News Release Details

Quarterhill Announces Record Q3 2017 Financial Results

11/09/2017

Record revenue and Adjusted EBITDA driven by patent license business

OTTAWA, Nov. 9, 2017 /PRNewswire/ - Quarterhill Inc. ("Quarterhill" or the "Company") (TSX:QTRH) (NASDAQ:QTRH), announces its financial results for the three and nine month periods ended September 30, 2017. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated.

Third Quarter Highlights

  • Revenue of $85.9 million, exceeding the high-end of the expected $72.5 to $82.5 million range previously provided
  • Adjusted EBITDA* of $60.6 million, exceeding the high-end of the expected $50.0 to $56.0 million range previously provided
  • Net income of $26.2 million, or $0.22 per share
  • Announced a new comprehensive license agreement with Samsung, in the Technology segment
  • Acquired a portfolio of patents in the Technology segment using the partner model; patents are related to Content Delivery Network technology
  • Announced three contracts collectively valued at more than $10.0 million, in the Mobility segment
  • Acquired iCOMS Detections S.A. ("iCOMS"), based in Belgium, in the Mobility segment

"Our strong performance in Q3 reflects a significant contribution from WiLAN, our patent license business," said Shaun McEwan, Interim CEO of Quarterhill. "Patent licensing tends to generate variable quarterly performance and Q3 clearly demonstrates the upside that can occur from that type of business model. The significant cash flow that will be generated from our Q3 performance will help to support Quarterhill's growth initiatives."

Approval of Eligible Dividend
The Board of Directors has declared an eligible quarterly dividend of CDN $0.0125 per common share payable on January 5, 2018, to shareholders of record on December 15, 2017.

Business Strategy and Segments
Quarterhill is developing a portfolio of established businesses that have histories of generating cash flows from their operations in the "Technology", "Mobility", "Factory" and "City" segments of the Industrial "Internet-of-Things" market. As of September 30, 2017, the Company had investments in three of its four targeted segments: Technology (WiLAN); Mobility (IRD); and Factory (VIZIYA).

Quarterhill is working to build a consistently profitable company with a diversified investment base and global market presence within its segments, and to increase shareholder value by emphasizing the importance of recurring revenue streams and the predictability of operating results. The Company intends to achieve these objectives through a combination of organic growth and acquisitions.

Q3 and Year-to-Date 2017 Consolidated Financial Review
Quarterhill's consolidated financial results for Q3 2017 include full quarter contributions from each of its wholly owned subsidiaries; Wi-LAN Inc. ("WiLAN"), International Road Dynamics Inc. ("IRD") and VIZIYA Corp ("VIZIYA"). The 2016 comparative period information presented represents solely WiLAN's results for the specified period. Certain comparative information has been restated to conform to the new basis of presentation.

Consolidated revenues for the three months ended September 30, 2017 were $85.9 million, compared to $16.6 million in the same period last year, which represents an increase of 417%. The increase was primarily due to strong patent licensing results from WiLAN and the inclusion of a full quarter of operations from IRD and VIZIYA. Consolidated revenues for the nine months ended September 30, 2017 were $112.1 million, compared to $62.7 million in the same period last year.

Gross margin for the three months ended September 30, 2017 was $67.5 million, or 78.6%, compared to $11.2 million, or 67.5%, in the same period last year. Gross margin for the nine months ended September 30, 2017 was $76.7 million, or 68.5%, compared to $43.0 million, or 68.6%, in the same period last year. Gross margins for the three and nine month periods ended September 30, 2017 reflect contribution across all three segments, compared to the same periods last year, which reflect only the operations of what is now the Company's Technology segment.

Operating expenses include selling, general and administrative costs, research and development costs, depreciation, amortization, loss on disposal of intangible asset, and special charges. Operating expenses for the three months ended September 30, 2017 were $31.3 million, compared to $8.7 million in the same period last year. Operating expenses for the nine months ended September 30, 2017 were $51.5 million compared to $33.9 million in the same period last year. Operating expenses increased in the year-over year periods due to the addition of the IRD and VIZIYA operations, acquisition-related costs associated with the purchases of IRD and VIZIYA, and a $15.2 million non-cash charge in Q3 2017 related to a loss on disposal of an intangible asset.

Adjusted EBITDA for the three months ended September 30, 2017 was $60.6 million, or $0.50 per basic Common Share, compared to $9.4 million, or $0.09 per basic Common Share, in the same period last year. For the nine months ended September 30, 2017, Adjusted EBITDA was $63.1 million, or $0.55 per basic Common Share, compared to $36.2 million, or $0.30 per basic Common Share, in the same period last year. The year-over-year increase in Adjusted EBITDA is primarily due to strong performance in the patent license business in Q3 2017 and the inclusion of operations from the businesses acquired earlier in 2017.

Net income for the three months ended September 30, 2017 was $26.2 million, or $0.22 per basic and diluted Common Share, compared to net income of $0.7 million, or $0.01 per basic and diluted Common Share, in the same period last year. For the nine months ended September 30, 2017, net income was $22.6 million, or $0.19 per basic and diluted Common Share, compared to net income of $2.4 million, or $0.02 per basic and diluted Common Share, in the same period last year. As described above, the year-over-year increase in net income is primarily due to strong performance in the patent license business in Q3 2017 and the inclusion of operations from the businesses acquired in 2017.

Cash generated from operations for the three months ended September 30, 2017 was $9.3 million, compared to $6.2 million in the same period last year. Cash generated from operations for the nine months ended September 30, 2017 was $20.8 million compared to $29.3 million in the same period last year. Cash from operations was negatively impacted in Q3 2017 due to a significant increase in accounts receivable, of which the related amount was collected in full subsequent to quarter-end.

Cash and cash equivalents and short-term investments amounted to $40.6 million at September 30, 2017, compared to $107.7 million at December 31, 2016. The decrease is primarily attributable to $67.4 million spent on the acquisitions of IRD, VIZIYA and iCOMS, and $18.2 million spent on the repayment of patent finance obligations, which were partially offset by cash generated from operations of $20.8 million in the nine month period.

The table below highlights financial performance for the Company's Technology, Mobility and Factory segments. For detailed results and discussion related to these segments, please refer to the Management's Discussion and Analysis document, which will be filed on SEDAR and at www.quarterhill.com in the investor section.


For the three months ended September 30, 2017


Technology

Mobility

Factory

Corporate

Total

Revenues

$

72,592

$

11,555

$

1,750

$

-

$

85,897

Cost of revenues (excluding depreciation and amortization)


9,882


8,048


495


-


18,425



62,710


3,507


1,255


-


67,472

Selling, general and administrative


1,310


2,530


905


1,756


6,501

Research and development


-


853


639


-


1,492

Depreciation of property, plant and equipment


82


445


28


1


556

Amortization of intangibles


5,473


1,072


791


-


7,336

Loss on disposal of intangibles


15,190


-


-


-


15,190

Special charges


-


-


-


218


218

Results from operations


40,655


(1,393)


(1,108)


(1,975)


36,179

Finance income


(76)


(1)


-


(16)


(93)

Finance expense


926


43


3


(2)


970

Foreign exchange loss (gain)


(131)


409


2


(41)


239

Other expense (income)


-


(231)


-


-


(231)

Income (loss) before taxes


39,936


(1,613)


(1,113)


(1,916)


35,294

Current income tax expense (recovery)


5,082


232


(5)


-


5,309

Deferred income tax expense (recovery)


(5,369)


(858)


(291)


10,292


3,774

Income tax expense (recovery)


(287)


(626)


(296)


10,292


9,083

Net income (loss)

$

40,223

$

(987)

$

(817)

$

(12,208)

$

26,211












Adjusted EBITDA


61,400


707


3


(1,550)


60,560












Other reconciling items:











Effect of deleted deferred revenue


-


82


292


-


374

Increased costs from inventory step-up


-


444


-


-


444

Stock based compensation


-


67


-


206


273

Effect of deleted prepaid expense


-


(10)


-


-


(10)

 


For the nine months ended September 30, 2017


Technology

Mobility

Factory

Corporate

Total

Revenues

$

92,218

$

16,203

$

3,665

$

-

$

112,086

Cost of revenues (excluding depreciation and amortization)


23,644


10,800


896


-


35,340



68,574


5,403


2,769


-


76,746

Selling, general and administrative


5,484


3,502


1,781


2,350


13,117

Research and development


-


1,161


999


-


2,160

Depreciation of property, plant and equipment


261


493


62


1


817

Amortization of intangibles


16,097


1,308


1,262


-


18,667

Loss on disposal of intangibles


15,190


-


-


-


15,190

Special charges


-


-


-


1,512


1,512

Results from operations


31,542


(1,061)


(1,335)


(3,863)


25,283

Finance income


(467)


(1)


-


(77)


(545)

Finance expense


926


54


6


(2)


984

Foreign exchange loss (gain)


(516)


695


43


(694)


(472)

Other expense (income)


-


(300)


-


-


(300)

Income (loss) before taxes


31,599


(1,509)


(1,384)


(3,090)


25,616

Current income tax expense


6,516


333


34


-


6,883

Deferred income tax expense (recovery)


(7,869)


(920)


(485)


5,416


(3,858)

Income tax expense (recovery)


(1,353)


(587)


(451)


5,416


3,025

Net income (loss)

$

32,952

$

(922)

$

(933)

$

(8,506)

$

22,591












Adjusted EBITDA


63,147


1,517


523


(2,054)


63,133












Other reconciling items:











Effect of deleted deferred revenue


-


107


534


-


641

Increased costs from inventory step-up


-


581


-


-


581

Stock based compensation


57


99


-


296


452

Effect of deleted prepaid expense


-


(10)


-


-


(10)

 

Conference Call and Webcast
Quarterhill will host a conference call to discuss its financial results today at 10:00 AM Eastern Time.

Call Information
The live audio webcast will be available at http://event.on24.com/wcc/r/1527032-1/438BD0AD28382873CEDA2B344C7CFB3C  

  • To access the call from Canada and U.S., dial 1.888.231.8191 (Toll Free)
  • To access the call from other locations, dial 1.647.427.7450 (International)

Replay Information

A webcast of the call will be available at http://event.on24.com/wcc/r/1527032-1/438BD0AD28382873CEDA2B344C7CFB3C  

  • A telephone replay will be available from 1:00 PM ET on November 9, 2017 until 11:59 PM ET on November 16, 2017 at: 1.855.859.2056 (Toll Free) or 1.416.849.0833 (International).
  • Conference ID #: 99524733

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 and other one-time expenses; (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. ADJUSTED 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 segment across multiple segments. 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 each of its February 10, 2017 annual information form for the year ended December 31, 2016 (the "AIF") and its August 9, 2017 Management's Discussion and Analysis of Financial Condition and Results of Operations for the 3 and 6 months ended June 30, 2017 and 2016 (the "Q2 MD&A"). Copies of the AIF and the Q2 MD&A 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.

 

Quarterhill Inc.

Condensed Consolidated Interim Statements of Operations

(in thousands of United States dollars, except share and per share amounts) (unaudited)















For the three months ended,



For the nine months ended,



September 30,
2017


September 30,
2016


September 30,
2017


September 30,
2016













Revenues

$

85,897


$

16,569


$

112,086


$

62,690

Cost of revenues (excluding depreciation and amortization)


18,425



5,398



35,340



19,661



67,472



11,171



76,746



43,029

Operating expenses












Selling, general and administrative


6,501



1,800



13,117



6,986

Research and development


1,492



-



2,160



-

Depreciation of property, plant and equipment


556



104



817



317

Amortization of intangibles


7,336



6,744



18,667



26,616

Loss on disposal of intangible (Note 9)


15,190



-



15,190



-

Special charges


218



-



1,512



-



31,293



8,648



51,463



33,919

Results from operations


36,179



2,523



25,283



9,110













Foreign exchange (gain) loss


239



78



(472)



(199)

Finance (income)


(93)



(138)



(545)



(376)

Finance expenses


970



-



984



-

Other expense (income)


(231)



-



(300)



-

Income before taxes


35,294



2,583



25,616



9,685













Current income tax expense (recovery)


5,309



1,028



6,883



4,888

Deferred income tax expense (recovery)


3,774



898



(3,858)



2,372

Income tax expense (recovery)


9,083



1,926



3,025



7,260

Net income (loss)

$

26,211


$

657


$

22,591


$

2,425













Net Income (loss) per share













Basic and fully diluted                                     

$

0.22


$

0.01


$

0.19


$

0.02













Weighted average number of common shares













Basic and fully diluted


118,627,249



118,912,606



118,595,713



119,500,216

 

Quarterhill Inc.

Supplemental Condensed Consolidated Interim Statement of Operations Information

(in thousands of United States dollars, except share and per share amounts) (unaudited)














For the three months ended,


For the six months ended,


September 30,
2017


September 30,
2016


September 30,
2017


September 30,
2016

Revenues













Licenses                                                           

$

72,158


$

16,569


$

91,470


$

62,690


Systems


6,759



-



9,826



-


Services


780



-



1,494



-


Recurring


6,200



-



9,296



-

Total Revenues

$

85,897


$

16,569


$

112,086


$

62,690













Cost of revenues (excluding depreciation and amortization)













License

$

9,864


$

5,398


$

23,706


$

19,661


Systems


4,740



-



6,638



-


Services


500



-



821



-


Recurring


3,321



-



4,175



-

Total cost of revenues

$

18,425


$

5,398


$

35,340


$

19,661

 

Quarterhill Inc.

Condensed Consolidated Interim Statements of Comprehensive Income

(in thousands of United States dollars, except share and per share amounts) (unaudited)














For the three months ended,


For the six months ended,


September 30,
2017


September 30,
2016


September 30,
2017


September 30,
2016













 Net income (loss)

$

26,211


$

657


$

22,591


$

2,425













 Other comprehensive income (loss):













Foreign currency translation adjustment


3,209



-



3,742



-

Comprehensive income

$

29,420


$

657


$

26,333


$

2,425

 

Quarterhill Inc.

Condensed Consolidated Interim Balance Sheets

(in thousands of United States dollars, except share and per share amounts) (unaudited)


As at

September 30, 2017


December 31, 2016

Current assets







Cash and cash equivalents

$

35,817


$

106,553


Short-term investments


1,242



1,154


Restricted Short-term investments


3,500



-


Accounts receivable


66,302



20,357


Other current assets


31



-


Unbilled revenue


5,653



-


Inventories


5,938



-


Loans receivable


1,000



1,766


Prepaid expenses and deposits


4,081



1,293



123,564



131,123

Non-current assets







Property Plant and Equipment


3,911



1,240


Intangible assets


132,212



123,351


Investment in joint venture


3,325



-


Deferred income tax assets


18,246



14,646


Goodwill


42,673



12,623

TOTAL ASSETS

$

323,931


$

282,983







Liabilities






Current liabilities







Bank indebtedness

$

4,152


$

-


Accounts payable and accrued liabilities


23,863



15,645


Income taxes payable


78



-


Current portion of patent finance obligation


5,422



10,372


Current portion of deferred revenue


6,644



-


Current portion of long-term debt


45



-



40,204



26,017

Non-current liabilities







Acquisition notes payable


6,450



-


Patent finance obligation


-



12,775


Success fee obligation


-



47


Deferred revenue


523



-


Long-term debt


501



-


Deferred income tax liabilities


8,582



-

TOTAL LIABILITIES


56,260



38,839

Shareholders' equity







Capital stock


418,838



419,485


Additional paid-in capital


22,278



21,036


Accumulated other comprehensive income


19,967



16,225


Deficit


(193,412)



(212,602)



267,671



244,144

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

323,931


$

282,983


 

Quarterhill Inc.

Condensed Consolidated Interim Statements of Cash Flows

(in thousands of United States dollars, except share and per share amounts) (unaudited)














For the three months ended,


For the nine months ended,


September 30,
2017


September 30,
2016


September 30,
2017


September 30,
2016

Cash generated from (used in):












Operations












Net income

$

26,211


$

657


$

22,591


$

2,425


Non-cash items














Stock-based compensation


273



42



452



197



Depreciation and amortization


7,892



6,846



19,484



26,933



Foreign exchange (gain) loss


(20)



53



(166)



(337)



Equity in earnings from joint venture


(231)



-



(300)



-



Loss on disposal of intangible


15,190



-



15,190



-



Gain (loss) on disposal of assets


(5)



-



(5)



13



Deferred income tax expense (recovery)


3,777



898



(3,855)



2,372



Accrued investment income


922



(66)



772



(194)



Embedded derivatives


11



-



21



-


Changes in non-cash working capital balances


(44,743)



(2,230)



(33,425)



(2,145)

Cash generated from operations


9,277



6,200



20,759



29,264

Financing














Dividends paid


(1,173)



(1,153)



(3,401)



(3,395)



Bank indebtedness


401



-



1,924



-



Long term debt


(372)



-



(396)



-



Common shares repurchased under normal course issuer bid


-



(1,102)



(552)



(4,225)



Common shares issued for cash on the exercise of options


-



-



-



11



Common shares issued for cash from Employee Share Purchase Plan


-



-



33



35

Cash used in financing


(1,144)



(2,255)



(2,392)



(7,574)

Investing














Acquisition of Viziya, net of cash acquired


-



-



(18,521)



-



Acquisition of IRD, net of cash acquired


-



-



(47,782)



-



Acquisition of iCOMS


(1,112)



-



(1,112)



-



Purchase of short-term investment


-



-



(3,500)



-



Purchase of property and equipment


(142)



(6)



(256)



(46)



Repayment of patent finance obligations


(15,389)



(1,389)



(18,167)



(4,166)



Purchase of intangibles


(8)



(3,000)



(12)



(9,150)

Cash used in investing


(16,651)



(4,395)



(89,350)



(13,362)

Foreign exchange loss (gain) on cash held in foreign currency


20



(35)



247



275

Net increase (decrease) in cash and cash equivalents


(8,498)



(484)



(70,736)



8,603

Cash and cash equivalents, beginning of period


44,315



102,518



106,553



93,431

Cash and cash equivalents, end of period

$

35,817


$

102,034


$

35,817


$

102,034

 

Quarterhill Inc.





















Condensed Consolidated Statements of Shareholders' Equity














(in thousands of United States dollars, except share and per share amounts) (unaudited)





































Capital Stock



Additional
paid in
Capital



Accumulated
Other
Comprehensive Income



Deficit



Equity























Balance - December 31, 2015


$

427,781



$

16,549



$

16,225



$

(219,177)



$

241,378























Comprehensive earnings:






















Net income



-




-




-




2,425




2,425



Other Comprehensive Income



-




-




-




-




-


Shares and options issued:






















Stock-based compensation expense



-




197




-




-




197



Conversion of deferred stock units to common shares



116




-




-




-




116



Exercise of stock options



17




(6)




-




-




11



Sale of shares under Employee Share Purchase Plan



35




-




-




-




35


Shares repurchased under normal course issuer bid



(8,501)




4,276




-




-




(4,225)


Dividends declared



-




-




-




(3,374)




(3,374)


Balance - September 30, 2016


$

419,448



$

21,016



$

16,225



$

(220,126)



$

236,563























Balance - December 31, 2016



419,485




21,036




16,225




(212,602)




244,144























Comprehensive earnings:






















Net loss



-




-




-




22,591




22,591



Other Comprehensive Income



-




-




3,742




-




3,742


Shares and options issued:






















Stock-based compensation expense



-




452




-




-




452



Shares issued upon acquisition



662




-




-




-




662



Sale of shares under Employee Share Purchase Plan



33




-




-




-




33



Shares repurchased under normal course issuer bid



(1,342)




790




-




-




(552)


Dividends declared



-




-




-




(3,401)




(3,401)


Balance - September 30, 2017


$

418,838



$

22,278



$

19,967



$

(193,412)



$

267,671
























 

Quarterhill Inc.

















Reconciliations of GAAP Net Income (Loss) to Adjusted EBITDA













(in thousands of United States dollars, except share and per share amounts) (unaudited)





















For the three months ended,



For the nine months ended,


Adjusted EBITDA


September 30,
2017



September 30,
2016



September 30,
2017



September 30,
2016



















Net income


$

26,211



$

657



$

22,591



$

2,425



















Adjusted for:


















Income tax expense



9,083




1,926




3,025




7,260



Foreign exchange (gain) loss



239




78




(472)




(199)



Finance expense



970




-




984




-



Finance income



(93)




(138)




(545)




(376)



Special charges



218




-




1,512




-



Amortization of intangibles



7,336




6,744




18,667




26,616



Loss on disposal of intangible



15,190




-




15,190




-



Depreciation of property, plant and equipment



556




104




817




317



Effect of deleted deferred revenue



374




-




641




-



Increased costs from inventory step-up



444




-




581




-



Effect of deleted prepaid expenses



(10)




-




(10)




-



Stock based compensation



273




42




452




195



Other expense (income)



(231)




-




(300)




-


Adjusted EBITDA


$

60,560



$

9,413



$

63,133



$

36,238



















Adjusted EBITDA per share

















Net income


$

0.22



$

0.01



$

0.19



$

0.02



















Adjusted for:


















Income tax expense



0.08




0.02




0.03




0.06



Foreign exchange (gain) loss



-




-




-




-



Finance expense



0.01




-




0.01




-



Finance income



-




-




-




-



Special charges



-




-




0.01




-



Amortization of intangibles



0.06




0.06




0.16




0.22



Loss on disposal of intangible



0.13




-




0.13




-



Depreciation of property, plant and equipment



-




-




0.01




-



Effect of deleted deferred revenue



-




-




0.01




-



Increased costs from inventory step-up



-




-




-




-



Effect of deleted prepaid expenses



-




-




-




-



Stock based compensation



-




-




-




-



Other expense (income)



-




-




-




-


Adjusted EBITDA per share


$

0.50



$

0.09



$

0.55



$

0.30



















Weighted average number of Common Shares

















  Basic



118,627,249




118,912,606




118,595,713




119,500,216


 

SOURCE Quarterhill Inc.

For media and investor inquiries, please contact: Shaun McEwan, Interim CEO, T: 613.688.4898, E: smcewan@quarterhill.com; Dave Mason, Investor Relations, T: 613.688.1693, E: ir@quarterhill.com

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