why nobody posted this? because it is somewhat alarming...........
Question-and-Answer Session
Operator
[Operator Instructions] Your first question comes from Gavin Fairweather with Cormark.
Gavin Fairweather
Maybe just to start out on the European tolling opportunities. I know that the business has an existing footprint in that market but maybe speak through your efforts to prepare to enter that market in a more fulsome way for tolling? Or are you hiring some more experienced tooling people in that market. Are you having discussions with local players around partnerships? Maybe just talk about the effort today?
Chuck Myers
Well, you just hit on both of the key points. We do actually have some quite experienced tolling folks in Europe today that had been primarily focused on the safety and enforcement piece. But as we mentioned earlier, we did do our first kick-off in Europe. As the company, we've been very careful about where we've been spending money but this was our first big conference which was Intertraffic in Amsterdam which is a large conference that happens every two years but this was actually a 4-year window, I believe because of COVID. So we do have good resources in Europe and good partnerships and we are actively and aggressively pursuing those now and looking for just the right opportunities. We have a couple of opportunities in the near term that we think we're probably going to be bidding on. And so we expect to possibly see some small wins by the end of the year but probably early into the 2025.
Gavin Fairweather
Thanks for that. And maybe just in general, you can speak to the cadence of kind of tolling RFPs hitting the market and kind of how you're feeling about the ability to put up a good win rate in that business as you've revised some of your bidding mechanisms?
Chuck Myers
Yes, I think it's important to understand that the kind of value of this business is the length of the relationships with the customers. To give you, we continue to expand our existing customers. We're in a number of negotiations on expansion and existing relationships has kind of witnessed, as we talked about our expansion in Illinois, we have a number of those discussions ongoing. And so those you won't necessarily be see bid in the kind of the public markets. You'll hear about them after we announce the extensions and those can be a fairly significant portion of our business, probably a very large portion of our business.
So we do see a good cadence right now with several RFPs coming hitting the streets now out or that we've been we have a pretty good line on for the next 12 months. So the cadence is how you announce it has a lot to do with all of the political process that goes through these things as they've been moving forward. I would be probably questionably pressed to give you any exact times on that. But we do see good market action right now and especially in our expansion activities.
Gavin Fairweather
It's good to hear that. Maybe just on EBITDA margins, I mean, obviously moving profitability higher as a priority. I think that you've talked in the past have had a mid-teens target for EBITDA, maybe 20% longer term. I guess I'm just curious like how much of a move we can see as more of these EPC projects slip into maintenance versus kind of how much have the move or require achieving greater scale for the business and some additional wins or M&A? Just curious for your thoughts that.
Chuck Myers
I don't know that. I mean, we think a lot of it's going to come from operations. As we've mentioned in the past, there's a hangover in this company from, probably -- I mean, this is speculation on my part. The Hangover goes back to all the way, even probably four quarters you bought that company where there were previous under previous ownership they had bid jobs very aggressively and I probably underbid them with the purposes of maybe promoting revenue there. May be not should have been promoted so hard. So I think a lot of the margin enhancement just becomes as we spend a lot of time with our customers on these implementations and cleaning them up and cleaning up any of the software changes that need to be done. A lot of that margin improvement just comes with time and hard work. And so we're moving that forward. And I think that's why you're starting to see some -- while it was small that was a 3% margin expansion, I think Kyle just reported.
And we expect to continue to see that. Current jobs we're bidding much, let's say, with higher margins and we're more careful about we do, how we do it. And the other side of it is we expect to bid jobs in the future, much more along a software license basis with much higher margins as we kind of transitions how the company positions itself as more of a software company rather than just a simple integrate.
Gavin Fairweather
That's great to hear. And I apologize. I thought that I'd never ask a Wireline question on a call like but I could see -- NASA awarded announced late last week versus Microsoft. I'm sure there was I'll just kick-off kind of more legal wrangling but has that changed your view on the value of your equity stake or not at all.
Chuck Myers
The reality is Gavin, you have a lot of experience personally with patent and patent litigation, don't hold your breath. Microsoft is a big company. They have a reputation of taking things literally all the way to the Supreme Court. I can't remember when I read that, whether it had been through even if that was an appellate, will I don't think that's an appellate ruling. So I think we've got a ways to go before you're going to realize anything on that.
Gavin Fairweather
And then maybe just for Kyle. Do you have an estimate on how much excess working capital might be in the business or how much you might be able to pull out between kind of Q2 to Q4 this year as well? Some of these milestones are achieved; any sense there [ph]?
Kyle Chriest
There is an excess. We built up payables as well which we saw we paid down this quarter which was kind of the offset to that excess. But we are targeting to improve working capital somewhere around 10% to 15% overall from where we are today. And that improvement will come in across Q3, Q4 and the year.
Gavin Fairweather
Okay. 10% to 15% reduction in your working capital. Okay, that's it for me. Thanks so much.
Operator
Your next question comes from Todd Coupland with CIBC.
Todd Coupland
Good morning, everyone. I had a balance sheet question as well. Could you just tell us what the likely outcome will be on the current debt and the converts and what does that look like, I guess, post maturity?
Chuck Myers
Kyle, you want me to take that or you want to take it?
Kyle Chriest
No, I can jump in. I guess we're ways away on the converts and the convertible debt, Todd. Were ideally hoping the share price would be up and we will be converting at in the future. And not diluting the stock, very heavy, the 3D target prices out there and that's a good price and we got a couple of years to get there. On the debt, we're back on side of our covenants and we're forecasting to be on side of our covenants. I had mentioned in our script earlier. And with that debt, it matures around the same time I think at that point in time, we should be looking to extend or looking to pay down the debt depending on the position of the business and what's best at that time but also a couple of years old.
Todd Coupland
Okay. I'm sorry, I've forgotten this number. I thought you said October 2024 maturity.
Kyle Chriest
No.
Chuck Myers
2026, Todd. We have 2.5 years.
Todd Coupland
2.5 years. Okay. My apologies for my ignorance on that date. And so the takeaways fine. I mean, you have $50 million in cash and no cash calls for a while. The $21 million debt. How does that compare to your available lines of credit? Do you have a space there, if necessary?
Kyle Chriest
Right now, at the end of the covenant relief period, we reopened up our $5 million line and that's…
Todd Coupland
Okay. So $5 million on top of the $21 million?
Kyle Chriest
Yes.
Todd Coupland
Okay. And second question for me is, what should the EBITDA margin progression be this year? You're pretty low in Q1. You have had some high single digit, low double digit EBITDA margins over the last year or two. Yes. Talk about the progression this year and the path to get back to double digits, what type of expectation should investors have on that? Thank you.
Chuck Myers
You want me to take that, Kyle or you want to take that?
Kyle Chriest
I can jump in and let you share some color. Todd, we weren't giving specific guidance on EBITDA this year but we do expect it to grow throughout 2024. You have to also keep in mind that in the current quarter, the enforcement revenues which bring in solid margins are down in Q1 and will ramp back up in Q2, Q3 and Q4. We want to get to double digit EBITDA as quick as we can. And then longer term, we do want to get it up to that 20% but we're looking at a couple of years to get there.
Anything to add there, Chuck?
Chuck Myers
No. I'd just say, look, I think I've mentioned this before, our goal is to exit as close to double digits as we can at the end of the year. And I think I've been fairly -- that's been I've been pretty transparent about my goal there and that is still our goal and we still think it's achievable.
Operator
[Operator Instructions]
Todd Coupland
Sorry. Last question for me is on the backlog just down a little bit sequentially. How should we think about the puts and takes in the backlog quarter to quarter versus all the activity you talk about in RFPs and growth in revenue over the course of the year? That's it for me. Thanks a lot.
Kyle Chriest
Thanks, Todd. On the backlog side, we converted a lot of the items that I think you'd previously mentioned. We had some high-probability pipeline. We know those renewals are coming and a couple of those came in. Chuck mentioned, Illinois and converted now to backlog. We had a couple of wins during the quarter but we overall I think we're sitting at above $500 million right now. So we drained the backlog a little bit but Q1 wasn't a large planned replenishing quarter. We still have bids out there and we look to refill as we continue throughout the year.
Operator
There are no further questions at this time. I will now turn the call over to Mr. Myers for closing remarks.
Chuck Myers
Great. Thank you. I just wanted to -- a big thank you to all of our shareholders. I realize you've been through a lot of things with Quarterhill over the years. Rest assured, me and my team, and Kyle and his team, are working extremely hard to really get this thing going in the right direction, and we're pretty pleased with where we are. We know we have a lot of work; we're really focused on moving cash up this year. We want to thank the analysts and the coverage. And to be honest, all of our employees. I mean, everybody is -- is grinding now, we’ve got great employees. And over the few days, you'll hear about the fact that we brought in a new executive program manager to -- Kim [ph] comes out of the defense and aerospace business to manage overall our programs, as well as Kyle's beefed [ph] up his team with three senior significant financial folks just managing projects.
So we're very happy with our team and we're very happy with the kind of the restructuring process that's going on. So with that, I'll just say, thank you, again, to all of our shareholders and for taking the time and being supportive.
Operator
A LOTS OF IF'S AND MIGHTS.... Still getting to go in the right direction is all you need to know.......... Sorry QTRH shareholders this puppy ain't barking for quite a while yet..
Look a t the demand and bids piling up...........lol Volume 200