Welcome to the Tucows' Second Quarter 2018 Investor Call. Beginning with this call, Tucows is evolving the format of its investor calls such that management has pre-recorded its prepared remarks on the quarter and outlook for the company, in lieu, of the usual question-and-answer period following management's prepared remarks, shareholders and analysts are invited to submit questions to Tucows management via email at ir@tucows.com, that's ir@tucows.com. Management will then post a recorded audio respond to the most salient questions on Wednesday, August 22nd at 9 o'clock A.M. Eastern Time. Now onto management's prepared remarks. On Wednesday August 8, Tucows issued a news release reporting its financial results for the second quarter ended June 30, 2018. That news release along with the company's financial statements are available on the company's website at tucows.com under the Investors' heading. Please note that the matters the company will be discussing include forward-looking statements, and as such, are subject to risks and uncertainties that could cause the actual results to differ materially. These risk factors are described in detail in the company's documents filed with the SEC, specifically, the most recent reports on the Form 10-K and Form 10-Q. The company urges you to read its security filings for a full description of the risk factors applicable for its business. I would now like to turn the call over Tucows' President and Chief Executive Officer, Mr. Elliot Noss.

Thanks Michael. I'll begin with some comments on the new format and an overview of the financial and operational highlights for the second quarter of 2018. Dave will then provide a detailed review of our financial results. And I’ll return with some concluding remarks. I wanted to start with a couple of comments on the new format. I thought a quote from a McKenzie article on improving quarterly calls sets my thoughts up nicely. McKenzie said, nobody has time to analyze the data before the Q&A session and the remarks are often a more convoluted way to convey data than simple tables. The issues of time to digest results and ask intelligent questions are particularly important for a company like ours. With a shareholder base of long-term value investors and very little analyst coverage. In addition, we regularly have scheduling issues for the few participants who do ask questions on the call. As described in our news release and the intro to our remarks, we will be taking questions by email for a week and then taking a week to prepare and provide answers. Questions of general interest will become part of the audio response that will be published on the Investor site. Questions that are more specific will be answered directly. All questions will receive a response. At its core, this is an attempt at improving our shareholder communications. As with everything we do, we are open to feedback. The second quarter, once again, saw solid performance in each of our businesses. Total revenue was $81.1 million, which was down from $84.2 million in Q2 of last year, but expected due to the bulk transfer of 2.6 million virtually no margin domain names during the first quarter of this year. More importantly, total gross margin across the business for…

Thanks Elliot. Total revenue for the second quarter of 2018 was $81.1 million, down from $84.2 million for the same period last year, primarily due as Elliot explained earlier, to the bulk transfer out near that $2.7 million Domains in Q1 of this year, which accounted for approximately $8 million a very low margin revenue in Q2 of last year. When comparing revenue on a sequential basis, I will remind you that the transfer out also resulted in $14.6 million of accelerated revenue in Q1 of this year. Cost of revenues for network costs decreased 9% to $54.5 million from $59.5 million for the second quarter of last year with the decrease due to the lower revenue in Q2 of this year. Gross profit before network cost for Q2 increased 7% to $26.6 million from $24.8 million. As a percentage of revenue, gross margin before network costs expiry to 34% from 30% for Q2 last year. This year-over-year increase was primarily the result of growth in Ting Mobile and the negative impact in Q2 last year from the acquisition of the Enom business, the accounting of which required amortizing into revenue, deferred revenue that was a quarter of fair value of the acquisition. I'll now review gross margin for each of the Domain Services and Network Access businesses. Domain Services' gross margin for the second quarter increased 5% to $15.5 million from $14.8 million for the same period a year ago. As a percentage of revenue, gross margin for Domain Services for Q2 increased to 27% from 24%, which reflects the impact of the Enom acquisition-related deferred revenue fair value adjustment in 2017 I discussed a moment ago. Looking at the individual components of Domain Services, gross margin for the wholesale channel decreased 4% to $10.5 million from $10.9 million…

Thanks Dave. I would like to start my closing remarks by reiterating our $54 million cash EBITDA guidance. When investors share why they like to Tucows, they most often talk about capital allocation and return on investment. Too often, when we are analyzing return on investment, we look at return not the investment. Particularly in capital light technology businesses, the ROI is often more a function of a low denominator than a high numerator. This is what makes the Ting Internet business so powerful. It allows for deploying large amounts of capital, while still providing a great return, as long as it has done well, of course. And this capital is growth CapEx, not maintenance CapEx. This is an important distinction. Markets are funny. They would generally prefer if we took that same money and used it to make small acquisitions each quarter. Investing in fiber is the same in terms of growth, but far superior in terms of strategic risk and integration risk. And for additional benefit, the growth CapEx spend is tax preferred, creating more free cash. Luckily for us our investors appreciate this distinction. That is why there is something in this quarter's numbers that may not jump out at first review, but that I am quite excited about it. And that is the CapEx spend of $6.7 million. This is our highest spend ever. It is up 48% on Q1, which by the way, was our highest spend ever before this quarter and nearly triple Q2 of last year. This number is a function of being able to create opportunities through establishing markets to spend in and to creating capacity by building the organizational muscles that are able to effectively take advantage of those opportunities. Of course this all must be done while paying careful attention to the numerator in return on investment as well. In this case, focusing on build cost and take rates takes care of that. The CapEx spend will ebb and flow over time. Every quarter will have its own story, but this quarter, the story is one of hitting a certain stride and cadence, of having the opportunities to spend, and the skills to spend well. And these are the competencies that will serve us for the coming years as we continue to ramp the fiber business and the whole company. And again, please submit your questions in writing and we look forward to answering them shortly. Thank you.