BlackBerry Ltd (BB) 2022 Q3 法說會逐字稿

Good afternoon, and welcome to the BlackBerry's Third Quarter Fiscal Year 2022 Results Conference Call. My name is Charlie, and I will be your conference moderator for today's call. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

下午好，歡迎參加 BlackBerry 2022 財年第三季度業績電話會議。我的名字是查理，我將成為你今天電話會議的主持人。 （操作員說明）作為提醒，正在錄製此會議以供重播。

I would now like to turn the call over to Tim Foote, BlackBerry, Investor Relations. Please go ahead, sir.

我現在想將電話轉給黑莓投資者關係部的 Tim Foote。請繼續，先生。

Thank you, Charlie. Good afternoon, and welcome to BlackBerry's Third Quarter Fiscal 2022 Earnings Conference Call.

謝謝你，查理。下午好，歡迎參加 BlackBerry 2022 財年第三季度財報電話會議。

With me on the call today are Executive Chair and Chief Executive Officer, John Chen; and Chief Financial Officer, Steve Rai.

今天與我通話的還有執行主席兼首席執行官 John Chen；和首席財務官 Steve Rai。

After I read our cautionary note regarding forward-looking statements, John will provide a business update, and Steve will review the financial results. We will then open the call for a brief Q&A session. This call is available to the general public via call-in numbers and via webcast in the investor information section at blackberry.com. A replay will also be available on the blackberry.com website.

在我閱讀我們關於前瞻性陳述的警示說明後，約翰將提供業務更新，史蒂夫將審查財務結果。然後，我們將打開電話進行簡短的問答環節。公眾可通過電話號碼和 blackberry.com 的投資者信息部分的網絡廣播向公眾提供本次電話會議。 blackberry.com 網站上也將提供重播。

Some of the statements we'll be making today constitute forward-looking statements and are made pursuant to the safe harbor provisions of applicable U.S. and Canadian securities laws. We'll indicate forward-looking statements by using words such as expect, will, should, model, intend, believe and similar expressions. Forward-looking statements are based on estimates and assumptions made by the company in light of its experience and its perception of historical trends, current conditions and expected future developments as well as other factors that the company believes are relevant. Many factors could cause the company's actual results or performance to differ materially from those expressed or implied by the forward-looking statements. These factors include the risk factors that are discussed in the company's annual filings and MD&A, including the COVID-19 pandemic. You should not place undue reliance on the company's forward-looking statements. The company has no intention and undertakes no obligation to update or revise any forward-looking statements, except as required by law.

我們今天將做出的一些陳述構成前瞻性陳述，並且是根據適用的美國和加拿大證券法的安全港條款做出的。我們將使用諸如期望、將、應該、模型、打算、相信和類似的表達方式來表明前瞻性陳述。前瞻性陳述是基於公司根據其經驗和對歷史趨勢、當前狀況和預期未來發展的看法以及公司認為相關的其他因素做出的估計和假設。許多因素可能導致公司的實際結果或業績與前瞻性陳述中明示或暗示的結果或業績存在重大差異。這些因素包括公司年度文件和 MD&A 中討論的風險因素，包括 COVID-19 大流行。您不應過分依賴公司的前瞻性陳述。除法律要求外，公司無意且不承擔更新或修改任何前瞻性陳述的義務。

As is customary, during the call, John and Steve will reference non-GAAP numbers in their summary of our quarterly results. For a reconciliation between our GAAP and non-GAAP numbers, please see the earnings press release published earlier today, which is available on the EDGAR, SEDAR and blackberry.com website.

按照慣例，在電話會議期間，約翰和史蒂夫將在他們的季度業績摘要中引用非 GAAP 數據。有關我們的 GAAP 和非 GAAP 數字之間的核對，請參閱今天早些時候發布的收益新聞稿，該新聞稿可在 EDGAR、SEDAR 和 blackberry.com 網站上獲得。

And with that, I'll turn the call over to John.

有了這個，我會把電話轉給約翰。

Thank you. Thank you, Tim. Good afternoon, everybody. Thanks for joining the call today. I'm pleased to report that this quarter, we delivered solid sequential billings and revenue growth in both our IoT and cyber business unit and at base expectations. I'm also pleased that despite our ongoing investment to grow the top line, EPS came in much better than expected.

謝謝你。謝謝你，蒂姆。大家下午好。感謝您今天加入電話會議。我很高興地報告，本季度，我們的物聯網和網絡業務部門實現了穩定的連續計費和收入增長，並且達到了基本預期。我也很高興，儘管我們持續投資以增加收入，但每股收益比預期的要好得多。

Let me start my review with the IoT business unit. Revenue was $43 million, representing a 34%, 3-4, 34% year-over-year growth, although noting that last year was heavily impacted by the pandemic.

讓我從物聯網業務部門開始我的回顧。收入為 4300 萬美元，同比增長 34%、3-4%、34%，儘管注意到去年受到大流行的嚴重影響。

Gross margin was 81% and IoT ARR increased to $91 million. This is now the third consecutive quarter in which ARR has increased. This was a very positive quarter for QNX, driven by continued strength in design wins activities. We achieved record quarterly revenue from development seats, license as well as associated professional services. In fact, demand is so strong right now that we're expanding our professional services team by hiring additional heads into QNX.

毛利率為 81%，物聯網 ARR 增至 9100 萬美元。這是ARR連續第三個季度增加。這對 QNX 來說是一個非常積極的季度，這得益於設計獲勝活動的持續強勢。我們在開發席位、許可證以及相關專業服務方面實現了創紀錄的季度收入。事實上，現在需求如此強勁，我們正在通過在 QNX 招聘更多負責人來擴大我們的專業服務團隊。

In addition to the near-term revenue benefit, these strong design wins serves as a positive leading indicator of the longer-term health of the QNX business overall. Once completed, obviously, these designs will move into production and generate royalty revenue in future quarters. In terms of production-based royalty this quarter, we saw a modest increase compared to Q2. While we expect the auto industry supply chain issues to remain a meaningful headwind to vehicle production volumes through the end of this fiscal year and as well into 2022, we see the impact on QNX gradually lessening, including an improvement in Q3 versus -- Q4 versus Q3.

除了近期的收入收益外，這些強大的設計勝利還可以作為 QNX 業務整體長期健康狀況的積極領先指標。顯然，一旦完成，這些設計將投入生產並在未來幾個季度產生特許權使用費收入。在本季度基於生產的特許權使用費方面，與第二季度相比，我們看到了適度的增長。雖然我們預計汽車行業供應鏈問題在本財年末以及到 2022 年仍將是汽車產量的重大不利因素，但我們看到對 QNX 的影響逐漸減弱，包括第三季度與第四季度相比有所改善Q3。

I will now provide additional colors around the design wins in the quarter. The continued strength we are experiencing is further evidence of our leadership position in auto. We are certainly not taking this position for granted and continue to invest in all aspects of the business. In the quarter, we had a major win with BMW. BMW entered a multiyear agreement with us to develop new level 2 and 2+ autonomous drive system on QNX for makes and models across the entire BMW Group. Autonomous drive is the clearest example of safety critical software application in the car which, as you know, is the most defensible attributes of QNX.

我現在將圍繞本季度的設計勝利提供其他顏色。我們所經歷的持續實力進一步證明了我們在汽車領域的領先地位。我們當然不會認為這個職位是理所當然的，而是繼續投資於業務的各個方面。在本季度，我們與寶馬取得了重大勝利。 BMW 與我們簽訂了一項多年協議，在 QNX 上為整個 BMW 集團的品牌和車型開發新的 2 級和 2+ 級自動駕駛系統。自動駕駛是汽車中安全關鍵軟件應用程序的最明顯示例，如您所知，它是 QNX 最具防禦性的屬性。

BMW selected QNX because of our deep expertise and strong track records in safety, reliability as well as security. In addition to licensing our technology, we will be providing a professional services team to support BMW in their aggressive development time line. Other auto wins include a major new design for our acoustic middleware, one of our higher ASP products. We also had a number of ADARs -- advanced driver assist, sorry, ADAS, gateway and Digital Cockpit design wins with leading OEM and Tier 1.

寶馬之所以選擇 QNX，是因為我們在安全性、可靠性和安保方面擁有深厚的專業知識和強大的業績記錄。除了授權我們的技術外，我們還將提供專業的服務團隊來支持 BMW 積極的開發時間線。其他汽車勝利包括我們的聲學中間件的一項重大新設計，這是我們更高 ASP 產品之一。我們還擁有許多 ADAR——高級駕駛輔助，抱歉，ADAS、網關和數字駕駛艙設計贏得了領先的 OEM 和 Tier 1。

In Q3, we have 11 -- a total of 11 new auto design wins and 13 wins in the general embedded market. GAM, the general embedded market, wins included a number of medical applications such as an infectious disease diagnostic platform as well as a next-generation robotic surgical arm. We also have wins in industrial application as well as aviation, including an engine simulator with a leading aerospace company. With any luck, we'll also be able to share details of further significant auto design wins with you all at the CES in January.

在第三季度，我們有 11 項——共有 11 項新汽車設計獲勝，13 項在通用嵌入式市場獲勝。通用嵌入式市場 GAM 贏得了許多醫療應用，例如傳染病診斷平台以及下一代機器人手術臂。我們還在工業應用和航空領域取得了成功，包括與一家領先的航空航天公司合作的發動機模擬器。如果運氣好的話，我們還可以在 1 月份的 CES 上與大家分享更多重要的汽車設計勝利的細節。

A word on product development. During the quarter, Google, Qualcomm and BlackBerry, 3 of the leaders in the autonomous digital cockpit, announced a collaboration to build chipset that allows BlackBerry's hypervisor to seamlessly integrate with Android automotive. We are already seeing the results, securing the first design wins for this technology with a major European OEM in the quarter.

關於產品開發的一句話。在本季度，自主數字駕駛艙領域的三大領先企業谷歌、高通和黑莓宣布合作開發芯片組，使黑莓的虛擬機管理程序能夠與安卓汽車無縫集成。我們已經看到了結果，在本季度與一家主要的歐洲 OEM 合作，確保了這項技術的首次設計勝利。

Previously, to develop a digital cockpit with an Android automotive infotainment system running alongside safety critical application on a single chip would require hundreds of hours of expert development time for building custom integrations. This collaboration takes care of this for the customers, saving them both cost and time to market as well as delivering a higher-quality product. The auto industry continues to move towards consolidation, particularly consolidating digital cockpits with this -- consolidating digital cockpits.

以前，要開髮帶有 Android 汽車信息娛樂系統的數字駕駛艙，並在單芯片上與安全關鍵應用程序一起運行，需要數百小時的專家開發時間來構建自定義集成。這種合作為客戶解決了這個問題，為他們節省了成本和上市時間，並提供了更高質量的產品。汽車行業繼續朝著整合的方向發展，特別是整合數字駕駛艙——整合數字駕駛艙。

With this position, QNX is even strong -- will be even more strong in that space given the safety requirements. This provides the potential to win additional designs that will include both our hypervisor and our RTOS, our QNX operating system.

有了這個位置，QNX 就更加強大了——考慮到安全要求，在這個領域會更加強大。這提供了贏得更多設計的潛力，這些設計將包括我們的管理程序和我們的 RTOS，我們的 QNX 操作系統。

Turning to the Q4 outlook for the IoT business. The strength we have seen in design activities is expected to continue into Q4, and we anticipate a slight easing in supply chain headwinds. As a result, our outlook is for further sequential revenue growth and for Q4 revenue to be in the range of $50 million to $55 million, returning to the pre-pandemic run rate. We feel very good about the IoT business right now, but investors should keep in mind that the auto industry production headwinds.

轉向物聯網業務的第四季度展望。我們在設計活動中看到的強勁勢頭預計將持續到第四季度，我們預計供應鏈逆風將略有緩解。因此，我們的展望是收入將進一步連續增長，第四季度收入將在 5000 萬美元至 5500 萬美元之間，恢復到大流行前的運行速度。我們現在對物聯網業務感覺很好，但投資者應該記住汽車行業的生產逆風。

I will now provide a brief update on IVY. We released the early access version of IVY in October as we have previously targeted. This merchant has been released to a small number of ecosystem partners and will form the basis of our product administration at CES in January. This quarter, our co-development partner, AWS, announced the launch of a complementary product for IVY called AWS IoT FleetWise.

我現在將簡要介紹一下 IVY。正如我們之前的目標，我們在 10 月發布了 IVY 的早期訪問版本。該商家已發布給少數生態系統合作夥伴，並將成為我們 1 月份在 CES 上產品管理的基礎。本季度，我們的共同開發合作夥伴 AWS 宣佈為 IVY 推出一款名為 AWS IoT FleetWise 的補充產品。

While IVY is cloud agnostic and can work with any major cloud provider, AWS IoT FleetWise is a micro service that allows IVY insights to be efficiently and intelligently upload to the AWS cloud where they could support cloud side applications. Another significant development for IVY is Bosch, the world's largest auto Tier 1 supplier, announced that their new corporate integration platform will support IVY. This platform is built on QNX RTOS and Hypervisor, showing the potential for upselling IVY and future design to the large and growing QNX installed base. Our main focus for IVY right now is on securing POC, proof of concepts, and we are hopeful that we can announce some in the near future. Overall, we're pleased with the progress we made.

雖然 IVY 與云無關，並且可以與任何主要的雲提供商合作，但 AWS IoT FleetWise 是一項微服務，它允許 IVY 將洞察力高效、智能地上傳到 AWS 雲，在那裡他們可以支持雲端應用程序。 IVY 的另一項重大發展是全球最大的汽車一級供應商博世宣布其新的企業集成平台將支持 IVY。該平台建立在 QNX RTOS 和 Hypervisor 之上，展示了向龐大且不斷增長的 QNX 安裝群追加銷售 IVY 和未來設計的潛力。我們目前對 IVY 的主要關注點是保護 POC、概念證明，我們希望我們可以在不久的將來宣布一些。總的來說，我們對取得的進展感到滿意。

Let me now move to the cyber side of the business. This quarter, we delivered sequential billings and revenue growth for the second consecutive quarter. Revenue was $128 million. Gross margin was 59%. ARR was $358 million. Dollar-based net retention was 95%. We saw continuous growth in pipeline for unified endpoint security products, and particularly, our managed service offering, Guard.

現在讓我談談業務的網絡方面。本季度，我們連續第二個季度實現了連續計費和收入增長。收入為 1.28 億美元。毛利率為 59%。 ARR 為 3.58 億美元。基於美元的淨留存率為 95%。我們看到統一端點安全產品的管道持續增長，特別是我們的託管服務產品 Guard。

We are very excited about how our products perform in head-to-head bake off against other next-gen competitor this quarter. When we get to a POC, our technology performs well. As illustrated by competitive wins again CrowdStrike and SentinelOne as well as other older signature-based players like Microsoft, McAfee and Symantec. Among these wins with another top 10 global automaker, building on the win of the top 10 OEM we told you about last quarter. Other notable competitive wins include an international banking group, a leading European financial services firm and a global marketing agency.

我們對我們的產品在本季度與其他下一代競爭對手的正面交鋒中的表現感到非常興奮。當我們達到 POC 時，我們的技術表現良好。正如 CrowdStrike 和 SentinelOne 以及微軟、邁克菲和賽門鐵克等其他基於簽名的老玩家再次贏得競爭所示。在與另一家全球前 10 名汽車製造商的勝利中，我們在上個季度告訴您的前 10 名 OEM 的勝利基礎上。其他值得注意的競爭勝利包括一家國際銀行集團、一家領先的歐洲金融服務公司和一家全球營銷機構。

In addition to success with larger companies, we are seeing a lot of interest from small and medium-sized business too. And this will continue to be an area of focus for us as the market opportunity is large. Our automated protect and Guard-managed service offerings really resonate with small- and medium-sized companies that don't have a large security infrastructure. POC often involve customer performing vigorous testing of our product against the competitors' one and the success we are having in illustrating our competitive advantage.

除了與大公司取得成功外，我們也看到了中小企業的濃厚興趣。由於市場機會很大，這將繼續成為我們關注的一個領域。我們的自動化保護和 Guard 管理的服務產品真正引起了沒有大型安全基礎設施的中小型公司的共鳴。 POC 通常涉及客戶針對競爭對手的產品對我們的產品進行嚴格的測試，以及我們在展示我們的競爭優勢方面所取得的成功。

Let me highlight a few of those key ones. The first is our focus on prevention with consumer testing, demonstrating that we stop threat pre-execution. This contracts to the EDR approach that aims to remediate threats after the fact. The second is artificial intelligence. Whereas for other AI, it's relatively new and even an optional feature, our Cylance AI engine is central to our technology. It is the most mature in the market having learned from the analysis of trillions of files and literally identify over 20 billion characteristics.

讓我強調其中的幾個關鍵。首先是我們專注於通過消費者測試進行預防，這表明我們停止了威脅預執行。這與旨在事後補救威脅的 EDR 方法相結合。二是人工智能。而對於其他 AI，它相對較新，甚至是可選功能，而 Cylance AI 引擎是我們技術的核心。它是市場上最成熟的，從對數万億文件的分析中學習並從字面上識別超過 200 億個特徵。

The third advantage we have is our EPP works both offline and online of protection. Endpoints are protected 24/7 and don't rely on cloud connection, which is, of course, cloud connection could be very expensive. Fourth, we protect mobile. Nobody in this space know mobile as better than BlackBerry. I hope you agree with that and is rapidly becoming one of the largest spread surfaces. These 4 attributes differentiate BlackBerry security offerings from the competitor. I'm sure you all heard about the major security incidents known as Log4Shell which Caesar has classified at the maximum level 10 for severity. This relates to major vulnerabilities in the Apache Log4j Library, extensively used by the industry.

我們擁有的第三個優勢是我們的 EPP 可以離線和在線保護。端點受到 24/7 全天候保護，不依賴雲連接，當然，雲連接可能非常昂貴。第四，我們保護手機。在這個領域，沒有人比黑莓更了解移動設備。我希望您同意這一點，並且正在迅速成為最大的傳播表面之一。這 4 個屬性將 BlackBerry 安全產品與競爭對手區分開來。我相信你們都聽說過稱為 Log4Shell 的重大安全事件，Caesar 將其列為最高級別 10 的嚴重性。這與業界廣泛使用的 Apache Log4j 庫中的主要漏洞有關。

Let me provide you with an update from a BlackBerry perspective. This is obviously a rapidly evolving situation. And unlike many software companies who are still struggling to understand the impact, we track and categorize our product portfolio open-source software content. This means that we're able to very quickly identify which of our product users is library and create mitigation and release patches as the spreads evolve.

讓我從黑莓的角度為您提供更新。這顯然是一個快速發展的局面。與許多仍在努力了解其影響的軟件公司不同，我們對我們的產品組合開源軟件內容進行跟踪和分類。這意味著我們能夠非常快速地確定我們的哪些產品用戶是庫，並隨著傳播的發展創建緩解和發布補丁。

We can confirm that none of our core products, namely Protect, Optics, UEM, QNX, RTOS and Hypervisor, none of those products are negatively impacted by these vulnerabilities. Furthermore, our suite of cyber products, particularly our Protect, EPP and Guard-managed service can help customers prevent malware and ransomware that bad actors could try to execute using these vulnerabilities.

我們可以確認，我們的所有核心產品，即 Protect、Optics、UEM、QNX、RTOS 和 Hypervisor，都沒有受到這些漏洞的負面影響。此外，我們的網絡產品套件，尤其是我們的 Protect、EPP 和 Guard 託管服務，可以幫助客戶防止惡意軟件和勒索軟件，惡意行為者可能會利用這些漏洞嘗試執行這些惡意軟件和勒索軟件。

Now for a brief update on key partnerships. In recent quarters, we have released a number of new products and announced partnership that expand our extended detection and response offering, or XDR. In the quarter, we were excited to announce partnership with Okta and Mimecast as well as Stellar Cyber and XM cyber. And any significant XDR partnership is with Exabeam, the leading next-gen SIM provider. This partnership allows us to greatly improve both contacts and visibility of threats by adding telemetry data on hundreds of network integration to our Guard-managed XDR service. Managed XDR is a strong market opportunity, given the complexity of managing threat across the network.

現在簡要介紹關鍵合作夥伴關係。最近幾個季度，我們發布了許多新產品並宣佈建立合作夥伴關係，以擴展我們的擴展檢測和響應產品或 XDR。在本季度，我們很高興地宣布與 Okta 和 Mimecast 以及 Stellar Cyber 和 XM cyber 建立合作夥伴關係。任何重要的 XDR 合作夥伴都與領先的下一代 SIM 提供商 Exabeam 合作。這種合作夥伴關係使我們能夠通過將數百個網絡集成的遙測數據添加到我們的 Guard 管理的 XDR 服務中，從而大大改善威脅的聯繫和可見性。考慮到跨網絡管理威脅的複雜性，託管 XDR 是一個強大的市場機會。

Finally, we are pleased that during the quarter, SE Labs, an independent leading -- a leading independent cybersecurity research firm, ranked BlackBerry as the best new endpoint protection solution of 2021.

最後，我們很高興在本季度，獨立領先企業——領先的獨立網絡安全研究公司 SE Labs 將黑莓評為 2021 年最佳新端點保護解決方案。

A few words on customer wins. Across the business units, our key vertical this quarter were government banking and insurance. In government, we closed business of some of the world's leading governments and government agencies, including the U.S. Navy, who became a new SecuVOICE customer. The Department of Homeland Security, the Dutch government, the U.S. Department of Education, which was happened to be a new logo wins for our ad-hoc, the spacing our key competitors as well as Scotish government, U.S. Central Command, the Federal Aviation Authority, FAA, and the IRS just to name a few.

關於客戶獲勝的幾句話。在整個業務部門中，我們本季度的主要垂直領域是政府銀行和保險。在政府部門，我們關閉了一些世界領先的政府和政府機構的業務，包括成為 SecuVOICE 新客戶的美國海軍。國土安全部、荷蘭政府、美國教育部，這恰好是一個新的標誌贏得了我們的特別、我們的主要競爭對手以及蘇格蘭政府、美國中央司令部、聯邦航空局、FAA 和 IRS 僅舉幾例。

Moving to the outlook for the cyber business. We expect continued sequential billing growth in 4Q, and for Q4 revenue to be in the range of $125 million to $135 million. As previously indicated, I think I said last quarter, closing certain large government deals in Q4 will be important.

轉向網絡業務的前景。我們預計第四季度的計費將繼續連續增長，第四季度的收入將在 1.25 億美元至 1.35 億美元之間。如前所述，我想我上個季度說過，在第四季度完成某些大型政府交易將很重要。

Moving on to licensing. As you know, we have been in negotiations regarding the sale of our noncore portion of our IP patent portfolio. This process is taking much longer than we had hoped. And trust me, I share the frustration about the time line. Negotiations are very close to a conclusion, and we are literally down to the last few important items now. Both parties are working hard to get this finished, and we expect to reach a definitive agreement very soon. We will provide shareholders an update on progress in January.

繼續許可。如您所知，我們一直在就出售我們知識產權專利組合的非核心部分進行談判。這個過程花費的時間比我們預期的要長得多。相信我，我對時間線感到沮喪。談判已經非常接近結束，我們現在確實已經到了最後幾個重要項目。雙方都在努力完成這項工作，我們希望很快達成最終協議。我們將在 1 月份向股東提供最新進展。

In the quarter, licensing revenue was $13 million and gross margin was 54%. This beats expectation for the quarter. Should the sales reach a definitive agreement in January, we will suspend monetization activity and therefore, expect Q4 revenue to be close to 0. However, if not, then we'll continue to expect revenue to be around the $10 million mark for the quarter.

本季度，許可收入為 1300 萬美元，毛利率為 54%。這超出了本季度的預期。如果銷售在 1 月份達成最終協議，我們將暫停貨幣化活動，因此預計第四季度的收入將接近於 0。但是，如果沒有，那麼我們將繼續預計該季度的收入將在 1000 萬美元左右.

I'll now hand over to Steve to provide additional colors on the financials.

我現在將移交給史蒂夫，以提供財務方面的其他顏色。

Thank you, John. My comments on our financial performance for the third quarter will be in non-GAAP terms unless otherwise noted. Please refer to the supplemental table in the press release for the GAAP and non-GAAP details.

謝謝你，約翰。除非另有說明，否則我對第三季度財務業績的評論將採用非公認會計原則。有關 GAAP 和非 GAAP 的詳細信息，請參閱新聞稿中的補充表格。

We delivered third quarter total company revenue of $184 million. Third quarter total company gross margin was 64%. Our non-GAAP gross margin excludes stock compensation expense of $1 million, and our third quarter operating expenses were $142 million. Our non-GAAP operating expenses exclude $29 million in amortization of acquired intangibles, $5million in stock compensation expense and a $110 million fair value gain on the convertible debentures.

我們第三季度的公司總收入為 1.84 億美元。第三季度公司總毛利率為64%。我們的非 GAAP 毛利率不包括 100 萬美元的股票補償費用，我們第三季度的運營費用為 1.42 億美元。我們的非公認會計原則運營費用不包括 2900 萬美元的收購無形資產攤銷、500 萬美元的股票補償費用和 1.1 億美元的可轉換債券公允價值收益。

Given our ongoing investment towards driving top line growth in our core IoT and Cyber businesses, the third quarter non-GAAP operating loss was $24 million, and the third quarter non-GAAP net loss was $1 million. We recorded a nonoperating gain of $25 million as a result of gains realized in 2 legacy venture investment funds that make up the majority of the long-term investment balance on our balance sheet. Related to this gain, these underlying -- the investments underlying these funds represent a passive interest we had, which were sold and we received a distribution -- cash distribution of approximately $35 million during the quarter.

鑑於我們對推動核心物聯網和網絡業務收入增長的持續投資，第三季度非公認會計準則營業虧損為 2400 萬美元，第三季度非公認會計準則淨虧損為 100 萬美元。我們記錄了 2500 萬美元的非經營性收益，這是由於 2 個傳統風險投資基金實現的收益，這些基金占我們資產負債表上長期投資餘額的大部分。與這一收益相關，這些基礎 - 這些基金的基礎投資代表了我們擁有的被動權益，這些權益被出售並我們收到了分配 - 本季度現金分配約為 3500 萬美元。

Non-GAAP earnings per share was breakeven in the quarter. Our adjusted EBITDA was negative $8 million this quarter, excluding the non-GAAP adjustments previously mentioned.

非公認會計準則每股收益在本季度實現盈虧平衡。本季度調整後的 EBITDA 為負 800 萬美元，不包括前面提到的非 GAAP 調整。

I will now provide a breakdown of our revenue in the quarter. Cybersecurity revenue was $128 million, and IoT revenue was $43 million. Software product revenue remained in the range of 80% to 85% of the total, with professional services comprising the balance. The recurring portion of software product revenue remained at approximately 80%. Licensing and other revenue was $13 million, given the limitations to our monetization activities due to the potential IP portfolio sale.

我現在將提供本季度收入的明細。網絡安全收入為 1.28 億美元，物聯網收入為 4300 萬美元。軟件產品收入佔總收入的比重保持在 80% 至 85% 之間，專業服務佔其餘部分。軟件產品收入的經常性部分保持在約 80%。由於潛在的 IP 組合銷售對我們的貨幣化活動造成限制，許可和其他收入為 1300 萬美元。

Now moving to our balance sheet and cash flow performance. Total cash, cash equivalents and investments were $772 million as at November 30, 2021, remaining consistent during the quarter. Our net cash position remained at $407 million. Again, given our investment in our core software businesses, third quarter free cash flow was negative $21 million, cash used by operations was $19 million and capital expenditures were $2 million. That concludes my comments, and I'll now turn it back to John.

現在轉到我們的資產負債表和現金流表現。截至 2021 年 11 月 30 日，現金、現金等價物和投資總額為 7.72 億美元，在本季度保持穩定。我們的淨現金頭寸保持在 4.07 億美元。同樣，鑑於我們對核心軟件業務的投資，第三季度的自由現金流為負 2100 萬美元，運營使用的現金為 1900 萬美元，資本支出為 200 萬美元。我的評論到此結束，我現在將其轉回給 John。

Thanks, Steve. Before I move to the Q&A, let me summarize the key points for the quarter. We are pleased with how our new organization structure is executing right now. We saw strength in design activities for our QNX business, achieving a record quarter for design-related revenue, and it looks like it will continue. Macro supply chain headwinds are still impacting vehicle production, but we see an improvement picture heading into Q4. We made good progress with IVY, including releasing the early access version of the product.

謝謝，史蒂夫。在進入問答環節之前，讓我總結一下本季度的要點。我們對我們新的組織結構目前的執行情況感到滿意。我們看到 QNX 業務的設計活動表現強勁，設計相關收入創歷史新高，而且看起來還會繼續。宏觀供應鏈逆風仍在影響汽車生產，但我們看到進入第四季度的情況有所改善。我們在 IVY 方面取得了不錯的進展，包括發布了產品的早期訪問版本。

On the cyber side, we again seek with sequential growth in billings and revenue, including more head-to-head wins against our key competitors. The ongoing Log4Shell incident is a great example of the huge cyber market opportunity and also showcase our capabilities. While others are struggling to identify the impact on their products from open-source cloud, we are responding rapidly and effectively. Overall, BlackBerry delivered a solid progress -- we delivered a solid progress, beating both revenue and earnings expectations for the quarter.

在網絡方面，我們再次尋求賬單和收入的連續增長，包括與我們的主要競爭對手進行更多的正面交鋒。正在進行的 Log4Shell 事件是巨大網絡市場機會的一個很好的例子，也展示了我們的能力。當其他人正在努力確定開源雲對其產品的影響時，我們正在快速有效地做出響應。總體而言，黑莓取得了穩健的進展——我們取得了穩健的進展，超過了本季度的收入和盈利預期。

So Charlie, please start the process of Q&A.

那麼查理，請開始問答過程。

(Operator Instructions) Our first question today will be from Daniel Chan with TD Securities.

（操作員說明）我們今天的第一個問題將來自道明證券的 Daniel Chan。

Can you provide any color on the cybersecurity ARR? It looks like it declined to $358 million from $364 million quarter-over-quarter. Just wondering if there's any churn in which products may have been affected and maybe any products are showing outside strength?

您能否在網絡安全 ARR 上提供任何顏色？看起來它從環比的 3.64 億美元下降到 3.58 億美元。只是想知道是否有任何產品可能受到影響以及是否有任何產品顯示出外部實力？

Yes, we have a positive surprise with a higher revenue came in more than we expected from Secusmart product. So that has -- that principally drove the numbers that you saw.

是的，我們有一個積極的驚喜，Secusmart 產品的收入比我們預期的要高。所以這主要推動了你看到的數字。

Okay. And then the guidance that you provided for next quarter, what are the puts and takes in that guidance?

好的。然後是您為下個季度提供的指導，該指導的看跌和接受是什麼？

Yes. So let me just break it into 2 pieces, IoT or it's cyber. In the IoT side, touch wood, I think we're all feeling pretty good about it. You're going to -- as I said, we're going to get back to pre-pandemic level. Design wins are good. That brings -- we have a good pipeline for professional -- backlog of professional services to help the customers to deploy our technology as well as the developer seat. And as I said earlier, the royalty, we expect to uptick a little bit from Q3. So that kind of compose the math for the guidance between $50 million to $55 million. I feel okay about that. I don't want to jinx it, but it looks okay.

是的。所以讓我把它分成兩部分，物聯網或網絡。在物聯網方面，觸摸木頭，我認為我們都對此感覺良好。你會——正如我所說，我們將回到大流行前的水平。設計勝利是好的。這帶來了 - 我們有一個很好的專業管道 - 積壓的專業服務，以幫助客戶部署我們的技術以及開發人員席位。正如我之前所說，版稅，我們預計從第三季度開始會略有上升。因此，這構成了 5000 萬美元到 5500 萬美元之間指導的數學。我對此感覺很好。我不想搞砸它，但它看起來還不錯。

On the cyber side, it relies on a number of deals that are quite big from the government side from a revenue perspective because of the fact that we expect these to close a little later in the quarter. So the revenue contribution will not be as big as it is, obviously, in the beginning of the quarter, but the billings will look fine.

在網絡方面，從收入的角度來看，它依賴於政府方面的一些相當大的交易，因為我們預計這些交易將在本季度晚些時候完成。因此，顯然，在本季度初，收入貢獻不會像現在那麼大，但賬單看起來會很好。

Your next question comes from the line of Trip Chowdhry with Global Equities Research.

您的下一個問題來自全球股票研究公司的 Trip Chowdhry。

Very good execution on the quarter. Few things I would be interested is related to IVY platform. You had the early access program almost now for 2 months. Any specific data points you would like to share maybe in terms of download applications of partners, any reaction? And then I have a follow-up question.

本季度執行非常好。我感興趣的東西很少與 IVY 平台有關。您現在已經有將近 2 個月的搶先體驗計劃了。您想分享的任何具體數據點可能是合作夥伴的下載應用程序，有什麼反應嗎？然後我有一個後續問題。

Okay. So yes, we, of course, release it to the application partners and a handful of OEMs car manufacturer. The feedback was very positive. As I said earlier, we're going to use that as a basis of our demonstration or -- and our talk at CES at our booth. And we're also going to digitize and stream that -- those sessions. I'll talk a little bit about that later.

好的。所以是的，我們當然會將其發布給應用程序合作夥伴和少數原始設備製造商汽車製造商。反饋非常積極。正如我之前所說，我們將把它作為我們演示的基礎，或者——以及我們在 CES 展位上的演講。我們還將數字化和流式傳輸——那些會議。我稍後會談到這一點。

So positive response, lots to do, a lot of activities going on. The application, as you know, we have announced a few applications. I hope -- I can't promise every single one of them you will see at our booth, but we have the battery management systems. We have a car as a wallet. We have other rideshare applications. So I don't know whether every single one of them will make it to our booth, but I expect quite a number of them will.

如此積極的反應，很多事情要做，很多活動正在進行。該應用程序，如您所知，我們已經宣布了一些應用程序。我希望——我不能保證你會在我們的展位上看到每一個人，但我們有電池管理系統。我們有一輛汽車作為錢包。我們還有其他拼車應用程序。所以我不知道他們中的每一個人是否都會來到我們的展位，但我希望他們中的很多人會。

And now when you look at...

而現在，當你看...

And you also see a cockpit, by the way, sorry Trip. You also will see a cockpit that we collaborate with Amazon, AWS.

順便說一句，你還看到了一個駕駛艙，抱歉 Trip。您還將看到我們與亞馬遜、AWS 合作的駕駛艙。

Beautiful. Then also, if we look at the new generation EV players and also the old guard of automobile players, there seem to be now getting on the bandwagon of over their updates. I was wondering, does your platform, whether it's IVY or QNX, provide over-the-air updates just out of the box?

美麗的。然後，如果我們看看新一代的電動汽車玩家和老牌汽車玩家，現在似乎已經趕上了他們更新的潮流。我想知道，您的平台（無論是 IVY 還是 QNX）是否提供開箱即用的無線更新？

Yes. QNX has an option on OTA. Of course, IVY has strapped the OTA. The physical link is a simple thing, and we do have it. And the more important thing that I talked about earlier about the new AWS -- the new Amazon releases called FleetWise, allow a logical link between the edge of the car to the cloud. And we're taking advantage of that micro surface. So yes, we do both -- it's obviously both ways from the cloud to the car and the vice versa. So from data and cloud, we do have OTA capabilities already existed.

是的。 QNX 有 OTA 選項。當然，IVY已經束縛了OTA。物理鏈接是一件簡單的事情，我們確實擁有它。我之前談到的關於新 AWS 的更重要的事情——稱為 FleetWise 的新 Amazon 版本允許汽車邊緣與雲之間的邏輯鏈接。我們正在利用那個微表面。所以是的，我們兩者都做——顯然從雲到汽車都是雙向的，反之亦然。因此，從數據和雲來看，我們確實已經存在 OTA 功能。

Very good. So looking forward to seeing your announcements at the CES show.

很好。因此，期待在 CES 展會上看到您的公告。

Great. Thank you, Trip.

偉大的。謝謝你，特里普。

Your next question comes from the line of Mike Walkley with Canaccord.

您的下一個問題來自於 Canaccord 的 Mike Walkley。

This is actually Daniel on for Mike. So yes, I guess with John Giamatteo joining your cybersecurity unit last quarter, just wanted to see how the productivity of your investments in your quota-carrying sales reps are trending in this area of your business? And how should we think about maybe some of the sustained investments as we move into '23?

這實際上是丹尼爾對邁克的看法。所以，是的，我想隨著 John Giamatteo 上個季度加入您的網絡安全部門，只是想看看您對配額銷售代表的投資效率在您的業務領域的趨勢如何？隨著我們進入 23 世紀，我們應該如何考慮一些持續的投資？

Good question. John joined us and the exciting part of that is that John has enormous experience in the cybersecurity market. He ran a $3 billion business as President of CRO of McAfee before. And so he's very relevant, and he brings in a lot of relationship, particularly with customers and partners. So that's very good. And he knows how to make salespeople successful in the cyber world. So I don't know how to describe productivity, but I could tell you one data point that today we have 10% more quota carrier, what we call the direct quote area. We have 10% more direct quota carrier than a year ago -- or the beginning of the year, sorry, than the beginning of the year.

好問題。 John 加入了我們，其中令人興奮的部分是 John 在網絡安全市場擁有豐富的經驗。此前，他曾擔任 McAfee 的 CRO 總裁，經營著價值 30 億美元的業務。所以他非常重要，他帶來了很多關係，特別是與客戶和合作夥伴。所以這很好。他知道如何讓銷售人員在網絡世界中取得成功。所以我不知道如何描述生產力，但我可以告訴你一個數據點，今天我們的配額承運人增加了 10%，我們稱之為直接報價領域。我們的直接配額承運人比一年前增加了 10%——或者說是年初，對不起，比年初。

We did the math that way. So -- and the productivity we will start seeing that as a lot of them are new because we recently hired them. We will see those coming in the next few quarters. If you think about a sales cycle, let's say, 2 to maybe 3 quarters. Quarter 3, I should be seeing some results in either the second quarter or the third quarter next year.

我們就是這樣算的。所以 - 我們將開始看到生產力，因為其中很多都是新的，因為我們最近僱用了他們。我們將在接下來的幾個季度看到這些。如果您考慮一個銷售週期，比如說 2 到 3 個季度。第三季度，我應該在明年第二季度或第三季度看到一些結果。

Okay. Great. And I guess, just as a follow-up. So you noted you saw further pipeline growth within cybersecurity and you also expect sequential billings growth in Q4. When should we expect this to start showing up in ARR?

好的。偉大的。我想，只是作為後續行動。因此，您注意到您在網絡安全領域看到了進一步的管道增長，並且您還預計第四季度的連續賬單增長。我們應該什麼時候期望這會開始出現在 ARR 中？

Well, next year, I hope. So I feel pretty good about mathematically that we're looking for a good ARR growth next year.

好吧，明年，我希望。因此，我對數學上的感覺非常好，我們正在尋找明年的良好 ARR 增長。

(Operator Instructions) Your next question comes from the line of Paul Treiber with RBC Capital Markets.

（操作員說明）您的下一個問題來自 RBC Capital Markets 的 Paul Treiber。

Within IoT, I mean, it seems like you're quite upbeat on the design win-related revenue like developer seats and professional services. What's the typical gap like in duration between professional services work and when it goes into production? And then also, is there a ratio like for every dollar of professional services and design sort of developer seats to ultimate the royalty revenue that you may see?

在物聯網中，我的意思是，您似乎對開發人員席位和專業服務等與設計獲勝相關的收入相當樂觀。專業服務工作與投入生產之間的典型時間差是多少？然後，是否有像每一美元的專業服務和設計類型的開發人員席位這樣的比率來最終獲得您可能看到的版稅收入？

No, there's no -- there's really no direct ratio. It's really -- some OEM wants a very aggressive development schedules. So they used to -- in that case, they will ask us to provide some expertise. And of course, we -- under the professional service program. And then they will typically buy a higher number of developer seats because they have -- they want to put more engineers on it in parallel. Some want to do it a little bit more sequentially.

不，沒有——真的沒有直接比率。確實——一些 OEM 想要一個非常激進的開發計劃。所以他們過去——在這種情況下，他們會要求我們提供一些專業知識。當然，我們 - 在專業服務計劃下。然後他們通常會購買更多的開發人員席位，因為他們有——他們希望同時讓更多的工程師參與進來。有些人想按順序做一點。

I would tell you that if you ask our folks that we're seeing the former -- the people are more aggressive with time line than not because whether you're an autonomous vehicle design or whether you're in the electric vehicle design or the combination of both, competition is heating up in the auto industry, as you all know. So time to market is important to them unlike the kind of the old rule of thumb that a new model come out in the last 10 years. And usually, it takes 5 to 7 years to get the new model out from conception to production.

我會告訴你，如果你問我們的人，我們看到的是前者——人們在時間線方面比不是更積極，因為無論你是自動駕駛汽車設計，還是電動汽車設計，還是眾所周知，兩者的結合，汽車行業的競爭正在升溫。因此，上市時間對他們來說很重要，這與過去 10 年推出新型號的舊經驗法則不同。通常，新模型從構思到生產需要 5 到 7 年的時間。

I think those are very much collapsed partly because by players like Tesla, the world and a lot of the Chinese players. Their development cycle and sales cycle are a lot shorter of the manufacturing cycle. So there isn't really a -- you buy more developer seats and therefore, you have a long -- bigger production royalty. I don't think there's a real constant factor or relationship there. Now typically, as I said, we see a developer -- a win and then a developer seat licenses as well as professional service.

我認為這些在很大程度上崩潰了，部分原因是像特斯拉這樣的玩家、世界和許多中國玩家。它們的開發週期和銷售週期比製造週期短得多。所以實際上並沒有——你購買更多的開發者席位，因此你有一個長期的——更大的生產版稅。我不認為那裡有真正不變的因素或關係。現在，正如我所說，我們通常會看到一個開發者——一個贏家，然後是一個開發者席位許可證以及專業服務。

Usually, you add -- about 3 years down, you start seeing production. Nowadays, I have seen numbers that are a little bit off -- plans, I shouldn't say numbers, plans are a little bit more aggressive than that. But a typical cycle will be 3 to 5 years from win to seeing the royalty start growing. And once the royalty starts growing, usually lasts in excess of 7 years.

通常，您添加 - 大約 3 年後，您開始看到生產。現在，我看到的數字有點偏離——計劃，我不應該說數字，計劃比這更激進一點。但一個典型的周期是從獲勝到看到版稅開始增長的 3 到 5 年。一旦版稅開始增長，通常會持續超過 7 年。

Okay. That's helpful. Just one follow-up question. Sales and marketing, I was in the impression that you're planning to ramp it up more significantly, it's been flat this past quarter. How should we think about sales and marketing spending from here?

好的。這很有幫助。只是一個後續問題。銷售和營銷，我的印像是您計劃更大幅度地提高它，上個季度一直持平。從這裡開始，我們應該如何看待銷售和營銷支出？

Yes. Sales and marketing will definitely ramp up. I could tell you John Giamatteo on cyber side. We don't do as much of marketing in QNX or IoT because especially in the auto space and some of the GAM vertical, we are already a reasonably known name and known entity. So we don't need to do as much. On cyber, as you know, we need to do quite a bit. So -- and John Gi is very focused on it. So you would see that going up and going up quite a bit, in fact.

是的。銷售和營銷肯定會增加。我可以告訴你網絡方面的 John Giamatteo。我們在 QNX 或物聯網方面沒有做太多的營銷，因為特別是在汽車領域和一些 GAM 垂直領域，我們已經是一個相當知名的名稱和知名實體。所以我們不需要做那麼多。如您所知，在網絡上，我們需要做很多事情。所以——John Gi 非常專注於它。因此，實際上，您會看到這一數字不斷上升。

And we have no further questions at this time. I would like to turn the call back over to John Chen, Executive Chair and CEO of BlackBerry, for closing remarks.

目前我們沒有進一步的問題。我想把電話轉回給黑莓執行主席兼首席執行官 John Chen 做閉幕詞。

Thank you, Charlie. Okay. Thank you, everybody. And as we mentioned, we're participating at CES in Las Vegas in January. The focus will be on IoT business and how it address the benefit from the key trend in edge computing. No doubt, a key highlight will be the demonstration of our IVY technology, including the illustrating how IVY use edge computing to create insight for sensor data, both hardware- and software-defined sensor. We will be hosting a hybrid in-person and live stream demonstration of the IVY technology, followed by an investor Q&A session with Mattias Eriksson, the President of the BlackBerry IoT Group, at 8:00 a.m. Pacific on Thursday, January 6. We'll be releasing more details about this shortly.

謝謝你，查理。好的。謝謝大家。正如我們所提到的，我們將參加 1 月份在拉斯維加斯舉行的 CES。重點將放在物聯網業務上，以及它如何從邊緣計算的關鍵趨勢中受益。毫無疑問，一個關鍵亮點將是我們的 IVY 技術的演示，包括說明 IVY 如何使用邊緣計算來創建對硬件和軟件定義傳感器的傳感器數據的洞察力。我們將在太平洋時間 1 月 6 日星期四上午 8:00 舉辦 IVY 技術的面對面和現場直播混合演示，隨後與黑莓物聯網集團總裁 Mattias Eriksson 進行投資者問答環節。我們'將很快發布有關此的更多詳細信息。

I'd like to wrap up by wishing all of you -- thank you for joining us and wishing all of you and investors and everyone on the call here, a happy holidays and a safe and successful new year. Thank you very much.

最後，我想祝愿你們所有人——感謝你們加入我們，並祝愿你們所有人、投資者和電話中的每一個人，節日快樂，新年安全和成功。非常感謝。

And this concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。