Monday, October 02, 2017 1:41:05 PM
•October 2, 2017Comment
Q3 2017 Revenues expected to be in the range of $72.5 to $82.5 Million
OTTAWA, Oct. 2, 2017 /PRNewswire/ - 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.
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