Quarterhill Announces CFO Departure
Quarterhill Inc. (TSX: QTRH) (OTCQX: QTRHF), a leading provider of tolling and enforcement solutions in the Intelligent Transportation System industry, announced that CFO Kyle Chriest will depart at the end of January 2025 to pursue another opportunity. Morgan Demkey, current VP Operations, has been appointed Interim CFO while an executive search is conducted.
CEO Chuck Myers highlighted the company's substantial progress in 2024, including business integration, non-core asset divestment, cost structure streamlining, and technical capability enhancement. The company maintains its strategic direction and financial outlook as previously discussed in the Q3 earnings call, with Q4 2024 results expected in mid-March 2025.
The CFO departure is not related to any disagreements regarding operating performance, financial results, or accounting practices. The company expects to leverage its recent achievements for top-line growth and margin expansion in 2025 and beyond.
Quarterhill Inc. (TSX: QTRH) (OTCQX: QTRHF), un fornitore leader di soluzioni per il pedaggio e l'applicazione della legge nel settore dei Sistemi di Trasporto Intelligente, ha annunciato che il CFO Kyle Chriest lascerà l'incarico alla fine di gennaio 2025 per perseguire un'altra opportunità. Morgan Demkey, attuale VP Operations, è stato nominato CFO ad interim mentre viene condotta una ricerca per un nuovo dirigente.
Il CEO Chuck Myers ha evidenziato il sostanziale progresso dell'azienda nel 2024, compresa l'integrazione aziendale, la dismissione di asset non core, l'ottimizzazione della struttura dei costi e il miglioramento delle capacità tecniche. L'azienda mantiene la propria direzione strategica e le prospettive finanziarie come discusso nella chiamata sugli utili del Q3, con i risultati del Q4 2024 previsti per metà marzo 2025.
La partenza del CFO non è correlata a disaccordi riguardo alle prestazioni operative, ai risultati finanziari o alle pratiche contabili. L'azienda prevede di sfruttare i propri recenti successi per la crescita del fatturato e l'espansione dei margini nel 2025 e oltre.
Quarterhill Inc. (TSX: QTRH) (OTCQX: QTRHF), un proveedor líder de soluciones de peaje y aplicación en la industria de Sistemas de Transporte Inteligente, anunció que el CFO Kyle Chriest dejará su puesto a finales de enero de 2025 para perseguir otra oportunidad. Morgan Demkey, actual VP de Operaciones, ha sido nombrado CFO interino mientras se lleva a cabo una búsqueda ejecutiva.
El CEO Chuck Myers destacó el avance significativo de la empresa en 2024, incluyendo la integración empresarial, la desinversión de activos no esenciales, la optimización de la estructura de costos y la mejora de la capacidad técnica. La empresa mantiene su dirección estratégica y perspectivas financieras como se discutió anteriormente en la llamada de resultados del Q3, con los resultados del Q4 2024 esperados para mediados de marzo de 2025.
La partida del CFO no está relacionada con desacuerdos sobre el rendimiento operativo, los resultados financieros o las prácticas contables. La empresa espera aprovechar sus logros recientes para el crecimiento de ingresos y la expansión de márgenes en 2025 y más allá.
Quarterhill Inc. (TSX: QTRH) (OTCQX: QTRHF)는 Intelligent Transportation System 산업의 톨링 및 집행 솔루션 제공업체로서 CFO Kyle Chriest가 2025년 1월 말에 새로운 기회를 추구하기 위해 떠날 것이라고 발표했습니다. 현재 운영 부사장인 Morgan Demkey는 임시 CFO로 임명되었으며, 새로운 임원을 찾는 작업이 진행됩니다.
CEO Chuck Myers는 2024년에 회사가 이룬 상당한 진전을 강조했으며, 여기에는 비즈니스 통합, 비핵심 자산 매각, 비용 구조 최적화 및 기술 능력 강화가 포함됩니다. 회사는 이전의 Q3 실적 발표 전화 회의에서 논의된 대로 전략적 방향과 재무 전망을 유지하고 있으며, 2024년 4분기 결과는 2025년 3월 중순에 발표될 예정입니다.
CFO의 퇴직은 운영 성과, 재무 결과 또는 회계 관행에 대한 어떤 불일치와도 관련이 없습니다. 회사는 최근의 성과를 바탕으로 2025년 이후 매출 성장과 마진 확대를 도모할 계획입니다.
Quarterhill Inc. (TSX : QTRH) (OTCQX : QTRHF), un fournisseur de premier plan de solutions de péage et d'application dans l'industrie des Systèmes de Transport Intelligent, a annoncé que le CFO Kyle Chriest quittera ses fonctions à la fin de janvier 2025 pour poursuivre une nouvelle opportunité. Morgan Demkey, actuel VP des opérations, a été nommé CFO par intérim pendant qu'une recherche exécutive est réalisée.
Le CEO Chuck Myers a souligné les progrès importants réalisés par l'entreprise en 2024, y compris l'intégration des affaires, la cession d'actifs non essentiels, l'optimisation de la structure des coûts et l'amélioration des capacités techniques. L'entreprise maintient sa direction stratégique et ses perspectives financières comme discuté lors de l'appel sur les résultats du Q3, avec des résultats pour le Q4 2024 prévus pour la mi-mars 2025.
Le départ du CFO n'est pas lié à des désaccords concernant la performance opérationnelle, les résultats financiers ou les pratiques comptables. L'entreprise prévoit de tirer parti de ses succès récents pour la croissance du chiffre d'affaires et l'expansion des marges en 2025 et au-delà.
Quarterhill Inc. (TSX: QTRH) (OTCQX: QTRHF), ein führender Anbieter von Maut- und Durchsetzungslösungen in der Branche der intelligenten Transportsysteme, hat angekündigt, dass CFO Kyle Chriest Ende Januar 2025 gehen wird, um eine andere Möglichkeit zu verfolgen. Morgan Demkey, der derzeitige VP Operations, wurde zum Interim CFO ernannt, während die Suche nach einem neuen Geschäftsführer durchgeführt wird.
CEO Chuck Myers hob die beträchtlichen Fortschritte des Unternehmens im Jahr 2024 hervor, einschließlich der Geschäftsintegration, der Veräußerung von Nicht-Kernvermögen, der Optimierung der Kostenstruktur und der Verbesserung der technischen Fähigkeiten. Das Unternehmen hält an seiner strategischen Ausrichtung und den finanziellen Perspektiven fest, wie zuvor im Q3-Übertragungsgespräch besprochen wurde, wobei die Ergebnisse für das Q4 2024 Mitte März 2025 erwartet werden.
Der Abgang des CFO steht nicht im Zusammenhang mit Unstimmigkeiten bezüglich der Betriebsleistung, finanzieller Ergebnisse oder buchhalterischer Praktiken. Das Unternehmen plant, seine jüngsten Erfolge für Umsatzwachstum und Margenausweitung im Jahr 2025 und darüber hinaus zu nutzen.
- Company completed substantial business transformation including integration and cost streamlining
- Strategic direction and financial outlook remain unchanged
- Orderly CFO transition process with interim replacement already appointed
- Departure of CFO, a key executive position
- Additional expenses likely for executive search and new CFO compensation
Mr. Chriest will remain with Quarterhill until the end of January to ensure an orderly transition. The Company has engaged an executive search firm to assist in recruiting a new CFO. Morgan Demkey, VP Operations, has been appointed Interim CFO while the Company conducts its CFO search. Mr. Demkey joined Quarterhill in 2021 as Director of Finance and transitioned into the VP Operations role in 2024. Prior to that, Mr Demkey held a variety of progressively senior finance roles in various organizations, including KPMG LLP. Mr. Demkey holds both Chartered Professional Accountant (CPA) and Chartered Accountant (CA) designations and has a Masters of Professional Accounting degree from the University of
"I'd like to thank Kyle for his leadership and valuable contributions during a pivotal 18 months for the Company. We wish him the best in his new role," said Chuck Myers, CEO at Quarterhill. "In 2024, we made substantial progress in turning around the Company - integrating our businesses, divesting non-core assets, streamlining our cost structure, and enhancing our technical capabilities. With this transformation process nearly complete, we believe we are well-positioned to capitalize on these achievements and drive top-line growth and margin expansion in 2025 and beyond."
Mr. Chriest's departure is not due to any disagreement with the Company or the board regarding its operating performance, financial results, accounting principles, practices or financial statement disclosures. The Company remains confident in its strategic direction and financial health, with no changes to its outlook as previously discussed during the Q3 earnings call on November 8, 2024. Quarterhill expects to report its Q4 2024 results in mid-March 2025.
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"), including, without limitation, statements regarding the CFO transition, the Company's positioning for future growth and success, and timing of release of its Q4 2024 results. 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", "expect" and similar expressions.
Forward-looking 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. Material risk factors that could cause actual results to differ materially from the forward-looking statements contained in this news release include, among others, demand and competition for CFO talent; demand for Quarterhill's products and services; general economic and market conditions; competition; risks relating to technological advances and cyber-security; and other risks set forth in the Company's most recent annual information form available on SEDAR+ at www.sedarplus.ca. The Company believes the expectations reflected in the 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. Material factors and assumptions used to develop the forward-looking statements contained in this news release include, among others: Quarterhill's ability to attract talent and execute on its business plan; demand for Quarterhill's products and services; operating assumptions; and financial projections and cost estimates. 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
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