Tucows 2013 Annual Report Download - page 80

Download and view the complete annual report

Please find page 80 of the 2013 Tucows annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 102

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102

Balances, December 31, 2012
11,081,340
10,084,417
33,931,529
(17,509,843
)
44,104
26,550,207
Exercise of stock options
890,034
2,626,352
(1,134,178
)
-
-
1,492,174
Repurchase and retirement of
shares (note 8)
(1,064,299
)
(851,502
)
(5,686,114
)
-
-
(6,537,616
)
Cancellation of restricted stock
(12
)
-
-
-
-
-
Income tax effect related to stock
options exercised
-
-
1,090,171
-
-
1,090,171
Stock-based compensation (note
9)
-
-
430,903
-
-
430,903
Net income
-
-
-
4,180,464
-
4,180,464
Other comprehensive loss
-
-
-
-
(289,085
)
(289,085
)
Balances, December 31, 2013
10,907,063
$
11,859,267
$
28,632,311
$
(13,329,379
)
$
(244,981
)
$
26,917,218
See accompanying notes to consolidated financial statements
F-6
Tucows Inc.
Consolidated Statements of Cash Flows
(Dollar amounts in U.S. dollars)
Year ended December 31,
2013
2012
2011
Cash provided by:
Operating activities:
Net income for the year
$
4,180,464
$
4,424,142
$
6,170,231
Items not involving cash:
Depreciation of property and equipment
843,420
802,060
937,460
Loss on disposition of property and equipment
-
118,944
42,165
Amortization of deferred financing charges
-
2,300
13,300
Amortization of intangible assets
959,910
1,019,760
1,090,540
Deferred income taxes (recovery)
(247,371
)
832,736
(3,046,669
)
Excess tax benefits from share-based compensation expense
(1,090,171
)
-
-
Amortization of deferred rent
21,829
27,663
26,487
Acquisition of domain names
-
(3,664
)
-
Disposal of domain names
52,513
50,843
34,071
Gain on disposition of intangible assets
-
(508,800
)
-
(Gain) loss on change in the fair value of forward contracts
496,207
(1,100,161
)
1,533,443
Stock-based compensation
430,903
360,699
310,956
Change in non-cash operating working capital:
Accounts receivable
(892,138
)
(533,081
)
(270,594
)
Inventory
277,418
(381,507
)
(205,597
)
Prepaid expenses and deposits
772,369
(1,325,100
)
(923,909
)
Prepaid domain name registry and ancillary services fees
1,440,720
(1,679,703
)
(4,855,039
)
Income taxes recoverable
1,023,638
233,312
(261,215
)
Accounts payable
529,537
931,467
(611,532
)
Accrued liabilities
1,390,805
547,590
515,931
Customer deposits
(454,725
)
752,772
209,984
Deferred revenue
(982,115
)
1,824,650
5,179,716
Accreditation fees payable
(49,106
)
(53,491
)
(4,460
)
Net cash provided by operating activities
8,704,107
6,343,431
5,885,269
Financing activities:
Proceeds received on exercise of stock options
1,492,174
418,108
31,346
Excess tax benefits from share-based compensation expense
1,090,171
-
-
Repurchase of common stock
(6,537,616
)
(9,115,833
)
(18,442
)