiaries as at September 30, 2019 September 30, 2019 2018. 10 not may The accompanying unaudited interim consolidated financial statements have been prepared by Tucows in accordance with the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in the Company's annual audited consolidated financial statements and accompanying notes have been condensed or omitted. Other than the exception noted below, these interim consolidated financial statements and accompanying notes follow the same accounting policies and methods of application used in the annual financial statements and should be read in conjunction with the Company's audited consolidated financial statements and notes thereto for the year ended December 31, 2018 2018 10 March 5, 2019 “2018 no three nine September 30, 2019 2018 3 |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 3. Recent Accounting Pronouncements Adopted ASU 2016 - 02: Adoption of Leases (Topic 842 ) The Company adopted ASU No. 2016 02, Leases 842 2016 02” January 1, 2019. The Company has elected to apply ASU 2016 02 2018 11, January 1, 2019 not 840. The Company elected the practical expedient to use hindsight when considering the likelihood that lessee options to extend or terminate a lease or purchase the underlying asset will be exercised, and in assessing the impairment of right-of-use assets. The Company elected the practical expedient to separate non-lease components from the associated lease components for its existing datacenter, corporate offices and fiber-optic cable leases at transition. As a result of adopting ASU 2016 02, $8.8 $8.3 January 1, 2019. $0.5 $0.1 $0.6 no 2016 02 not ASU 2017 - 12 Derivatives and Hedging (Topic 8 15 ) In August 2017, No. 2017 12, Derivatives and Hedging (Topic 815 ): Targeted Improvements to Accounting for Hedging Activities 2017 12” December 15, 2018. 2017 12 first 2019 not Recent Accounting Pronouncements Not In August 2018, No. 2018 15, Intangibles—Goodwill and Other—Internal-Use Software 350 40 2018 15” 2018 15 not 2018 15 2018 15 December 15, 2019, 2018 15, |
Note 4 - Acquisitions
Note 4 - Acquisitions | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 4 . Acquisitions: (a) Blue Ridge Websoft On February 27, 2015, one 70% $3.5 On February 1, 2017, 20% $2.0 On February 13, 2018, 10% $1.2 February 13, 2018 $1.2 10% (b) Ascio On March 18, 2019, $29.5 $29.44 $21,205 The Company has prepared a preliminary purchase price allocation of the assets acquired and the liabilities assumed of Ascio based on management’s best estimates of fair value. The final purchase price allocation may December 31, 2019. Goodwill $ 20,046 Cash 1,437 Brand 2,020 Developed technology 2,420 Customer relationships 10,200 Prepaid domain registry fees 10,318 Other assets 2,192 Total assets 48,633 Deferred Revenue (12,509 ) Deferred Tax Liabilities (3,025 ) Other liabilities (3,637 ) Total liabilities (19,171 ) Preliminary consideration paid $ 29,462 As required by Accounting Standards Codification (“ASC”) 805, All definite life intangible assets acquired, including brand, developed technology and customer relationships will be amortized over 7 The goodwill related to this acquisition is primarily attributable to synergies expected to arise from the acquisition and is not In connection with this acquisition, the Company incurred total acquisition related costs of $0.5 nil $0.5 three nine September 30, 2019, The following table presents selected unaudited pro forma information for the Company assuming the acquisition of Ascio had occurred as of January 1, 2018. not Three months ended September 30, Nine months ended September 30, Dollar amounts in thousands of U.S. Dollars 2018 2019 2018 Net revenues $ 88,242 $ 255,914 $ 275,596 Net income 4,624 9,686 10,471 Basic earnings per common share 0.44 0.91 0.99 Diluted earnings per common share $ 0.43 $ 0.90 $ 0.97 The amount of revenue recognized since the acquisition date included in the consolidated statements of operations and comprehensive income statement for the three nine September 30, 2019 $5.8 $11.9 The net income recognized since the acquisition date included in the consolidated statements of operations and comprehensive income for the three nine September 30, 2019 $0.6 $1.3 |
Note 5 - Derivative Instruments
Note 5 - Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 5 . Derivative instruments and hedging activities: Foreign currency forward contracts In October 2012, not one eighteen The Company has designated certain of these transactions as cash flow hedges of forecasted transactions and foreign currency denominated liabilities under ASC Topic 815, Derivatives and Hedging 815” 815, September 30, 2019, January 1, 2019, As of September 30, 2019, $10.3 $9.9 December 31, 2018, $40.5 $36.5 Maturity date (Dollar amounts in thousands of U.S. dollars) Notional amount of U.S. dollars Weighted average exchange rate of U.S. dollars Fair Value October - December 2019 10,327 1.3174 (41 ) $ 10,327 $ 1.3174 $ (41 ) Fair value of derivative instruments and effect of derivative instruments on financial performance The effect of these derivative instruments on our consolidated financial statements were as follows (amounts presented do not Fair value of derivative instruments in the consolidated balance sheets Derivatives (Dollar amounts in thousands of U.S. dollars) Balance Sheet Location As of September 30, 2019 As of December 31, 2018 Foreign Currency forward contracts designated as cash flow hedges (net) Derivative instruments $ (39 ) $ (1,069 ) Foreign Currency forward contracts not designated as cash flow hedges (net) Derivative instruments (2 ) (207 ) Total foreign currency forward contracts (net) Derivative instruments $ (41 ) $ (1,276 ) Movement in accumulated other comprehensive income (“ AOCI ”) balance for the three September 3 0 , 201 9 (Dollar amounts in thousands of U.S. dollars) : Gains and losses on cash flow hedges Tax impact Total AOCI Opening AOCI balance - June 30, 2019 $ 159 $ (39 ) $ 120 Other comprehensive income (loss) before reclassifications (231 ) 56 (175 ) Amount reclassified from AOCI 35 (9 ) 26 Other comprehensive income (loss) for the three months ended September 30, 2019 (196 ) 47 (149 ) Ending AOCI Balance - September 30, 2019 $ (37 ) $ 8 $ (29 ) Movement in AOCI balance for the nine months ended September 30, 2019 (Dollar amounts in thousands of U.S. dollars) : Gains and losses on cash flow hedges Tax impact Total AOCI Opening AOCI balance - December 31, 2018 $ (1,069 ) $ 259 $ (810 ) Other comprehensive income (loss) before reclassifications 812 (198 ) 614 Amount reclassified from AOCI 220 (53 ) 167 Other comprehensive income (loss) for the nine months ended September 30, 2019 1,032 (251 ) 781 Ending AOCI Balance - September 30, 2019 $ (37 ) $ 8 $ (29 ) Effects of derivative instruments on income and OCI for the three months ended September 3 0 , 201 9 are as follows Derivatives in Cash Flow Hedging Relationship Amount of Gain or (Loss) Recognized in OCI, net of tax, on Derivative Location of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) Location of Gain or (Loss) Recognized in Income on Derivative (ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain or (Loss) Recognized in Income on Derivative (ineffective Portion and Amount Excluded from Effectiveness Testing) Operating expenses $ (28 ) $ - $ - Foreign currency forward contracts for the three months ended September 30, 2019 $ (149 ) Cost of revenues $ (7 ) $ - $ - Operating expenses $ (71 ) $ - $ - Foreign currency forward contracts for the three months ended September 30, 2018 $ 207 Cost of revenues $ (12 ) $ - $ - Effects of derivative instruments on income and OCI for the nine months ended September 3 0 , 2019 are as follows Derivatives in Cash Flow Hedging Relationship Amount of Gain or (Loss) Recognized in OCI, net of tax, on Derivative Location of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) Location of Gain or (Loss) Recognized in Income on Derivative (ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain or (Loss) Recognized in Income on Derivative (ineffective Portion and Amount Excluded from Effectiveness Testing) Operating expenses $ (182 ) $ - $ - Foreign currency forward contracts for the nine months ended September 30, 2019 $ 781 Cost of revenues $ (38 ) $ - $ - Operating expenses $ (87 ) $ - $ - Foreign currency forward contracts for the nine months ended September 30, 2018 $ (36 ) Cost of revenues $ (13 ) $ - $ - In addition to the above, for those foreign currency forward contracts not September 30, 2019 September 30, 2018 Forward currency contracts not designated as hedges: Three months ended Nine months ended Three months ended Nine months ended Gain (loss) on settlement less than ($0.1) $ (0.1) less than ($0.1) less than ($0.1) Gain (loss) on change in fair value less than $0.1 $ 0.2 less than $0.1 less than ($0.1) |
Note 6 - Goodwill and Other Int
Note 6 - Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 6 . Goodwill and other intangible assets: Goodwill Goodwill represents the excess of the purchase price over the fair value of tangible and identifiable intangible assets acquired and liabilities assumed in our acquisitions. The Company's Goodwill balance is $110.1 September 30, 2019 ( December 31, 2018 – $90.1 $20.0 December 31, 2018, 4 98% $108.0 2% $2.1 Goodwill is not Other Intangible Assets: Intangible assets consist of acquired brand, technology, customer relationships, surname domain names, direct navigation domain names and network rights. The Company considers its intangible assets consisting of surname domain names and direct navigation domain names as indefinite life intangible assets. The Company has the exclusive right to these domain names as long as the annual renewal fees are paid to the applicable registry. Renewals occur routinely and at a nominal cost. The indefinite life intangible assets are not September 30, 2019 September 30, 2018, June 2006 not Intangible assets, comprising brand, technology, customer relationships and network rights are being amortized on a straight-line basis over periods of two fifteen A summary of acquired intangible assets for the three September 30, 2019 (Dollar amounts in thousands of U.S. dollars) Surname domain names Direct navigation domain names Brand Customer relationships Technology Network rights Total Amortization period indefinite life indefinite life 7 years 3-7 years 2 - 7 years 15 years Balances June 30, 2019 $ 11,173 $ 1,242 $ 10,060 $ 34,375 $ 2,110 $ 491 $ 59,451 Acquisition of customer relationships - - - 64 - - 64 FreedomPop acquisition 1 - - - 3,475 - - 3,475 Additions to/(disposals from) domain portfolio, net (6 ) (60 ) - - - - (66 ) Amortization expense - - (514 ) (2,030 ) (302 ) (12 ) (2,858 ) Balances September 30, 2019 $ 11,167 $ 1,182 $ 9,546 $ 35,884 $ 1,808 $ 479 $ 60,066 1 third 2019, 60 September 2019 $3.5 A summary of acquired intangible assets for the nine September 30, 2019 (Dollar amounts in thousands of U.S. dollars) Surname domain names Direct navigation domain names Brand Customer relationships Technology Network rights Total Amortization period indefinite life indefinite life 7 years 3-7 years 2 - 7 years 15 years Balances December 31, 2018 $ 11,176 $ 1,245 $ 9,004 $ 27,292 $ 163 $ 515 $ 49,395 Acquisition of Ascio Technologies, Inc. (note 4 (b)) - - 2,020 10,200 2,420 - 14,640 FreedomPop acquisition 1 - - - 3,475 - - 3,475 Acquisition of customer relationships - - - 91 - - 91 Additions to/(disposals from) domain portfolio, net (9 ) (63 ) - - - - (72 ) Amortization expense - - (1,478 ) (5,174 ) (775 ) (36 ) (7,463 ) Balances September 30, 2019 $ 11,167 $ 1,182 $ 9,546 $ 35,884 $ 1,808 $ 479 $ 60,066 1 third 2019, 60 September 2019 $3.5 The following table shows the estimated amortization expense in future periods, assuming no (Dollar amounts in thousands of U.S. dollars) September 30, 2019 Remainder of 2019 2,385 2020 10,594 2021 10,580 2022 10,140 2023 9,288 Thereafter 4,730 Total 47,717 As of September 30, 2019, $32.0 December 31, 2018, $24.5 |
Note 7 - Loan Payable
Note 7 - Loan Payable | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7 . Loan payable: Amended 2019 Facility On June 14, 2019, 2019 $240 $180 $60 2019 2017 In connection with the Amended 2019 $0.3 $0.2 $0.4 $0.1 The obligations of the Company under the Amended 2019 first four 2017 Amended Credit Facility Prior to entering into the Amended 2019 “2017 January 20, 2017 $140 On March 18, 2019, 2017 4 2017 $0.2 The obligations of the Company under the 2017 first four Credit Facility Terms The Amended 2019 no The Amended 2019 2019 2019 3.50:1; 2019 not 3.00:1. 110% 2.00:1. September 30, 2019, September 30, 2018, 2017 Borrowings under the Amended 2019 If Total Funded Debt to EBITDA is: Availment type or fee Less than 1.00 Greater than or equal to 1.00 and less than 2.00 Greater than or equal to 2.00 and less than 2.50 Greater than or equal to 2.50 Canadian dollar borrowings based on Canadian Dollar Offered Rate or U.S. dollar borrowings based on LIBOR (Margin) 1.50% 1.85% 2.35% 2.85% Canadian borrowings based on Prime Rate or Canadian or U.S. dollar borrowings based on Base Rate (Margin) 0.25% 0.60% 1.10% 1.60% Standby fees 0.30% 0.37% 0.47% 0.57% The following table summarizes the Company’s borrowings under the Amended 2019 2017 ) September 30, 2019 December 31, 2018 Revolver 105,927 - Facility A $ - $ 1,000 Facility B - 6,000 Facility C - 3,232 Facility D - 54,924 Less: unamortized debt discount and issuance costs (959 ) (555 ) Total loan payable $ 104,968 $ 64,601 Less: loan payable, current portion - (18,400 ) Loan payable, long-term portion $ 104,968 $ 46,201 The following table summarizes our scheduled principal repayments as of September 30, 2019 ( Remainder of 2019 $ - 2020 - 2021 - 2022 - 2023 105,927 $ 105,927 Other Credit Facilit ies Prior to the Company entering into the Amended 2019 2017 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8 . Income taxes For the three September 30, 2019, $3.1 $7.3 December 31, 2019 ( 2019” $0.1 2016 09, three September 30, 2018, $1.4 $6.7 2018 $0.2 2016 09. For the nine September 30, 2019, $6.2 $15.8 2019 $0.8 2016 09, nine September 30, 2018, $3.8 $16.5 2018 $0.5 2016 09. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not not The Company recognizes accrued interest and penalties related to income taxes in income tax expense. The Company did not September 30, 2019 December 31, 2018, In Fiscal 2017, 2018, not not may |
Note 9 - Basic and Diluted Earn
Note 9 - Basic and Diluted Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 9 . Basic and diluted earnings per common share: Basic earnings per common share has been calculated on the basis of net income for the period divided by the weighted average number of common shares outstanding during each year. Diluted earnings per share gives effect to all dilutive potential common shares outstanding at the end of the year assuming that they had been issued, converted or exercised at the later of the beginning of the year or their date of issuance. In computing diluted earnings per share, the treasury stock method is used to determine the number of shares assumed to be purchased from the conversion of common share equivalents or the proceeds of the exercise of options. The following table reconciles the numerators and denominators of the basic and diluted earnings per common share computation (Dollar amounts in thousands of U.S. dollars, except per share amounts): Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Numerator for basic and diluted earnings per common share: Net income for the period 4,205 5,347 9,620 12,699 Denominator for basic and diluted earnings per common share: Basic weighted average number of common shares outstanding 10,626,754 10,611,579 10,639,544 10,599,243 Effect of outstanding stock options 119,080 182,718 158,555 196,425 Diluted weighted average number of shares outstanding 10,745,834 10,794,297 10,798,099 10,795,668 Basic earnings per common share 0.40 0.50 0.90 1.20 Diluted earnings per common share 0.39 0.50 0.89 1.18 For the three September 30, 2019, 599,140 not three September 30, 2018, 440,000 not For the nine September 30, 2019, 531,200 not nine September 30, 2018, 440,000 not |
Note 10 - Revenue
Note 10 - Revenue | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 10 . Revenue Nature of goods and services The following is a description of principal activities – separated by reportable segments – from which the Company generates its revenue. For more detailed information about reportable segments. See Note 13 (a) Network Access Services The Company generates Network Access Services revenues primarily through the provisioning of mobile services (“Ting Mobile”). Other sources of revenue include the provisioning of fixed high-speed Internet access (“Ting Internet”) as well as billing solutions to Internet Service Providers (“ISPs”). Ting wireless usage contracts grant customers access to standard talk, text and data mobile services. Ting mobile contracts are billed based on the actual amount of monthly services utilized by each customer during their billing cycle and charged to customers on a postpaid basis. Voice minutes, text messages and megabytes of data are each billed separately based on a tiered pricing program. The Company recognizes revenue for Ting mobile usage based on the actual amount of monthly services utilized by each customer. Ting Internet contracts provide customers Internet access at their home or business through the installation and use of our fiber optic network. Ting Internet contracts are generally prepaid and grant customers with unlimited bandwidth based on a fixed price per month basis. Because consideration is collected before the service period, revenue is initially deferred and recognized as the Company performs its obligation to provide Internet access. Though the Company does not Both Ting Mobile and Ting Internet access services are primarily contracted through the Ting website, for one no not Our Roam Mobility brand also offers standard talk, text and data mobile services. Roam Mobility customers prepay for their usage through the Roam Mobility website. When prepayments are received the amount is deferred, and subsequently recognized as the Company satisfies its obligation to provide mobile services. In addition, revenues associated with the sale of SIM cards are recognized when title and risk of loss is transferred to the subscriber and shipment has occurred. Incentive marketing credits given to customers are recorded as a reduction of revenue. In those cases, where payment is not not (b) Domain Services Domain registration contracts, which can be purchased for terms of one ten Domain related value-added services like digital certifications, WHOIS privacy and hosted email provide our resellers and retail registrant customers tools and additional functionality to be used in conjunction with domain registrations. All domain related value-added services are considered distinct performance obligations which transfer the promised service to the customer over the contracted term. Fees charged to customers for domain related value-added services are collected at the inception of the contract, and revenue is recognized on a straight-line basis over the contracted term, consistent with the satisfaction of the performance obligations. The Company is an ICANN accredited registrar. Thus, the Company is the primary obligor with our reseller and retail registrant customers and is responsible for the fulfillment of our registrar services to those parties. As a result, the Company reports revenue in the amount of the fees we receive directly from our reseller and retail registrant customers. Our reseller customers maintain the primary obligor relationship with their retail customers, establish pricing and retain credit risk to those customers. Accordingly, the Company does not The Company also sells the rights to the Company’s portfolio domains or names acquired through the Company’s domain expiry stream. Revenue generated from sale of domain name contracts, containing a distinct performance obligation to transfer the domain name rights under the Company’s control, is generally recognized once the rights have been transferred and payment has been received in full. Advertising revenue is derived through domain parking monetization, whereby the Company contracts with third no Disaggregation of Revenue The following is a summary of the Company’s revenue earned from each significant revenue stream (Dollar amounts in thousands of U.S. dollars): Three months ended September 30, Nine months ended September 30, 2019 2018 (1) 2019 2018 (1) Network Access Services: Mobile Services $ 21,722 $ 22,546 $ 63,516 $ 66,829 Other Services 2,890 2,033 7,977 5,664 Total Network Access Services 24,612 24,579 71,493 72,493 Domain Services Wholesale Domain Services 47,259 45,071 136,336 146,038 Value Added Services 5,154 4,540 14,113 13,576 Total Wholesale 52,413 49,611 150,449 159,614 Retail 8,713 8,731 26,138 25,644 Portfolio 2,391 598 3,119 2,650 Total Domain Services 63,517 58,940 179,706 187,908 $ 88,129 $ 83,519 $ 251,199 $ 260,401 1 As a result of the bulk transfers of 2.65 January 5, 2018 0.24 September 25, 2018, three nine September 30, 2018 $1.7 $16.3 September 30, 2018. During the three nine September 30, 2019, no 10% three nine September 30, 2018, no 10% September 30, 2019 December 31, 2018, no 10% The following is a summary of the Company’s cost of revenue from each significant revenue stream (Dollar amounts in thousands of U.S. dollars): Cost of Revenue Three months ended September 30, Nine months ended September 30, 2019 2018 (1) 2019 2018 (1) Network Access Services: Mobile Services $ 11,171 $ 11,399 $ 32,721 $ 34,643 Other Services 936 872 2,960 3,103 Total Network Access Services 12,107 12,271 35,681 37,746 Domain Services Wholesale Domain Services 38,337 37,414 110,993 124,572 Value Added Services 773 807 2,306 2,412 Total Wholesale 39,110 38,221 113,299 126,984 Retail 4,359 4,465 13,126 13,320 Portfolio 180 148 455 528 Total Domain Services 43,649 42,834 126,880 140,832 Network Expenses: Network, other costs 2,254 2,315 7,034 7,590 Network, depreciation and amortization costs 2,545 1,838 6,872 5,194 4,799 4,153 13,906 12,784 $ 60,555 $ 59,258 $ 176,467 $ 191,362 1 As a result of the bulk transfers of 2.65 January 5, 2018 0.24 September 25, 2018, cost of revenue for the three nine September 30, 2018 $1.7 $16.2 September 30, 2018. Contract Balances The following table provides information about contract liabilities (deferred revenue) from contracts with customers. The Company accounts for contract assets and liabilities on a contract-by-contract basis, with each contract presented as either a net contract asset or a net contract liability accordingly. Given that Company’s long-term contracts with customers are billed in advance of service, the Company’s contract liabilities relate to amounts recorded as deferred revenues. The Company does not not Deferred revenue primarily relates to the portion of the transaction price received in advance related to the unexpired term of domain name registrations and other domain related value-added services, on both a wholesale and retail basis, net of external commissions. The opening balance of deferred revenue was $143.7 January 1, 2019. Deferred Revenue Nine months ended September 30, 2019 Balance, beginning of period 143,694 Acquired in a business combination 1 12,509 Deferred revenue 176,675 Recognized revenue (178,737 ) Balance, end of period 154,141 1 March 18, 2019. 1 10 805, Remaining Performance Obligations: For mobile and internet access services, where the performance obligation is part of contracts that have an original expected duration of one one not Although domain registration contracts are deferred over the lives of the individual contracts, which can range from one ten 80 twelve Deferred revenue related to Roam Mobility and Exact hosting contracts are also deferred over the lives of the individual contracts, which are expected to be fully recognized within the next twelve |
Note 11 - Costs to Obtain and F
Note 11 - Costs to Obtain and Fulfill a Contract | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Capitalized Contract Costs [Text Block] | 1 1 . Costs to obtain and fulfill a contract Deferred costs of fulfillment Deferred costs to fulfill contracts generally consist of domain registration costs which have been paid to a domain registry, and are capitalized as Prepaid domain name registry and ancillary services fees. These costs are deferred and amortized over the life of the domain which generally ranges from one ten nine September 30, 2019, $122.5 $126.3 $10.3 March 18, 2019. nine September 30, 2019 Prepaid domain name registry and ancillary services fees Nine months ended September 30, 2019 Balance, beginning of period $ 106,527 Acquired in a business combination 1 10,318 Capitalization of costs 122,534 Amortization of costs (126,288 ) Balance, end of period $ 113,091 1 March 18, 2019. 1 10 |
Note 12 - Leases
Note 12 - Leases | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 1 2 . Leases We lease datacenters, corporate offices and fiber-optic cables under operating leases. The Company does not Our leases have remaining lease terms of 1 19 may 5 may 1 We have elected to consider leases with a term of 12 not The Company elected the practical expedient to use hindsight when considering the likelihood that lessee options to extend or terminate a lease or purchase the underlying asset will be exercised, and in assessing the impairment of right-of-use assets. As most of our leases do not For corporate offices, datacenter and fiber-optic cable leases, the Company has elected the practical expedient to combine lease and non-lease components. The components of lease expense were as follows (Dollar amounts in thousands of U.S. dollars): Three months ended, Nine months ended, September 30, 2019 September 30, 2019 Operating Lease Cost (leases with a total term greater than 12 months) $ 609 $ 2,506 Short-term Lease Cost (leases with a total term of 12 months or less) 305 708 Variable Lease Cost 156 520 Total Lease Cost $ 1,070 $ 3,734 Lease Cost is presented in general and administrative expenses and network expenses within our consolidated statements of operations and comprehensive income. Information related to leases was as follows (Dollar amounts in thousands of U.S. dollars): Three months ended, Nine months ended, September 30, 2019 September 30, 2019 Supplemental cashflow information: Operating Lease - Operating Cash Flows (Fixed Payments) $ 587 $ 2,472 Operating Lease - Operating Cash Flows (Liability Reduction) $ 466 $ 2,117 New ROU Assets - Operating Leases $ 86 $ 4,554 Supplemental balance sheet information related to leases: September 30, 2019 (Transition) Weighted Average Discount Rate 5.27 % 5.04 % Weighted Average Remaining Lease Term (in years) 8.44 5.62 Maturity of lease liability as of September 30, 2019 ( September 30, 2019 Remaining of 2019 $ 541 2020 1,819 2021 1,707 2022 1,625 2023 1,583 Thereafter 5,991 Total future lease payments 13,266 Less interest 2,709 Total $ 10,557 Operating lease payments include payments under the non-cancellable term and approximately $0.8 As of September 30, 2019, not not In January 2019, $3.9 |
Note 13 - Segment Reporting
Note 13 - Segment Reporting | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 1 3 . Segment reporting: (a) We are organized and managed based on two 1. Network Access Services 2. Domain Services The Chief Executive Officer (the “CEO”) is the chief operating decision maker and regularly reviews the operations and performance by segment. The CEO reviews gross profit as (a) a key measure of performance for each segment and (b) to make decisions about the allocation of resources. Sales and marketing expenses, technical operations and development expenses, general and administrative expenses, depreciation of property and equipment, amortization of intangibles assets, impairment of indefinite life intangible assets, gain on currency forward contracts and other expense net are organized along functional lines and are not not 2 3 10 Information by operating segments (with the exception of disaggregated revenue, which is discussed in Note 10 Three months ended September 30, 2019 Network Access Services Domain Services Consolidated Totals Net Revenues $ 24,612 $ 63,517 $ 88,129 Cost of revenues Cost of revenues 12,107 43,649 55,756 Network expenses 515 1,739 2,254 Depreciation of property and equipment 1,797 434 2,231 Amortization of intangible assets 12 302 314 Total cost of revenues 14,431 46,124 60,555 Gross Profit 27,574 Expenses: Sales and marketing 8,769 Technical operations and development 2,876 General and administrative 4,574 Depreciation of property and equipment 117 Loss on disposition of property and equipment 73 Amortization of intangible assets 2,544 Loss (gain) on currency forward contracts 20 Income from operations 8,601 Other income (expenses), net (1,263 ) Income before provisions for income taxes $ 7,338 Three months ended September 30, 2018 Network Access Services Domain Services Consolidated Totals Net Revenues $ 24,579 $ 58,940 $ 83,519 Cost of revenues Cost of revenues 12,271 42,834 55,105 Network expenses 479 1,836 2,315 Depreciation of property and equipment 1,026 313 1,339 Amortization of intangible assets 11 488 499 Total cost of revenues 13,787 45,471 59,258 Gross Profit 10,792 13,469 24,261 Expenses: Sales and marketing 8,412 Technical operations and development 2,207 General and administrative 4,120 Depreciation of property and equipment 106 Loss on disposition of property and equipment - Amortization of intangible assets 1,797 Loss (gain) on currency forward contracts (27 ) Income from operations 7,646 Other income (expenses), net (930 ) Income before provisions for income taxes $ 6,716 Nine months ended September 30, 2019 Network Access Services Domain Services Consolidated Totals Net Revenues $ 71,493 $ 179,706 $ 251,199 Cost of revenues Cost of revenues 35,681 126,880 162,561 Network expenses 1,552 5,482 7,034 Depreciation of property and equipment 4,907 1,163 6,070 Amortization of intangible assets 34 768 802 Total cost of revenues 42,174 134,293 176,467 Gross Profit 29,319 45,413 74,732 Expenses: Sales and marketing 26,366 Technical operations and development 8,151 General and administrative 13,818 Depreciation of property and equipment 375 Loss on disposition of property and equipment 73 Amortization of intangible assets 6,661 Loss (gain) on currency forward contracts (90 ) Income from operations 19,378 Other income (expenses), net (3,549 ) Income before provisions for income taxes $ 15,829 Nine months ended September 30, 2018 Network Access Services Domain Services Consolidated Totals Net Revenues $ 72,493 $ 187,908 $ 260,401 Cost of revenues Cost of revenues 37,746 140,832 178,578 Network expenses 1,609 5,981 7,590 Depreciation of property and equipment 2,762 935 3,697 Amortization of intangible assets 34 1,463 1,497 Total cost of revenues 42,151 149,211 191,362 Gross Profit 30,342 38,697 69,039 Expenses: Sales and marketing 24,629 Technical operations and development 6,657 General and administrative 12,906 Depreciation of property and equipment 309 Loss on disposition of property and equipment - Amortization of intangible assets 5,456 Loss (gain) on currency forward contracts 22 Income from operations 19,060 Other income (expenses), net (2,580 ) Income before provisions for income taxes $ 16,480 (b) The following is a summary of the Company’s property and equipment by geographic region ( Dollar amounts in thousands of U.S. dollars Property and Equipment by region September 30, 2019 December 31, 2018 Canada $ 2,164 $ 1,393 United States 69,586 46,631 Germany 417 41 $ 72,167 $ 48,065 (c) The following is a summary of the Company’s amortizable intangible assets by geographic region (Dollar amounts in thousands of U.S. dollars): Amortizable assets by region September 30, 2019 December 31, 2018 Canada $ 5,548 $ 6,553 United States 42,169 30,421 $ 47,717 $ 36,974 (d) Valuation and qualifying accounts (Dollar amounts in thousands of U.S. dollars): 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, 2019 $ 132 $ (2 ) $ - $ 130 Year ended December 31, 2018 $ 168 $ (36 ) $ - $ 132 |
Note 14 - Stockholders' Equity
Note 14 - Stockholders' Equity | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 1 4 . Stockholders’ Equity: The following table summarizes stockholders' equity transactions for the three September 30, 2019 ( Common Stock Number Amount Additional Paid in Capital Retained earnings (deficit) Accumulated other comprehensive income (loss) Total stockholders' equity Balance on June 30, 2019 10,663,462 $ 16,461 $ 4,195 $ 66,225 $ 120 $ 87,001 Exercise of Stock options 12,260 189 (71 ) - - 118 Shares deducted from exercise of stock options for payment of witholding taxes and exercise consideration (1,837 ) - (20 ) - - (20 ) Repurchase of common stock (101,816 ) (158 ) (4,828 ) - - (4,986 ) Stock-based compensation - - 830 - - 830 Net income - - - 4,205 - 4,205 Other comprehensive income (loss) - - - - (149 ) (149 ) Balances, September 30, 2019 10,572,069 $ 16,492 $ 106 $ 70,430 $ (29 ) $ 86,999 The following table summarizes stockholders' equity transactions for the nine September 30, 2019 ( Common Stock Number Amount Additional Paid in Capital Retained earnings (deficit) Accumulated other comprehensive income (loss) Total stockholders' equity Balance on December 31, 2018 10,627,988 $ 15,823 $ 3,953 $ 60,810 $ (810 ) $ 79,776 Exercise of Stock options 66,619 827 (515 ) - - 312 Shares deducted from exercise of stock options for payment of witholding taxes and exercise consideration (20,722 ) - (544 ) - - (544 ) Repurchase of common stock (101,816 ) (158 ) (4,828 ) - - (4,986 ) Stock-based compensation - - 2,040 - - 2,040 Net income - - - 9,620 - 9,620 Other comprehensive income (loss) - - - - 781 781 Balances, September 30, 2019 10,572,069 $ 16,492 $ 106 $ 70,430 $ (29 ) $ 86,999 2019 On February 13, 2019, $40 $40 February 14, 2019 February 13, 2020. three nine September 30, 2019, 101,816 $5.0 2018 On February 14, 2018, $40 February 14, 2018 February 13, 2019. three nine September 30, 2018 nine September 30, 2019, not 2017 On March 1, 2017, $40 March 1, 2017 February 14, 2018. nine September 30, 2018, not |
Note 15 - Share-based Payments
Note 15 - Share-based Payments | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 1 5 . Share-based payments Stock options The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model. Because option-pricing models require the use of subjective assumptions, changes in these assumptions can materially affect the fair value of the options. The assumptions presented in the table below represent the weighted average of the applicable assumption used to value stock options at their grant date. The Company calculates expected volatility based on historical volatility of the Company's common shares. The expected term, which represents the period of time that options granted are expected to be outstanding, is estimated based on historical exercise experience. The Company evaluated historical exercise behavior when determining the expected term assumptions. The risk-free rate assumed in valuing the options is based on the U.S. Treasury yield curve in effect at the time of grant for the expected term of the option. The Company determines the expected dividend yield percentage by dividing the expected annual dividend by the market price of Tucows Inc. common shares at the date of grant. Details of stock option transactions for the three September 30, 2019 September 30, 2018 Three months ended September 30, 2019 Three months ended September 30, 2018 Number of Shares Weighted average exercise price per share Number of Shares Weighted average exercise price per share Outstanding, beginning of period 774,915 $ 48.63 734,196 $ 42.39 Granted 36,500 54.41 23,800 57.78 Exercised (12,260 ) 15.60 (15,782 ) 8.00 Forfeited (7,014 ) 60.87 (8,635 ) 59.20 Expired (12,875 ) 44.98 - - Outstanding, end of period 779,266 $ 49.37 733,579 $ 43.43 Options exercisable, end of period 368,664 $ 39.43 326,887 $ 29.00 Details of stock option transactions for the nine September 30, 2019 September 30, 2018 Nine months ended September 30, 2019 Nine months ended September 30, 2018 Number of Shares Weighted average exercise price per share Number of Shares Weighted average exercise price per share Outstanding, beginning of period 702,337 $ 43.80 653,571 $ 36.69 Granted 180,800 60.56 163,366 62.80 Exercised (66,619 ) 18.65 (44,498 ) 9.49 Forfeited (22,315 ) 58.59 (38,860 ) 50.46 Expired (14,937 ) 46.45 - - Outstanding, end of period 779,266 $ 49.37 733,579 $ 43.43 Options exercisable, end of period 368,664 $ 39.43 326,887 $ 29.00 As of September 30, 2019, Options outstanding Options exercisable Exercise Price Number outstanding Weighted average exercise price per share Aggregate intrinsic value Number outstanding Weighted average exercise price per share Weighted average remaining contractual life (years) Aggregate intrinsic value $5.52 - $8.56 32,535 $ 7.48 $ 1,519 32,535 $ 7.48 0.5 $ 1,519 $10.16 - $19.95 74,465 16.42 2,811 73,215 16.36 2.0 2,768 $21.10 - $27.53 58,750 23.73 1,788 48,750 24.27 2.1 1,457 $35.25 - $37.35 14,375 35.89 263 11,875 36.02 3.5 215 $43.15 - $47.00 5,000 47.00 36 2,500 47.00 4.5 18 $53.20 - $58.65 344,053 55.53 30 171,877 55.72 4.7 18 $62.12 - $64.10 250,088 62.99 - 27,912 64.10 5.7 - 779,266 $ 49.37 $ 6,447 368,664 $ 39.43 3.4 $ 5,995 Total unrecognized compensation cost relating to unvested stock options at September 30, 2019, $7.7 2.6 The Company recorded stock-based compensation of $0.8 $2.0 three nine September 30, 2019, $0.7 $1.9 three nine September 30, 2018, The Company has not |
Note 16 - Fair Value Measuremen
Note 16 - Fair Value Measurement | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 1 6 . Fair value measurement: For financial assets and liabilities recorded in our financial statements at fair value we utilize a valuation hierarchy for disclosure of the inputs to valuation used to measure fair value. This hierarchy prioritizes the inputs into three 1 2 3 The following table provides a summary of the fair values of the Company's derivative instrument assets and liabilities measured at fair value on a recurring basis at September 30, 2019 ( Dollar amounts in thousands of U.S. dollars September 30, 2019 Fair Value Measurement Using Level 1 Level 2 Level 3 Liability at Fair value Derivative Instrument asset Total Liability $ $ 41 $ $ 41 December 31, 2018 Fair Value Measurement Using Liabilities at Fair Level 1 Level 2 Level 3 value Derivative Instrument liability Total Liabilities $ $ 1,276 $ $ 1,276 |
Note 17 - Contingencies
Note 17 - Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 1 7 . Contingencies From time to time, the Company has legal claims and lawsuits in connection with its ordinary business operations. The Company vigorously defends such claims. While the final outcome with respect to any actions or claims outstanding or pending as of September 30, 2019 not |
Note 18 - Subsequent Events
Note 18 - Subsequent Events | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 1 8 . Subsequent Events On October 9, 2019 $30.5 $40.5 January December 2020. On October 31, 2019, 45 $15.0 $11.0 $9.0 $2.0 $4.0 24th 36th |
Note 4 - Acquisitions (Tables)
Note 4 - Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Goodwill $ 20,046 Cash 1,437 Brand 2,020 Developed technology 2,420 Customer relationships 10,200 Prepaid domain registry fees 10,318 Other assets 2,192 Total assets 48,633 Deferred Revenue (12,509 ) Deferred Tax Liabilities (3,025 ) Other liabilities (3,637 ) Total liabilities (19,171 ) Preliminary consideration paid $ 29,462 |
Business Acquisition, Pro Forma Information [Table Text Block] | Three months ended September 30, Nine months ended September 30, Dollar amounts in thousands of U.S. Dollars 2018 2019 2018 Net revenues $ 88,242 $ 255,914 $ 275,596 Net income 4,624 9,686 10,471 Basic earnings per common share 0.44 0.91 0.99 Diluted earnings per common share $ 0.43 $ 0.90 $ 0.97 |
Note 5 - Derivative Instrumen_2
Note 5 - Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | Maturity date (Dollar amounts in thousands of U.S. dollars) Notional amount of U.S. dollars Weighted average exchange rate of U.S. dollars Fair Value October - December 2019 10,327 1.3174 (41 ) $ 10,327 $ 1.3174 $ (41 ) |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Derivatives (Dollar amounts in thousands of U.S. dollars) Balance Sheet Location As of September 30, 2019 As of December 31, 2018 Foreign Currency forward contracts designated as cash flow hedges (net) Derivative instruments $ (39 ) $ (1,069 ) Foreign Currency forward contracts not designated as cash flow hedges (net) Derivative instruments (2 ) (207 ) Total foreign currency forward contracts (net) Derivative instruments $ (41 ) $ (1,276 ) |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Gains and losses on cash flow hedges Tax impact Total AOCI Opening AOCI balance - June 30, 2019 $ 159 $ (39 ) $ 120 Other comprehensive income (loss) before reclassifications (231 ) 56 (175 ) Amount reclassified from AOCI 35 (9 ) 26 Other comprehensive income (loss) for the three months ended September 30, 2019 (196 ) 47 (149 ) Ending AOCI Balance - September 30, 2019 $ (37 ) $ 8 $ (29 ) Gains and losses on cash flow hedges Tax impact Total AOCI Opening AOCI balance - December 31, 2018 $ (1,069 ) $ 259 $ (810 ) Other comprehensive income (loss) before reclassifications 812 (198 ) 614 Amount reclassified from AOCI 220 (53 ) 167 Other comprehensive income (loss) for the nine months ended September 30, 2019 1,032 (251 ) 781 Ending AOCI Balance - September 30, 2019 $ (37 ) $ 8 $ (29 ) |
Derivative Instruments, Gain (Loss) [Table Text Block] | Derivatives in Cash Flow Hedging Relationship Amount of Gain or (Loss) Recognized in OCI, net of tax, on Derivative Location of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) Location of Gain or (Loss) Recognized in Income on Derivative (ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain or (Loss) Recognized in Income on Derivative (ineffective Portion and Amount Excluded from Effectiveness Testing) Operating expenses $ (28 ) $ - $ - Foreign currency forward contracts for the three months ended September 30, 2019 $ (149 ) Cost of revenues $ (7 ) $ - $ - Operating expenses $ (71 ) $ - $ - Foreign currency forward contracts for the three months ended September 30, 2018 $ 207 Cost of revenues $ (12 ) $ - $ - Derivatives in Cash Flow Hedging Relationship Amount of Gain or (Loss) Recognized in OCI, net of tax, on Derivative Location of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) Location of Gain or (Loss) Recognized in Income on Derivative (ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain or (Loss) Recognized in Income on Derivative (ineffective Portion and Amount Excluded from Effectiveness Testing) Operating expenses $ (182 ) $ - $ - Foreign currency forward contracts for the nine months ended September 30, 2019 $ 781 Cost of revenues $ (38 ) $ - $ - Operating expenses $ (87 ) $ - $ - Foreign currency forward contracts for the nine months ended September 30, 2018 $ (36 ) Cost of revenues $ (13 ) $ - $ - |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | September 30, 2019 September 30, 2018 Forward currency contracts not designated as hedges: Three months ended Nine months ended Three months ended Nine months ended Gain (loss) on settlement less than ($0.1) $ (0.1) less than ($0.1) less than ($0.1) Gain (loss) on change in fair value less than $0.1 $ 0.2 less than $0.1 less than ($0.1) |
Note 6 - Goodwill and Other I_2
Note 6 - Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Surname domain names Direct navigation domain names Brand Customer relationships Technology Network rights Total Amortization period indefinite life indefinite life 7 years 3-7 years 2 - 7 years 15 years Balances June 30, 2019 $ 11,173 $ 1,242 $ 10,060 $ 34,375 $ 2,110 $ 491 $ 59,451 Acquisition of customer relationships - - - 64 - - 64 FreedomPop acquisition 1 - - - 3,475 - - 3,475 Additions to/(disposals from) domain portfolio, net (6 ) (60 ) - - - - (66 ) Amortization expense - - (514 ) (2,030 ) (302 ) (12 ) (2,858 ) Balances September 30, 2019 $ 11,167 $ 1,182 $ 9,546 $ 35,884 $ 1,808 $ 479 $ 60,066 Surname domain names Direct navigation domain names Brand Customer relationships Technology Network rights Total Amortization period indefinite life indefinite life 7 years 3-7 years 2 - 7 years 15 years Balances December 31, 2018 $ 11,176 $ 1,245 $ 9,004 $ 27,292 $ 163 $ 515 $ 49,395 Acquisition of Ascio Technologies, Inc. (note 4 (b)) - - 2,020 10,200 2,420 - 14,640 FreedomPop acquisition 1 - - - 3,475 - - 3,475 Acquisition of customer relationships - - - 91 - - 91 Additions to/(disposals from) domain portfolio, net (9 ) (63 ) - - - - (72 ) Amortization expense - - (1,478 ) (5,174 ) (775 ) (36 ) (7,463 ) Balances September 30, 2019 $ 11,167 $ 1,182 $ 9,546 $ 35,884 $ 1,808 $ 479 $ 60,066 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | September 30, 2019 Remainder of 2019 2,385 2020 10,594 2021 10,580 2022 10,140 2023 9,288 Thereafter 4,730 Total 47,717 |
Note 7 - Loan Payable (Tables)
Note 7 - Loan Payable (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Standby Fees Based on Total Funded Debt to EBITDA Ratio [Table Text Block] | If Total Funded Debt to EBITDA is: Availment type or fee Less than 1.00 Greater than or equal to 1.00 and less than 2.00 Greater than or equal to 2.00 and less than 2.50 Greater than or equal to 2.50 Canadian dollar borrowings based on Canadian Dollar Offered Rate or U.S. dollar borrowings based on LIBOR (Margin) 1.50% 1.85% 2.35% 2.85% Canadian borrowings based on Prime Rate or Canadian or U.S. dollar borrowings based on Base Rate (Margin) 0.25% 0.60% 1.10% 1.60% Standby fees 0.30% 0.37% 0.47% 0.57% |
Schedule of Debt [Table Text Block] | September 30, 2019 December 31, 2018 Revolver 105,927 - Facility A $ - $ 1,000 Facility B - 6,000 Facility C - 3,232 Facility D - 54,924 Less: unamortized debt discount and issuance costs (959 ) (555 ) Total loan payable $ 104,968 $ 64,601 Less: loan payable, current portion - (18,400 ) Loan payable, long-term portion $ 104,968 $ 46,201 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Remainder of 2019 $ - 2020 - 2021 - 2022 - 2023 105,927 $ 105,927 |
Note 9 - Basic and Diluted Ea_2
Note 9 - Basic and Diluted Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Numerator for basic and diluted earnings per common share: Net income for the period 4,205 5,347 9,620 12,699 Denominator for basic and diluted earnings per common share: Basic weighted average number of common shares outstanding 10,626,754 10,611,579 10,639,544 10,599,243 Effect of outstanding stock options 119,080 182,718 158,555 196,425 Diluted weighted average number of shares outstanding 10,745,834 10,794,297 10,798,099 10,795,668 Basic earnings per common share 0.40 0.50 0.90 1.20 Diluted earnings per common share 0.39 0.50 0.89 1.18 |
Note 10 - Revenue (Tables)
Note 10 - Revenue (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three months ended September 30, Nine months ended September 30, 2019 2018 (1) 2019 2018 (1) Network Access Services: Mobile Services $ 21,722 $ 22,546 $ 63,516 $ 66,829 Other Services 2,890 2,033 7,977 5,664 Total Network Access Services 24,612 24,579 71,493 72,493 Domain Services Wholesale Domain Services 47,259 45,071 136,336 146,038 Value Added Services 5,154 4,540 14,113 13,576 Total Wholesale 52,413 49,611 150,449 159,614 Retail 8,713 8,731 26,138 25,644 Portfolio 2,391 598 3,119 2,650 Total Domain Services 63,517 58,940 179,706 187,908 $ 88,129 $ 83,519 $ 251,199 $ 260,401 |
Schedule of Cost of Revenues by Revenue Stream [Table Text Block] | Three months ended September 30, Nine months ended September 30, 2019 2018 (1) 2019 2018 (1) Network Access Services: Mobile Services $ 11,171 $ 11,399 $ 32,721 $ 34,643 Other Services 936 872 2,960 3,103 Total Network Access Services 12,107 12,271 35,681 37,746 Domain Services Wholesale Domain Services 38,337 37,414 110,993 124,572 Value Added Services 773 807 2,306 2,412 Total Wholesale 39,110 38,221 113,299 126,984 Retail 4,359 4,465 13,126 13,320 Portfolio 180 148 455 528 Total Domain Services 43,649 42,834 126,880 140,832 Network Expenses: Network, other costs 2,254 2,315 7,034 7,590 Network, depreciation and amortization costs 2,545 1,838 6,872 5,194 4,799 4,153 13,906 12,784 $ 60,555 $ 59,258 $ 176,467 $ 191,362 |
Contract with Customer, Asset and Liability [Table Text Block] | Nine months ended September 30, 2019 Balance, beginning of period 143,694 Acquired in a business combination 1 12,509 Deferred revenue 176,675 Recognized revenue (178,737 ) Balance, end of period 154,141 |
Note 11 - Costs to Obtain and_2
Note 11 - Costs to Obtain and Fulfill a Contract (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Capitalized Contract Cost [Table Text Block] | Nine months ended September 30, 2019 Balance, beginning of period $ 106,527 Acquired in a business combination 1 10,318 Capitalization of costs 122,534 Amortization of costs (126,288 ) Balance, end of period $ 113,091 |
Note 12 - Leases (Tables)
Note 12 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three months ended, Nine months ended, September 30, 2019 September 30, 2019 Operating Lease Cost (leases with a total term greater than 12 months) $ 609 $ 2,506 Short-term Lease Cost (leases with a total term of 12 months or less) 305 708 Variable Lease Cost 156 520 Total Lease Cost $ 1,070 $ 3,734 Three months ended, Nine months ended, September 30, 2019 September 30, 2019 Supplemental cashflow information: Operating Lease - Operating Cash Flows (Fixed Payments) $ 587 $ 2,472 Operating Lease - Operating Cash Flows (Liability Reduction) $ 466 $ 2,117 New ROU Assets - Operating Leases $ 86 $ 4,554 Supplemental balance sheet information related to leases: September 30, 2019 (Transition) Weighted Average Discount Rate 5.27 % 5.04 % Weighted Average Remaining Lease Term (in years) 8.44 5.62 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | September 30, 2019 Remaining of 2019 $ 541 2020 1,819 2021 1,707 2022 1,625 2023 1,583 Thereafter 5,991 Total future lease payments 13,266 Less interest 2,709 Total $ 10,557 |
Note 13 - Segment Reporting (Ta
Note 13 - Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Condensed Income Statement [Table Text Block] | Three months ended September 30, 2019 Network Access Services Domain Services Consolidated Totals Net Revenues $ 24,612 $ 63,517 $ 88,129 Cost of revenues Cost of revenues 12,107 43,649 55,756 Network expenses 515 1,739 2,254 Depreciation of property and equipment 1,797 434 2,231 Amortization of intangible assets 12 302 314 Total cost of revenues 14,431 46,124 60,555 Gross Profit 27,574 Expenses: Sales and marketing 8,769 Technical operations and development 2,876 General and administrative 4,574 Depreciation of property and equipment 117 Loss on disposition of property and equipment 73 Amortization of intangible assets 2,544 Loss (gain) on currency forward contracts 20 Income from operations 8,601 Other income (expenses), net (1,263 ) Income before provisions for income taxes $ 7,338 Three months ended September 30, 2018 Network Access Services Domain Services Consolidated Totals Net Revenues $ 24,579 $ 58,940 $ 83,519 Cost of revenues Cost of revenues 12,271 42,834 55,105 Network expenses 479 1,836 2,315 Depreciation of property and equipment 1,026 313 1,339 Amortization of intangible assets 11 488 499 Total cost of revenues 13,787 45,471 59,258 Gross Profit 10,792 13,469 24,261 Expenses: Sales and marketing 8,412 Technical operations and development 2,207 General and administrative 4,120 Depreciation of property and equipment 106 Loss on disposition of property and equipment - Amortization of intangible assets 1,797 Loss (gain) on currency forward contracts (27 ) Income from operations 7,646 Other income (expenses), net (930 ) Income before provisions for income taxes $ 6,716 Nine months ended September 30, 2019 Network Access Services Domain Services Consolidated Totals Net Revenues $ 71,493 $ 179,706 $ 251,199 Cost of revenues Cost of revenues 35,681 126,880 162,561 Network expenses 1,552 5,482 7,034 Depreciation of property and equipment 4,907 1,163 6,070 Amortization of intangible assets 34 768 802 Total cost of revenues 42,174 134,293 176,467 Gross Profit 29,319 45,413 74,732 Expenses: Sales and marketing 26,366 Technical operations and development 8,151 General and administrative 13,818 Depreciation of property and equipment 375 Loss on disposition of property and equipment 73 Amortization of intangible assets 6,661 Loss (gain) on currency forward contracts (90 ) Income from operations 19,378 Other income (expenses), net (3,549 ) Income before provisions for income taxes $ 15,829 Nine months ended September 30, 2018 Network Access Services Domain Services Consolidated Totals Net Revenues $ 72,493 $ 187,908 $ 260,401 Cost of revenues Cost of revenues 37,746 140,832 178,578 Network expenses 1,609 5,981 7,590 Depreciation of property and equipment 2,762 935 3,697 Amortization of intangible assets 34 1,463 1,497 Total cost of revenues 42,151 149,211 191,362 Gross Profit 30,342 38,697 69,039 Expenses: Sales and marketing 24,629 Technical operations and development 6,657 General and administrative 12,906 Depreciation of property and equipment 309 Loss on disposition of property and equipment - Amortization of intangible assets 5,456 Loss (gain) on currency forward contracts 22 Income from operations 19,060 Other income (expenses), net (2,580 ) Income before provisions for income taxes $ 16,480 |
Schedule of Property Plant and Equipment by Geographic Region [Table Text Block] | September 30, 2019 December 31, 2018 Canada $ 2,164 $ 1,393 United States 69,586 46,631 Germany 417 41 $ 72,167 $ 48,065 |
Schedule of Acquired Intangible Assets by Major Class [Table Text Block] | <table border="0" cellpadding="0" cellspacing="0" style="margin-right: 20%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; margin-left: 36pt; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">September 30, 2019 </div></div></div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">December 31, 2018 </div></div></div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 54%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Canada</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 20%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,548</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 20%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,553</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">United States</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 20%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">42,169</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 20%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,421</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 20%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">47,717</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 20%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">36,974</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> </table></div>" id="sjs-B6"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 20%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; margin-left: 36pt; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">September 30, 2019 </div></div></div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">December 31, 2018 </div></div></div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 54%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Canada</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 20%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,548</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 20%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,553</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">United States</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 20%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">42,169</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 20%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,421</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 20%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">47,717</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 20%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">36,974</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> </table></div> |
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, 2019 $ 132 $ (2 ) $ - $ 130 Year ended December 31, 2018 $ 168 $ (36 ) $ - $ 132 |
Note 14 - Stockholders' Equity
Note 14 - Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | Common Stock Number Amount Additional Paid in Capital Retained earnings (deficit) Accumulated other comprehensive income (loss) Total stockholders' equity Balance on June 30, 2019 10,663,462 $ 16,461 $ 4,195 $ 66,225 $ 120 $ 87,001 Exercise of Stock options 12,260 189 (71 ) - - 118 Shares deducted from exercise of stock options for payment of witholding taxes and exercise consideration (1,837 ) - (20 ) - - (20 ) Repurchase of common stock (101,816 ) (158 ) (4,828 ) - - (4,986 ) Stock-based compensation - - 830 - - 830 Net income - - - 4,205 - 4,205 Other comprehensive income (loss) - - - - (149 ) (149 ) Balances, September 30, 2019 10,572,069 $ 16,492 $ 106 $ 70,430 $ (29 ) $ 86,999 Common Stock Number Amount Additional Paid in Capital Retained earnings (deficit) Accumulated other comprehensive income (loss) Total stockholders' equity Balance on December 31, 2018 10,627,988 $ 15,823 $ 3,953 $ 60,810 $ (810 ) $ 79,776 Exercise of Stock options 66,619 827 (515 ) - - 312 Shares deducted from exercise of stock options for payment of witholding taxes and exercise consideration (20,722 ) - (544 ) - - (544 ) Repurchase of common stock (101,816 ) (158 ) (4,828 ) - - (4,986 ) Stock-based compensation - - 2,040 - - 2,040 Net income - - - 9,620 - 9,620 Other comprehensive income (loss) - - - - 781 781 Balances, September 30, 2019 10,572,069 $ 16,492 $ 106 $ 70,430 $ (29 ) $ 86,999 |
Note 15 - Share-based Payments
Note 15 - Share-based Payments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Three months ended September 30, 2019 Three months ended September 30, 2018 Number of Shares Weighted average exercise price per share Number of Shares Weighted average exercise price per share Outstanding, beginning of period 774,915 $ 48.63 734,196 $ 42.39 Granted 36,500 54.41 23,800 57.78 Exercised (12,260 ) 15.60 (15,782 ) 8.00 Forfeited (7,014 ) 60.87 (8,635 ) 59.20 Expired (12,875 ) 44.98 - - Outstanding, end of period 779,266 $ 49.37 733,579 $ 43.43 Options exercisable, end of period 368,664 $ 39.43 326,887 $ 29.00 Nine months ended September 30, 2019 Nine months ended September 30, 2018 Number of Shares Weighted average exercise price per share Number of Shares Weighted average exercise price per share Outstanding, beginning of period 702,337 $ 43.80 653,571 $ 36.69 Granted 180,800 60.56 163,366 62.80 Exercised (66,619 ) 18.65 (44,498 ) 9.49 Forfeited (22,315 ) 58.59 (38,860 ) 50.46 Expired (14,937 ) 46.45 - - Outstanding, end of period 779,266 $ 49.37 733,579 $ 43.43 Options exercisable, end of period 368,664 $ 39.43 326,887 $ 29.00 |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Options outstanding Options exercisable Exercise Price Number outstanding Weighted average exercise price per share Aggregate intrinsic value Number outstanding Weighted average exercise price per share Weighted average remaining contractual life (years) Aggregate intrinsic value $5.52 - $8.56 32,535 $ 7.48 $ 1,519 32,535 $ 7.48 0.5 $ 1,519 $10.16 - $19.95 74,465 16.42 2,811 73,215 16.36 2.0 2,768 $21.10 - $27.53 58,750 23.73 1,788 48,750 24.27 2.1 1,457 $35.25 - $37.35 14,375 35.89 263 11,875 36.02 3.5 215 $43.15 - $47.00 5,000 47.00 36 2,500 47.00 4.5 18 $53.20 - $58.65 344,053 55.53 30 171,877 55.72 4.7 18 $62.12 - $64.10 250,088 62.99 - 27,912 64.10 5.7 - 779,266 $ 49.37 $ 6,447 368,664 $ 39.43 3.4 $ 5,995 |
Note 16 - Fair Value Measurem_2
Note 16 - Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | September 30, 2019 Fair Value Measurement Using Level 1 Level 2 Level 3 Liability at Fair value Derivative Instrument asset Total Liability $ $ 41 $ $ 41 December 31, 2018 Fair Value Measurement Using Liabilities at Fair Level 1 Level 2 Level 3 value Derivative Instrument liability Total Liabilities $ $ 1,276 $ $ 1,276 |
Note 3 - Recent Accounting Pr_2
Note 3 - Recent Accounting Pronouncements (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | [1] |
Operating Lease, Right-of-Use Asset | $ 11,028 | $ 3,900 | |||
Operating Lease, Liability, Total | $ 10,557 | $ 3,900 | |||
Accounting Standards Update 2016-02 [Member] | |||||
Operating Lease, Right-of-Use Asset | $ 8,800 | ||||
Operating Lease, Liability, Total | 8,300 | ||||
Operating Lease, Right-of-Use Asset, Net | 500 | ||||
Deferred Rent Credit | (100) | ||||
Prepaid Expense | $ (600) | ||||
[1] | The Company has initially applied ASC 2016-02 (Topic 842) using the modified retrospective method. Under this method, the comparative information is not restated. |
Note 4 - Acquisitions (Details
Note 4 - Acquisitions (Details Textual) - USD ($) | Mar. 18, 2019 | Feb. 13, 2018 | Feb. 01, 2017 | Feb. 27, 2015 | Sep. 30, 2019 | Sep. 30, 2019 |
Ting Virginia LLC [Member] | ||||||
Business Combination, Consideration Transferred, Total | $ 1,200,000 | |||||
Payments for Repurchase of Redeemable Noncontrolling Interest | $ 1,200,000 | |||||
Repurchase of Redeemable Noncontrolling Interest, Percentage | 10.00% | |||||
Ting Virginia LLC [Member] | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 20.00% | 70.00% | ||||
Business Combination, Consideration Transferred, Total | $ 2,000,000 | $ 3,500,000 | ||||
Ting Virginia LLC [Member] | Exercisable by the Minority Shareholders [Member] | ||||||
Business Combination, Interest Subject to Call Option, Not Exercised in Period | 10.00% | |||||
Ascio Technologies, Inc. [Member] | ||||||
Business Combination, Consideration Transferred, Total | $ 29,462,000 | |||||
Business Combination, Consideration Transferred, Excluding Working Capital Deficiency Acquired | 29,440,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Working Capital Deficiency | $ 21,205 | |||||
Finite-Lived Intangible Asset, Useful Life | 7 years | |||||
Business Combination, Acquisition Related Costs | $ 500,000 | |||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 5,800,000 | $ 11,900,000 | ||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | (600,000) | (1,300,000) | ||||
Ascio Technologies, Inc. [Member] | General and Administrative Expense [Member] | ||||||
Business Combination, Acquisition Related Costs | $ 0 | $ 500,000 |
Note 4 - Acquisitions - Prelimi
Note 4 - Acquisitions - Preliminary Purchase Consideration (Details) - USD ($) $ in Thousands | Mar. 18, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Goodwill | $ 110,100 | $ 90,054 | |
Ascio Technologies, Inc. [Member] | |||
Goodwill | $ 20,046 | ||
Cash | 1,437 | ||
Prepaid domain registry fees | 10,318 | ||
Other assets | 2,192 | ||
Total assets | 48,633 | ||
Deferred Revenue | (12,509) | ||
Deferred Tax Liabilities | (3,025) | ||
Other liabilities | (3,637) | ||
Total liabilities | (19,171) | ||
Preliminary consideration paid | 29,462 | ||
Ascio Technologies, Inc. [Member] | Brand [Member] | |||
Finite-Lived Intangibles | 2,020 | ||
Ascio Technologies, Inc. [Member] | Technology-Based Intangible Assets [Member] | |||
Finite-Lived Intangibles | 2,420 | ||
Ascio Technologies, Inc. [Member] | Customer Relationships [Member] | |||
Finite-Lived Intangibles | $ 10,200 |
Note 4 - Acquisitions - Pro For
Note 4 - Acquisitions - Pro Forma Information (Details) - Ascio Technologies, Inc. [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net revenues | $ 88,242 | $ 255,914 | $ 275,596 |
Net income | $ 4,624 | $ 9,686 | $ 10,471 |
Basic earnings per common share (in dollars per share) | $ 0.44 | $ 0.91 | $ 0.99 |
Diluted earnings per common share (in dollars per share) | $ 0.43 | $ 0.90 | $ 0.97 |
Note 5 - Derivative Instrumen_3
Note 5 - Derivative Instruments and Hedging Activities (Details Textual) - Forward Contracts [Member] - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Derivative, Notional Amount | $ 10.3 | $ 40.5 |
Designated as Hedging Instrument [Member] | ||
Derivative, Notional Amount | $ 9.9 | $ 36.5 |
Minimum [Member] | ||
Derivative, Term of Contract | 30 days | |
Maximum [Member] | ||
Derivative, Term of Contract | 1 year 180 days |
Note 5 - Derivative Instrumen_4
Note 5 - Derivative Instruments and Hedging Activities - Foreign Currency Forward Contracts (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Foreign Exchange Forward 1 [Member] | |
Notional amount of U.S. dollars | $ 10,327 |
Weighted average exchange rate of U.S. dollars | 1.3174 |
Fair value | $ (41) |
Foreign Exchange Forward [Member] | |
Notional amount of U.S. dollars | $ 10,327 |
Weighted average exchange rate of U.S. dollars | 1.3174 |
Fair value | $ (41) |
Note 5 - Derivative Instrumen_5
Note 5 - Derivative Instruments and Hedging Activities - Fair Value of Derivative Instruments in the Consolidated Balance Sheets (Details) - Derivative Instruments [Member] - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Foreign currency forward contracts, asset | $ (41) | |
Foreign currency forward contracts, liability | $ (1,276) | |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Foreign currency forward contracts, asset | (39) | |
Foreign currency forward contracts, liability | (1,069) | |
Not Designated as Hedging Instrument [Member] | ||
Foreign currency forward contracts, asset | $ (2) | |
Foreign currency forward contracts, liability | $ (207) |
Note 5 - Derivative Instrumen_6
Note 5 - Derivative Instruments and Hedging Activities - Movement in AOCI Balance (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | [2] | |||
AOCI balance, Gains and losses on cash flow hedges | $ 159 | $ (1,069) | |||||
Other comprehensive income (loss) before reclassifications, Gains and losses on cash flow hedges | (231) | 812 | |||||
Amount reclassified from AOCI, Gains and losses on cash flow hedges | 35 | 220 | |||||
Other comprehensive income (loss), Gains and losses on cash flow hedges | (196) | 1,032 | |||||
AOCI balance, Gains and losses on cash flow hedges | (37) | (37) | |||||
AOCI balance, Tax impact | (39) | 259 | |||||
Other comprehensive income (loss) before reclassifications, Tax impact | 56 | (198) | |||||
Amount reclassified from AOCI, Tax impact | (9) | (53) | |||||
Other comprehensive income (loss), Tax impact | 47 | (251) | |||||
AOCI balance, Tax impact | 8 | 8 | |||||
AOCI balance | 120 | (810) | [1] | ||||
Other comprehensive income (loss) before reclassifications | (175) | $ 144 | [2] | 614 | $ (112) | ||
Amount reclassified from AOCI | 26 | 63 | [2] | 167 | $ 76 | ||
Other comprehensive income (loss) | (149) | $ 207 | 781 | ||||
AOCI balance | $ (29) | $ (29) | |||||
[1] | The Company has initially applied ASC 2016-02 (Topic 842) using the modified retrospective method. Under this method, the comparative information is not restated. | ||||||
[2] | The Company has initially applied ASC 2016-02 (Topic 842) using the modified retrospective method. Under this method, the comparative information is not restated. |
Note 5 - Derivative Instrumen_7
Note 5 - Derivative Instruments and Hedging Activities - Effects of Derivative Instruments on Income and Other Comprehensive Income (OCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |||
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | $ (26) | $ (63) | [1] | $ (167) | $ (76) | [1] |
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | ||||||
Amount of Gain or (Loss) Recognized in OCI, Net of Tax, on Derivative (Effective Portion) | (149) | 207 | 781 | |||
Operating Expense [Member] | ||||||
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (28) | (71) | (182) | (87) | ||
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | ||||||
Cost of Sales [Member] | ||||||
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (7) | (12) | $ (38) | (13) | ||
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | ||||||
Amount of Gain or (Loss) Recognized in OCI, Net of Tax, on Derivative (Effective Portion) | $ (36) | |||||
[1] | The Company has initially applied ASC 2016-02 (Topic 842) using the modified retrospective method. Under this method, the comparative information is not restated. |
Note 5 - Derivative Instrumen_8
Note 5 - Derivative Instruments and Hedging Activities - Fair Value Adjustments of Forward Currency Forward Contracts Not Designated as Hedges (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |||
Gain (loss) on settlement | $ (20,000) | $ 27,000 | [1] | $ 90,000 | $ (22,000) | [1] |
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | ||||||
Gain (loss) on settlement | (100) | |||||
Gain (loss) on change in fair value | $ 200 | |||||
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | Maximum [Member] | ||||||
Gain (loss) on settlement | (100) | (100) | (100) | |||
Gain (loss) on change in fair value | $ 100 | $ 100 | $ (100) | |||
[1] | The Company has initially applied ASC 2016-02 (Topic 842) using the modified retrospective method. Under this method, the comparative information is not restated. |
Note 6 - Goodwill and Other I_3
Note 6 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | |
Goodwill, Ending Balance | $ 110,100 | $ 110,100 | $ 90,054 |
Goodwill, Acquired During Period | 20,000 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 32,000 | $ 32,000 | $ 24,500 |
FreedomPop and Unreal Mobile [Member] | |||
Asset Acquisition, Consideration Transferred | 3,500 | ||
Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 2 years | ||
Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||
Domain Services Operating Segment [Member] | |||
Goodwill, Ending Balance | $ 108,000 | $ 108,000 | |
Goodwill Percentage Related to Operating Segments | 98.00% | 98.00% | |
Network Access Services [Member] | |||
Goodwill, Ending Balance | $ 2,100 | $ 2,100 | |
Goodwill Percentage Related to Operating Segments | 2.00% | 2.00% |
Note 6 - Goodwill and Other I_4
Note 6 - Goodwill and Other Intangible Assets - Acquired Intangible Assets by Major Class (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Sep. 30, 2018 | [2] | Sep. 30, 2019 | Sep. 30, 2018 | [2] | |||
Balances | $ 59,451 | $ 49,395 | [1] | |||||
Finite-lived intangible assets acquired | 64 | 91 | ||||||
Additions to/(disposals from) domain portfolio, net | (66) | $ (5) | (72) | $ (70) | ||||
Amortization expense | (2,858) | $ (2,296) | (7,463) | $ (6,953) | ||||
Balances | 60,066 | 60,066 | ||||||
Ascio Technologies, Inc. [Member] | ||||||||
Finite-lived intangible assets acquired | 14,640 | |||||||
FreedomPop and Unreal Mobile [Member] | ||||||||
Finite-lived intangible assets acquired | [3] | 3,475 | 3,475 | |||||
Brand [Member] | ||||||||
Balances | 10,060 | 9,004 | ||||||
Finite-lived intangible assets acquired | ||||||||
Additions to/(disposals from) domain portfolio, net | ||||||||
Amortization expense | (514) | (1,478) | ||||||
Balances | 9,546 | 9,546 | ||||||
Brand [Member] | Ascio Technologies, Inc. [Member] | ||||||||
Finite-lived intangible assets acquired | 2,020 | |||||||
Brand [Member] | FreedomPop and Unreal Mobile [Member] | ||||||||
Finite-lived intangible assets acquired | [3] | |||||||
Customer Relationships [Member] | ||||||||
Balances | 34,375 | 27,292 | ||||||
Finite-lived intangible assets acquired | 64 | 91 | ||||||
Additions to/(disposals from) domain portfolio, net | ||||||||
Amortization expense | (2,030) | (5,174) | ||||||
Balances | 35,884 | 35,884 | ||||||
Customer Relationships [Member] | Ascio Technologies, Inc. [Member] | ||||||||
Finite-lived intangible assets acquired | 10,200 | |||||||
Customer Relationships [Member] | FreedomPop and Unreal Mobile [Member] | ||||||||
Finite-lived intangible assets acquired | [3] | 3,475 | 3,475 | |||||
Technology-Based Intangible Assets [Member] | ||||||||
Balances | 2,110 | 163 | ||||||
Finite-lived intangible assets acquired | ||||||||
Additions to/(disposals from) domain portfolio, net | ||||||||
Amortization expense | (302) | (775) | ||||||
Balances | 1,808 | 1,808 | ||||||
Technology-Based Intangible Assets [Member] | Ascio Technologies, Inc. [Member] | ||||||||
Finite-lived intangible assets acquired | 2,420 | |||||||
Technology-Based Intangible Assets [Member] | FreedomPop and Unreal Mobile [Member] | ||||||||
Finite-lived intangible assets acquired | [3] | |||||||
Network Rights [Member] | ||||||||
Balances | 491 | 515 | ||||||
Finite-lived intangible assets acquired | ||||||||
Additions to/(disposals from) domain portfolio, net | ||||||||
Amortization expense | (12) | (36) | ||||||
Balances | 479 | 479 | ||||||
Network Rights [Member] | Ascio Technologies, Inc. [Member] | ||||||||
Finite-lived intangible assets acquired | ||||||||
Network Rights [Member] | FreedomPop and Unreal Mobile [Member] | ||||||||
Finite-lived intangible assets acquired | [3] | |||||||
Surname Domain Names [Member] | ||||||||
Balances | 11,173 | 11,176 | ||||||
Additions to/(disposals from) domain portfolio, net | (6) | (9) | ||||||
Amortization expense | ||||||||
Balances | 11,167 | 11,167 | ||||||
Surname Domain Names [Member] | Ascio Technologies, Inc. [Member] | ||||||||
Finite-lived intangible assets acquired | ||||||||
Surname Domain Names [Member] | FreedomPop and Unreal Mobile [Member] | ||||||||
Finite-lived intangible assets acquired | [3] | |||||||
Direct Navigation Domain Names [Member] | ||||||||
Balances | 1,242 | 1,245 | ||||||
Additions to/(disposals from) domain portfolio, net | (60) | (63) | ||||||
Amortization expense | ||||||||
Balances | 1,182 | 1,182 | ||||||
Direct Navigation Domain Names [Member] | Ascio Technologies, Inc. [Member] | ||||||||
Finite-lived intangible assets acquired | ||||||||
Direct Navigation Domain Names [Member] | FreedomPop and Unreal Mobile [Member] | ||||||||
Finite-lived intangible assets acquired | [3] | |||||||
[1] | The Company has initially applied ASC 2016-02 (Topic 842) using the modified retrospective method. Under this method, the comparative information is not restated. | |||||||
[2] | The Company has initially applied ASC 2016-02 (Topic 842) using the modified retrospective method. Under this method, the comparative information is not restated. | |||||||
[3] | In the third quarter of 2019, the Company acquired the mobile customer base of FreedomPop and Unreal Mobile brands from STS Media Inc., operating on the Sprint network. The migration of these customers occurred over a 60-day period, ending in September 2019 with subscribers having the option to accept the Ting offering or cancel or port their service elsewhere. The final purchase price was $3.5 million. |
Note 6 - Goodwill and Other I_5
Note 6 - Goodwill and Other Intangible Assets - Estimated Future Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Remainder of 2019 | $ 2,385 | |
2020 | 10,594 | |
2021 | 10,580 | |
2022 | 10,140 | |
2023 | 9,288 | |
Thereafter | 4,730 | |
Total | $ 47,717 | $ 36,974 |
Note 7 - Loan Payable (Details
Note 7 - Loan Payable (Details Textual) $ in Thousands | Jun. 14, 2019USD ($) | Jan. 20, 2017USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | [1] | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | [1] | Jun. 30, 2019USD ($) | Mar. 18, 2019USD ($) |
Payments of Financing Costs, Total | $ (2) | $ 4 | $ 639 | $ 8 | ||||||
Foreign Exchange Risk [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,017,000 | |||||||||
Royal Bank, Bank of Montreal, Bank of Nova Scotia, HSBC and CIBC [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 240,000 | |||||||||
Fees to Lenders | 300 | |||||||||
Legal Fees | 200 | |||||||||
Debt Issuance Costs, Gross | $ 400 | |||||||||
Debt Instrument, Term | 4 years | |||||||||
Maximum Total Funded Debt to EBITDA Ratio | 3.5 | 3.5 | ||||||||
Minimum Fixed Charge Coverage Ratio | 3 | 3 | ||||||||
Percentage of Forecasted Capital Expenditures, Threshold for Annual Capital Expenditures | 110.00% | 110.00% | ||||||||
Total Funded Debt to EBITDA Ratio | 2 | 2 | ||||||||
Royal Bank, Bank of Montreal, Bank of Nova Scotia, HSBC and CIBC [Member] | General and Administrative Expense [Member] | ||||||||||
Payments of Financing Costs, Total | $ 100 | |||||||||
Royal Bank, Bank of Montreal, Bank of Nova Scotia, HSBC and CIBC [Member] | Guaranteed Credit Facility [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 180,000 | |||||||||
Royal Bank, Bank of Montreal, Bank of Nova Scotia, HSBC and CIBC [Member] | Accordion Facility [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 60,000 | |||||||||
Bank of Montreal and Royal Bank of Canada [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 140,000 | |||||||||
Debt Issuance Costs, Gross | $ 200 | |||||||||
Debt Instrument, Term | 4 years | |||||||||
[1] | The Company has initially applied ASC 2016-02 (Topic 842) using the modified retrospective method. Under this method, the comparative information is not restated. |
Note 7 - Loan Payable - Schedul
Note 7 - Loan Payable - Schedule of Standby Fees Based on Total Funded Debt to EBITDA Ratio (Details) | 9 Months Ended |
Sep. 30, 2019 | |
Debt to EBITDA is Less Than 1 [Member] | |
Standby fees | 0.30% |
Debt to EBITDA is Less Than 1 [Member] | Bank of Montreal and Royal Bank of Canada [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Basis Spread on Variable Rate | 1.50% |
Debt to EBITDA is Less Than 1 [Member] | Bank of Montreal and Royal Bank of Canada [Member] | Base Rate [Member] | |
Basis Spread on Variable Rate | 0.25% |
Debt to EBITDA is Greater Than or Equal to 1 and Less Than 2 [Member] | |
Standby fees | 0.37% |
Debt to EBITDA is Greater Than or Equal to 1 and Less Than 2 [Member] | Bank of Montreal and Royal Bank of Canada [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Basis Spread on Variable Rate | 1.85% |
Debt to EBITDA is Greater Than or Equal to 1 and Less Than 2 [Member] | Bank of Montreal and Royal Bank of Canada [Member] | Base Rate [Member] | |
Basis Spread on Variable Rate | 0.60% |
Debt to EBITDA is Greater Than or Equal to 2 and Less Than 2.25 [Member] | |
Standby fees | 0.47% |
Debt to EBITDA is Greater Than or Equal to 2 and Less Than 2.25 [Member] | Bank of Montreal and Royal Bank of Canada [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Basis Spread on Variable Rate | 2.35% |
Debt to EBITDA is Greater Than or Equal to 2 and Less Than 2.25 [Member] | Bank of Montreal and Royal Bank of Canada [Member] | Base Rate [Member] | |
Basis Spread on Variable Rate | 1.10% |
Debt to EBITDA is Greater Than or Equal to 2.25 [Member] | |
Standby fees | 0.57% |
Debt to EBITDA is Greater Than or Equal to 2.25 [Member] | Bank of Montreal and Royal Bank of Canada [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Basis Spread on Variable Rate | 2.85% |
Debt to EBITDA is Greater Than or Equal to 2.25 [Member] | Bank of Montreal and Royal Bank of Canada [Member] | Base Rate [Member] | |
Basis Spread on Variable Rate | 1.60% |
Note 7 - Loan Payable - Sched_2
Note 7 - Loan Payable - Schedule of Loans Payable (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Loans payable | $ 104,968 | $ 64,601 | |
Less: unamortized debt discount and issuance costs | (959) | (555) | |
Less: loan payable, current portion | (18,400) | ||
Loan payable, long-term portion | 104,968 | 46,201 | [1] |
Revolver Facility [Member] | |||
Loans payable | 105,927 | ||
Revolving Credit Facility A [Member] | |||
Loans payable | 1,000 | ||
Revolving Reducing Term Facility B [Member] | |||
Loans payable | 6,000 | ||
Non-revolving Facility C [Member] | |||
Loans payable | 3,232 | ||
Non-revolving Facility D [Member] | |||
Loans payable | $ 54,924 | ||
[1] | The Company has initially applied ASC 2016-02 (Topic 842) using the modified retrospective method. Under this method, the comparative information is not restated. |
Note 7 - Loan Payable - Princip
Note 7 - Loan Payable - Principal Repayments (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Remainder of 2019 | |
2020 | |
2021 | |
2023 | 105,927 |
Long-term Debt | $ 105,927 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Income Tax Expense (Benefit), Total | $ 3,133 | $ 1,370 | $ 6,209 | $ 3,781 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest, Total | 7,300 | 6,700 | 15,800 | 16,500 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 0 | 0 | $ 0 | ||
Accounting Standards Update 2016-09 [Member] | |||||
Income Tax Expense (Benefit), Total | $ 100 | $ 200 | $ 800 | $ 500 |
Note 9 - Basic and Diluted Ea_3
Note 9 - Basic and Diluted Earnings Per Common Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Stock Buyback Program 2019 [Member] | ||||
Stock Repurchased and Retired During Period, Shares | 101,816 | 101,816 | ||
Stock Buyback Program 2018 [Member] | ||||
Stock Repurchased and Retired During Period, Shares | 0 | 0 | 0 | |
Share-based Payment Arrangement, Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 599,140 | 440,000 | 531,200 | 440,000 |
Note 9 - Basic and Diluted Ea_4
Note 9 - Basic and Diluted Earnings Per Common Share - Earnings Per Common Share - Summary of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |||
Net income for the period | $ 4,205 | $ 5,346 | [1],[2] | $ 9,620 | $ 12,699 | [1],[2] |
Basic weighted average number of common shares outstanding (in shares) | 10,626,754 | 10,611,579 | [2] | 10,639,544 | 10,599,243 | [2] |
Effect of outstanding stock options (in shares) | 119,080 | 182,718 | 158,555 | 196,425 | ||
Diluted weighted average number of shares outstanding (in shares) | 10,745,834 | 10,794,297 | [2] | 10,798,099 | 10,795,668 | [2] |
Basic earnings per common share (in dollars per share) | $ 0.40 | $ 0.50 | [2] | $ 0.90 | $ 1.20 | [2] |
Diluted earnings per common share (in dollars per share) | $ 0.39 | $ 0.50 | [2] | $ 0.89 | $ 1.18 | [2] |
[1] | The Company has initially applied ASC 2016-02 (Topic 842) using the modified retrospective method. Under this method, the comparative information is not restated. | |||||
[2] | The Company has initially applied ASC 2016-02 (Topic 842) using the modified retrospective method. Under this method, the comparative information is not restated. |
Note 10 - Revenue 1 (Details Te
Note 10 - Revenue 1 (Details Textual) $ in Thousands | Mar. 18, 2019 | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Jan. 01, 2019USD ($) | Sep. 25, 2018 | Jan. 05, 2018 |
Contract with Customer, Liability, Revenue Recognized | $ (178,737) | ||||||||
Contract with Customer, Liability, Total | $ 154,141 | $ 154,141 | $ 143,694 | $ 143,700 | |||||
Ascio Technologies, Inc. [Member] | |||||||||
Finite-Lived Intangible Asset, Useful Life | 7 years | ||||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||||||||
Number of Customers | 0 | 0 | 0 | 0 | |||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||||||||
Number of Customers | 0 | 0 | |||||||
Namecheap, Inc. [Member] | |||||||||
Domain Name Transfer to Counter Party | 240,000 | 2,650,000 | |||||||
Contract with Customer, Liability, Revenue Recognized | $ 1,700 | $ 16,300 | |||||||
Minimum [Member] | |||||||||
Domain Services, Purchased Term | 1 year | ||||||||
Finite-Lived Intangible Asset, Useful Life | 2 years | ||||||||
Minimum [Member] | Ascio Technologies, Inc. [Member] | Active Domain Name Contracts [Member] | |||||||||
Finite-Lived Intangible Asset, Useful Life | 1 year | ||||||||
Maximum [Member] | |||||||||
Domain Services, Purchased Term | 10 years | ||||||||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||||||||
Maximum [Member] | Ascio Technologies, Inc. [Member] | Active Domain Name Contracts [Member] | |||||||||
Finite-Lived Intangible Asset, Useful Life | 10 years |
Note 10 - Revenue 2 (Details Te
Note 10 - Revenue 2 (Details Textual) - Domain Registration Contracts [Member] - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-10-01 | Sep. 30, 2019 |
Revenue, Remaining Performance Obligation, Percentage | 80.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Note 10 - Revenue - Disaggregat
Note 10 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | [1] | Sep. 30, 2019 | Sep. 30, 2018 | [1] | |
Net Revenues | $ 88,129 | $ 83,519 | [2] | $ 251,199 | $ 260,401 | [2] |
Network Access Services [Member] | ||||||
Net Revenues | 24,612 | 24,579 | 71,493 | 72,493 | ||
Domain Name Services [Member] | ||||||
Net Revenues | 63,517 | 58,940 | 179,706 | 187,908 | ||
Domain Name Services [Member] | Wholesale [Member] | ||||||
Net Revenues | 52,413 | 49,611 | 150,449 | 159,614 | ||
Domain Name Services [Member] | Retail Services [Member] | ||||||
Net Revenues | 8,713 | 8,731 | 26,138 | 25,644 | ||
Domain Name Services [Member] | Portfolio [Member] | ||||||
Net Revenues | 2,391 | 598 | 3,119 | 2,650 | ||
Mobile Services [Member] | Network Access Services [Member] | ||||||
Net Revenues | 21,722 | 22,546 | 63,516 | 66,829 | ||
Other Services [Member] | Network Access Services [Member] | ||||||
Net Revenues | 2,890 | 2,033 | 7,977 | 5,664 | ||
Domain Services [Member] | Domain Name Services [Member] | Wholesale [Member] | ||||||
Net Revenues | 47,259 | 45,071 | 136,336 | 146,038 | ||
Value Added Services [Member] | Domain Name Services [Member] | Wholesale [Member] | ||||||
Net Revenues | $ 5,154 | $ 4,540 | $ 14,113 | $ 13,576 | ||
[1] | As a result of the bulk transfers of 2.65 million domain names to Namecheap on January 5, 2018 and 0.24 million domain names to Namecheap on September 25, 2018, recognized revenue for the three and nine months ended September 30, 2018 includes $1.7 million and $16.3 million, respectively, related to previously deferred revenue, a portion of which would have otherwise been recognized after September 30, 2018. | |||||
[2] | The Company has initially applied ASC 2016-02 (Topic 842) using the modified retrospective method. Under this method, the comparative information is not restated. |
Note 10 - Revenue - Cost of Rev
Note 10 - Revenue - Cost of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |||
Network, other costs | $ 2,254 | $ 2,315 | [1] | $ 7,034 | $ 7,590 | [1] |
Cost of revenue | 60,555 | 59,258 | [1],[2] | 176,467 | 191,362 | [1],[2] |
Network Expenses [Member] | ||||||
Network, other costs | 2,254 | 2,315 | [2] | 7,034 | 7,590 | [2] |
Network, depreciation and amortization costs | 2,545 | 1,838 | [2] | 6,872 | 5,194 | [2] |
Cost of revenue | 4,799 | 4,153 | [2] | 13,906 | 12,784 | [2] |
Network Access Services [Member] | ||||||
Cost of revenue | 12,107 | 12,271 | [2] | 35,681 | 37,746 | [2] |
Network, other costs | 515 | 479 | 1,552 | 1,609 | ||
Cost of revenue | 14,431 | 13,787 | 42,174 | 42,151 | ||
Network Access Services [Member] | Mobile Services [Member] | ||||||
Cost of revenue | 11,171 | 11,399 | [2] | 32,721 | 34,643 | [2] |
Network Access Services [Member] | Other Services [Member] | ||||||
Cost of revenue | 936 | 872 | [2] | 2,960 | 3,103 | [2] |
Domain Name Services [Member] | ||||||
Cost of revenue | 43,649 | 42,834 | [2] | 126,880 | 140,832 | [2] |
Network, other costs | 1,739 | 1,836 | 5,482 | 5,981 | ||
Cost of revenue | 46,124 | 45,471 | 134,293 | 149,211 | ||
Domain Name Services [Member] | Wholesale [Member] | ||||||
Cost of revenue | 39,110 | 38,221 | [2] | 113,299 | 126,984 | [2] |
Domain Name Services [Member] | Retail Services [Member] | ||||||
Cost of revenue | 4,359 | 4,465 | [2] | 13,126 | 13,320 | [2] |
Domain Name Services [Member] | Portfolio [Member] | ||||||
Cost of revenue | 180 | 148 | [2] | 455 | 528 | [2] |
Domain Name Services [Member] | Domain Services [Member] | Wholesale [Member] | ||||||
Cost of revenue | 38,337 | 37,414 | [2] | 110,993 | 124,572 | [2] |
Domain Name Services [Member] | Value Added Services [Member] | Wholesale [Member] | ||||||
Cost of revenue | $ 773 | $ 807 | [2] | $ 2,306 | $ 2,412 | [2] |
[1] | The Company has initially applied ASC 2016-02 (Topic 842) using the modified retrospective method. Under this method, the comparative information is not restated. | |||||
[2] | As a result of the bulk transfers of 2.65 million domain names to Namecheap on January 5, 2018 and 0.24 million domain names to Namecheap on September 25, 2018, recognized cost of revenue for the three and nine months ended September 30, 2018 includes $1.7 million and $16.2 million, respectively, related to previously deferred revenue, a portion of which would have otherwise been recognized after September 30, 2018. |
Note 10 - Revenue - Contract Ba
Note 10 - Revenue - Contract Balances (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019USD ($) | ||
Balance, beginning of period | $ 143,694 | |
Acquired in a business combination1 | 12,509 | [1] |
Deferred revenue | 176,675 | |
Recognized revenue | (178,737) | |
Balance, end of period | $ 154,141 | |
[1] | The Company acquired Ascio on March 18, 2019. As part of the transition, the Company acquired active domain name contracts for terms ranging from 1 - 10 years, for which the registration fees have already been collected from customers. As required by ASC 805, Business Combinations, the Company has recorded deferred revenue at fair value at the acquisition date, which was determined by estimating the costs associated with customer support services and prepaid domain name registration fees to fulfill the contractual obligations over the remaining life of the contract at the acquisition date plus a normal profit margin. |
Note 11 - Costs to Obtain and_3
Note 11 - Costs to Obtain and Fulfill a Contract (Details Textual) - USD ($) $ in Thousands | Mar. 18, 2019 | Sep. 30, 2019 |
Ascio Technologies, Inc. [Member] | ||
Capitalized Contract Cost, Amortization | $ 126,300 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | $ 10,318 | |
Finite-Lived Intangible Asset, Useful Life | 7 years | |
Deferred Costs of Acquisition [Member] | ||
Increase (Decrease) in Capitalized Costs | $ 122,500 | |
Minimum [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 2 years | |
Minimum [Member] | Ascio Technologies, Inc. [Member] | Active Domain Name Contracts [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 1 year | |
Minimum [Member] | Deferred Costs of Acquisition [Member] | ||
Capitalized Contract Cost, Amortization Period | 1 year | |
Maximum [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 15 years | |
Maximum [Member] | Ascio Technologies, Inc. [Member] | Active Domain Name Contracts [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 10 years | |
Maximum [Member] | Deferred Costs of Acquisition [Member] | ||
Capitalized Contract Cost, Amortization Period | 10 years |
Note 11 - Costs to Obtain and_4
Note 11 - Costs to Obtain and Fulfill a Contract - Capitalized Contract Costs Activity (Details) - Domain Registration Costs [Member] $ in Thousands | 9 Months Ended | |
Sep. 30, 2019USD ($) | ||
Balance | $ 106,527 | |
Acquired in a business combination | 10,318 | [1] |
Capitalization of costs | 122,534 | |
Amortization of costs | (126,288) | |
Balance | $ 113,091 | |
[1] | The Company acquired Ascio on March 18, 2019. As part of the transition, the Company acquired active domain name contracts with a terms ranging from 1 - 10 years, for which fees to suppliers were paid in advance. |
Note 12 - Leases (Details Textu
Note 12 - Leases (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2019 | Jan. 31, 2019 | Dec. 31, 2018 | [1] | |
Lessee, Operating Lease, Renewal Term | 5 years | |||
Lessee, Operating Lease, Option to Terminate Term | 1 year | |||
Lessee, Operating Lease, Option to Extend, Amount | $ 800 | |||
Lessee, Operating Lease, Lease Not yet Commenced, Future Minimum Payments Due | 0 | |||
Operating Lease, Right-of-Use Asset | 11,028 | $ 3,900 | ||
Operating Lease, Liability, Total | $ 10,557 | $ 3,900 | ||
Minimum [Member] | ||||
Operating Lease, Remaining Lease Term | 1 year | |||
Maximum [Member] | ||||
Operating Lease, Remaining Lease Term | 19 years | |||
[1] | The Company has initially applied ASC 2016-02 (Topic 842) using the modified retrospective method. Under this method, the comparative information is not restated. |
Note 12 - Leases - Components o
Note 12 - Leases - Components of Lease Expense and Other Lease Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2019 | Jan. 01, 2019 | |
Operating Lease Cost (leases with a total term greater than 12 months) | $ 609 | $ 2,506 | |
Short-term Lease Cost (leases with a total term of 12 months or less) | 305 | 708 | |
Variable Lease Cost | 156 | 520 | |
Total Lease Cost | 1,070 | 3,734 | |
Operating Lease - Operating Cash Flows (Fixed Payments) | 587 | 2,472 | |
Operating Lease - Operating Cash Flows (Liability Reduction) | 466 | 2,117 | |
New ROU Assets - Operating Leases | $ 86 | $ 4,554 | |
Weighted Average Discount Rate | 5.27% | 5.27% | 5.04% |
Weighted Average Remaining Lease Term (in years) (Year) | 8 years 160 days | 8 years 160 days | 5 years 226 days |
Note 12 - Leases - Future Minim
Note 12 - Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 31, 2019 |
Remaining of 2019 | $ 541 | |
2020 | 1,819 | |
2021 | 1,707 | |
2022 | 1,625 | |
2023 | 1,583 | |
Thereafter | 5,991 | |
Total future lease payments | 13,266 | |
Less interest | 2,709 | |
Operating Lease, Liability, Total | $ 10,557 | $ 3,900 |
Note 13 - Segment Reporting (De
Note 13 - Segment Reporting (Details Textual) | 9 Months Ended |
Sep. 30, 2019 | |
Number of Operating Segments | 2 |
Note 13 - Segment Reporting - I
Note 13 - Segment Reporting - Information by Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |||
Net Revenues | $ 88,129 | $ 83,519 | [1],[2] | $ 251,199 | $ 260,401 | [1],[2] |
Cost of revenues | 55,756 | 55,105 | [2] | 162,561 | 178,578 | [2] |
Network expenses | 2,254 | 2,315 | [2] | 7,034 | 7,590 | [2] |
Depreciation of property and equipment | 2,231 | 1,339 | [2] | 6,070 | 3,697 | [2] |
Amortization of intangible assets | 314 | 499 | [2] | 802 | 1,497 | [2] |
Total cost of revenues | 60,555 | 59,258 | [2],[3] | 176,467 | 191,362 | [2],[3] |
Gross Profit | 27,574 | 24,261 | [2] | 74,732 | 69,039 | [2] |
Sales and marketing | 8,769 | 8,412 | [2] | 26,366 | 24,629 | [2] |
Technical operations and development | 2,876 | 2,207 | [2] | 8,151 | 6,657 | [2] |
General and administrative | 4,574 | 4,120 | [2] | 13,818 | 12,906 | [2] |
Depreciation of property and equipment | 117 | 106 | [2] | 375 | 309 | [2] |
Loss on disposition of property and equipment | 73 | [2] | 73 | [2] | ||
Amortization of intangible assets | 2,544 | 1,797 | [2] | 6,661 | 5,456 | [2] |
Loss (gain) on currency forward contracts | 20 | (27) | [2] | (90) | 22 | [2] |
Income from operations | 8,601 | 7,646 | [2] | 19,378 | 19,060 | [2] |
Other income (expenses), net | (1,263) | (930) | [2] | (3,549) | (2,580) | [2] |
Income before provisions for income taxes | 7,338 | 6,716 | [2] | 15,829 | 16,480 | [2] |
Amortization of intangible assets | 2,544 | 1,797 | [2] | 6,661 | 5,456 | [2] |
Network Access Services [Member] | ||||||
Net Revenues | 24,612 | 24,579 | [1] | 71,493 | 72,493 | [1] |
Cost of revenues | 12,107 | 12,271 | 35,681 | 37,746 | ||
Network expenses | 515 | 479 | 1,552 | 1,609 | ||
Depreciation of property and equipment | 1,797 | 1,026 | 4,907 | 2,762 | ||
Amortization of intangible assets | 12 | 11 | 34 | 34 | ||
Total cost of revenues | 14,431 | 13,787 | 42,174 | 42,151 | ||
Gross Profit | 10,792 | 29,319 | 30,342 | |||
Domain Name Services [Member] | ||||||
Net Revenues | 63,517 | 58,940 | [1] | 179,706 | 187,908 | [1] |
Cost of revenues | 43,649 | 42,834 | 126,880 | 140,832 | ||
Network expenses | 1,739 | 1,836 | 5,482 | 5,981 | ||
Depreciation of property and equipment | 434 | 313 | 1,163 | 935 | ||
Amortization of intangible assets | 302 | 488 | 768 | 1,463 | ||
Total cost of revenues | 46,124 | 45,471 | 134,293 | 149,211 | ||
Gross Profit | $ 13,469 | $ 45,413 | $ 38,697 | |||
[1] | As a result of the bulk transfers of 2.65 million domain names to Namecheap on January 5, 2018 and 0.24 million domain names to Namecheap on September 25, 2018, recognized revenue for the three and nine months ended September 30, 2018 includes $1.7 million and $16.3 million, respectively, related to previously deferred revenue, a portion of which would have otherwise been recognized after September 30, 2018. | |||||
[2] | The Company has initially applied ASC 2016-02 (Topic 842) using the modified retrospective method. Under this method, the comparative information is not restated. | |||||
[3] | As a result of the bulk transfers of 2.65 million domain names to Namecheap on January 5, 2018 and 0.24 million domain names to Namecheap on September 25, 2018, recognized cost of revenue for the three and nine months ended September 30, 2018 includes $1.7 million and $16.2 million, respectively, related to previously deferred revenue, a portion of which would have otherwise been recognized after September 30, 2018. |
Note 13 - Segment Reporting - S
Note 13 - Segment Reporting - Summary of Property and Equipment by Geographic Region (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Property and equipment | $ 72,167 | $ 48,065 | [1] |
CANADA | |||
Property and equipment | 2,164 | 1,393 | |
UNITED STATES | |||
Property and equipment | 69,586 | 46,631 | |
GERMANY | |||
Property and equipment | $ 417 | $ 41 | |
[1] | The Company has initially applied ASC 2016-02 (Topic 842) using the modified retrospective method. Under this method, the comparative information is not restated. |
Note 13 - Segment Reporting -_2
Note 13 - Segment Reporting - Summary of Amortizable Intangible Assets by Geographic Region (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Amortizable intangible assets | $ 47,717 | $ 36,974 |
CANADA | ||
Amortizable intangible assets | 5,548 | 6,553 |
UNITED STATES | ||
Amortizable intangible assets | $ 42,169 | $ 30,421 |
Note 13 - Segment Reporting -_3
Note 13 - Segment Reporting - Summary of Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Balance at beginning of period | $ 132 | $ 168 |
Charged to costs and expenses | (2) | (36) |
Write-offs during period | ||
Balance at end of period | $ 130 | $ 132 |
Note 14 - Stockholders' Equit_2
Note 14 - Stockholders' Equity (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Feb. 14, 2019 | Feb. 14, 2018 | Mar. 01, 2017 | |
Stock Repurchased and Retired During Period, Value | $ 4,986 | $ 4,986 | |||||
Stock Buyback Program 2019 [Member] | |||||||
Stock Repurchase Program, Authorized Amount | $ 40,000 | ||||||
Stock Repurchased and Retired During Period, Shares | 101,816 | 101,816 | |||||
Stock Repurchased and Retired During Period, Value | $ 5,000 | $ 5,000 | |||||
Stock Buyback Program 2018 [Member] | |||||||
Stock Repurchase Program, Authorized Amount | $ 40,000 | ||||||
Stock Repurchased and Retired During Period, Shares | 0 | 0 | 0 | ||||
Stock Buyback Program 2017 [Member] | |||||||
Stock Repurchase Program, Authorized Amount | $ 40,000 | ||||||
Stock Repurchased and Retired During Period, Shares | 0 |
Note 14 - Stockholders' Equit_3
Note 14 - Stockholders' Equity - Stockholders' Equity Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||||
Balances | $ 87,001 | $ 79,776 | [1] | ||||
Exercise of Stock options (in shares) | 12,260 | 15,782 | 66,619 | 44,498 | |||
Exercise of Stock options | $ 118 | $ 312 | |||||
Shares deducted from exercise of stock options for payment of witholding taxes and exercise consideration | (20) | (544) | |||||
Repurchase of common stock | (4,986) | (4,986) | |||||
Stock-based compensation | 830 | 2,040 | |||||
Net income | 4,205 | $ 5,346 | [2],[3] | 9,620 | $ 12,699 | [2],[3] | |
Other comprehensive income (loss) | (149) | $ 207 | [3] | 781 | $ (36) | [3] | |
Balances | $ 86,999 | $ 86,999 | |||||
Common Stock [Member] | |||||||
Balances (in shares) | 10,663,462 | 10,627,988 | |||||
Balances | $ 16,461 | $ 15,823 | |||||
Exercise of Stock options (in shares) | 12,260 | 66,619 | |||||
Exercise of Stock options | $ 189 | $ 827 | |||||
Shares deducted from exercise of stock options for payment of witholding taxes and exercise consideration (in shares) | (1,837) | (20,722) | |||||
Shares deducted from exercise of stock options for payment of witholding taxes and exercise consideration | |||||||
Repurchase of common stock (in shares) | (101,816) | (101,816) | |||||
Repurchase of common stock | $ (158) | $ (158) | |||||
Stock-based compensation | |||||||
Other comprehensive income (loss) | |||||||
Balances (in shares) | 10,572,069 | 10,572,069 | |||||
Balances | $ 16,492 | $ 16,492 | |||||
Additional Paid-in Capital [Member] | |||||||
Balances | 4,195 | 3,953 | |||||
Exercise of Stock options | (71) | (515) | |||||
Shares deducted from exercise of stock options for payment of witholding taxes and exercise consideration | (20) | (544) | |||||
Repurchase of common stock | (4,828) | (4,828) | |||||
Stock-based compensation | 830 | 2,040 | |||||
Other comprehensive income (loss) | |||||||
Balances | 106 | 106 | |||||
Retained Earnings [Member] | |||||||
Balances | 66,225 | 60,810 | |||||
Exercise of Stock options | |||||||
Shares deducted from exercise of stock options for payment of witholding taxes and exercise consideration | |||||||
Repurchase of common stock | |||||||
Stock-based compensation | |||||||
Net income | 4,205 | 9,620 | |||||
Other comprehensive income (loss) | |||||||
Balances | 70,430 | 70,430 | |||||
AOCI Attributable to Parent [Member] | |||||||
Balances | 120 | (810) | |||||
Exercise of Stock options | |||||||
Shares deducted from exercise of stock options for payment of witholding taxes and exercise consideration | |||||||
Repurchase of common stock | |||||||
Stock-based compensation | |||||||
Other comprehensive income (loss) | (149) | 781 | |||||
Balances | $ (29) | $ (29) | |||||
[1] | The Company has initially applied ASC 2016-02 (Topic 842) using the modified retrospective method. Under this method, the comparative information is not restated. | ||||||
[2] | The Company has initially applied ASC 2016-02 (Topic 842) using the modified retrospective method. Under this method, the comparative information is not restated. | ||||||
[3] | The Company has initially applied ASC 2016-02 (Topic 842) using the modified retrospective method. Under this method, the comparative information is not restated. |
Note 15 - Share-based Payment_2
Note 15 - Share-based Payments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 7,700 | $ 7,700 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 219 days | |||
Share-based Payment Arrangement, Expense | $ 800 | $ 700 | $ 2,000 | $ 1,900 |
Share-based Payment Arrangement, Amount Capitalized | $ 0 | $ 0 |
Note 15 - Share-based Payment_3
Note 15 - Share-based Payments - Stock Option Transactions (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Outstanding, Number of shares (in shares) | 774,915 | 734,196 | 702,337 | 653,571 |
Outstanding, Weighted average exercise price per share (in dollars per share) | $ 48.63 | $ 42.39 | $ 43.80 | $ 36.69 |
Granted, Number of shares (in shares) | 36,500 | 23,800 | 180,800 | 163,366 |
Granted, Weighted average exercise price per share (in dollars per share) | $ 54.41 | $ 57.78 | $ 60.56 | $ 62.80 |
Exercised, Number of shares (in shares) | (12,260) | (15,782) | (66,619) | (44,498) |
Exercised, Weighted average exercise price per share (in dollars per share) | $ 15.60 | $ 8 | $ 18.65 | $ 9.49 |
Forfeited, Number of shares (in shares) | (7,014) | (8,635) | (22,315) | (38,860) |
Forfeited, Weighted average exercise price per share (in dollars per share) | $ 60.87 | $ 59.20 | $ 58.59 | $ 50.46 |
Expired, Number of shares (in shares) | (12,875) | (14,937) | ||
Expired, Weighted average exercise price per share (in dollars per share) | $ 44.98 | $ 46.45 | ||
Outstanding, Number of shares (in shares) | 779,266 | 733,579 | 779,266 | 733,579 |
Outstanding, Weighted average exercise price per share (in dollars per share) | $ 49.37 | $ 43.43 | $ 49.37 | $ 43.43 |
Options exercisable, Number of shares (in shares) | 368,664 | 326,887 | 368,664 | 326,887 |
Options exercisable, Weighted average exercise price per share (in dollars per share) | $ 39.43 | $ 29 | $ 39.43 | $ 29 |
Note 15 - Share-based Payment_4
Note 15 - Share-based Payments - Summary of Exercise Prices, Weighted Average Remaining Contractual Life and Intrinsic Values of Outstanding Options (Details) $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($)$ / sharesshares | |
Number outstanding (in shares) | shares | 779,266 |
Weighted average exercise price per share, options outstanding (in dollars per share) | $ 49.37 |
Aggregate intrinsic value, options outstanding | $ | $ 6,447 |
Number exercisable (in shares) | shares | 368,664 |
Weighted average exercise price per share, options exercisable (in dollars per share) | $ 39.43 |
Weighted average remaining contractual life, options exercisable (Year) | 3 years 146 days |
Aggregate intrinsic value, options exercisable | $ | $ 5,995 |
Exercise Price Range 01 [Member] | |
Exercise price - lower (in dollars per share) | $ 5.52 |
Exercise price - higher (in dollars per share) | $ 8.56 |
Number outstanding (in shares) | shares | 32,535 |
Weighted average exercise price per share, options outstanding (in dollars per share) | $ 7.48 |
Aggregate intrinsic value, options outstanding | $ | $ 1,519 |
Number exercisable (in shares) | shares | 32,535 |
Weighted average exercise price per share, options exercisable (in dollars per share) | $ 7.48 |
Weighted average remaining contractual life, options exercisable (Year) | 182 days |
Aggregate intrinsic value, options exercisable | $ | $ 1,519 |
Exercise Price Range 02 [Member] | |
Exercise price - lower (in dollars per share) | $ 10.16 |
Exercise price - higher (in dollars per share) | $ 19.95 |
Number outstanding (in shares) | shares | 74,465 |
Weighted average exercise price per share, options outstanding (in dollars per share) | $ 16.42 |
Aggregate intrinsic value, options outstanding | $ | $ 2,811 |
Number exercisable (in shares) | shares | 73,215 |
Weighted average exercise price per share, options exercisable (in dollars per share) | $ 16.36 |
Weighted average remaining contractual life, options exercisable (Year) | 2 years |
Aggregate intrinsic value, options exercisable | $ | $ 2,768 |
Exercise Price Range 03 [Member] | |
Exercise price - lower (in dollars per share) | $ 21.10 |
Exercise price - higher (in dollars per share) | $ 27.53 |
Number outstanding (in shares) | shares | 58,750 |
Weighted average exercise price per share, options outstanding (in dollars per share) | $ 23.73 |
Aggregate intrinsic value, options outstanding | $ | $ 1,788 |
Number exercisable (in shares) | shares | 48,750 |
Weighted average exercise price per share, options exercisable (in dollars per share) | $ 24.27 |
Weighted average remaining contractual life, options exercisable (Year) | 2 years 36 days |
Aggregate intrinsic value, options exercisable | $ | $ 1,457 |
Exercise Price Range 04 [Member] | |
Exercise price - lower (in dollars per share) | $ 35.25 |
Exercise price - higher (in dollars per share) | $ 37.35 |
Number outstanding (in shares) | shares | 14,375 |
Weighted average exercise price per share, options outstanding (in dollars per share) | $ 35.89 |
Aggregate intrinsic value, options outstanding | $ | $ 263 |
Number exercisable (in shares) | shares | 11,875 |
Weighted average exercise price per share, options exercisable (in dollars per share) | $ 36.02 |
Weighted average remaining contractual life, options exercisable (Year) | 3 years 182 days |
Aggregate intrinsic value, options exercisable | $ | $ 215 |
Exercise Price Range 05 [Member] | |
Exercise price - lower (in dollars per share) | $ 43.15 |
Exercise price - higher (in dollars per share) | $ 47 |
Number outstanding (in shares) | shares | 5,000 |
Weighted average exercise price per share, options outstanding (in dollars per share) | $ 47 |
Aggregate intrinsic value, options outstanding | $ | $ 36 |
Number exercisable (in shares) | shares | 2,500 |
Weighted average exercise price per share, options exercisable (in dollars per share) | $ 47 |
Weighted average remaining contractual life, options exercisable (Year) | 4 years 182 days |
Aggregate intrinsic value, options exercisable | $ | $ 18 |
Exercise Price Range 06 [Member] | |
Exercise price - lower (in dollars per share) | $ 53.20 |
Exercise price - higher (in dollars per share) | $ 58.65 |
Number outstanding (in shares) | shares | 344,053 |
Weighted average exercise price per share, options outstanding (in dollars per share) | $ 55.53 |
Aggregate intrinsic value, options outstanding | $ | $ 30 |
Number exercisable (in shares) | shares | 171,877 |
Weighted average exercise price per share, options exercisable (in dollars per share) | $ 55.72 |
Weighted average remaining contractual life, options exercisable (Year) | 4 years 255 days |
Aggregate intrinsic value, options exercisable | $ | $ 18 |
Exercise Price Range 07 [Member] | |
Exercise price - lower (in dollars per share) | $ 62.12 |
Exercise price - higher (in dollars per share) | $ 64.10 |
Number outstanding (in shares) | shares | 250,088 |
Weighted average exercise price per share, options outstanding (in dollars per share) | $ 62.99 |
Aggregate intrinsic value, options outstanding | $ | |
Number exercisable (in shares) | shares | 27,912 |
Weighted average exercise price per share, options exercisable (in dollars per share) | $ 64.10 |
Weighted average remaining contractual life, options exercisable (Year) | 5 years 255 days |
Aggregate intrinsic value, options exercisable | $ |
Note 16 - Fair Value Measurem_3
Note 16 - Fair Value Measurement - Summary of the Fair Values of the Company's Derivative Instrument Assets and Liabilities (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Inputs, Level 1 [Member] | ||
Total Liability | $ 41 | |
Total Liabilities | $ 1,276 | |
Fair Value, Inputs, Level 2 [Member] | ||
Total Liability | $ 41 | |
Total Liabilities | $ 1,276 |
Note 18 - Subsequent Events (De
Note 18 - Subsequent Events (Details Textual) $ in Thousands, $ in Millions | 2 Months Ended | |||
Dec. 31, 2019USD ($) | Oct. 09, 2019USD ($) | Oct. 09, 2019CAD ($) | Sep. 30, 2019USD ($) | |
Cedar Holdings Group, Incorporated [Member] | Forecast [Member] | ||||
Business Combination, Consideration Transferred, Total | $ 15,000 | |||
Business Combination, Consideration Transferred, Excluding Contingent Consideration | 11,000 | |||
Payments to Acquire Businesses, Gross | 9,000 | |||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 2,000 | |||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 4,000 | |||
Foreign Exchange Forward [Member] | ||||
Derivative, Notional Amount | $ 10,327 | |||
Subsequent Event [Member] | Foreign Exchange Forward [Member] | ||||
Derivative, Notional Amount | $ 30,500 | $ 40.5 |