Welcome to Tucows' fourth quarter 2024 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 will begin with opening remarks from Elliot Noss, President and CEO of Tucows and Ting, followed by business remarks from Dave Woroch, CEO of Tucows Domains; Justin Reilly, CEO of Wavelo; Elliot Noss on Ting; Ivan Ivanov, Tucows' CFO, who will discuss our financial results in detail, and finish with closing remarks from Elliot Noss. In lieu of a live question-and-answer period following these remarks, shareholders, analysts and prospective investors are invited to submit questions to Tucows' management. Please submit questions via email to ir@tucows.com until Thursday, February 20th. Management will either address your questions directly or provide a recorded audio response and transcript that will be posted to the Tucows website on Tuesday, March 4th, at approximately 5 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 eight quarters, as well as for full years 2022, 2023 and 2024 and also includes historical financial results is available in the Investors section of the website. The updated Ting Build Scorecard and investor presentation are also available. Now for management's prepared remarks. On Thursday, February 13th, Tucows issued a news release reporting its financial results for the fourth quarter and year ended December 31st, 2024. 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, the following discussion may include forward-looking statements, which 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 to its business. I would now like to turn the call over to Tucows President and Chief Executive Officer Elliot Noss. Go ahead, Elliot.

Thanks, Monica. We ended the year with strong momentum across all of our businesses. 2024 marked our fourth consecutive year of consolidated revenue growth, 19% year-over-year gross profit expansion, and more than doubling our annual Adjusted EBITDA to a touch under $35 million. Excluding Ting, we had Adjusted EBITDA of $57.4 million out the top end of our guidance. The $34.9 million in EBITDA, represented a 126% increase from $15.5 million in 2023. Most importantly, we have moved Ting to a sustainable cost structure, which generated slightly positive Adjusted EBITDA for the month of December. We repaid a further $2.0 million on the balance of the syndicated bank loan in Q4, which takes us to $16.5 million paid down in 2024. And as we do every year, we've authorized a buyback program for 2025 for up to $40 million in Tucows stock. A reminder that we do this whether or not we can foresee using it at the time we do the authorization. I'll now turn over to Dave Woroch, CEO of Tucows Domains.

Thanks, Elliot. As we close out the year, I'm pleased to report that, Tucows Domains grew revenue, gross margin and Adjusted EBITDA, in each successive quarter of 2024. This follows a similar performance in 2023. February also marks the 25th anniversary of Tucows' Domains business, from our launch of OpenSRS in early 2000. Today our core business remains strong and resilient, built over many years and with a long-term strategic view. From the beginning, we prioritized strong customer relationships and disciplined cost management to drive sustainable profitability. We're now building on that solid oundation, and taking the greatest assets that this business has, its subject matter expertise and massive distribution channel and creating exciting future paths for growth. Now turning to the recent quarter, revenue for Domain Services for Q4 was $65.7 million, up 6% from $61.8 million for the same quarter last year, and up 5% for the full year 2024 compared to 2023. Gross margin was $20.3 million in Q4, up 8% from the same quarter last year, and up 7% for the full year. And Domain Services' Adjusted EBITDA was $11.6 million in the fourth quarter, up 8% from Q4 of last year, and up 4% for the full year. Our domains under management held steady, and were flat both year-over-year and quarter-over-quarter, while transactions were down just under 1% from Q4 of 2023. Both measures represent solid performance within our industry. And as I've said before, domain registration is a mature business, and revenue growth for us is going to come from adjacent revenue opportunities, like our registry services business, as well as new products we're bringing to market. Looking at the results from the segments of our business; in our Wholesale channel, revenue for Q4 was $56 million, up 7% compared to $52.5 million for…

Thanks, Dave. As I reflect on Wavelo's third year as an independent business, I'm pleased with our achievements. Fiscal 2024 marks our best year yet across all key performance indicators. Wavelo grew revenue, gross margin, Adjusted EBITDA and new customer logos, all while renewing its inaugural customer in Echostar's Boost Mobile. As we look at the market, only 2% of all B2B SaaS companies ever reach this level of ARR, while delivering positive EBITDA and cash flow. And we're just getting started. Revenue for the full year 2024 was $39.9 million, up from $38.7 million in 2023. Gross margin was $38.6 million, up from $36 million last year. Adjusted EBITDA was $13.8 million, well outperforming our guidance of $8 to $10 million, and up from $10.6 million last year. Our performance in 2024 tells a story of a business that is learning to nicely balance growth and profitability, while delivering for its existing customers. The latter is no more apparent than our four-year renewal of Wavelo's partnership with Echostar's Boost Mobile. As the Boost team moves from defense to offense, with the momentum of recently being awarded the best network in New York City, they looked no further than our event-driven platform to fuel their growth strategy. We couldn't be happier to support their journey as America's fourth carrier. In the quarter, Wavelo's revenues were $9.9 million, down 1.9% from Q3 and up 3.6% from Q4 2023. Gross margin was $9.4 million, down 6.5% from Q3 and up 1.7% year-over-year. Adjusted EBITDA for Q4 was $3.7 million, up 7.3% from Q3 and up 41.3% year-over-year. The trend-line quarter-over-quarter represents some lumpinesses in recognition of bundled professional services that happens annually in Q3, on boarding and cloud costs for new logos won earlier in the year, and an increased investment in…

Thanks, Justin. As we close out 2024, Ting's long term shape has settled. We are an ISP. In Q4, Ting reported $15.7 million in revenue, a 14% increase year over year. The growth was driven by a 17% year-over-year increase in subscribers, taking us to 50,700 subscribers from 43,400 in Q4 of last year. We had 10% year-over-year growth in completed serviceable addresses in 2024, taking us to 133,500 serviceable addresses for Ting-owned infrastructure. We remind that this will settle into a final count between 135,000 and 140,000 as we no longer engage in new construction. We're pleased to see partner markets ramp with a 53% increase in addresses year-over-year. This brings us to 178,800 total serviceable addresses across all Ting footprints. These numbers will grow as Memphis and Colorado Springs start to accelerate. Ting Gross Margin increased 40% year over year to $11.0 million in Q4, as we gained efficiencies from no longer carrying excess construction capacity. Ting's Adjusted EBITDA continues to trend in a positive direction with a loss of only $1.5 million in Q4 down from $12.3 million in Q4 of 2023. Notably for the month of December, Ting had slightly positive Adjusted EBITDA and we expect that to continue. In 2024 we had a second failed common equity process, we went through two RIFs, and stopped building fiber to new organic homes. No longer carrying excess construction capacity has both greatly reduced the operating loss and greatly improved the gross margin as fallow capacity would be charged to COGS. The natural loading of the networks has continued to increase customers, revenue and margin at strong levels. The work from here is to focus on penetration and then, mostly starting later this year, ARPU. We are in the process of rebuilding the marketing function–which is probably the function that can most benefit from AI augmentation. We have insourced the door-to-door function and have creative ideas on how to modernize an age-old practice. We have talked for years about the separation between capital, construction and ISP. We can see in all of the market evolution of the last few years that this is the way the market is evolving. We are keenly aware of the debt load on Ting and, while it is bankruptcy-remote from the rest of TCX, that does not lessen the urgency with which we look at it. Loading the network and increasing ARPU are the most important operating variables and we continue to expect 2025 to be a year with a lot of change in the fiber space. And change can create opportunities. Now we'll hear from our CFO, Ivan Ivanov, who will discuss our financial results in detail.

Thank you Elliot, and thank you everyone for joining us today. As we close out the fourth quarter, our focus remains on growth, efficiency, and financial discipline. The progress we've made is reflected in our strong top-line performance and a significant increase in Adjusted EBITDA. Our efforts, particularly in capital efficiency at Ting and the continued momentum in Tucows Domains and Wavelo, are driving meaningful results. In Q4, we delivered $93.1 million in total revenue, a 7.1% increase year over year. Gross profit was up 19% to $21.2 million, as we maintained disciplined cost controls. Adjusted EBITDA grew 403% to $12.8 million, a combination of both our revenue growth and operational improvements. At the net income level, we reported a net loss of $45.3 million, primarily due to a one-time impairment and restructuring charge of $28.2 million related to Ting's capital efficiency plan, as well as other impairment and transition costs of $1.3 million. When adjusting for these one-time charges, our net loss was $15.8 million, with an Adjusted EPS loss of $1.43 per share. Each of our business units played a role in delivering this quarter's results, and I want to walk you through their individual performances. Starting with Tucows Domains; Domains continues to be a core driver of our financial strength. Revenue grew 6.2% year-over-year to $65.7 million, driven by expiry sales and continued strength in the core business. Gross margin expanded 7.9% to $20.3 million, holding steady at a 31% margin as a percent of revenues. And finally, Adjusted EBITDA increased 7.8% to $11.6 million for the quarter. Domains remains a highly reliable business, with strong cash generation and consistent performance. Ting has been a major focus area, and we're seeing the results of our efforts to optimize capital efficiency while continuing to scale in our existing…

Thanks Ivan. First, Adjusted EBITDA guidance for TCX for 2025. The consolidated guidance range is in and around $56 million, up 75% over 2024, before a one-time $9 million charge in our Corporate segment, as we wind down our Verizon MVNO agreement or $46 million after that charge. This breaks down as $44 million for Tucows Domains; $13 million for Wavelo; breakeven for Ting; and a $1 million loss for the Corporate segment. The Verizon charge would take the Corporate segment to a $10 million loss. Reminder that, this loss was priced into the 2020 deal with DISH and bundling mobile with our Ting fiber offering is the single biggest marketing tool for Ting in 2025. This “loss” in quotes will be very useful for Ting's customer acquisition. With Tucows Domains, we will have headwinds in general google search trends; the impact of an acquisition of a customer in 2023; and needing to front load some spend against some of the registry wins that will manifest in the later part of the year. As usual, this resilient business will grow past its challenges. Wavelo crushed its guidance in 2024 and will be around the same level in 2025, as it brought some of its operating efficiencies forward and will have a full go-to-market team for 2025. Ting will improve from a $22 million EBITDA loss to break even. 2025 is a big year for TCX. The 30th anniversary of Tucows, the 25th anniversary of OpenSRS and the 10th anniversary of Ting. With these milestones, ones that few businesses ever reach, I wanted to look at both capital markets and technology with a longer lens. When I look at capital flows in the world in 2025 I see a continued flight to minimize risk. In the ABS market we see increasing…