Interesting statsWorth noting that Andrew Parolin (Wilan CEO) and Stephen Thompson (Wilan CFO) received about 93% and 96% respectively of their target bonuses re 2022 (MD&A page 23). It looks like most of that was due to the big revenue boost from the Apple settlement--which is a bit odd in the case of Parolin given that he was not Wilan CEO at the time.
Regardless, they both also received $10,000 discretionary bonuses. So the board clearly thought that they both performed at an excellent level.
So here's the curious thing. If someone were to look at Quarterhill for the first time, focusing only on the numbers (rather than the commentary) they could be forgiven for supposing that Quarterhill was planning to keep Wilan and divest the ITS businesses.
Not for a moment am I suggesting that they should. I just want to draw attention to how unusual this situation is. The general M&A rule of thumb is that you keep and cultivate your winners and unload your earnings-challenged operations.