Technology
Quarterhill Announces Q2 2024 Financial Results
Published
1 month agoon
By
Mr. Vineet Khosla, AI and Machine Learning Pioneer, joins the Board of Directors
TORONTO, Aug. 9, 2024 /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, announces its financial results for the three and six months ended June 30, 2024. All financial information in this press release is reported in United States (“US”) dollars, unless otherwise indicated.
Quarterhill has changed the presentation currency of its financial statements to US dollars, its functional currency. A significant proportion of the Company’s sales, expenses, assets, and liabilities are denominated in US dollars. This change in presentation currency aims to enhance external stakeholders’ ability to assess Quarterhill’s financial performance and to reduce the impact of foreign exchange volatility.
Q2 2024 Highlights
Revenue was $41.5 million, up 7.5% compared to $38.6 million in Q2 2023.Adjusted EBITDA1 was $1.7 million compared to $2.9 million in Q2 2023.Cash from operations was $0.8 million compared to cash used in operations of ($10.3) million in Q2 2023.Revenue backlog3 was $500 million at June 30, 2024.Completed acquisition of Red Fox I.D. Limited (“Red Fox”), expanding the Company’s software offerings.Red Fox won two prestigious King’s Awards: one for innovation and one for excellence in international trade.
“Q2 saw continued execution on our goals to drive top-line growth, expand Adjusted EBITDA margin and improve cash flow,” said Chuck Myers, CEO at Quarterhill. “Adjusted EBITDA margin grew sequentially from Q1, and we anticipate continued progress in growing our margin throughout the year. Additionally, we generated positive cash flow from operations for the first time in two years and expect our cash balance to grow through the end of the year.”
“Our two business units – tolling and enforcement – made progress in Q2 on their ongoing projects as well as closing new business, resulting in a contracted revenue backlog of $500 million at quarter end. We remain focused on leveraging the improvements we’ve made in the past year to our project management and contract bidding processes to grow these leading businesses. At the same time, we continue to work to increase our market reach through operational integration, exploring new opportunities in Europe, penetrating the logistics sector and building-out our suite of software solutions, in particular with artificial intelligence (AI) applications.”
Board of Directors Update
Quarterhill announces that Vineet Khosla, Chief Technology Officer at the Washington Post, has joined the Board of Directors, effective immediately. Mr. Khosla has an extensive track record as an innovator and executive at some of the world’s largest technology companies. A pioneering researcher and leading voice in AI, machine learning, and cloud computing, he has driven significant advancements in these fields.
Since joining the Washington Post in 2023, Mr. Khosla has led the engineering team, executing the next phase of the company’s innovation strategy. Prior to the Post, Vineet served as Senior Engineering Manager at Uber, where he was responsible for the development of their map routing engine, which optimizes routes and timing. Before his tenure at Uber, he was the first engineering hire for Siri’s natural language engine at Apple, where he spent over eight years in senior engineering roles, developing and managing Siri’s AI engine. Mr. Khosla holds a Master’s in AI from the University of Georgia, earned in 2005.
“We are very pleased to welcome Vineet to the Board,” said Rusty Lewis, Chair of the Board at Quarterhill. “His deep expertise in AI and machine learning, combined with his experience at the intersection of transportation and technology, will play a key role in the development of our product roadmap and our push to expand the software side of our business.”
Q2 2024 Financial Review
Quarterhill’s Management’s Discussion and Analysis and financial statements for the three and six months ended June 30, 2024 are available at the Company’s website and at its profile at SEDAR+.
Financial statements for the three and six months ended June 30, 2023, have been prepared to reflect continuing operations, and therefore, exclude results during that period from Wi-LAN Inc. (“WiLAN”), which was sold by Quarterhill on June 15, 2023.
Revenues for the three and six months ended June 30, 2024, were $41.5 million and $76.4 million, up 7.5% and 14%, respectively, compared to $38.6 million and $67.0 million in the three and six months ended June 30, 2023. The increase in revenues was due to increased activity and improved performance with North American project revenue.
Gross profit2 as a value and as a percentage of revenues may be subject to significant variance in each reporting period due to the nature and type of contract and service work performed. Gross profit for the three and six months ended June 30, 2024, was $8.5 million and $14.9 million, or 21% and 19%, as compared to $10.0 million and $13.8 million, or 26% and 21%, in the three and six months ended June 30, 2023. While gross profit margin percentage has increased on a sequential quarterly basis, the year-over-year decreases compared to the prior year periods were primarily due to one tolling project that is in the maintenance phase but experiencing a transitory period of lower-than-expected margin. The year-over-year decreases in gross profit margin were partially offset by continued strong performance in the Company’s enforcement operations.
Total operating expenses are comprised of selling, general and administrative costs (“SG&A”), research and development (“R&D”) costs, depreciation, amortization of intangible assets and other charges. Total operating expenses for the three and six months ended June 30, 2024, were $10.8 million and $21.2 million compared to $10.6 million and $22.2 million in the three and six months ended June 30, 2023. The year-over-year changes were primarily due to lower R&D expenses and other charges offset by higher SG&A.
Adjusted EBITDA1 for the three and six months ended June 30, 2024, was $1.7 million and $1.8 million compared to $2.9 million and ($0.9) million for the three and six months ended June 30, 2023. The decrease in Adjusted EBITDA for the three months ended June 30, 2024, compared to the prior year period, was due to lower gross profit as previously explained, and offset, in part, by increased revenue and lower operating expenses. This increase in Adjusted EBITDA for the six months ended June 30, 2024, compared to the prior year period, was due to higher revenue and lower operating expenses.
Net loss from continuing operations for the three and six months ended June 30, 2024, was ($3.0) million and ($7.2) million, or ($0.03) and ($0.06) per diluted share, compared to a net loss from continuing operations of ($10.2) million and ($19.3) million, or ($0.09) and ($0.17) per diluted share, for the three and six months ended June 30, 2023.
Cash generated (used) in continuing operations for the three and six months ended June 30, 2024, was $0.8 million and ($9.3) million compared to cash used in continuing operations of ($6.9) million and ($13.5) million for the three and six months ended June 30, 2023.
Cash and cash equivalents were $24.0 million at June 30, 2024, compared to $42.7 million at December 31, 2023. The uses of cash in the three months ended June 30, 2024, included a net amount of $4.9 million spent on the acquisition of Red Fox.
Adjusted Working Capital4 was $68.4 million at June 30, 2024, compared to $78.9 million at December 31, 2023. Due to the nature of the Company’s business activities, operating cash flows may vary significantly between periods due to changes and timing in working capital balances.
1.
Please refer to the Adjusted EBITDA Non-IFRS Financial Measures section for further information.
2.
Please refer to Gross Margin % in the Supplementary Financial Measures section for further information.
3.
Please refer to the Backlog – Non-IFRS Financial Measures section for further information.
4.
Please refer to the Adjusted Working Capital – Non-IFRS Financial Measures section for further information.
Conference Call and Webcast
Quarterhill will host a conference call to discuss its financial results on Friday, August 9, 2024, at 10:00 AM Eastern Time.
Webcast Information
Live audio webcast will be available at: https://app.webinar.net/E0GnDAr2wRQWebcast replay will be available at: https://app.webinar.net/E0GnDAr2wRQ
Traditional Dial-in Information
To access the call from the U.S. and Canada, dial 1.800.836.8184 (Toll Free)To access the call from other locations, dial 1.289.819.1350 (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/4cZxWpC
Telephone Replay
Telephone replay will be available from August 9, 2024, until August 16, 2024, at: 1.888.660.6345 (Toll Free North America) or 1.289.819.1450.
Conference ID: 52352 and Replay Passcode: 52352#
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 one-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; (ix) dividends received from joint ventures; and * changes in fair value of derivative liability. Adjusted EBITDA is used by our management to assess our normalized cash generated on a consolidated basis. Adjusted EBITDA is also a performance measure that may be used by investors to analyze the cash generated by Quarterhill. Adjusted EBITDA should not be interpreted as an alternative to net (loss) income 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.
Adjusted Working Capital
Adjusted Working Capital is calculated as current assets minus current liabilities, adjusted for convertible debentures and derivative liability. Adjusted Working Capital reflects our net working capital expected to be settled in cash within twelve months.
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. Our goal is technology-driven global leadership in ITS, via organic growth of our tolling and enforcement businesses, 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 information and forward-looking statements within the meaning of applicable Canadian securities laws (collectively, “forward-looking statements”) regarding Quarterhill, its operating subsidiaries and their respective businesses. Such forward-looking statements relate to future events, conditions or future financial performance of Quarterhill based on future economic conditions and courses of action. All statements other than statements of historical fact may be forward-looking statements. Such forward-looking statements are often, but not always, identified by the use of any words such as “seek”, “anticipate”, “budget”, ”plan”, “goal”, and similar expressions. These statements involve known and unknown risks, assumptions, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. In particular, this news release contains forward-looking statements pertaining to, but not limited to, the following: operational and financial expectations for the 2024 financial year, including revenue, gross margin and Adjusted EBITDA expectations; and the Company’s business plan.
Although the forward-looking statements contained in this news release are based upon assumptions which management of the Company believes to be reasonable, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. With respect to forward-looking statements contained in this news release, the Company has made assumptions regarding, but not limited to: the Company’s ability to execute on its business plan; successful integration of Red Fox; general economic and industry trends; operating assumptions relating to the Company’s operations; demand for the Company’s products and services; cost estimates for fixed price contracts; and the other assumptions set forth in the Company’s most recent annual information form available under the Company’s profile on SEDAR+ at www.sedarplus.ca.
The Company’s actual results could differ materially from those anticipated in the forward-looking statements, as a result of numerous known and unknown risks and uncertainties and other factors including, but not limited to: changes in demand for the Company’s products and services; general economic, political, market and business conditions, including fluctuations in interest rates, foreign exchange rates, stock market volatility; reliance on key management personnel; risks related to competition within the Company’s industry and relating to technological advances; litigation risks; cyber-security risks; fixed price contracts may result in unexpected costs to the Company; risks of health epidemics, pandemics and similar outbreaks; and the other risks set forth in the Company’s most recent annual information form and management’s discussion and analysis for the three and twelve months ended December 31, 2023 available under the Company’s profile on SEDAR+ at www.sedarplus.ca.
The Company’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive therefrom. Readers are therefore cautioned that the foregoing lists of important factors are not exhaustive, and they should not unduly rely on the forward-looking statements included in this news release. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement. 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.
This news release contains “future-oriented financial information” and “financial outlooks” within the meaning of applicable Canadian securities laws (collectively, “FOFI”), including about the financial results, revenue, gross margin and Adjusted EBITDA of Quarterhill for the year ended December 31, 2024. FOFI, as with forward-looking statements generally, are, without limitation, based on the assumptions and qualifications, and are subject to the risks, set out above in respect of forward-looking statements. Quarterhill’s actual financial position and results of operations may differ materially from management’s current expectations and, as a result, the Company’s financial results may differ materially from the FOFI provided in this news release. The Company and its management believe that the FOFI has been prepared on a reasonable basis, reflecting management’s best estimates and judgments and the FOFI contained in this news release was approved by management as of the date hereof, for purposes of providing further information about the Company’s future business operations and results. However, because this information is subjective and subject to numerous risks and assumptions, it should not be relied on as necessarily indicative of future results. Except as required by applicable securities laws, the Company undertakes no obligation to update such FOFI. Readers are cautioned that the FOFI contained in this news release should not be used for purposes other than for which it is disclosed herein, and such information is presented for illustrative purposes only and may not be an indication of the Company’s actual financial position or results of operations.
Interim Condensed Consolidated Statements of Loss and Comprehensive Loss
(in thousands and in United States dollars, except share and per share amounts)
Three months ended June 30,
Six months ended June 30,
2024
2023
2024
2023
(restated)
(restated)
Revenues
$41,513
$38,623
$76,410
$66,969
Direct cost of revenues
32,997
28,616
61,537
53,205
Gross profit
8,516
10,007
14,873
13,764
Operating expenses
Selling, general and administrative expenses
7,073
6,132
13,448
13,090
Research and development expenses
479
1,008
796
1,877
Depreciation of right-of-use assets
364
384
708
721
Depreciation of property, plant and equipment
383
407
760
818
Amortization of intangible assets
2,140
2,088
4,377
4,175
Other charges
321
555
1,155
1,519
10,760
10,574
21,244
22,200
Results from operations
(2,244)
(567)
(6,371)
(8,436)
Finance income
(97)
(27)
(365)
(60)
Finance expense
1,651
1,731
3,356
3,368
Foreign exchange (gain) loss
(387)
769
(1,497)
1,104
Other income
(267)
(227)
(134)
(458)
Change in fair value of derivative liability
(432)
(11)
(927)
(215)
Loss before taxes
(2,712)
(2,802)
(6,804)
(12,175)
Current income tax expense (recovery)
272
(2,688)
345
(2,570)
Deferred income tax (recovery) expense
(17)
10,073
36
9,665
Income tax expense
255
7,385
381
7,095
Net loss from continuing operations
(2,967)
(10,187)
(7,185)
(19,270)
Net loss from discontinued operations
–
(11,594)
–
(14,061)
Net loss
(2,967)
(21,781)
(7,185)
(33,331)
Other comprehensive loss that may be reclassified
subsequently to net loss:
Foreign currency translation adjustment
(247)
(2,905)
(932)
(2,590)
Comprehensive loss
($3,214)
($24,686)
($8,117)
($35,921)
Loss per share – Basic
From continuing operations
($0.03)
($0.09)
($0.06)
($0.17)
From discontinued operations
–
(0.10)
–
(0.12)
Loss per share – Basic
($0.03)
($0.19)
($0.06)
($0.29)
Loss per share – Diluted
From continuing operations
($0.03)
($0.09)
($0.06)
($0.17)
From discontinued operations
–
(0.10)
–
(0.12)
Loss per share – Diluted
($0.03)
($0.19)
($0.06)
($0.29)
Interim Condensed Consolidated Statements of Financial Position
(in thousands and in United States dollars)
As at
June 30, 2024
December 31, 2023
January 1, 2023
(restated)
(restated)
Current assets
Cash and cash equivalents
$24,041
$42,733
$48,905
Short-term investments
–
–
1,142
Restricted short-term investments
–
–
4,812
Accounts receivable, net
29,396
27,291
17,155
Unbilled revenue
39,465
34,247
30,529
Income taxes receivable
130
–
251
Inventories (net of obsolescence)
11,453
10,760
10,076
Prepaid expenses and deposits
4,067
4,795
5,050
108,552
119,826
117,920
Non-current assets
Accounts and other long-term receivables
4,516
4,364
397
Long-term prepaid expenses and deposits
–
–
1,257
Right-of-use assets, net
5,452
5,288
7,600
Property, plant and equipment, net
3,786
4,136
5,104
Intangible assets, net
79,799
79,092
104,164
Investment in joint venture
4,782
5,054
5,712
Investment in other entity
2,898
2,898
–
Deferred compensation asset
1,048
952
991
Deferred income tax assets
–
–
18,903
Goodwill
31,046
29,019
41,556
133,327
130,803
185,684
TOTAL ASSETS
$241,879
$250,629
$303,604
Liabilities
Current liabilities
Accounts payable and accrued liabilities
$28,350
$30,330
$34,685
Income taxes payable
734
662
724
Current portion of lease liabilities
2,056
1,954
1,924
Current portion of deferred revenue
6,869
5,806
6,295
Current portion of long-term debt
2,125
2,125
21,588
Convertible debentures
37,840
38,196
35,655
Derivative liability
1,296
2,290
1,316
79,270
81,363
102,187
Non-current liabilities
Deferred revenue
1,252
621
2,022
Long-term lease liabilities
5,529
5,727
7,116
Long-term debt
16,293
17,312
–
Deferred compensation liabilities
1,065
945
862
Deferred income tax liabilities
2,032
1,221
1,519
26,171
25,826
11,519
TOTAL LIABILITIES
105,441
107,189
113,706
Shareholders’ equity
Capital stock
314,119
313,738
401,248
Contributed surplus
126,863
126,129
37,545
Accumulated other comprehensive income
14,720
15,652
15,928
Deficit
(319,264)
(312,079)
(264,823)
136,438
143,440
189,898
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$241,879
$250,629
$303,604
Interim Condensed Consolidated Statements of Cash Flows
(in thousands and in United States dollars)
Three months ended June 30,
Six months ended June 30,
2024
2023
2024
2023
(restated)
Operating activities:
Net loss from continuing operations
($2,967)
($10,187)
($7,185)
($19,270)
Add (deduct) non-cash items:
Stock-based compensation expense
708
39
1,212
270
Depreciation and amortization
2,887
2,879
5,845
5,714
Foreign exchange (gain) loss
(387)
769
(1,497)
1,104
Other income
(315)
(227)
(134)
(458)
Deferred and non-cash income tax (recovery) expense
(17)
10,073
36
9,665
Embedded derivatives
(33)
–
6
93
Change in fair value of derivative liability
(432)
(11)
(927)
(215)
Non-cash interest expense
552
873
1,092
1,351
Net change in non-cash working capital balances
806
(11,083)
(7,760)
(11,704)
Cash generated from (used in) continuing operations
802
(6,875)
(9,312)
(13,450)
Net operating cash flows attributable to discontinued operations
–
(3,378)
–
(4,685)
Net cash generated from (used in) operating activities
802
(10,253)
(9,312)
(18,135)
Financing activities:
Dividends paid
–
(1,067)
–
(2,127)
Payment of lease liabilities
(561)
(436)
(1,138)
(828)
Repayment of long-term debt
(531)
(625)
(1,062)
(1,250)
Cash used in financing activities
(1,092)
(2,128)
(2,200)
(4,205)
Net financing cash flows attributable to discontinued operations
–
(51)
–
(100)
Net cash used in financing activities
(1,092)
(2,179)
(2,200)
(4,305)
Investing activities:
Net proceeds from disposition of a subsidiary
–
32,021
–
32,021
Cash sold on disposition of a subsidiary
–
(8,000)
–
(8,000)
Acquisition of business, Red Fox
(7,181)
–
(7,181)
–
Cash acquired on acquisition of business, Red Fox
2,296
–
2,296
–
Proceeds from sale of property, plant and equipment
10
–
10
–
Purchase of property, plant and equipment
(344)
(305)
(545)
(638)
Capitalized software costs
(650)
(932)
(1,373)
(2,316)
Cash (used in) generated from investing activities
(5,869)
22,784
(6,793)
21,067
Net investing cash flows attributable to discontinued operations
–
1,194
–
1,194
Net cash used in investing activities
(5,869)
23,978
(6,793)
22,261
Foreign exchange on cash held in foreign currencies
(223)
(2,514)
(386)
(2,692)
Net (decrease) increase in cash and cash equivalents
(6,382)
9,032
(18,692)
(2,871)
Cash and cash equivalents, beginning of period
30,423
37,002
42,733
48,905
Cash and cash equivalents, end of period
$24,041
$46,034
$24,041
$46,034
Interim Condensed Consolidated Statements of Shareholders’ Equity
(in thousands and in United States dollars)
Capital
Stock
Contributed
Surplus
Accumulated
Other
Comprehensive
Income
Deficit
Total
Shareholders’
Equity
Balance, January 1, 2023 (restated)
$401,248
$37,545
$15,928
($264,823)
$189,898
Net loss
–
–
–
(33,331)
(33,331)
Other comprehensive loss
–
–
(2,590)
–
(2,590)
Stock-based compensation expense
–
288
–
–
288
Common shares issued from restricted stock units
60
(63)
–
–
(3)
Reduction of stated capital
(87,948)
87,948
–
–
–
Dividends declared
–
–
–
(1,060)
(1,060)
Balance, June 30, 2023
$313,360
$125,718
$13,338
($299,214)
$153,202
Balance, January 1, 2024
$313,738
$126,129
$15,652
($312,079)
$143,440
Net loss
–
–
–
(7,185)
(7,185)
Other comprehensive loss
–
–
(932)
–
(932)
Stock-based compensation expense
–
1,212
–
–
1,212
Common shares issued from restricted stock units
326
(423)
–
–
(97)
Common shares issued from deferred stock units
55
(55)
–
–
–
Balance, June 30, 2024
$314,119
$126,863
$14,720
($319,264)
$136,438
Reconciliation of Net Loss to Adjusted EBITDA
(in thousands and in United States dollars, except share and per share amounts)
Three months ended June 30,
2024
2023
$
Per Share [2]
$
Per Share
(restated)
Net loss from continuing operations
($2,967)
($0.03)
($10,187)
($0.09)
Adjusted for:
Income tax expense
255
0.00
7,385
0.06
Foreign exchange (gain) loss
(387)
(0.00)
769
0.01
Finance expense, net
1,554
0.01
1,704
0.02
Other charges
321
0.00
555
0.01
Depreciation and amortization
2,887
0.03
2,879
0.03
Stock based compensation expense
708
0.01
39
0.00
Change in fair value of derivative liability
(432)
(0.00)
(11)
(0.00)
Other income
(267)
(0.00)
(227)
(0.00)
Adjusted EBITDA [1]
$1,672
$0.01
$2,906
$0.03
________________
________________
________________
________________
Weighted average number of Common Shares
Basic
115,274,980
114,649,772
Six months ended June 30,
2024
2023
$
Per Share [2]
$
Per Share
(restated)
Net loss from continuing operations
($7,185)
($0.06)
($19,270)
($0.17)
Adjusted for:
Income tax expense
381
–
7,095
0.06
Foreign exchange gain
(1,497)
(0.01)
1,104
0.01
Finance expense, net
2,991
0.03
3,308
0.03
Other charges
1,155
0.01
1,519
0.01
Depreciation and amortization
5,845
0.05
5,714
0.05
Stock based compensation expense
1,212
0.01
270
0.00
Change in fair value of derivative liability
(927)
(0.01)
(215)
(0.00)
Other income
(134)
–
(458)
(0.00)
Adjusted EBITDA [1]
$1,841
$0.02
($933)
($0.01)
________________
________________
________________
________________
Weighted average number of Common Shares
Basic
115,186,092
114,644,764
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.
View original content:https://www.prnewswire.com/news-releases/quarterhill-announces-q2-2024-financial-results-302218638.html
SOURCE Quarterhill Inc.
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DANAconnect and eSource Capital Launch PayrollTrace for Digital Payroll Compliance
Published
3 hours agoon
September 22, 2024By
PayrollTrace is an innovative, secure platform for paperless payroll receipt delivery, ensuring regulatory compliance and real-time traceability.
FORT LAUDERDALE, Fla., Sept. 22, 2024 /PRNewswire-PRWeb/ — DANAconnect, the leading company in automated business communications, in collaboration with eSource Capital, a prominent Google Cloud Partner in Latin America, announce the launch of PayrollTrace, an innovative platform designed for the secure and efficient digital delivery of payroll receipts, ensuring regulatory compliance and complete traceability in every transaction.
PayrollTrace automates the delivery of payroll receipts through multiple channels, including email and SMS, completely eliminating the use of paper or reliance on email. This solution not only simplifies human resources processes but also ensures regulatory compliance with verifiable technical reports that allow companies to manage and audit receipt deliveries in real time.
Paul Kienholz, CEO of DANAconnect, highlighted: “PayrollTrace is the next step in automating critical business processes, enabling companies to eliminate paper and manage payroll receipt deliveries with full confidence and transparency, while ensuring regulatory compliance.”
Juan Aguilera Franceschi, Managing Partner at eSource Capital, added: “Our partnership with DANAconnect allows us to offer companies in the region a robust solution that optimizes payroll management. PayrollTrace provides the security and flexibility companies need to manage payments efficiently and sustainably.”
The partnership between DANAconnect and eSource Capital combines DANAconnect’s strength in omnichannel business communications with eSource Capital’s expertise in cloud digital transformation. Together, they aim to provide businesses across the Americas with a comprehensive solution that not only optimizes payroll delivery but also ensures compliance with local regulations, guaranteeing that every transaction is backed by complete audits.
DANAconnect is a North American company and a leader in communication automation for financial companies through its omnichannel platform. It sends communications to more than 10% of the population of the Americas every month, ensuring secure deliveries, traceability, and large-scale regulatory compliance.
eSource Capital is a leading Google Cloud partner in Latin America, specializing in digital transformation and cloud solutions. With a focus on Google Workspace and Google Cloud, eSource Capital helps companies optimize their operations in the digital environment.
Media Contact
Fabiana Arroyo, DANAconnect Corp., 1 8556003262, info@payrolltrace.com, https://www.payrolltrace.com
View original content to download multimedia:https://www.prweb.com/releases/danaconnect-and-esource-capital-launch-payrolltrace-for-digital-payroll-compliance-302254651.html
SOURCE DANAconnect Corp.
Technology
Siemon Announces Optical Patching Solutions for GenAI Networks Using NVIDIA Accelerated Computing
Published
9 hours agoon
September 22, 2024By
Siemon announces it is offering its full range of optical patching solutions to work specifically with NVIDIA AI infrastructure for generative AI networks.
WATERTOWN, Conn., Sept. 22, 2024 /PRNewswire-PRWeb/ — The Siemon Company, a global leader in network infrastructure solutions, today announced it is offering its full range of optical patching solutions to work specifically with NVIDIA AI infrastructure for generative AI networks. Large complex GPU clusters can benefit from using structured cabling patch panels versus point-to-point cabling. Siemon acts as a trusted advisor to customers by providing expert advice and best practice recommendations for design & deployment of NVIDIA AI Infrastructure.
As part of the solution integration, Siemon has joined the NVIDIA Partner Network (NPN) as a Solution Advisor Consultant. NPN Solution Advisor Consultants provide consultation services and expert advice to customers looking to implement NVIDIA-based solutions or technologies. Siemon joins the network to offer its expertise in addressing the unique infrastructure and cabling challenges presented by accelerated computing.
NVIDIA optical reach specifications are calculated assuming two optical patch panels are used in the link and assuming each employ two optical connectors, which makes for a total allowance of four optical connectors in the link. The Siemon optical patching solutions meet NVIDIA requirements and provide customers with flexibility and ease of management.
Media Contact
Brian Baum, Siemon, 1 8609454200, brian_baum@siemon.com
View original content:https://www.prweb.com/releases/siemon-announces-optical-patching-solutions-for-genai-networks-using-nvidia-accelerated-computing-302254640.html
SOURCE Siemon
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AMSimpkins & Associates Awarded Wisconsin Technical Purchasing Consortium Contract RFB 25-002TP – for Identity Verification Solutions
Published
10 hours agoon
September 22, 2024By
AMSimpkins & Associates has been awarded the Wisconsin Technical Colleges Purchasing Consortium (WTC-PC) contract for Identity Verification Solutions. This partnership includes providing their advanced S.A.F.E. (Student Application Fraudulent Examination) platform to 16 Wisconsin technical colleges, enhancing security and safeguarding against fraudulent student applications. With a focus on higher education, AMSA aims to support these institutions in maintaining the integrity of their admissions processes and preventing identity fraud. This collaboration underscores AMSA’s commitment to delivering innovative solutions tailored for the education sector.
ATLANTA, Sept. 22, 2024 /PRNewswire-PRWeb/ — AMSimpkins & Associates is proud to announce its selection by the Wisconsin Technical College System Purchasing Consortium (WTC-PC) to provide Identity Verification Solutions through the S.A.F.E. platform. The WTC-PC comprises 16 independent, publicly funded two-year technical colleges across Wisconsin, including Blackhawk Technical College, Chippewa Valley Technical College, Fox Valley Technical College, and Milwaukee Area Technical College, among others.
With a focus on preventing identity fraud, AMSimpkins & Associates’ comprehensive solutions will strengthen the security measures across admissions, enrollment, and financial aid processes, ensuring secure verification and compliance with federal and state regulations. S.A.F.E. will now support Wisconsin’s higher education system, offering its cutting-edge technology to streamline operations and safeguard student data.
“We are honored by the Wisconsin Technical College Consortium’s trust in AMSimpkins & Associates,” said Maurice Simpkins, President and Founder. “This partnership further emphasizes our commitment to providing secure, innovative identity verification solutions that support the needs of educational institutions in protecting their students and operations.”
As part of this agreement, AMSimpkins & Associates will deliver comprehensive services, including system integration, training, and ongoing support to ensure seamless implementation. S.A.F.E.’s capabilities are designed to evolve with growing threats of fraudulent activities, keeping institutions one step ahead in securing student identities.
Institutions in the Wisconsin Technical College System:
Blackhawk Technical CollegeChippewa Valley Technical CollegeFox Valley Technical CollegeGateway Technical CollegeLakeshore Technical CollegeMadison Area Technical CollegeMid-State Technical CollegeMilwaukee Area Technical CollegeMoraine Park Technical CollegeNicolet Area Technical CollegeNorthcentral Technical CollegeNortheast Wisconsin Technical CollegeNorthwood Technical CollegeSouthwest Wisconsin Technical CollegeWaukesha County Technical CollegeWestern Technical College
The S.A.F.E. platform’s advanced identity verification services will play a pivotal role in securing sensitive data and ensuring a safe and fraud-free environment for Wisconsin’s technical colleges and their students.
For more information about AMSimpkins & Associates and the S.A.F.E. platform, please visit amsa-highered.com.
Media Contact
LAQWACIA SIMPKINS, AMSimpkins & Associates, 1 6786824193, LSIMPKINS@AMSA-CONSULTING.COM, amsa-highered.com
View original content:https://www.prweb.com/releases/amsimpkins–associates-awarded-wisconsin-technical-purchasing-consortium-contract-rfb-25-002tp—for-identity-verification-solutions-302253867.html
SOURCE AMSimpkins & Associates
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