Welcome to Tucows' First Quarter 2022 Management Commentary. We have prerecorded prepared remarks regarding the quarter and outlook for the company. A Tucows-generated transcript of these remarks with relevant links is also available on the company's website. We urge those listening to, or reading this commentary, to first watch the video we posted in the investors section of our website, on the videos, decks and reports page. The video discusses our transition from reporting business segments to reporting separate businesses, which begins in the first quarter of 2022. It also provides high level context on how to best follow our results. In lieu of a live question-and-answer period following these remarks, shareholders, analysts and prospective investors are invited to submit their questions to Tucows’ management via email at ir@tucows.com, until May 13. Management will address your questions directly, or in a recorded audio response and transcript that will be posted to the Tucows website on May 25 at approximately 4 PM Eastern Time. We would also like to advise that the updated Tucows' Quarterly KPI Summary, which provides key metrics for all of our businesses for the last five quarters, as well as for full years 2020 and 2021, and now includes summaries of fiber Internet services, financial results, and historical financial results is available in the Investors section of the website, along with the updated Ting Build Scorecard and Investor Presentation. Now for management’s prepared remarks. On Thursday, May 05, Tucows issued a news release reporting its financial results for the first quarter ended March 31, 2022. 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. Finally, as discussed on our last call, starting this quarter, we will report a separate businesses Ting, Wavelo and Tucows Domains in addition to Tucows Corporate. Tucows Domains is unchanged. Ting is also largely unchanged, say for our historical ISP billing solutions, which have been moved under Wavelo. Wavelo no longer includes the tail from the retail mobile customer base sold to DISH or the legacy retail mobile business. Both of these are now included in the Tucows Corporate category, as well as centrally managed administrative expenses. For those that have not done so, I encourage you to watch the video we posted in February for additional detail and perspective on the rationale for this change. I would now like to turn the call over to Tucows President and Chief Executive Officer Elliot Noss. Go ahead, Elliot.

Thanks, Monica. With this change in our reporting segments, we're also refreshing the format of these remarks, inviting the heads of each of these businesses to deliver the remarks on their own business to let you hear them and, as investors, start to get to know them better. Also, in the interest of time, starting with this call, I'm going to dispense with my review of the overall financial results. This information is readily available in our disclosures, and our CFO, Dave Singh will cover it in detail in his remarks. We are essentially repeating each other. We hope our shareholders will appreciate our continuing efforts to be thorough, but efficient with these commentaries and, of course, we are open to feedback. We will start with David Woroch, Chief Executive Officer, Tucows Domains.

Thanks Elliot. And for those who don't know me, I've been with the Tucows Domains business since its inception in early 2000, just as the company was preparing to launch its wholesale domain name registration service. Our unique offering completely revolutionized the domain name business for web hosting companies and ISPs. Over the ensuing 22 years, I've been involved in all aspects of our domain business and have been running it for the last five years. Turning to the most recent quarter, I am pleased to report that domain services delivered another quarter of solid performance that once again underscored the consistency of the business. Revenue for Domain Services for the first quarter was essentially unchanged from the same period of last year, with gross margin down slightly. I will note, however, that gross margin for Q1 last year benefited from a registry rebate, which happens from time to time that was not repeated this year. Excluding this rebate, gross margin was in line with that of Q1 last year. Domain Services adjusted EBITDA, net of the impact of the rebate, decreased 5%. The vast majority of this decrease was the result of the stronger Canadian dollar, which increases operating expenses mainly due to Canadian dollar-based compensation costs. While the overall financial performance of the domains business was very much in line with Q1 of last year, total Transactions for the business, as expected, are now settling back in at pre-pandemic levels after the elevated levels in 2020 and 2021. We are seeing signs that these are industry trends. VeriSign, the operator of the dotcom and dotnet registry, announced the Q1 results last week, commenting that the component of growth attributed to the pandemic has subsided and that their new registrations at 10.2 million for the quarter were down 12%…

Thanks, Dave, and hello TCX investors. I'm Justin Reilly, the CEO of Wavelo, and I'm excited to be delivering remarks to you for the first time. I joined Tucows in September 2019 following my tenure leading product at one of the world's largest telecoms. The problem Wavelo is solving falls into what is called the startup holy grail: a big, unattended, fragmented, low-NPS market where a solution solves a core issue for humans. You've heard Elliot address the low customer satisfaction in telecom many times. The customer experience is abysmal, no customer is happy with their telecom, and no telecom is happy with their billing software. The market for telecom software is trending north of $100 billion, and the move to the cloud is accelerating the last 30% of digital transformation. And I'm thrilled to be at the helm of this audacious effort to use the Wavelo platform to transform telecom and the connected experience for more humans worldwide. Wavelo is, of course, the brand name we've given to our software platform business, formally launched earlier this year. It is organized as a wholly-owned subsidiary of TCX with its own executive team and financials. It was launched not only with the advantages of the funding and resources of Tucows, but also with two formidable anchor customers: DISH and Ting Internet. Don't get me wrong, there is much to work through at this early phase of the business, but launching a new company under these conditions gives us a significant head start and a strong operational base to work from. After launching in January, we snapped into operating Wavelo right away, developing operating principles and putting a management structure around the formerly named MSE business. And importantly, we brought on new people to round out our leadership team. That now includes…

Thanks, Justin. Moving on to Ting Fiber. We continued our rapid growth in the first quarter and shared the news of our three largest new markets to date. In Q1, we had 2,300 net subscriber additions, taking us to 27,800 in total. Our total for both Ting-owned and Ting Partner serviceable address additions were 7,000, taking us to 98,100 total serviceable addresses. Both were impacted by the typical Q1 weather effect. Our fiber CapEx moderated due to weather in Q1 to just over $14 million. We expect to be back to increasing construction pace and CapEx spend in Q2. This quarter, we also announced three sizable new markets. In January, we announced that Ting would be the initial anchor tenant on a city-wide fiber network being built and owned by Colorado Springs Utilities. This would be our biggest market yet, with over 200,000 serviceable addresses. We hope for the first addresses from the utility to land in early 2023. In April, we announced that Ting will be expanding into Aurora, Colorado, a community of over 130,000 addresses, that will adjoin our network footprint in Centennial. When combined with our existing network and planned expansion in our Southwest Colorado markets, that takes us to 400,000 potential serviceable addresses in our Colorado footprint. We are moving forward quickly in Aurora, with our first permit already filed and crews ready to deploy. Also earlier this year, investors may have noticed that Ting was one of the finalists in the bid for a broadband franchise in Alexandria, Virginia, and we were undertaking negotiations with the city. Alexandria is a thriving city of 90,000 serviceable addresses and, thanks to regional initiatives like Amazon's HQ2, is experiencing growth and densification. Ting emerged as the final ISP in the process, and we are in the end stages…

Thanks, Elliot. Before I begin, just a quick note that the results for prior periods have been recast to reflect the changes we made this quarter to the reporting segments to make the periods directly comparable. Total revenue for the first quarter of 2022 increased 14% to $81.1 million from $70.9 million for the first quarter of 2021. The increase was driven by strong growth in both Ting Fiber Internet Services and Platform Services, up 93% and 973%, respectively, which were partially offset by the expected decline in revenue from transition services with DISH, which, as Elliot mentioned, are now part of the Corporate category. Revenue from Tucows Domains Services was essentially unchanged from Q1 last year. Cost of revenues before network costs for Q1 increased 7% to $49.4 million from $46.2 million for the same period of last year, with the increase being less than the revenue growth due to the increase in high-margin Platform Services revenues. As a percentage of revenue, cost of revenues before network costs decreased to 61% from 65%. Gross profit before network costs for the first quarter increased 28% year-over-year to $31.7 million from $24.7 million, with the increase due mainly to the higher margin contributions of both Platform Services and Fiber Internet Services. As a percentage of revenue, gross margin before network costs increased to 39% from 35%. Breaking down gross margin by business, Domain Services' gross margin for the first quarter of 2022 decreased 4% from Q1 last year to $19.7 million from $20.5 million. As a percentage of revenue, gross margin for Domain Services was 32% compared with 33%. Platform Services' gross margin increased nearly ten-fold to $5.9 million from $0.6 million for Q1 2021, with the entirety of the increase being driven by revenues generated by the underlying Mobile operator…

Thanks, Dave. I have been thinking a lot about the difference between when value is created and when value is realized. Right now, for both Wavelo and Ting, there is a huge gap between the value being created and the value realized, as reflected in the TCX stock price. For Wavelo, telecom software is a new segment. Existing TCX investors have yet to fully learn it, and existing telecom investors have no idea who TCX is. And even at a purely financial level, it is difficult for investors to really understand or appreciate Wavelo until the DISH migrations are substantially completed and investors can get a better sense of what ongoing subscription revenue will look like. For Ting, while the coax-to-fiber transition in the US is a unique, multi-generational opportunity, both in terms of the returns and in terms of how much capital can be deployed, it is a long-term investment. We are virtually alone as a public company competing with private-equity backed platforms for a reason. The fantastic returns are not realized for some time and are hidden by the financials until they become ripe. A ton of value is being created, but it is a challenge to see it realized. We have been here before. In the late aughts and early teens, we had two businesses, Domains and Ting Mobile. Domains was generating solid cash and was winning in the market. Many of its competitors were starting to get squeezed by years of short-term choices while Tucows was making long term choices. The competitors were ripening on the vine into acquisition targets. Ting Mobile, meanwhile, had clearly found a better mousetrap. We had a better offering that was not yet copied by the big incumbents, we had found some customer acquisition advantages by being very early in vehicles such as podcasts, and we held on to our gains with best-in-the-world customer satisfaction. But the stock did not move until investors clearly saw the cash being generated by Ting Mobile and until the acquisition opportunities came off the vine and into our cupboard, and, of course, then it moved significantly. Now, history never repeats, but it does rhyme. We have been here before. We know what the gap between value creation and value realization looks like, and we know how to both live through it and to take advantage of it. Both we and our investors have the benefit of having been here before, the benefit of experience. And with that, I look forward to your written questions and exploring areas that interest you in greater detail. Again, please send your questions to ir@tucows.com by Friday, May 13, and look for our recorded Q&A audio response and transcript to this call to be posted to the Tucows website on Wednesday, May 25, at approximately 4 PM Eastern time. Thank you.