Tucows 2014 Annual Report Download - page 11

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with dynamically generated links that are pay-per-click advertising. Every time a user clicks on one of these links, it
generates revenue for us through our partnership with third-parties who provide syndicated pay-per-click advertising
(“parked page vendors”).
Our parked page vendor relationships may not continue to generate levels of revenue commensurate with what
we have achieved during past periods. Our ability to generate online advertising revenue from parked page vendors
depends on their advertising networks' assessment of the quality and performance characteristics of Internet traffic
resulting from online advertisements rendered on their websites. We have no control over any of these quality
assessments. Parked page vendors may from time to time change their existing, or establish new, methodologies and
metrics for valuing the quality of Internet traffic and delivering pay-per-click advertisements. Any changes in these
methodologies, metrics and advertising technology platforms could decrease the amount of revenue that we generate from
online advertisements. In addition, parked page vendors may at any time change or suspend the nature of the service that
they provide to online advertisers. These types of changes or suspensions would adversely impact our ability to generate
revenue from pay-per-click advertising.
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