Tucows 2011 Annual Report Download
Download and view the complete annual report
Please find the complete 2011 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.
! "#$% !%!
!"
!"##$%#&%## '#( % )#*'(#(&
!'*%+'# ),-
(./"#*+(&#%##&
(./"#" #*#*%#*+(&#%#!
*'0#*11 1(#/ !2
!($(%" !"##$%#
!#$%&#'%#%((&)*+%'(%$,)-&%"./*%0*00
#& )(%(#(3 !"##$%#
!)(%(#(3..(#( %#(&
! ('(#(%+#(&%## 4565
$ )+(&#%#&1'()(.%#&*#
$ )& %&((%+ !"##$%#7() #*#*%#*+(&#%#
"$%# )((%+*'0#*11 1(#/ !2
#& )8(.6
!' $1#. %#// 91!'*%+'#&:(%.6
(# )'*'&& )&'(#(&# 9*('*#%&'#( %11(&2
5 +++#%$/ )&'(#(&# 9*('*#%&'#( %11(&2
- %(#1(' #*%."(%+3 )#%&'#( %' $1#.1&%## !'*%+'#&#) #*#*$ %# %9*('*#*)((%+
)(&''#.%.&##* 9(#9&.#$(%.2
1 &.$!($$+++#3 )#%&'#( %2
; #)1(.2
!1(.13( &"9(#*1($(%"$#(&6
!*'0/ !()%"1# )#*)(& ))&#&1 3(../"!'*%+'#5%.(.%#()"#*)((%+) 9*('*#* ))&##(%+)9&1(.
13( &"6.%#()"#*13( &)((%+/"+(&##( %&##$%#%$/7 #* $ '*.%.#*.# )(#&)((%+6
$ %#3( &"(.2
5 $7'*. +(&##( %##$%# 62
- ((%+#"2
#(.2
"'(()))%!$( $(% (((*+
!*
(*('*,-
Table of contents
-
Page 1
"'(())) %!$( $ ( % ( ( ( * + ! " # $% ! % ! ! " !" # # $ %# & %# # !'* %+ '#( % '# ) ,- ) #* ' (#( & ( . /" #* ( . /" * '0 #* ! ! #& ! ! +( %# #& #" #* #* % #* +( %# ! 11 1 ( # / !2 ($(% " # $% !" # # $ %# & # ' % # % (( &) * +%'( %$ ,) -&% " ./*%0* 00 )(%(#(3 )(%(#(3 ... -
Page 2
"'(())) %!$( $ ( % ( ( ( * + + ;7 5 9 * * . 2 6 * . & ) ' 9& %'6 1 %"7 ,: 9 # 3 % 7 %# 7 %# ( 7 :< 7 % . 7 % ' .( " (%3 5 %% &. "7 1# $/ :7 5 7 # 2- 16$6 ) %% * '' $1 8 ( %&6 $ #(%+ %. 1 9 9 3 # % # #* %% $ #(%+6 9( & * 3 % 11 # %(#" # &0 & . #* '' $1 1 6 # (& ($1 1... -
Page 3
"'(())) %!$( $ ( % ( ( ( * + / ' 3 ' $ 2% -% /4 5 " 6 6 "" 1# $/ :7 5 ! * 5 :< - 7 6 56 -6 7# 2 * . & ) ' 9& %'6 9( / * . # 2- 16$6 # #* 1 %"7 ,: 9 # 3 % 7 %# 7 %# ( 7 3 #()" #* 11 (%#$ %# ) < % ? / & . " '# . %. 8 - 75 ()( .> > %. (%. 1 %. %# 1... -
Page 4
"'(())) %!$( $ ( % ( ( ( * + / ' 3 ' $ 2% -% /4 5 " 7 ! 1 1# $/ :7 5 6 = (%3 6 1 6 C 1 1 # % $ < 9 1 # ) #* 1 !" ! ' 9& %'67 %%&" 3 %( ' 1 # ## %. (% 1 & %6 = * 3 & #( %7 9(#* %' & . 5 %% < %8 '$ $ % 6 9 & B " 5;7 5 6 $ "3 0 #* # " 9 6 % B " 5;7 5 7 9 * . ;-7 ;;7 0 ... -
Page 5
"'(())) %!$( $ ( % ( ( ( * + D % -' )" &$ 9) 3 %% - $ #(%+ %. 3 #(%+ (% 1 & %6 $8 ) -' 2 % 3 # %% $ #(%+ 9( % # 3 0 " 1 !"6 # % &(+% . 1 !" ' . 9 2 % ' 2 > , > %. . % # 3 0 " 1 !"7 " &* & 9( / 3 . ) .( '# &C 6 7 " ' % 9(#** . " 3 6 =(#** . 3 # & 9 3 # %. 9( * 3 ... -
Page 6
"'(())) %!$( $ ( % ( ( ( * + A 8= 3 %' + # %9%8- 2% ## 8%' 6 ! 7 6 4 ! ! $ $ '%8 ' '*( ) ! ' #(3 ))(' 7 #9 #* $ *(+* " ' $1 %& # . ! ' #(3 ))(' &7 9% &*(1 (% #* # / %. # . ) #% # & (& / & . 1 % . # ) %(&* . # & /"7 '* 1 & % % $ . * & & 3 #(%+ 1 9 %. & (%3 $ %# 1 9 9(#* &1 '# # *... -
Page 7
"'(())) %!$( $ ( % ( ( ( * + + % 1 #% ) ' % .+ ? 7 9*('* (& #* & + % 1 #% ) ' % .+ 6 (#* ' % % ' % .+ ? .( '# " 9%& %" & ' (#( & ) #* ' $1 %"6 '* ) ' % %. ' % .+ ? .(&' ($& / % )('( 9% &*(1 ) #* &* & * . /" ' % .+ 7 !' 1# # #* !# %# ) (#& 1 ' %( " (%# #* (%6 6 & (& $ $/ ) ' % 6 6 & .(&' ... -
Page 8
"'(())) %!$( $ ( % ( ( ( * + 7 ! 7 6 ! " 1( & 1 5 ) 9 3 7 1 6 3 # . ) + %% $ #(%+6 1 1 9 7 8 ()( .6 1 & %# + 3 1 1 6 6 % #* # ' & 7 #* (#" # 3 # ) #* & 1 & %&7 " 1 !" 9( / 3 # . 3 () '# .6 3 ( / # & 3 & .( '# 7 #* / #* 1 1 !( & 9( 3 6 % && " 9 6 % $ '%8 8 '%: ... -
Page 9
"'(())) %!$( $ ( % ( ( ( * + 6 0 0% 9 6 6 1 !1 3 ))(' )F #.6 %. % # #9 0& #.6 3 3 3 !1 ( %' 6 ) #* & 8 (#( & 8 ()" 6 9&6 C 8 5 H 6 # 7 ;7 7 # 1 6 3 $$ %&7 9* * & & 3 . % #* / 1 ( 5 H7 7 9* * * & & 3 1# $/ 5 :7 & 9 & %( J 1 & ) < ( %(3 &(#" (% B 1 %6 (%' ' $/ 5 - 6 # * & & ... -
Page 10
"'(())) %!$( $ ( % ( ( ( * + ) #* F . ) ( '# & ) %) % #('& / +(%%(%+ (% '* ,,H %#( 9 $ + . 9(#* ' 9& 9 (% 3(&( % = 0&* 1L% 9 & $ = 0&* 1L %. & 3 . ) $ ,:, # ,,H & 1 &(. %# ) * 0 + 5 %. / ' $ ' 9& %'6 %. #( %7 '* (# / + %(A #( %6 (& #* ' ) %. ) #* *( . %C& * / .#* ) 6 (& ##C& ' * & 1 ... -
Page 11
"'(())) %!$( $ ( % ( ( ( * + 7 2%' 8% 7' 8 + & < * + 3 % %' 1 (%'(1 & ) F . ) ( '# & & # ) #* (% #* '* # & ) .(# ' $$(## 7 ' 1 # + 3 % %' % $(% #(%+ %. ' $1 %& #( % ' $$(## 7 ' . ) ' %. '# %. ' . ) #*('&6 '* ) #* & . ' $ %#& %. 3 ( & #* . ' $ %#& $/ ."(%+ + 3 % %' 1 (%'(1 & 1 / (&* . % 9 ... -
Page 12
"'(())) %!$( $ ( % ( ( ( * + 3 C& 1 1 & & 2 D + D 5 6 * .(# ' $$(## & # 0 9 5 )(&' " 6 * .(# &&( #* F 3 8 ( $ %#&> 1 #(%+ 1 .(#& ) )(% %'( # $ %#&7 %. 5 ' $1 ( %' 9(#* 9(#* %. 3 # #* 1 1 1 %. %# .(# &C 8 1 %. %' > %. 1 1 #* 1 # 8 .(# &7 9* #* #... -
Page 13
"'(())) %!$( $ ( % ( ( ( * + A '$ !% $%' + '-8 -'% $ = 2%' / .7 # + #* 9(#* ! ' #(3 ))(' &7 3 0 1 1 %"C& / &(% &&6 * / . 1 ) $& #*(& 3 &(+*# /" 3( 9(%+ #* 1 1 %"C 1 1 ($ " (&0 9(#*7 1 # + 3 % %' 7 1 6 1 9 1 %"C& 1 0 0 $ % + $ %#7 & 9 & #* ' $1 %"C 0 !1 1 0 1 & &6 3(... -
Page 14
"'(())) %!$( $ ( % ( ( ( * + % $(% # 1 & % ) '#( % & .( '# 7 #* (%. 1 %. %# .( '# & %. / . ) .( '# & 9( ' %&(. 7 $ %+ #* ' $1 # %'( & ) #* / . / & . % & '* 1 & %C& / '0+ %.6 % . # $(%(%+ 9* #* # % $(% # ' %# .( '# ) & #* .( '# C& 1 1 ) $ %' 7 (%' .(%+ *(& * 1 #('(1 #( % (% %. ' %# (/ #( %&... -
Page 15
"'(())) %!$( $ ( % ( ( ( * + ' $1 %& #( % ' $$(## 7 '% 8 ' ' (3 %% % %% ) ) OH7 ## %. %' 6 % ..(#( %7 & 1 % % $1 " .( '# & .(# ' (3 #* ) 1 9(%+ $ #(%+ ## %. %' ) &2 $(% #(%+ %. $1 %& #( % O -7 O ; O 5; O 5; % $ 8% 6%% F . #(%+ & % $$(## #(%+ + " '* . . + " '* . . + " '* . . 1 (. #... -
Page 16
"'(())) %!$( $ ( % ( ( ( * + < & & EL E 1*" ) ( # &&7 &(. %# %. 6 7 8 %& +%'( %# 6 8 & ## 8 6 9&7 6 1 $ %9 ))(' 7 *( ) 1 #(%+ ))(' 7 6 1 $ % * .& F % 5 " & ) !1 7 1 3 (% #* 0 . # '* %# 1 67 1 3 9 6 & & 3 3 67 .(%+ 1 3 1 1 # %# % #&6 ) $ #* %(3 6 ) 2$ ' 8 9%8- 2% < 8% 7 7... -
Page 17
"'(())) %!$( $ ( % ( ( ( * + - 1 & %#& #* ++ + # + %# . # ) ( 3 )(% %'( # $ %#& (%' . . (% %% $ %#& 1 # . (% #*(& ' $% ) & '* 9 .&7 ' ' 1 # % $ -
Page 18
"'(())) %!$( $ ( % ( ( ( * + * '0 1#( % + %#& ( . (% #* / 3 # / 9 (&& . %. ,,: % &9 & %. 5 : %6 )# #* " / ' $ #* ) #* " 6 )# #* " / ' $ * 1#( %& + %# . %. #* ,,: % 3 3 1 ( . )) " & %. * 3 " # $6 * & 1#( %& % # ! '(& / ) % " )# #* + %#6 * ! '(& / # #* # ) 5;I )# #* )( " 7 ... -
Page 19
"'(())) %!$( $ ( % ( ( ( * + 3 %'( - - % % ' & 2$ ' 8 *"0 (+% F & "M 3 %' 5 F 3 . 8 (#" 9 .& A% %# * 0 9 %' #*' !(/ 1 O 5;,7555 O 5;,7555 -57,-57,57: 57: ;7GHH 7 G L 7,,5 O ;7GHH 7 G L 7,,5 O #* 1 1 & 5 3 %' ) 5 $ %#*&6 ' $1 # . " ) #* # / 6 9 && $ . % %% / & & " # #* ! ' ... -
Page 20
"'(())) %!$( $ ( % ( ( ( * + && &6 D D D && %. #* . #* ) E' & >E 1 $ %C& $1 "$ %# + .(& /( (#" ) #* ! ' #(3 > $ %#& & /@ '# # " # $(% #( % /" & (% #* ) 9(%+ '( ' $ %' &2 9(#* # E' & 6E 6 && 9(#* # E' & 7E * (& %#(# . # ' (3 5 $ %#*& ) ' $1 %& #( % 1 & % $ %#* ) ' $1 %& #( % ) '* " ) ... -
Page 21
"'(())) %!$( $ ( % ( ( ( * + E? D . & %E '' %' ) % $ ) #* ) 9(%+2 1 7 #* ! ' #(3 C& 1 &(#( %7 9(#* *(& 1 3 (& 8 &1 %&(/( (#( & 9 0 D D 1 (%'(1 . ' .7 #* @ / ' #( % 1 ( $# ( " > # #* #* ! ' #(3 C& / & ' $1 9 ! ' #(3 C& ' $1 0 % & 9* . ' .7 1 ( D... -
Page 22
"'(())) %!$( $ ( % ( ( ( * + 7 1 # & 1 & %# # ) $ 9 9 3( 9 .7 11 3 . %. . 1 5 ,6 % '' . %' 9 1 1 &' (/ . /" 11 (' / 9 1 C& )(% %'( & 1*((' #( % 8 ( $ %#&6 6 '*9 #A 1 #E 1 & %# # # $ G . 3 ) + #( % -
Page 23
"'(())) %!$( $ ( % ( ( ( * + 7 6 #8 9 11 9( * 3 #* 11 2 %6 ' #8 6 77 7 ! 6 7 < ? * && 3 . & (%. 1 1 1 11 (%#$ %#6 1 '# . # / 1 8 ' - 9& 9 (% ' $/ - 7 5 6 %% $ #(%+7 0 + 5 6 11 11 3 (& % # 8 ( .7 9( 3( 9 6 # $ %#7 7 %. # &1 %. # 11 1 ( # # 47 !!7 1 & %# #(3 ) 8 (... -
Page 24
"'(())) %!$( $ ( % ( ( ( * + 1 % #* 11 3 6 8 3 6 3 O5;7 7 9( & /$(# #* 8 11 3 7 1 '( 1 1 & ) 11 3(%+ & '* & 3(' &6 1 % #* 11 3 6 #* 7 ! 4 7 7 1 6 '# & 1 # + 3 % %' 7 % $(% #(%+7 %. ' $1 5 )(&' " 9 && &6 '*9 #A7 # %7 < 6 (& ##6 %& #* # ' $1 %& #( % 1 3 $ %% 7 ' 1 # +... -
Page 25
"'(())) %!$( $ ( % ( ( ( * + 1 & %# & '* 1 1 & # & ' # "% $ #* % , . "& %. % && #* % : . "& 1 ( # #* %%(3 & " ) #* . # % 9*('* 9 )( $ ( . 1 !" $ # ( & ) #* 1 ' .(%+ " %% $ #(%+6 * ) 7 9 $ ' (3 % #(' ) & '* 1 1 & ) #* 5 5 %% $ #(%+ % ( #* % " 7 5 5 %. % # #* % B % ,7 5 56 ) #* % #(' (& '... -
Page 26
"'(())) %!$( $ ( % ( ( ( * + ? +' 9) *(& 1 9& %'6 ) 9 # 3 % 7 %# 7 %# ( 7 :< - 7 % . 6 #* %% & 8 8 ' L 1# $/ 8 :7 5 # -8 3 1# $/ :7 5 7 # 2- 16$6 # #* 1 %"2 ,: 3(%+ . " ' (3 1 7 %. 3 0(%+ 1 ( 1 !( &7 * /" 11 7 1 !( &7 9(#* #* 1 9 9 . 1 && && () 1 & % " 1 & %#7 %. 9(#* )... -
Page 27
"'(())) %!$( $ ( % ( ( ( * + J F ? = 6 ? J J 65 < : F F ? L = ? ? 1# $/ :7 5 < *! * ( *( ' * ,-