Tucows 2014 Annual Report Download - page 105

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Year ended December 31, 2013
Net cash used in financing activities during Fiscal 2013 totaled $1.4 million as compared to $5.8 million during
Fiscal 2012. Net cash of $6.5 million was used to fund the repurchase of 4.1 million of our shares through a modified
“Dutch auction tender offer” that was successfully concluded on January 4, 2013 and to repurchase 0.1 million shares
under our current Normal Course Issuer Bid during the three months ended March 31, 2013. In addition, $2.6 million was
used to fund principal repayments under our Amended Credit Facility. These uses of funds in financing activities were
partially offset by our drawing $5.2 million under our Amended Credit Facility in January 2013 to fund a portion of the
modified Dutch auction tender offer and by the proceeds from the exercise of stock options of $2.6 million.
Year ended December 31, 2012
Net cash used in financing activities during Fiscal 2012 totaled $5.8 million as compared to $0.4 million during
Fiscal 2011. Net cash of $9.1 million was used to fund the repurchase of 7.6 million of our shares through a modified
“Dutch auction tender offer” that was successfully concluded on January 23, 2012 and to repurchase 2.4 million shares
under our current Normal Course Issuer Bid during Fiscal 2012. A portion of the amount to fund the modified Dutch
auction tender offer was from a $4.0 million draw down on our DLR Loan facility. In addition, during Fiscal 2012,
$1.2 million was used to fund principal repayments under our loan agreements. These uses were partially offset by the
proceeds of $0.4 million we received on the exercise of options by directors and employees of the Company.
Cash Flow from Investing Activities
Year ended December 31, 2014
Investing activities during Fiscal 2014 used net cash of $8.2 million to fund our contribution for the auction and
registry seed capital costs for the .online gTLD joint venture, as well as the escrow accounts that were established to fund
our proposed acquisition of a controlling interest in an independent Internet service provider in Charlottesville, Virginia
doing business primarily as Blue Ridge InternetWorks. In addition, we used net cash of $0.7 million to acquire additional
property and equipment.
Year ended December 31, 2013
Investing activities during Fiscal 2013 used net cash of $1.3 million to acquire additional property and
equipment.
Year ended December 31, 2012
Investing activities during Fiscal 2012 used net cash of $0.5 million; $1.0 million was used to acquire additional
property and equipment, which was partially offset by the selling of certain intangible assets with no book value for
$0.5 million during Fiscal 2012.
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