Welcome to Tucows' Fourth Quarter 2019 Management Commentary. We have pre-recorded prepared remarks regarding the quarter and outlook for the Company. A transcript of these remarks is also available on the Company's website. In lieu of a live question-and-answer period following the prepared remarks, shareholders, analysts and prospective investors are invited to submit their questions to Tucows' management via email at ir@tucows.com until Tuesday, February 18th. Management will address your questions directly, or in a recorded audio response and transcript that will be posted to the Tucows website on Tuesday, February 25th at approximately 4 p.m. eastern time. We would also like to advise that the updated Tucows Quarterly KPI Summary, which provides key metrics for all of our businesses by quarter since Q1 2018, is available in the Investors section of the website, along with the updated Ting Build Scorecard and Investor Deck. Now for management's prepared remarks: On Wednesday, February 12th, Tucows issued a news release reporting its financial results for the fourth quarter ended December 31st, 2019. That news release, and the Company's financial statements, are available on the company's website at tucows.com. under the Investors section. Please note that the following discussion may include forward-looking statements, which, as such, are subject to risks and uncertainties that could cause 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 Forms 10-K and 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 to Tucows' President and Chief Executive Officer, Mr. Elliot Noss.

Thanks, Monica. I'll begin our remarks with a review of the fourth quarter. Dave Singh, our Chief Financial Officer, will then review the fourth quarter financial results in detail. And I'll return for some concluding comments. Now on to the quarter. The fourth quarter once again showed the consistency in the Tucows business. Total revenue increased slightly to $85.9 million from $85.6 million for Q4 the prior year, although I will note that Q4 2018 did include significantly larger bulk sales revenue from our Domain Portfolio. Excluding the impact of the larger bulk name sales in the fourth quarters of 2018 and 2019, revenue increased 3% year-over-year. That took total revenue for 2019 to $337 million. Gross margin dollars for Q4 2019, again, excluding the impact of the bulk domain sales, as well as correcting for the non-cash impact of the purchase price accounting treatment for the Ascio transaction, increased 5%. Without accounting for these impacts, the as reported number was a decline of 4%. Total gross margin dollars for the year, excluding the Ascio purchase price accounting impact, increased 7%, and including the Ascio purchase price accounting impact, increased 5%. Adjusted EBITDA was $16.2 million, compared with $16.6 million for Q4 of 2018. And net income was $5.8 million, up from $4.4 million in Q4 of 2018. That took adjusted EBITDA for all of 2019 to $51.9 million from $50.1 million, and net income for the year to $15.4 million, compared with $17.1 million in 2018. Finally, cash EBITDA for the year was $52.7 million, ahead of our guidance of $52 million. Our Domains business delivered another quarter of solid performance, with our success in managing this business for gross margin contribution and profitability being once again evident in the results. In our Wholesale channel, gross margin dollars increased…

Thanks Elliot. Total revenue for the fourth quarter of 2019 was $85.9 million, compared with $85.6 million for the fourth quarter of 2018, with growth in the Wholesale Domains channel, primarily due to the acquisition of Ascio, as well as growth in the Ting Internet subscriber base, essentially being offset by lower revenue from the Domains Portfolio and lower revenue from Ting Mobile. Specifically, I will note that, while the fourth quarter of both 2019 and 2018 benefited from bulk sales from the Domains Portfolio, Q4 of 2018 saw a much larger top line contribution in this regard, by about $2 million. Outside of these bulk Portfolio sales, total revenue for Q4 2019 was up 3% year-over-year. Cost of revenues before network costs increased 3% to $55 million from $53.5 million for the same period of 2018, with the increase due primarily to higher revenues, when excluding the impact of the bulk portfolio sales in both quarters. As a percentage of revenue, cost of revenues before network costs increased by about 140 basis points to just over 63%, from just under 62%. Gross margin before network costs for Q4 decreased 4% to $30.9 million from $32.1 million, or as a percentage of revenue, decreased to 36% from 37% for the same period the prior year. Again, I will note that gross margin for Q4 of 2018 benefited from $2 million more in bulk Portfolio sales, with these sales generating approximately 90% gross margin. I'll now review gross margin for each of the Domain Services and Network Access businesses. Starting with Domain Services, gross margin for the fourth quarter was down slightly from Q4 of 2018 at $19.4 million, compared with $19.6 million. As a percentage of revenue, gross margin for Domain Services fell slightly to 31% from 32%. Excluding the…

Thanks Dave. There were no share repurchases in the fourth quarter, which means our total repurchases for the year were roughly $5 million, representing nearly 102,000 shares at $48.95 a share. Today, we announced another open market buyback -- our 13th since 2007. This year's program has the same terms as that of last year, allowing us to repurchase up to $40 million of our shares through the next 12 months. Last quarter, I provided a high level view of our outlook for 2020. As a reminder, I discussed the impact of our exit from our Domains Portfolio business and the benefit of the changes to our Ting Mobile carrier relationships roughly offsetting each other, and that otherwise, we expect the Domains and Ting Mobile businesses to be more or less flat. With that noted, we are providing adjusted EBITDA guidance for 2020 of $50 million. To be clear, that's adjusted EBITDA, not cash EBITDA, which is the metric we've used to provide guidance until now. For reasons discussed too many times now, it is a regulatory burden to discuss cash EBITDA, so this year we are making the change. Really, the only material distinction between the two is the net deferred revenue provided by the Domain Name business. In 2020, that is expected to be in the range of $1.5 million to $2 million, meaning the year will be essentially flat to 2019. At a high level, the growth in mobile is due primarily to the absence of excessive carrier penalties making up for the end of portfolio sales. Fiber contribution will improve from 2019 as well, but will still be a negative contributor before moving to materially contributing in 2021 and 2022. Most importantly, Fiber is meeting all of our lofty expectations both on an aggregate and market-by-market…