Intrinsic value of Quarterhill - QTRH

Previous Close

$1.15

  Intrinsic Value

$0.20

stock screener

  Rating & Target

str. sell

-82%

Previous close

$1.15

 
Intrinsic value

$0.20

 
Up/down potential

-82%

 
Rating

str. sell

We calculate the intrinsic value of QTRH stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  45.00
  41.00
  37.40
  34.16
  31.24
  28.62
  26.26
  24.13
  22.22
  20.50
  18.95
  17.55
  16.30
  15.17
  14.15
  13.24
  12.41
  11.67
  11.00
  10.40
  9.86
  9.38
  8.94
  8.55
  8.19
  7.87
  7.58
  7.33
  7.09
  6.88
Revenue, $m
  195
  275
  378
  508
  666
  857
  1,082
  1,343
  1,642
  1,978
  2,353
  2,766
  3,217
  3,704
  4,229
  4,788
  5,383
  6,011
  6,672
  7,366
  8,093
  8,852
  9,643
  10,467
  11,325
  12,216
  13,142
  14,105
  15,106
  16,146
Variable operating expenses, $m
  148
  202
  272
  359
  466
  595
  747
  924
  1,126
  1,353
  1,591
  1,870
  2,175
  2,504
  2,859
  3,237
  3,639
  4,064
  4,511
  4,980
  5,471
  5,984
  6,519
  7,076
  7,656
  8,259
  8,885
  9,536
  10,212
  10,915
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  148
  202
  272
  359
  466
  595
  747
  924
  1,126
  1,353
  1,591
  1,870
  2,175
  2,504
  2,859
  3,237
  3,639
  4,064
  4,511
  4,980
  5,471
  5,984
  6,519
  7,076
  7,656
  8,259
  8,885
  9,536
  10,212
  10,915
Operating income, $m
  48
  73
  107
  149
  200
  262
  335
  419
  516
  625
  762
  896
  1,042
  1,200
  1,370
  1,551
  1,744
  1,947
  2,161
  2,386
  2,622
  2,867
  3,124
  3,391
  3,668
  3,957
  4,257
  4,569
  4,893
  5,230
EBITDA, $m
  83
  116
  160
  215
  282
  362
  457
  568
  694
  836
  994
  1,169
  1,359
  1,565
  1,787
  2,023
  2,274
  2,540
  2,819
  3,113
  3,420
  3,740
  4,075
  4,423
  4,785
  5,162
  5,553
  5,960
  6,383
  6,822
Interest expense (income), $m
  0
  2
  13
  26
  44
  66
  94
  126
  165
  210
  261
  319
  384
  455
  532
  616
  706
  803
  905
  1,013
  1,127
  1,246
  1,371
  1,501
  1,638
  1,779
  1,927
  2,080
  2,239
  2,405
  2,577
Earnings before tax, $m
  45
  61
  81
  105
  134
  168
  208
  254
  306
  364
  443
  512
  587
  668
  754
  845
  941
  1,042
  1,149
  1,260
  1,376
  1,497
  1,622
  1,753
  1,889
  2,031
  2,177
  2,330
  2,488
  2,653
Tax expense, $m
  12
  16
  22
  28
  36
  45
  56
  69
  83
  98
  120
  138
  159
  180
  204
  228
  254
  281
  310
  340
  371
  404
  438
  473
  510
  548
  588
  629
  672
  716
Net income, $m
  33
  45
  59
  76
  98
  123
  152
  186
  223
  266
  323
  374
  429
  488
  550
  617
  687
  761
  839
  920
  1,004
  1,093
  1,184
  1,280
  1,379
  1,482
  1,589
  1,701
  1,817
  1,937

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  360
  507
  697
  935
  1,227
  1,578
  1,993
  2,474
  3,023
  3,643
  4,333
  5,094
  5,924
  6,822
  7,788
  8,818
  9,913
  11,070
  12,288
  13,566
  14,904
  16,302
  17,759
  19,277
  20,856
  22,497
  24,203
  25,977
  27,819
  29,734
Adjusted assets (=assets-cash), $m
  360
  507
  697
  935
  1,227
  1,578
  1,993
  2,474
  3,023
  3,643
  4,333
  5,094
  5,924
  6,822
  7,788
  8,818
  9,913
  11,070
  12,288
  13,566
  14,904
  16,302
  17,759
  19,277
  20,856
  22,497
  24,203
  25,977
  27,819
  29,734
Revenue / Adjusted assets
  0.542
  0.542
  0.542
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
  0.543
Average production assets, $m
  110
  155
  213
  285
  374
  482
  608
  755
  923
  1,112
  1,322
  1,554
  1,808
  2,082
  2,377
  2,691
  3,025
  3,378
  3,750
  4,140
  4,548
  4,975
  5,419
  5,883
  6,364
  6,865
  7,386
  7,927
  8,489
  9,074
Working capital, $m
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -7
  -7
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -15
  -16
Total debt, $m
  24
  51
  85
  128
  181
  245
  320
  407
  506
  618
  743
  881
  1,031
  1,194
  1,369
  1,555
  1,753
  1,963
  2,183
  2,415
  2,657
  2,910
  3,174
  3,448
  3,734
  4,031
  4,340
  4,661
  4,994
  5,341
Total liabilities, $m
  65
  92
  126
  169
  222
  286
  361
  448
  547
  659
  784
  922
  1,072
  1,235
  1,410
  1,596
  1,794
  2,004
  2,224
  2,455
  2,698
  2,951
  3,214
  3,489
  3,775
  4,072
  4,381
  4,702
  5,035
  5,382
Total equity, $m
  295
  415
  571
  766
  1,005
  1,293
  1,632
  2,026
  2,476
  2,983
  3,549
  4,172
  4,852
  5,587
  6,378
  7,222
  8,119
  9,066
  10,064
  11,111
  12,207
  13,351
  14,545
  15,788
  17,081
  18,425
  19,823
  21,275
  22,784
  24,352
Total liabilities and equity, $m
  360
  507
  697
  935
  1,227
  1,579
  1,993
  2,474
  3,023
  3,642
  4,333
  5,094
  5,924
  6,822
  7,788
  8,818
  9,913
  11,070
  12,288
  13,566
  14,905
  16,302
  17,759
  19,277
  20,856
  22,497
  24,204
  25,977
  27,819
  29,734
Debt-to-equity ratio
  0.080
  0.120
  0.150
  0.170
  0.180
  0.190
  0.200
  0.200
  0.200
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
Adjusted equity ratio
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  33
  45
  59
  76
  98
  123
  152
  186
  223
  266
  323
  374
  429
  488
  550
  617
  687
  761
  839
  920
  1,004
  1,093
  1,184
  1,280
  1,379
  1,482
  1,589
  1,701
  1,817
  1,937
Depreciation, amort., depletion, $m
  35
  43
  53
  66
  81
  100
  122
  148
  178
  211
  232
  273
  317
  365
  417
  472
  531
  593
  658
  726
  798
  873
  951
  1,032
  1,117
  1,204
  1,296
  1,391
  1,489
  1,592
Funds from operations, $m
  68
  87
  112
  142
  179
  223
  275
  334
  401
  476
  555
  647
  746
  853
  967
  1,089
  1,218
  1,354
  1,496
  1,646
  1,802
  1,965
  2,135
  2,312
  2,496
  2,687
  2,885
  3,092
  3,306
  3,529
Change in working capital, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Cash from operations, $m
  68
  87
  112
  142
  179
  223
  275
  334
  401
  477
  556
  647
  746
  853
  968
  1,089
  1,218
  1,354
  1,497
  1,647
  1,803
  1,966
  2,136
  2,313
  2,497
  2,688
  2,886
  3,092
  3,307
  3,530
Maintenance CAPEX, $m
  -13
  -19
  -27
  -37
  -50
  -66
  -84
  -107
  -132
  -162
  -195
  -232
  -273
  -317
  -365
  -417
  -472
  -531
  -593
  -658
  -726
  -798
  -873
  -951
  -1,032
  -1,117
  -1,204
  -1,296
  -1,391
  -1,489
New CAPEX, $m
  -34
  -45
  -58
  -73
  -89
  -107
  -126
  -147
  -168
  -189
  -211
  -232
  -253
  -274
  -295
  -315
  -334
  -353
  -372
  -390
  -408
  -426
  -445
  -463
  -482
  -501
  -521
  -541
  -562
  -584
Cash from investing activities, $m
  -47
  -64
  -85
  -110
  -139
  -173
  -210
  -254
  -300
  -351
  -406
  -464
  -526
  -591
  -660
  -732
  -806
  -884
  -965
  -1,048
  -1,134
  -1,224
  -1,318
  -1,414
  -1,514
  -1,618
  -1,725
  -1,837
  -1,953
  -2,073
Free cash flow, $m
  21
  23
  27
  32
  40
  50
  64
  81
  101
  126
  150
  183
  220
  262
  308
  358
  412
  470
  533
  599
  668
  742
  818
  899
  983
  1,070
  1,161
  1,256
  1,354
  1,456
Issuance/(repayment) of debt, $m
  20
  27
  34
  43
  53
  64
  75
  87
  99
  112
  125
  138
  150
  163
  175
  187
  198
  209
  220
  231
  242
  253
  264
  275
  286
  297
  309
  321
  334
  347
Issuance/(repurchase) of shares, $m
  58
  76
  97
  119
  142
  165
  187
  208
  227
  242
  242
  249
  251
  248
  240
  227
  209
  187
  159
  127
  92
  52
  9
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  78
  103
  131
  162
  195
  229
  262
  295
  326
  354
  367
  387
  401
  411
  415
  414
  407
  396
  379
  358
  334
  305
  273
  275
  286
  297
  309
  321
  334
  347
Total cash flow (excl. dividends), $m
  99
  126
  158
  194
  235
  279
  326
  376
  427
  480
  517
  570
  622
  673
  723
  772
  820
  866
  912
  957
  1,002
  1,047
  1,091
  1,173
  1,268
  1,367
  1,470
  1,577
  1,687
  1,803
Retained Cash Flow (-), $m
  -91
  -121
  -155
  -195
  -239
  -288
  -339
  -394
  -450
  -507
  -565
  -623
  -680
  -736
  -791
  -844
  -896
  -948
  -998
  -1,047
  -1,096
  -1,145
  -1,193
  -1,243
  -1,293
  -1,345
  -1,397
  -1,452
  -1,509
  -1,568
Prev. year cash balance distribution, $m
  51
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  59
  5
  2
  -1
  -5
  -9
  -13
  -18
  -23
  -28
  -48
  -53
  -58
  -63
  -68
  -72
  -77
  -81
  -85
  -90
  -94
  -98
  -102
  -69
  -25
  23
  72
  124
  178
  234
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  57
  5
  2
  -1
  -4
  -6
  -9
  -11
  -13
  -15
  -23
  -23
  -22
  -21
  -20
  -18
  -17
  -15
  -13
  -11
  -10
  -8
  -7
  -4
  -1
  1
  2
  2
  2
  2
Current shareholders' claim on cash, %
  71.1
  51.9
  39.0
  30.1
  23.8
  19.3
  16.0
  13.5
  11.6
  10.2
  9.2
  8.3
  7.7
  7.1
  6.7
  6.4
  6.1
  6.0
  5.8
  5.7
  5.6
  5.6
  5.6
  5.6
  5.6
  5.6
  5.6
  5.6
  5.6
  5.6

Quarterhill Inc, formerly Wi-LAN Inc, is a Canada-based investment holding company focused on growing its business by acquiring technology companies in the Industrial Internet of Things (IIoT) across multiple verticals. The Company targets companies with a broad range of products and services that capture, analyze and interpret data, and that have financial performance, management teams, intellectual property underpinnings and opportunities to develop long-term recurring and growing revenue streams. The Company operates through its subsidiaries: Road Dynamics Inc, a highway traffic management technology company specializing in supplying products and systems to the global Intelligent Transportation Systems industry, VIZIYA Corp, a software and services provider to multi-national companies and Wi-LAN, with patent licensing business.

FINANCIAL RATIOS  of  Quarterhill (QTRH)

Valuation Ratios
P/E Ratio 0
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

QTRH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the QTRH stock intrinsic value calculation we used $134.711 million for the last fiscal year's total revenue generated by Quarterhill. The default revenue input number comes from 0001 income statement of Quarterhill. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our QTRH stock valuation model: a) initial revenue growth rate of 45% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for QTRH is calculated based on our internal credit rating of Quarterhill, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Quarterhill.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of QTRH stock the variable cost ratio is equal to 79.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for QTRH stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 51.6% for Quarterhill.

Corporate tax rate of 27% is the nominal tax rate for Quarterhill. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the QTRH stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for QTRH are equal to 56.2%.

Life of production assets of 5.7 years is the average useful life of capital assets used in Quarterhill operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for QTRH is equal to -0.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $254.534 million for Quarterhill - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 118.658 million for Quarterhill is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Quarterhill at the current share price and the inputted number of shares is $0.1 billion.

COMPANY NEWS

▶ Quarterhill: 3Q Earnings Snapshot   [Nov-08-18 09:14AM  Associated Press]
▶ Quarterhill to Announce Q3 2018 Financial Results   [Oct-25-18 11:00AM  CNW Group]
▶ WiLAN Subsidiary Signs License Agreement with ESMT   [Oct-04-18 06:30AM  PR Newswire]
▶ WiLAN Renews License Agreement with Doro   [Sep-05-18 06:30AM  PR Newswire]
▶ Quarterhill Inc to Host Earnings Call   [Aug-09-18 08:00AM  ACCESSWIRE]
▶ WiLAN Provides Litigation Update   [Aug-01-18 08:16PM  PR Newswire]
▶ WiLAN Provides Litigation Update   [08:16PM  CNW Group]
▶ Quarterhill to Announce Q2 2018 Financial Results   [Jul-19-18 12:00PM  PR Newswire]
▶ WiLAN Subsidiary Acquires Patents from Panasonic   [May-29-18 08:00AM  CNW Group]
▶ Quarterhill to Announce Q1 2018 Financial Results   [Apr-30-18 08:15AM  CNW Group]
▶ Quarterhill Announces Election of Directors   [Apr-19-18 06:31AM  CNW Group]
▶ Quarterhill Announces Filing of Form 40-F   [Mar-16-18 06:30AM  PR Newswire]
▶ Should You Buy Quarterhill Inc (TSE:QTRH) At This PE Ratio?   [Mar-02-18 08:47AM  Simply Wall St.]
▶ Quarterhill Announces Record Financial Results for 2017   [Mar-01-18 06:30AM  PR Newswire]
▶ Quarterhill to Announce Fiscal 2017 Financial Results   [Feb-05-18 06:30AM  PR Newswire]
▶ WiLAN Reaches IP Framework Agreement with TSMC   [Jan-04-18 12:15PM  PR Newswire]
▶ WiLAN Subsidiary Enters into License Agreement with ISSI   [Nov-27-17 06:30AM  PR Newswire]
▶ Quarterhill Announces Record Q3 2017 Financial Results   [Nov-09-17 06:30AM  PR Newswire]
▶ Quarterhill to Announce Q3 2017 Financial Results   [Oct-17-17 07:00AM  CNW Group]
▶ WiLAN Subsidiary Acquires Patent Portfolio   [Oct-13-17 10:00AM  CNW Group]
▶ Quarterhill Provides Third Quarter Financial Update   [Oct-02-17 06:30AM  PR Newswire]
▶ Quarterhill Announces Q2 2017 Financial Results   [Aug-10-17 06:00AM  PR Newswire]
▶ Quarterhill to Announce Q2 2017 Financial Results   [Jul-26-17 08:30AM  PR Newswire]
▶ Quarterhill Acquires Belgium's iCOMS Detections S.A.   [Jul-18-17 11:02AM  PR Newswire]

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