- Q1 2022 Consolidated Revenue estimated to be in the range of
$165-$175
million
- Q1 2022 Consolidated Adjusted EBITDA estimated to be in the
range of $77-$82 million
TORONTO, April 7,
2022 /CNW/ - Quarterhill Inc. ("Quarterhill") (TSX:
QTRH) (OTCQX: QTRHF), today announces an update on select
preliminary consolidated financial results estimated for the
three-month period ended March 31,
2022 ("Q1 2022"). All financial information in this press
release is unaudited and is reported in Canadian dollars, unless
otherwise indicated.
Driven by the anticipation of strong results from its operating
subsidiaries, Quarterhill estimates its consolidated revenue for Q1
2022 to be in the range of $165-$175 million
and its consolidated Adjusted EBITDA to be in the range of
$77-$82
million.
Quarterhill will report its Q1 2022 financial results in early
May 2022, with further details
regarding its timing being made available closer to the release
date.
About Quarterhill Inc.
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.
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.
Forward-looking
Information
This news release contains forward-looking statements regarding
Quarterhill and its business. 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, including: potential risks and uncertainties relating
to the ultimate geographic spread of the novel coronavirus
("COVID-19"); the severity of the disease; the duration of the
COVID-19 outbreak; actions that may be taken by governmental
authorities to contain the COVID-19 outbreak or to treat its
impact; the potential negative impacts of COVID-19 on the
global economy and financial markets and any resulting impact
on Quarterhill and/or its business. Other factors include, without
limitation, the risks described in Quarterhill's March 20, 2022 annual information form for the
year ended December 31, 2021 (the
"AIF"). In addition,
readers are also urged to review the additional risk factors disclosed
in our Management's Discussion and Analysis for our
three months and year ended December 31,
2021 and 2020 filed 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.
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SOURCE Quarterhill Inc.