- Charles ("Chuck")
Myers appointed to the Board of Directors, effective
May 9, 2023
- Company eliminates dividend to focus capital
on investment in ITS growth
TORONTO, May 10, 2023
/CNW/ - Quarterhill Inc. ("Quarterhill" or the "Company")
(TSX: QTRH) (OTCQX: QTRHF) a leading provider of tolling and
enforcement solutions in the Intelligent Transportation System
("ITS") industry, as well as, through its Wi-LAN Inc. ("WiLAN")
subsidiary, a leader in Intellectual Property licensing, announces
its financial results for the three months ended March 31, 2023. All financial information in this
press release is reported in Canadian dollars, unless otherwise
indicated.
Q1 Fiscal 2023 Highlights
- Consolidated revenue was $44.0
million (ITS revenue was $38.3
million and Licensing revenue was $5.7 million)
- ITS revenue backlog3 was more than USD$500.0 million at March
31, 2023
- Consolidated Adjusted EBITDA1 was ($6.9) million
- Cash, cash equivalents, and short-term investments were
$51.7 million at March 31, 2023
- Subsequent to quarter-end and the AGM, Charles ("Chuck") Myers was appointed to the
board of directors on May 9,
2023
"Highlights in the ITS segment in Q1 included another strong
quarter from IRD, in what is typically a seasonally slow period for
the business," said John Gillberry,
Interim CEO of Quarterhill. "In an effort to drive more rapid
integration of the ITS businesses and to accelerate improvement of
the financial and operational performance in the ITS segment, a
leadership change was made in Q1, and the board has since launched
the search process for a new CEO."
"In the interim, Rusty Lewis,
Board Chair, and I have been working to get the ITS segment on the
path to more consistent revenue growth and sustainable earnings.
Our focus has been on working through the ongoing tolling projects
that are in implementation, fine-tuning our business development
strategy and driving the businesses towards an integrated shared
services model. Subsequent to quarter-end we took further actions
on our integration plan, which will result in additional savings to
the Q4 2022 restructuring."
"The ITS industry has a compelling growth profile and with our
world-class assets in tolling (ETC) and enforcement (IRD) we remain
committed to our pure-play strategy. We expect top-line and margin
improvement in the ITS segment as we move through 2023, driven
largely by our integration efforts and steady progress on the seven
large tolling projects that are in implementation. Several of these
seven projects are expected to transition from the implementation
phase to the operations phase in 2023 with the remainder doing so
in 2024. This will have a favorable impact on margins and cash
flows as the gross margin percentage for tolling operations revenue
is substantially higher than that of implementation revenue.
Ultimately, as stated on our year-end conference call, we believe
that 2023 will see positive Adjusted EBITDA for the ITS business,
inclusive of corporate segment costs."
"Regarding the strategic review for WiLAN, the process remains
ongoing, and we continue to engage with interested parties. In the
meantime, it's business as usual for the team as they seek to build
their pipeline and execute on their various licensing programs. We
will continue to keep shareholders abreast of any material
developments with the business and with the strategic review."
Q1 Fiscal 2023 Financial Review
Quarterhill's revenue is broadly segmented into ITS, reflecting the
tolling (ETC) and enforcement (IRD) businesses, and Licensing,
reflecting the WiLAN business.
Quarterhill's Management's Discussion and Analysis and financial
statements for the three months ended March
31, 2023 ("Q1 2023") are available at the Company's website
and at its profile at SEDAR.
Consolidated revenues for the three months ended March 31, 2023 were $44.0
million compared to $168.5
million in the comparative prior year period. The decrease
in consolidated revenue in Q1 2023 was due primarily to the size of
licensing agreements completed in Q1 2022. The majority of WiLAN's
licenses are generally one-time in nature and significant
fluctuations in revenue, gross margin, and Adjusted EBITDA can
result when the volume or dollar value of licenses changes from one
period to the next. ITS revenue in Q1 2023 was up slightly compared
to Q1 2022.
Gross margin percent2 for the three months ended
March 31, 2023, was $4.6 million, or 11%, compared to $92.7 million, or 55% in the comparative prior
year period. Gross margin in the ITS segment was 13% in Q1 2023
compared to 28% in Q1 2022. ITS gross margins may fluctuate on a
quarterly basis depending primarily on the nature, and stage, of
projects underway during the period, their related margin profile
and the timing for which associated costs and revenue are
recognized. ITS gross margin for Q1 2023 primarily reflects
management reserves taken to account for the ebb and flow typical
of a large infrastructure project in its early stages and the high
proportion of revenue generated from tolling projects that are in
the implementation phase as projects at this stage of development
tend to have lower gross margin. Gross margin is expected to
increase as these tolling projects transition to the operations
phase in 2023 and 2024.
Licensing gross margin will fluctuate depending primarily on the
level of litigation and contingent legal and partner costs incurred
in a respective period relative to revenue generated. Licensing
gross margins may also be impacted by litigation cost accruals
related to expected future expenses for ongoing litigations.
Operating expenses include SG&A, research and development
costs ("R&D"), depreciation and amortization and other charges.
Total operating expenses for the three months ended March 31, 2023, were $20.4
million, compared to $21.8
million in the comparative prior year period. The decrease
in operating expenses in Q1 2023 was driven primarily by the ITS
integration and cost reduction initiatives undertaken in Q4
2022.
Consolidated Adjusted EBITDA1 for the three months
ended March 31, 2023, was
($6.9) million, compared to
$79.1 million in the comparative
prior year period. The decrease in Adjusted EBITDA for Q1 2023,
compared to Q1 2022, is due to the changes in revenue, direct costs
of revenue and operating expenses as previously explained.
Net loss for the three months ended March
31, 2023, was ($15.6) million,
or ($0.14) per diluted share,
compared to a net income of $56.9
million, or $0.50 per diluted
share, in the comparative prior year period.
Cash used in operations for the three months ended March 31, 2023, was ($10.2) million, compared to ($8.8) million in the comparative prior year
period.
Cash and cash equivalents and short-term investments were
$51.7 million at March 31, 2023, compared to $67.9 million at December
31, 2022. Among the uses of cash in Q1 2023 was
approximately $2.4 million of
non-recurring items.
Board Appointment
Quarterhill is pleased to announce
that Charles ("Chuck") Myers was
appointed to the board of directors, effective May 9, 2023.
Mr. Myers brings more than 25 years of leadership experience as
a Chief Executive Officer, board member, and founder for private
and public companies in the technology industry, including a
co-founding role at Transcore, a leader in the ITS industry.
Most recently, Mr. Myers served as Chief Executive Officer and
board member of Cogniac Corporation, a San Jose, California-based provider of
enterprise-class AI deep learning solutions that automate visual
inspection through image and video analysis. Under his leadership,
Cogniac was named "2021 Global Entrepreneurial Company of the Year
in Computer Vision" by Frost & Sullivan and "A Global Leader"
by IDC in 2022. Since 2019, the company has grown revenue
significantly and has expanded its global customer footprint in
multiple verticals.
Prior to Cogniac, Mr. Myers was President, Chief Executive
Officer, and Board Member of Airgain, Inc. (NASDAQ: AIRG), a
leading provider of embedded antenna technologies used to enable
high performance wireless networking. Earlier in his career, Mr.
Myers was a co-founder of the SAIC Transportation Division and was
instrumental in building the first electronic toll collection
system in the United States. That
single project subsequently grew into the creation of Transcore,
one of the largest electronic toll collection providers in the
world. During this period, Mr. Myers played significant roles in
several acquisitions including Syntonic, Cubic Toll Systems, and
JHK Associates.
Mr. Myers currently serves as a board advisor to Platform
Science, a revolutionary fleet management platform; Rx.Health, a
digital health platform company; and Energy311, a green energy and
fintech startup. Mr. Myers holds a Master of Science degree in
Management of Technology from MIT and a
Bachelor of Science degree in Engineering from National University, and an Organizational
Leadership Certificate from Yale School of Management.
Dividend Update
After careful consideration, the board
of directors has adjusted its capital allocation strategy and
determined that the Company will no longer pay a dividend. This
decision creates financial flexibility and will best position the
business to generate value through a capital allocation strategy
focused on supporting the growth of the ITS business. The dividend
is a legacy of the IP licensing business and dividends are not
common among publicly traded ITS companies. ITS companies tend to
follow a more traditional growth-oriented model, which requires
ongoing investment in areas such as R&D and other organic and
non-organic growth initiatives.
Conference Call and Webcast
Quarterhill will host a conference call to discuss its financial
results today at 10:00 AM Eastern
Time.
Webcast Information
- The live audio webcast will be available at:
https://app.webinar.net/d2Y8K3vbEpN
- Webcast replay will be available for 365 days at:
https://app.webinar.net/d2Y8K3vbEpN
Traditional Dial-in Information
- To access the call from Canada
and U.S., dial 1.888.664.6383 (Toll Free)
- To access the call from other locations, dial 1.416.764.8650
(International)
Rapidconnect
To instantly join the conference call by
phone, please use the following URL to easily register and be
connected into the conference call automatically:
https://emportal.ink/3Us9bu8
Telephone Replay
Telephone replay will be
available from 1:00 p.m. ET on
May 10, 2023, until 11:59
p.m. ET on May 17,
2023, at: 1.888.390.0541 (Toll Free North America) or
1.416.764.8677.
Conference ID: 60265813 and Replay Passcode:
265813#
Non-IFRS Financial Measures and Non-IFRS Ratios
Quarterhill uses both IFRS and certain non-IFRS financial measures
to assess performance. Non-IFRS financial measures are financial
measures disclosed by a company that (a) depict historical or
expected future financial performance, financial position or cash
flow of a company, (b) with respect to their composition, exclude
amounts that are included in, or include amounts that are excluded
from the composition of the most directly comparable financial
measure disclosed in the primary financial statements of the
company, (c) are not disclosed in the financial statements of the
company and (d) are not a ratio, fraction, percentage or similar
representation. Non-IFRS ratios are financial measures disclosed by
a company that are in the form of a ratio, fraction, percentage or
similar representation that has a non-IFRS financial measure as one
or more of its components, and that are not disclosed in the
financial statements of the company.
These non-IFRS financial measures and non-IFRS ratios are not
standardized financial measures under IFRS, and, therefore, are
unlikely to be comparable to similar financial measures presented
by other companies. Management believes these non-IFRS financial
measures and non-IFRS ratios provide transparent and useful
supplemental information to help investors evaluate our financial
performance, financial condition, and liquidity using the same
measures as management. These non-IFRS financial measures and
non-IFRS ratios should not be considered as a substitute for, or
superior to, measures of financial performance prepared in
accordance with IFRS.
Adjusted EBITDA - Non-IFRS
Financial Measures
We use the non-IFRS financial measure "Adjusted EBITDA" to mean
net (loss) income adjusted for (i) income taxes, (ii) finance
expense or income; (iii) amortization and impairment of
intangibles; (iv) other charges and other on-time items; (v)
depreciation of right-of-use assets and property, plant and
equipment; (vi) stock- based compensation; (vii) foreign exchange
(gain) loss; and (viii) other income which includes equity in
earnings from joint ventures, and (ix) dividends received from
joint ventures. Adjusted EBITDA is used by our management to assess
our normalized cash generated on a consolidated basis and in our
operating segments. Adjusted EBITDA is also a performance measure
that may be used by investors to analyze the cash generated by
Quarterhill and our operating segments. Adjusted EBITDA should not
be interpreted as an alternative to net loss and cash flows from
operations as determined in accordance with IFRS or as measure of
liquidity. The most directly comparable IFRS financial measure is
Net (loss) income.
Adjusted EBITDA per share – Non-IFRS ratio
Adjusted EBITDA per share is calculated as Adjusted EBITDA
divided by the basic weighted average of common shares. Adjusted
EBITDA per share is used by our management and investors to analyze
cash generated by Quarterhill on a per share basis. The most
comparable IFRS measure is earnings per share.
Backlog - Non-IFRS Financial Measures
We use the non-IFRS measure "backlog" to mean the total value of
work that has not yet been completed but that in management's
experience of similar situations has: (a) a high certainty of being
performed pursuant to existing contracts or work orders specifying
job scope, value and timing; (b) an expectation of expansion of
existing contracts due to expected extensions; and/or (c) been
awarded to one or more of our ITS operating subsidiaries as
evidenced by a binding contract or where the finalization of a
binding contract is reasonably assured. Activities under such
contracts may cover a period of up to 15 years. We do not include
in "backlog", the value of any expected but unsigned change orders
that management considers may apply to such contracts.
Supplementary Financial Measures
Supplementary
financial measures are financial measures disclosed by a company
that (a) are, or are intended to be, disclosed on a periodic basis
to depict the historical or expected future financial performance,
financial position or cash flow of a company (b) are not disclosed
in the financial statement of the company, (c) are not non-IFRS
financial measures, and (d) are not non-IFRS ratios.
Key supplementary measures disclosed are as follows:
Gross margin %
Calculated as gross profit as a
percentage of revenue.
About Quarterhill
Quarterhill is a leading
provider of tolling and enforcement solutions in the Intelligent
Transportation System (ITS) industry, as well as, through its
Wi-LAN Inc. subsidiary, a leader in Intellectual Property
licensing. Our goal is global leadership in ITS, via organic growth
of the Electronic Transaction Consultants, LLC (ETC) and
International Road Dynamics, Inc. (IRD) platforms, and by
continuing an acquisition-oriented investment strategy that
capitalizes on attractive growth opportunities within ITS and its
adjacent markets. Quarterhill is listed on the TSX under the symbol
QTRH and on the OTCQX Best Market under the symbol QTRHF. For more
information: www.quarterhill.com.
Forward-looking Information
This news release contains
forward-looking statements regarding Quarterhill, its operating
subsidiaries and their respective businesses. Forward-looking
statements are based on estimates and assumptions made by
Quarterhill in light of its experience and its perception of
historical trends, current conditions, expected future developments
and the expected effects of new business strategies, as well as
other factors that Quarterhill believes are appropriate in the
circumstances. The forward-looking events and circumstances
discussed herein may not occur and could differ materially as a
result of known and unknown risk factors and uncertainties
affecting Quarterhill, which include, without limitation, the risks
described in Quarterhill's March 22,
2023 annual information form for the year ended December 31, 2022 (the "AIF"). In addition,
readers are also urged to review the additional risk factors
disclosed in our Management's Discussion and Analysis for the three
months ended March 31, 2023 filed
today on www.sedar.com. Quarterhill recommends that readers review
and consider all of these risk factors and notes that readers
should not place undue reliance on any of Quarterhill's
forward-looking statements. Quarterhill has no intention, and
undertakes no obligation, to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
Quarterhill Inc.
Interim Condensed
Consolidated Statements of (Loss) Income and Comprehensive (Loss)
Income
(in thousands and in Canadian dollars, except
share and per share amounts)
Interim Condensed
Consolidated Statements of (Loss) Income
|
|
|
|
Three months
ended
March 31,
|
|
2023
|
2022
|
Revenues
|
|
|
Licensing
|
$5,677
|
$130,738
|
Intelligent
Transportation Systems
|
38,315
|
37,767
|
|
43,992
|
168,505
|
Direct cost of revenues
|
|
|
Licensing
|
6,111
|
48,703
|
Intelligent
Transportation Systems
|
33,237
|
27,146
|
|
39,348
|
75,849
|
Gross profit
|
4,644
|
92,656
|
Operating expenses
|
|
|
Depreciation of
right-of-use assets
|
509
|
568
|
Depreciation of
property, plant and equipment
|
560
|
529
|
Amortization of intangible assets
|
6,199
|
6,342
|
Selling, general and
administrative expenses
|
10,696
|
13,647
|
Research and development expenses
|
1,175
|
640
|
Other
charges
|
1,303
|
96
|
|
20,442
|
21,822
|
Results from operations
|
(15,798)
|
70,834
|
Finance
income
|
(142)
|
(404)
|
Finance expense
|
2,266
|
3,049
|
Foreign exchange
loss
|
535
|
550
|
Other income
|
(588)
|
(4,021)
|
(Loss) income before taxes
|
(17,869)
|
71,660
|
Current income tax
expense
|
176
|
602
|
Deferred income tax (recovery) expense
|
(2,431)
|
14,157
|
Income tax (recovery)
expense
|
(2,255)
|
14,759
|
|
|
|
Net (loss) income
|
(15,614)
|
56,901
|
|
|
|
Other comprehensive (loss) income that may be reclassified subsequently to net (loss) income:
|
|
|
|
|
|
Foreign currency
translation adjustment
|
(39)
|
(3,938)
|
Comprehensive (loss)
income
|
($15,653)
|
$52,963
|
|
|
|
(Loss) income per
share - Basic
|
($0.14)
|
$0.50
|
|
|
|
(Loss) income per
share - Diluted
|
($0.14)
|
$0.44
|
Quarterhill Inc.
Interim Condensed Consolidated Statements
of Financial Position (in thousands and in Canadian dollars)
As at
|
March 31,
2023
|
December 31,
2022
|
Current
assets
|
|
|
Cash and cash
equivalents
|
$50,120
|
$66,357
|
Short-term
investments
|
1,550
|
1,550
|
Restricted short-term
investments
|
6,518
|
6,529
|
Accounts receivable,
net
|
19,110
|
23,277
|
Unbilled
revenue
|
39,626
|
41,423
|
Income taxes
receivable
|
366
|
340
|
Inventories (net of
obsolescence)
|
15,780
|
13,671
|
Prepaid expenses and
deposits
|
6,024
|
6,852
|
|
139,094
|
159,999
|
Non-current
assets
|
|
|
Accounts and other
long-term receivables
|
538
|
539
|
Long-term prepaid
expenses and deposits
|
1,693
|
1,705.00
|
Right-of-use assets,
net
|
9,779
|
10,312
|
Property, plant and
equipment, net
|
6,816
|
6,926
|
Intangible assets,
net
|
137,007
|
141,335
|
Investment in joint
venture
|
8,049
|
7,751
|
Deferred compensation
asset
|
1,341
|
1,344
|
Deferred income tax
assets
|
27,989
|
25,648
|
Goodwill
|
56,350
|
56,385
|
|
249,562
|
251,945
|
TOTAL ASSETS
|
$388,656
|
$411,944
|
Liabilities
|
|
|
Current
liabilities
|
|
|
Accounts payable and
accrued liabilities
|
$43,241
|
$47,063
|
Income taxes
payable
|
1,048
|
982
|
Current portion of
lease liabilities
|
2,611
|
2,611
|
Current portion of
deferred revenue
|
7,492
|
8,542
|
Current portion of
long-term debt
|
28,433
|
29,292
|
|
82,825
|
88,490
|
Non-current
liabilities
|
|
|
Deferred
revenue
|
2,536
|
2,744
|
Long-term lease
liabilities
|
9,058
|
9,655
|
Long-term
debt
|
-
|
-
|
Convertible
debentures
|
48,583
|
48,379
|
Derivative
liability
|
1,510
|
1,786
|
Deferred compensation
liabilities
|
1,167
|
1,169
|
Deferred income tax
liabilities
|
2,068
|
2,061
|
|
64,922
|
65,794
|
TOTAL
LIABILITIES
|
147,747
|
154,284
|
Shareholders'
equity
|
|
|
Capital
stock
|
546,482
|
546,482
|
Contributed
surplus
|
51,293
|
50,958
|
Accumulated other
comprehensive income
|
16,418
|
16,457
|
Deficit
|
(373,284)
|
(356,237)
|
|
240,909
|
257,660
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
|
$388,656
|
$411,944
|
Quarterhill Inc.
Interim Condensed Consolidated Statements of Cash Flows
(in thousands and in Canadian dollars)
|
|
Three months ended
March 31,
|
|
|
2023
|
2022
|
Operating
activities:
|
|
|
|
Net (loss)
income
|
|
($15,614)
|
$56,901
|
Add (deduct) non-cash
items:
|
|
|
|
Stock-based
compensation expense
|
|
335
|
729
|
Depreciation of
right-of-use assets
|
|
509
|
568
|
Depreciation and amortization
|
|
6,759
|
6,871
|
Foreign exchange
loss
|
|
535
|
550
|
Other income, net of
change in derivative liability fair value
|
|
(312)
|
(1,459)
|
Loss on disposal of
assets
|
|
-
|
70
|
Deferred income tax
(recovery) expense
|
|
(2,431)
|
14,157
|
Embedded derivatives
|
|
126
|
(217)
|
Change in fair value of
derivative liability
|
|
(276)
|
(2,632)
|
Non-cash interest
expense
|
|
647
|
452
|
Net change in non-cash working capital balances
|
|
(469)
|
(84,740)
|
Cash used in operating
activities
|
|
(10,191)
|
(8,750)
|
Financing
activities:
|
|
|
|
Dividends
paid
|
|
(1,433)
|
(1,408)
|
Payment of lease
liabilities
|
|
(597)
|
(512)
|
Repayment of long-term
debt
|
|
(847)
|
(783)
|
Common shares issued
for cash on the exercise of options
|
|
-
|
124
|
Cash used in financing
activities
|
|
(2,877)
|
(2,579)
|
Investing
activities:
|
|
|
|
Proceeds from
short-term investments
|
|
-
|
301
|
Proceeds from sale of
property, plant and equipment
|
|
-
|
211
|
Purchase of property,
plant and equipment
|
|
(450)
|
-
|
Capitalized software costs
|
|
(1,871)
|
(542)
|
Cash used in investing
activities
|
|
(2,321)
|
(30)
|
Foreign exchange on
cash held in foreign currencies
|
|
(848)
|
(725)
|
Net decrease in cash
and cash equivalents
|
|
(16,237)
|
(12,084)
|
Cash and cash equivalents, beginning of
|
|
66,357
|
70,746
|
Cash and cash
equivalents, end of
|
|
$50,120
|
$58,662
|
Quarterhill Inc.
Interim Condensed Consolidated Statements
of Shareholders' Equity
(in thousands and in Canadian dollars)
|
|
Capital
Stock
|
Contributed
Surplus
|
Accumulated
Other
Comprehensive (Loss)
Income
|
Deficit
|
Total
Shareholders'
Equity
|
Balance, January 1,
2022
|
|
$544,345
|
$49,937
|
$144
|
($353,310)
|
$241,116
|
|
|
|
|
|
|
|
Net income
|
|
-
|
-
|
-
|
56,901
|
56,901
|
Other comprehensive
income
|
|
-
|
-
|
(3,938)
|
-
|
(3,938)
|
Stock-based
compensation expense
|
|
-
|
729
|
-
|
-
|
729
|
Exercise of stock
options
|
|
201
|
(77)
|
-
|
-
|
124
|
Dividends
declared
|
|
-
|
-
|
-
|
(1,408)
|
(1,408)
|
March 31,
2022
|
|
$544,546
|
$50,589
|
($3,794)
|
($297,817)
|
$293,524
|
|
|
|
|
|
|
|
Balance, January 1,
2023
|
|
$546,482
|
$50,958
|
$16,457
|
($356,237)
|
$257,660
|
|
|
|
|
|
|
|
Net
loss
|
|
-
|
-
|
-
|
(15,614)
|
(15,614)
|
Other comprehensive
(loss)
|
|
-
|
-
|
(39)
|
-
|
(39)
|
Stock-based
compensation expense
|
|
-
|
335
|
-
|
-
|
335
|
Dividends
declared
|
|
-
|
-
|
-
|
(1,433)
|
(1,433)
|
March 31,
2023
|
|
$546,482
|
$51,293
|
$16,418
|
$(373,284)
|
$240,909
|
Quarterhill Inc.
Reconciliation of Net (loss) income to
Adjusted EBITDA
(in thousands and in Canadian dollars, except share and per share
amounts)
|
Three months ended
March 31,
|
|
2023
|
2022
|
|
$
|
Per Share
[2]
|
$
|
Per Share
|
Net (loss) income from
continuing operations
|
($15,614)
|
($0.14)
|
$56,901
|
$0.50
|
Adjusted
for:
|
|
|
|
|
Income tax (recovery)
expense
|
(2,255)
|
(0.02)
|
14,759
|
0.13
|
Foreign exchange
loss
|
535
|
-
|
550
|
-
|
Finance expense,
net
|
2,124
|
0.02
|
2,645
|
0.03
|
Other
charges
|
1,303
|
0.01
|
96
|
-
|
Depreciation and
amortization
|
7,268
|
0.07
|
7,439
|
0.06
|
Stock based
compensation expense
|
335
|
-
|
729
|
0.01
|
Other income
|
(588)
|
-
|
(4,021)
|
(0.04)
|
Adjusted EBITDA
[1]
|
($6,892)
|
($0.06)
|
$79,098
|
$0.69
|
|
|
|
|
|
Weighted average number
of Common Shares
|
|
|
|
|
Basic
|
114,639,700
|
|
113,915,298
|
|
1 Please refer to the
Adjusted EBITDA Non- IFRS Financial Measures section for further
information.
|
2 Please refer to the
Supplementary Financial Measures for further
information.
|
3 Please refer to the
Backlog Non-IFRS Financial Measures section for further
information.
|
View original
content:https://www.prnewswire.com/news-releases/quarterhill-announces-q1-fiscal-2023-financial-results-301820477.html
SOURCE Quarterhill Inc.