Tucows 2015 Annual Report Download - page 116

Subsequent events
On February 9, 2016, the Company announced that its Board of Directors has approved a stock buyback program
to repurchase up to $40 million of its common stock in the open market. Purchases will be made exclusively through the
facilities of the NASDAQ Capital Market. The stock buyback program commenced on February 10, 2016 and will
terminate on or before February 9, 2017.
Repurchases under this program may include open market purchases, block trades or a combination of such
methods. All shares repurchased by Tucows under the stock buyback program will be retired and returned to treasury. The
number of shares purchased and the timing of the purchases will depend on a number of factors, including share price,
trading volume and general market conditions, working capital requirements, general business conditions, financial
conditions, any applicable contractual limitations and other factors, including alternative investment opportunities.
Off Balance Sheet Arrangements
We did not have any off-balance sheet arrangements as of December 31, 2015.
Contractual Obligations
For the purpose of the contractual obligations table below, contractual obligations for purchases of goods or
services are defined as agreements that are enforceable and legally binding and that specify all significant terms, including:
fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of
the transaction. The expected timing of payment of the obligations discussed below is estimated based on information
available to us as of December 31, 2015. Timing of payments and actual amounts paid may be different depending on the
time of receipt of goods or services or changes to agreed-upon amounts for some obligations. The following table
summarizes our contractual obligations at December 31, 2015:
Contractual Obligations for the year ending
December 31,
Contractual
Lease
Obligations
Purchase
Obligations
Total
Obligations
2016 $ 973,000 $ 9,279,000 $ 10,252,000
2017 989,000 12,713,000 13,702,000
2018 1,020,000 443,000 1,463,000
2019 1,003,000 — 1,003,000
2020 991,000 — 991,000
Thereafter 1,188,000 — 1,188,000
$ 6,164,000 $ 22,435,000 $ 28,599,000
(1) Purchase obligations include all other legally binding service contracts for mobile telephone services and
other operational agreements to be delivered during Fiscal 2016 and subsequent years.
64
(1)
Page 11
6
of 22
5
tcx20151201_10k.ht
m
9
/
13
/
201
6
https://www.sec.gov/Archives/edgar/data/909494/000143774916027177/tcx20151201_10...