Tucows 2015 Annual Report Download - page 72

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Stream. The revenue associated with names sales and advertising has recently experienced flat to declining trends due to
the uncertainty around the implementation of ICANN’s New gTLD Program, lower traffic and advertising yields in the
marketplace, which we expect to continue.
From time-to-time certain of our vendors provide us with market development funds to expand or maintain the
market position for their services. Any decision by these vendors to cancel or amend these programs for any reason may
result in payments in future periods not being commensurate with what we have achieved during past periods.
Sales of domain names from our domain portfolio have a negative impact on our advertising revenue as these
names are no longer available for advertising purposes. In addition, the timing of larger domain names portfolio sales is
unpredictable and may lead to significant quarterly and annual fluctuations in our Portfolio revenue.
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