CIBC - NOV 8 - Key PointsKey Points Q3 revenue was $88MM (our estimate was ~$30M), adjusted EBITDA was ~$39MM (~$6MM) and EPS were $0.21 ($0.01). Quarterhills two businesses Licensing and Intelligent Systems should continue to grow, albeit at a more modest pace than in the past quarter. The licensing unit through Wi-LAN is expected to continue experiencing top-line growth in 2021, with likely variability due to the segments lumpy nature. Intelligent Systems with IRD should continue to grow modestly into 2021 as well. Its business funnel remains solid and new products should support growth. Contract wins in new regions will also help IRD continue to build its global footprint. These assumptions could be delayed due to COVID-19. The President and CEO, Paul Hill, plans to continue with both business lines. The plan is to build on these units with M&A that is now focused on Intelligent Systems for road systems initially, and rail, aviation and maritime systems in the longer term. The M&A funnel is expected to widen and include tuck-ins and/or transformational deals longer term, employing creative approaches to overcome issues like on-site due diligence that have been raised by the pandemic.