The following is a summary of the Quarterhill Inc. (QTRHF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Quarterhill Inc reported Q1 revenue of $34.9 million, a 23% increase from the previous year.

• The company's adjusted EBITDA turned positive at $0.2 million, a significant improvement from a negative of $3.8 million the previous year.

• A substantial revenue backlog of over $500 million supports good revenue visibility for upcoming years.

• The gross margin percentage increased to 18% in Q1 2024, up from 13% in Q1 2023, mainly attributed to better margins on tolling projects and reduced expenses.

• Total operating expenses for Q1 2024 decreased to $10.5 million from $11.6 million in Q1 2023, due to cuts in sales, general and administrative expenses, and research and development costs.

Business Progress:

• Progress was made within its two business units: tolling and enforcement, noticeable through a 5-year contract extension with the Illinois Tollway.

• The company acquired a growing software provider, Red Fox, focused on automatic vehicle detection and classification.

• Savings of approximately $3 million in 2024 and an annual $4 million thereafter is expected due to workforce adjustments.

• Quarterhill has plans to expand their European market and logistics verticals, alongside investing more into their core tolling and enforcement technology.

• Improving cash flow and optimizing cost structure are among the key financial targets for the company.

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