RE:RE:RE:RE:IRD last 6 monthsShareholders, isn't IRD's performance already reflected in results. I don't quite grasp your point. On Wilan, definitely the market will respond to a favorable license or settlement with Apple, Micron, Amazon, Google, Mocrosoft, etc. These are potential windfall events. QTRH has already stated that the Wilan business, under normal operating conditions, can be expected to produce ~$30M EBITDA per year. That means that when normal operating EBITDA and windfall EBITDA are turned into ITS EBITDA, it should be rated at least 12X.
Which brings me to my next, and possibly the more important point. Paul Hill has work to do on the mutiple that the ITS businesses are being given. 12X lags peers in this space who carry a 15X - 17X mutiple. TransCore was divested this past weekend at a 20X mutiple. QTRH is not quite yet at the point where the broad analysts community view it as an ITS business with a fairly secure annual infusion of ~$30M in new non-dilutive capital for growth. QTRH is not far off that point. One more ETC-size acquisition and it will be there broadly imo.