Tucows Inc. (TCX) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 3.52M | -2.61M | 1.53M | 6.57M | -11.25M | -4.79M | -4.56M | -4.71M | -5.68M | 9M | -6.94M | -1.59M | -5.25M | 2.9M | -1.01M | 12.58M | 48.59M | 10.54M | 41.15M | 44.3M |
| Operating CF Margin % | 3.65% | -2.64% | 1.56% | 6.67% | -11.89% | -5.15% | -4.94% | -5.26% | -6.49% | 10.35% | -7.98% | -1.87% | -6.53% | 3.68% | -1.29% | 15.14% | 59.91% | 12.78% | 54.21% | 59% |
| Operating CF Growth % | 131.32% | 45.63% | 133.61% | 239.46% | -98.15% | -153.26% | 34.2% | -196.66% | -8.13% | 210.34% | -588.1% | -112.62% | -110.81% | -72.48% | -102.45% | -71.61% | 244.95% | 543.98% | 259.91% | 395.6% |
| Net Income | -18.11M | -22.03M | -23.02M | -15.64M | -15.13M | -42.48M | -22.3M | -18.6M | -26.48M | -23.37M | -22.77M | -30.97M | -19.08M | -13.45M | -7.98M | -3.13M | -3.02M | -1.97M | 1.38M | 1.81M |
| Depreciation & Amortization | 10.97M | 12.6M | 12.65M | 11.65M | 11.67M | 11.85M | 10.73M | 11.37M | 11.67M | 12.39M | 11.89M | 11.52M | 11.46M | 10.99M | 10.13M | 9.58M | 52.07M | 8.01M | 46.7M | 47.34M |
| Stock-Based Compensation | 1.09M | 2.86M | 1.39M | 1.39M | 1.5M | 1.64M | 1.81M | 1.7M | 1.87M | 1.53M | 2.31M | 2.05M | 2.25M | 3.2M | 1.57M | 1.44M | 1.39M | 1.24M | 0 | 1.21M |
| Deferred Taxes | 43K | 0 | 0 | -231K | -191K | 504K | -129K | 94K | 385K | -3.66M | -3.26M | -3.41M | -2.71M | -3.58M | -1.66M | -1.05M | -686K | 40K | -488K | -660K |
| Other Non-Cash Items | 7.3M | 4.87M | 16.52M | 1.17M | 1.17M | 19.38M | 3.78M | 5.21M | 4.82M | 5.89M | 6.48M | 19.07M | 5.16M | 2.17M | 175K | -167K | 27K | -921K | -1.11M | -92K |
| Working Capital Changes | 2.22M | -902K | -6.01M | 8.22M | -10.27M | 4.31M | 1.54M | -4.49M | 2.06M | 16.23M | -1.59M | 157K | -2.32M | 3.56M | -3.24M | 5.91M | -1.19M | 4.14M | -5.33M | -5.3M |
| Change in Receivables | -3.3M | 3.49M | -3.76M | -104K | -3.24M | -3.22M | 480K | 1.72M | 2.52M | 4.02M | 2.06M | -20K | -3.06M | -2.18M | 559K | -1.72M | -3.83M | 3.98M | -2.26M | -1.29M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 837K | 732K | 551K | 691K | 865K | 12K | -1.26M | 745K | -1.4M | -1.09M | -1.24M | -281K | 449K | -275K | -519K |
| Change in Payables | -1.6M | 2.88M | -3.69M | 6.77M | -10.62M | 760K | -2.62M | -2.03M | -4.34M | 114K | -334K | -4.94M | -156K | -195K | 791K | 3.89M | 2.27M | 1.78M | 270K | 568K |
| Cash from Investing | -5.83M | -3.9M | 3.54M | 6.99M | -4.47M | -11.12M | -14.99M | -15.96M | -14.42M | -14.69M | -22.6M | -23.38M | -31.91M | -37.36M | -46.68M | -30.31M | -23.15M | -49.65M | -14.49M | -23.74M |
| Capital Expenditures | -5.53M | -4.36M | -3.85M | -3.47M | -5.44M | -11.67M | -14.52M | -15.96M | -14.32M | -14.58M | -22.57M | -23.16M | -31.75M | -36.69M | -46.68M | -30.29M | -23.15M | -23.08M | -14.49M | -21.72M |
| CapEx % of Revenue | 5.72% | 4.42% | 3.91% | 3.52% | 5.75% | 12.53% | 15.73% | 17.84% | 16.37% | 16.77% | 25.95% | 27.25% | 39.47% | 46.5% | 59.8% | 36.45% | 28.54% | 27.99% | 19.1% | 28.93% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -26.53M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -303K | 454K | 7.39M | 10.46M | 966K | 542K | -478K | -2K | -96K | -113K | -32K | -217K | -166K | -665K | 0 | -22K | 0 | -41K | 0 | 0 |
| Cash from Financing | 0 | 0 | -2.92M | 31K | -2.5M | -1.93M | 58.45M | -6.52M | -5.5M | -11.75M | -7.64M | 172.78M | 25.44M | 27.45M | 71.68M | 18.04M | 14.84M | 42.68M | 11.28M | 19.17M |
| Debt Issued (Net) | 0 | 0 | -2.5M | 0 | -2.5M | -1.98M | 60.46M | -6.52M | -5.5M | -11.69M | -7.71M | 220.25M | -3.1M | 0 | 12.2M | 19.11M | 16.32M | 41M | 10M | 18M |
| Equity Issued (Net) | 0 | 0 | 0 | 31K | 0 | 43K | 0 | 0 | 0 | 0 | 0 | -40.72M | 30M | 27.5M | 60M | 0 | 515K | 0 | 1.37M | 1.47M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | -423K | 0 | 0 | 0 | -2.01M | 0 | 0 | -63K | 70K | -6.75M | -1.46M | -54K | -517K | -1.07M | -2M | 1.68M | -89K | -298K |
| Net Change in Cash | -2.31M | -6.51M | 2.15M | 13.59M | -18.22M | -17.85M | 38.89M | -27.19M | -25.59M | -17.44M | -37.18M | 147.82M | -11.72M | -7.01M | 24M | 309K | -2.9M | 3.57M | -1.72M | -1.05M |
| Free Cash Flow | -2M | -6.96M | -2.32M | 2.88M | -16.69M | -16.46M | -19.08M | -20.67M | -20.09M | -5.69M | -29.54M | -24.96M | -37.16M | -34.46M | -47.68M | -17.73M | 25.54M | -13.09M | 26.66M | 22.64M |
| FCF Margin % | -2.07% | -7.06% | -2.35% | 2.93% | -17.64% | -17.68% | -20.67% | -23.11% | -22.98% | -6.54% | -33.97% | -29.37% | -46.21% | -43.67% | -61.09% | -21.34% | 31.49% | -15.87% | 35.12% | 30.15% |
| FCF Growth % | 87.99% | 57.69% | 87.86% | 113.96% | 16.95% | -189.35% | 35.41% | 17.21% | 45.93% | 83.49% | 38.05% | -40.76% | -245.53% | -163.2% | -278.88% | -178.33% | 212900% | -29.95% | 3248.87% | 805.11% |
| FCF per Share | -0.18 | -0.63 | -0.21 | 0.26 | -1.51 | -1.49 | -1.74 | -1.89 | -1.84 | -0.52 | -2.72 | -2.30 | -3.44 | -3.19 | -4.42 | -1.65 | 2.37 | -1.21 | 2.46 | 2.10 |
| FCF Conversion (FCF/Net Income) | -0.19x | 0.12x | -0.07x | -0.42x | 0.74x | 0.11x | 0.20x | 0.25x | 0.21x | -0.39x | 0.30x | 0.05x | 0.28x | -0.22x | 0.13x | -4.02x | -16.09x | -5.36x | 29.92x | 24.52x |
| Interest Paid | 0 | 8.51M | 8.46M | 8.47M | 18.33M | 9.11M | 11.35M | 8.49M | 9.01M | 8.93M | 5.48M | 6.44M | 3.88M | 3.4M | 3M | 2.35M | 0 | 1.4M | 0 | 0 |
| Taxes Paid | 0 | 0 | 1.14M | 2.09M | 1.3M | -5.28M | 2.45M | 2.13M | 695K | 1.59M | 1.37M | 1.47M | 501K | 1.12M | 472K | 1.39M | 0 | 2.82M | 0 | 0 |