Tucows 2015 Annual Report Download - page 41

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The financial results of our business are both directly and indirectly dependent upon economic conditions
throughout the world, which in turn can be impacted by conditions in the global financial markets. Uncertainty about
global economic conditions may lead businesses to postpone spending in response to tighter credit and reductions in
income or asset values. Weak economic activity may lead government customers to cut back on services. Factors such as
interest rates, availability of credit, inflation rates, changes in laws (including laws relating to taxation), trade barriers,
currency exchange rates and controls, and national and international political circumstances (including wars, terrorist acts
or security operations) could have a material adverse effect on our business and investments, which could reduce our
revenue, profitability and value of our assets. These factors may also adversely affect the business, liquidity and financial
condition of our customers. In addition, periods of poor economic conditions could increase our ongoing exposure to credit
risks on our accounts receivable balances. This could have a material adverse effect on our business, financial condition
and results of operations.
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