Q3 2017 Revenues expected to be in the range
of $72.5 to $82.5 Million
OTTAWA, Oct. 2, 2017 /CNW/ - Quarterhill Inc.
("Quarterhill" or "the Company") (NASDAQ: QTRH, TSX: QTRH) today
provided an update on expected financial results for the
three-month period ended September 30,
2017 ("Q3 2017"). Quarterhill financial results are
reported in United States
dollars.
Driven by strong results from Wi-LAN Inc. ("WiLAN"), the
Company's patent licensing subsidiary, and the inclusion of a full
quarter of operations of its other subsidiaries, International Road
Dynamics Inc. and VIZIYA Corp., Quarterhill's consolidated revenue
for Q3 2017 is expected to be in the range of $72.5 to $82.5 million.
Adjusted EBITDA* for Q3 2017 is expected to be in the range of
$50.0 to $56.0 million.
"We are very pleased to have such a substantial contribution
from WiLAN this quarter," said Shaun
McEwan, Interim CEO. "As we have said in the past,
financial results in this segment of our business can be variable
from quarter-to-quarter and this is a prime example of the upside
potential of this variability. Our expected results for Q3
will provide a significant boost to our cash position, which will
assist in the continued growth of Quarterhill."
Quarterhill will release its Q3 2017 financial results at
6:30 AM ET on Thursday, November 9, 2017. The Company will host
a conference call to discuss its results at 10:00 AM ET that morning. Details on how to
access the conference call will be provided later in
October.
Non-GAAP Disclosure*
Quarterhill follows U.S. GAAP in preparing its interim and
annual financial statements. We use the term "Adjusted
EBITDA" to mean net income from continuing operations before: (i)
income taxes; (ii) finance expense or income; (iii) amortization of
intangibles; (iv) special charges; (v) depreciation of property,
plant and equipment; (vi) effects of deleted deferred revenue;
(vii) the effects of fair value step up in inventory acquired, and
(viii) stock based compensation. Adjusted EBITDA is used by
Quarterhill 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 IS NOT A MEASURE OF FINANCIAL
PERFORMANCE UNDER U.S. GAAP. IT DOES NOT HAVE ANY
STANDARDIZED MEANING PRESCRIBED BY U.S. GAAP AND IS THEREFORE
UNLIKELY TO BE COMPARABLE TO SIMILARLY TITLED MEASURES USED BY
OTHER COMPANIES. EBITDA SHOULD NOT BE INTERPRETED AS AN
ALTERNATIVE TO NET EARNINGS AND CASH FLOWS FROM OPERATIONS AS
DETERMINED IN ACCORDANCE WITH U.S. GAAP OR AS A MEASURE OF
LIQUIDITY.
About Quarterhill
Quarterhill is a diversified investment holding company focused
on growing its business by acquiring technology companies in the
Industrial Internet of Things ("IIoT") segment across multiple
verticals. Quarterhill targets companies with a broad range
of products and services that capture, analyze and interpret data,
and that have strong financial performance, excellent management
teams, strong intellectual property underpinnings and significant
opportunities to develop long-term recurring and growing revenue
streams. Quarterhill is listed on the TSX and NASDAQ under the
symbol QTRH. For more information: www.quarterhill.com.
Forward-looking Information
This news release contains
forward-looking statements and forward-looking information within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995 and other United States and
Canadian securities laws. Forward-looking statements and
forward-looking information 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. Many factors could cause Quarterhill's actual
performance or achievements to differ materially from those
expressed or implied by the forward-looking statements or
forward-looking information. Such factors include, without
limitation, the risks described in its February 10, 2017 annual information form for the
year ended December 31, 2016 (the
"AIF"). Copies of the AIF may be obtained at www.sedar.com or
www.sec.gov. 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 or
forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
law.
All trademarks and brands mentioned in this release are the
property of their respective owners.
SOURCE Quarterhill Inc.