BlackBerry Ltd (BB) 2021 Q4 法說會逐字稿

Good afternoon, and welcome to the BlackBerry Fourth Quarter and Fiscal Year 2021 Results Conference Call.

下午好，歡迎參加 BlackBerry 第四季度和 2021 財年業績電話會議。

My name is Sadie, and I will be your conference moderator for today's call.

我的名字是薩迪，我將成為你今天電話會議的主持人。

(Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

（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 today's call over to Tim Foote, BlackBerry Investor Relations.

我現在想將今天的電話轉給 BlackBerry 投資者關係部的 Tim Foote。

Please go ahead.

請繼續。

Thank you, Sadie.

謝謝你，薩迪。

Good afternoon, and welcome to BlackBerry's Fourth Quarter Fiscal 2021 Earnings Conference Call.

下午好，歡迎參加 BlackBerry 2021 財年第四季度財報電話會議。

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.

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。

We will then open the call for a brief Q&A session.

然後，我們將打開電話進行簡短的問答環節。

This call is available to the general public via call-in numbers and via webcast in the Investor Information section at blackberry.com.

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此電話。

A replay will also be available on the blackberry.com website.

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.

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。

We'll indicate forward-looking statements facing words such as expect, will, should, model, intend, believe and similar expressions.

我們將針對諸如期望、將、應該、模型、打算、相信和類似表達等詞語指明前瞻性陳述。

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.

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。

Many factors could cause the company's actual results or performance to differ materially from those expressed or implied by the forward-looking statements.

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。

These factors include the risk factors that are discussed in the company's annual filings and MD&A, including the COVID-19 pandemic.

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。

You should not place undue reliance on the company's forward-looking statements.

您不應過分依賴公司的前瞻性陳述。

The company has no intention and undertakes no obligation to update or revise any forward-looking statements, except as required by law.

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 a summary of our quarterly results.

按照電話會議的慣例，約翰和史蒂夫將在我們的季度業績摘要中引用非公認會計準則數字。

For a reconciliation between our GAAP and non-GAAP numbers, please see the earnings press release and the supplement published earlier today, which are available on the EDGAR, SEDAR and blackberry.com website.

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和補充資料，這些資料可在 EDGAR、SEDAR 和 blackberry.com 網站上找到。

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, Jim -- Tim.

謝謝你，吉姆——蒂姆。

Sorry, sorry.

實在抱歉。

Thanks, Tim.

謝謝，蒂姆。

Good afternoon, everybody, and thank you for joining us today.

大家下午好，感謝您今天加入我們。

I'll begin with 3 headlines for the quarter.

我將從本季度的 3 個標題開始。

The first headline is licensing.

第一個標題是許可。

This quarter, we entered into an exclusive negotiation with a North American party for the sale of the portion of the company's patent portfolio primarily related to mobile devices, messaging and wireless networking.

本季度，我們與北美一方就出售該公司主要與移動設備、消息傳遞和無線網絡相關的部分專利組合進行了獨家談判。

BlackBerry will retain rights to use these patents.

黑莓將保留使用這些專利的權利。

Patents associated to company's strategic software and services business, including Spark, QNX, IVY, Secure Communication and Critical Event Management will continue to be owned and managed by BlackBerry.

與公司戰略軟件和服務業務相關的專利，包括 Spark、QNX、IVY、安全通信和關鍵事件管理，將繼續由 BlackBerry 擁有和管理。

The company has not yet reached a definitive binding agreement and negotiations are ongoing.

該公司尚未達成最終的具有約束力的協議，談判正在進行中。

The company limits its licensing activities in the quarter due to the negotiations and because of accounting rules, which Steve will explain later.

由於談判和會計規則，該公司在本季度限制了其許可活動，史蒂夫將在稍後解釋。

This results in licensing revenue being lower than expected.

這導致許可收入低於預期。

The second headline is Software and Services.

第二個標題是軟件和服務。

This quarter, we saw a slight sequential revenue improvement from Spark and a continuous -- continuing recovery for BTS.

本季度，我們看到 Spark 的收入環比略有改善，並且 BTS 的持續復甦。

BTS had a good quarter despite vehicle production headwinds from the global chip shortage.

儘管全球芯片短缺帶來了汽車生產逆風，但 BTS 的季度表現不錯。

Software and Services billings grew strongly and are now back to the level of a year ago.

軟件和服務賬單增長強勁，現在已回到一年前的水平。

The third headline is BlackBerry IVY.

第三個標題是黑莓 IVY。

Discussion with automotive -- automakers and Tier 1s are progressing well, and I'll touch on some of the exciting developments later.

與汽車的討論——汽車製造商和一級供應商進展順利，稍後我將談到一些令人興奮的發展。

Now let me get into the more details.

現在讓我進入更多細節。

BlackBerry reported total company revenue of $215 million, 2-1-5.

黑莓報告公司總收入為 2.15 億美元，2-1-5。

Software and Services revenue was $165 million, 1-6-5.

軟件和服務收入為 1.65 億美元，1-6-5。

Licensing and others was $50 million, 5-0.

許可和其他費用為 5000 萬美元，5-0。

Gross margin was 73%.

毛利率為 73%。

Earnings per share was positive $0.03.

每股收益為正0.03美元。

Cash generated from operations came in at $51 million.

運營產生的現金為 5100 萬美元。

Total ending cash and investment as of February 28 was $804 million.

截至 2 月 28 日，期末現金和投資總額為 8.04 億美元。

I'll now turn to our business commentary, starting with Software and Services.

我現在將轉向我們的業務評論，從軟件和服務開始。

Our ongoing strategy is to safeguard the Internet of Things with Intelligent Security.

我們持續的戰略是通過智能安全保護物聯網。

We achieved this by combining our 30 years-plus of expertise -- of security expertise with newly acquired technologies such as Cylance, AI and machine learning.

我們通過將我們 30 多年的專業知識（安全專業知識）與新獲得的技術（如 Cylance、人工智能和機器學習）相結合來實現這一目標。

We currently serve the market in 2 different ways: the first is to provide cybersecurity for enterprise, particularly large, highly regulated verticals such as government, financial services and health care.

我們目前以兩種不同的方式服務於市場：第一種是為企業提供網絡安全，特別是為政府、金融服務和醫療保健等大型、高度監管的垂直行業。

Here, we protect endpoints, networks and communications with our Zero Trust Architecture.

在這裡，我們使用零信任架構保護端點、網絡和通信。

The second is to embed technology to provide safety and security to the endpoint.

二是嵌入技術，為端點提供安全保障。

Here, our focus is currently largely in automotive, again a very large, fast-growing market.

在這裡，我們目前的重點主要集中在汽車領域，這也是一個非常龐大且快速增長的市場。

Starting from a QNX installed base of over 175 million cars on the road today, QNX and IVY, in partnership with AWS, have significant growth opportunities.

QNX 和 IVY 與 AWS 合作，從今天道路上超過 1.75 億輛汽車的安裝基礎開始，擁有巨大的增長機會。

Over time, these 2 paths that I mentioned will intersect and provide tremendous opportunity for BlackBerry.

隨著時間的推移，我提到的這兩條路徑將相交並為黑莓提供巨大的機會。

Investment in smart mobility and smart city infrastructure will help drive this convergence.

對智能交通和智能城市基礎設施的投資將有助於推動這種融合。

But obviously, the market is still early.

但顯然，市場仍處於早期階段。

We recognize the need to be louder when communicating our strategy and who BlackBerry is today.

我們認識到，在傳達我們的戰略以及今天的黑莓是誰時，需要更加響亮。

This month, we launched a major new digital radio and print branding campaign across North America and the U.K. to get the message out powerfully into the marketplace.

本月，我們在北美和英國發起了一項重要的新數字廣播和平面品牌宣傳活動，以將信息強有力地傳播到市場上。

From a financial reporting perspective, starting this Q1, which is this quarter we're in, we intend to report Software and Services as 2 separate revenue lines, namely cybersecurity and BTS.

從財務報告的角度來看，從第一季度開始，也就是我們所在的這個季度，我們打算將軟件和服務報告為兩條獨立的收入線，即網絡安全和 BTS。

The cybersecurity line addressed -- include and address the cybersecurity endpoint management and Critical Event Management markets.

解決的網絡安全線 - 包括並解決網絡安全端點管理和關鍵事件管理市場。

Our main competitors, including other leading next-generation endpoint security providers as well as notable UEM vendors.

我們的主要競爭對手，包括其他領先的下一代端點安全提供商以及著名的 UEM 供應商。

We address these markets with our AI-driven Spark, a fully integrated UES and UEM platform, along with AtHoc and Secusmart.

我們通過人工智能驅動的 Spark（一個完全集成的 UES 和 UEM 平台）以及 AtHoc 和 Secusmart 來應對這些市場。

BTS addresses the embedded software and vehicle data analytics markets, notable competitors including Auto Grade Linux, Android and proprietary operating systems.

BTS 面向嵌入式軟件和車輛數據分析市場，著名的競爭對手包括 Auto Grade Linux、Android 和專有操作系統。

Our QNX product over the highest level and better functional safety and security of BlackBerry IVY will provide an end-to-end solution for harnessing data in the car.

我們的 QNX 產品超越了 BlackBerry IVY 的最高水平和更好的功能安全性，將為利用汽車中的數據提供端到端的解決方案。

We believe that this change will help investors to gain greater insight into the performance and opportunity of these businesses going forward.

我們相信，這一變化將有助於投資者更深入地了解這些業務未來的表現和機會。

Moving on to Software and Services metrics.

繼續討論軟件和服務指標。

ARR was approximately $458 million, slightly down from last quarter, primarily due, as expected, to the pandemic-related impact on BTS.

ARR 約為 4.58 億美元，比上一季度略有下降，這主要是由於與預期一樣，大流行對 BTS 的影響。

Dollar-based net retention rate improved sequentially from 90% last quarter to 91% this past quarter.

基於美元的淨保留率從上一季度的 90% 連續提高到上一季度的 91%。

Net customer churn remained low at around 1%.

淨客戶流失率保持在 1% 左右的低水平。

Now moving on to BTS.

現在轉到BTS。

As a reminder, QNX is by far the largest component of BTS.

提醒一下，QNX 是迄今為止 BTS 中最大的組件。

As we anticipated during last quarter earnings call, we saw improvement in both QNX design win, design phase revenue and production-based royalties.

正如我們在上一季度財報電話會議上所預期的那樣，我們看到 QNX 設計獲勝、設計階段收入和基於生產的版稅都有所改善。

This improvement continued despite the challenge from the global chip shortage, and it's impacted -- and its impact on auto supply chain.

儘管面臨全球芯片短缺的挑戰，但這種改善仍在繼續，並且受到了影響——以及對汽車供應鏈的影響。

It's not fully clear what the impact will be on production volumes, at least not for how long will it last.

目前尚不完全清楚這將對產量產生什麼影響，至少不會持續多長時間。

However, we continue to expect improvement on BTS in the upcoming fiscal year.

然而，我們繼續預計 BTS 在即將到來的財年會有所改善。

Our plan of returning to a pre-pandemic normal revenue run rate of around $15 million per quarter by fiscal -- by mid-fiscal year assumes that the new challenges are overcome by that point.

我們計劃在財政年度中期之前恢復到每季度約 1500 萬美元的大流行前正常收入運行率，假設到那時新挑戰已被克服。

Looking beyond the short-term headwinds though, Strategy Analytics, a leading research firm estimate that there will be a large expansion in a number of embedded systems in a car by 2027.

不過，除了短期不利因素之外，領先的研究公司 Strategy Analytics 估計，到 2027 年，汽車中的許多嵌入式系統將出現大規模擴張。

They estimated this growth will be mainly driven by ADAS, which is advanced driver assist systems (sic) [advanced driver assistance systems] or as well as data gateways.

他們估計這種增長將主要由 ADAS 驅動，ADAS 是高級駕駛員輔助系統 (sic) [高級駕駛員輔助系統] 或數據網關。

This system require the highest level of safety certification and are increasingly deploying chips with higher compute power.

該系統需要最高級別的安全認證，並且越來越多地部署具有更高計算能力的芯片。

Both factors play to QNX' strength and recent wins, some of which I'll mention a little shortly, give real data point that supports this trend.

這兩個因素都對 QNX 的實力和最近的勝利起到了作用，其中一些我將很快提到，提供了支持這一趨勢的真實數據點。

This validates our strategy of focusing on safety, critical application and points to an increasing ASP per car.

這驗證了我們專注於安全、關鍵應用的戰略，並指出每輛車的平均售價在不斷提高。

During the quarter, QNX strengthened its leadership position in a safety critical software.

在本季度，QNX 鞏固了其在安全關鍵軟件領域的領導地位。

We announced enhancement to our Hypervisor, which, by the way, is the only 1 in the market certified to the highest level of functional safety.

我們宣布增強我們的 Hypervisor，順便說一下，它是市場上唯一通過最高級別功能安全認證的 1。

We also announced a number of design wins, including our Motional, a joint venture between Hyundai and Aptiv, will be using QNX Black Channel Communication technology in its next-generation driverless vehicle.

我們還宣布了多項設計勝利，包括現代與 Aptiv 的合資企業 Motional，將在其下一代無人駕駛汽車中使用 QNX Black Channel 通信技術。

Also, Baidu announced that their machine maps, a critical component of autonomous driving, will also be built on QNX and designed into the New Energy Aion models from GAC, which happen to be a leading Chinese electrical vehicle automaker.

此外，百度宣布，他們的機器地圖是自動駕駛的關鍵組成部分，也將基於 QNX 構建，並設計到廣汽的新能源 Aion 車型中，而廣汽恰好是中國領先的電動汽車製造商。

These announcements demonstrate that QNX is at the heart of ADAS vehicle technology development, positioning the business well for future revenue growth.

這些公告表明，QNX 是 ADAS 車輛技術開發的核心，為未來的收入增長奠定了良好的業務基礎。

It was also confirmed at CES that QNX has been selected by Sony, the latest Sony new Vision-S car.

在 CES 上還證實，QNX 已被索尼最新的 Vision-S 新車選中。

Furthermore, Scania selected QNX as its primary operating system for its heavy-duty trucks.

此外，斯堪尼亞選擇 QNX 作為其重型卡車的主要操作系統。

Overall, in the quarter, QNX had 25 design wins with 9 in auto and 16 in general embedded market or GEM.

總體而言，在本季度，QNX 贏得了 25 項設計勝利，其中 9 項在汽車領域，16 項在通用嵌入式市場或 GEM 領域。

The auto wins were predominantly ADAS and digital instrument cluster designs.

汽車領域的勝利主要是 ADAS 和數字儀錶盤設計。

The GEM wins include a mail processing control system for UPS or -- for USPS -- sorry, United States Postal Service; a connected manufacturing plant system from GE and a next-generation eye surgery equipment from a leading medical device company.

GEM 的勝利包括 UPS 的郵件處理控制系統，或者——對於 USPS——對不起，美國郵政服務； GE 的互聯製造工廠系統和領先醫療設備公司的下一代眼科手術設備。

We are delighted to report that now we have win -- design wins or have design wins, sorry, with 23 of the world's top 25 electrical vehicle -- electric vehicle OEMs, which together represents 68% of the global EV production.

我們很高興地報告，現在我們已經贏得了設計勝利或設計勝利，抱歉，全球 25 大電動汽車中的 23 家 - 電動汽車原始設備製造商，合計佔全球電動汽車產量的 68%。

This is an increase, by the way, from 19 of the top 25 last quarter, with recent wins including Toyota and Honda.

順便說一句，這比上季度前 25 名中的 19 名有所增加，最近的勝利包括豐田和本田。

In the recent reports, Deloitte estimated the CAGR, the compounded annual growth rate, for global EV growth sales will be around 29% over the next 10 years, and QNX is well positioned to benefit from this growth.

在最近的報告中，德勤估計未來 10 年全球電動汽車銷量的複合年增長率將達到 29% 左右，QNX 已做好準備從這一增長中受益。

Let me now provide you with an update on IVY.

現在讓我為您提供有關 IVY 的最新信息。

Since the announcement in December, the response from OEMs has been very positive.

自 12 月發布以來，OEM 的反應非常積極。

We have held many discussions, many workshops with a number of leading automakers and are pleased on how these discussions have progressed so far.

我們與許多領先的汽車製造商進行了多次討論和研討會，並對這些討論迄今為止取得的進展感到高興。

Many use cases has already been discussed showing the potential of this platform once creative app developers are able to build on it.

一旦有創意的應用程序開發人員能夠在此平台上進行構建，許多用例已經被討論過，展示了該平台的潛力。

Most of these use cases are being developed under NDA and can't be shared right now.

這些用例中的大多數是在 NDA 下開發的，目前無法共享。

However, one we can share is the Right to Repair Initiative.

但是，我們可以分享的一項是“維修權倡議”。

Gartner, the leading analyst, has identified BlackBerry IVY as a potential solution to the problem of safely and securely sharing standardized vehicle data with repair shops without compromising either vehicle safety or the OEM's IP.

領先的分析師 Gartner 已將 BlackBerry IVY 確定為解決與維修店安全共享標準化車輛數據問題的潛在解決方案，同時不會損害車輛安全或 OEM 的 IP。

To support the development of the app ecosystems, this quarter, we made an investment to grow the IVY R&D team.

為了支持應用生態系統的發展，本季度，我們投資了 IVY 研發團隊的壯大。

This includes starting an ecosystem development group led by a new executive joining us shortly from a major OEM.

這包括成立一個生態系統開發小組，該小組由一位即將從一家主要 OEM 加入我們的新高管領導。

We recently announced the creation of an IVY Innovation Fund.

我們最近宣佈設立常春藤創新基金。

The fund will drive use case innovation and adopt of IVY -- adoption of IVY by startups.

該基金將推動用例創新並採用 IVY——初創公司採用 IVY。

We intended to start with a $50 million investment in the fund.

我們打算從對該基金的 5000 萬美元投資開始。

Portfolio company, by the way, will also have access to up to $100,000 in AWS credit as well as insight and guidance through the AWS Activate program, a program that has already helped develop hundreds and thousands of early-stage start-ups.

順便說一句，投資組合公司還可以通過 AWS Activate 計劃獲得高達 100,000 美元的 AWS 信用額度以及洞察力和指導，該計劃已經幫助開發了成百上千的早期初創企業。

We're also soon to unveil an IVY Advisory Council designed to shape and advise the IVY development community, focused on defining vertical specific use cases.

我們還即將推出一個 IVY 諮詢委員會，旨在塑造和建議 IVY 開發社區，專注於定義垂直特定用例。

Among the first things we have already signed up, our leading insurance company, technology company as well as telco -- and telcos.

我們已經簽約的第一批公司包括我們領先的保險公司、技術公司以及電信公司和電信公司。

Their input will complement the auto industry expertise provided by the top OEMs and Tier 1s.

他們的投入將補充頂級 OEM 和一級供應商提供的汽車行業專業知識。

Following our IVY announcement, major players such as Ford and Google as well as Bosch and Microsoft had announced commitments to the vehicle data market.

在我們宣布 IVY 之後，福特和谷歌以及博世和微軟等主要參與者都宣布了對車輛數據市場的承諾。

Because IVY is hardware, operating system and cloud-agnostic, we do not see these announcements are competition -- or as competition, but rather opportunity for IVY to partner and add value.

因為 IVY 與硬件、操作系統和云無關，我們認為這些公告不是競爭——或競爭，而是 IVY 合作和增加價值的機會。

The vehicle data analytics market is both large and growing.

車輛數據分析市場規模龐大且不斷增長。

McKinsey in the monetizing data car data report estimated the TAM, the total available market, will be in the region of $450 billion to $750 billion per year by 2030.

麥肯錫在汽車數據貨幣化數據報告中估計，到 2030 年，總可用市場 TAM 將在每年 4500 億至 7500 億美元之間。

We recognize that this market is going to be competitive but we're still very well positioned.

我們認識到這個市場將具有競爭力，但我們仍然處於非常有利的位置。

While we are already working with OEM, in October, we expect to release the early SS version of IVY.

雖然我們已經在與 OEM 合作，但我們希望在 10 月份發布 IVY 的早期 SS 版本。

We also expect to ship -- we should start shipping the product in February of next year.

我們還預計發貨——我們應該在明年 2 月開始發貨。

Now moving on to Spark.

現在轉到 Spark。

As a reminder, we launched our new Spark Suites in May and a Cyber Suite in October.

提醒一下，我們在 5 月推出了新的 Spark 套件，並在 10 月推出了網絡套件。

Pipeline for our Spark Suites grew strongly sequentially.

我們 Spark Suites 的管道連續強勁增長。

The typical sales cycle is during 9 months, so we're expecting a good second half of the fiscal '22.

典型的銷售週期為 9 個月，因此我們預計 22 財年下半年會有良好的表現。

We continue to have success in upgrading our UEM installed base to Spark, adding unified endpoint security or UES.

我們在將 UEM 安裝基礎升級到 Spark、添加統一端點安全或 UES 方面繼續取得成功。

This year, we will start focusing on new logos through the Cyber Suite.

今年，我們將開始通過 Cyber Suite 專注於新徽標。

Across Spark, we start to see strength in both renewal and upsell in our key verticals.

在 Spark 中，我們開始看到我們關鍵垂直領域的更新和追加銷售的實力。

Let me share some names with you, some wins.

讓我與你分享一些名字，一些勝利。

These included Q4 businesses with IRS, the United State Department of Commerce, the [Kato] Development Bank, the Scottish government as well as the Scottish police, the London Metro Police Services and the U.S. Marine Corps as well as Bell Canada, just to name a few.

其中包括與美國國稅局、美國商務部、[加藤]開發銀行、蘇格蘭政府以及蘇格蘭警方、倫敦地鐵警察局和美國海軍陸戰隊以及加拿大貝爾公司的第四季度業務，僅舉個例子一些。

On the service front, I must mention that none of our Guard MDR managed service customer were negatively impacted by the recent SolarWinds breach.

在服務方面，我必須提到，我們的 Guard MDR 託管服務客戶都沒有受到最近 SolarWinds 漏洞的負面影響。

While I'm on that subject, the Hafnium's state-sponsored attack on Microsoft Exchange Server identified earlier this month was an example of threat actors leveraging patch vulnerabilities.

當我談到這個主題時，本月早些時候發現的由國家支持的對 Microsoft Exchange Server 的攻擊是威脅參與者利用補丁漏洞的一個例子。

The script control of our EPP product, Protect, has demonstrated we can safeguard customers from this threat.

我們的 EPP 產品 Protect 的腳本控製表明我們可以保護客戶免受這種威脅。

Optics, our EDR product, provides additional protection.

我們的 EDR 產品 Optics 提供了額外的保護。

We're excited about 2 upcoming products that will launch and are an important part of our Extended Detection and Response or our XDR strategy.

我們對即將推出的 2 款產品感到興奮，它們是我們擴展檢測和響應或 XDR 戰略的重要組成部分。

The first is our cloud-based EDR product, Optics 3.0 that due to be released this coming quarter, and we'll expand data query and provide richer content for alert triage and threat hunting.

首先是我們基於雲的 EDR 產品 Optics 3.0，該產品將於本季度發布，我們將擴展數據查詢並為警報分類和威脅搜尋提供更豐富的內容。

The second is our BlackBerry Gateway Product that will be the first to offer a Zero Trust network assets to both SaaS environment as well as on-prem applications while enabling Cylance AI for faster detection and response.

第二個是我們的 BlackBerry Gateway 產品，它將率先為 SaaS 環境和本地應用程序提供零信任網絡資產，同時使 Cylance AI 能夠更快地檢測和響應。

We will provide more detail at our virtual Analyst Day next month.

我們將在下個月的虛擬分析師日提供更多詳細信息。

Finally, a brief word about Secusmart and AtHoc.

最後，簡要介紹一下 Secusmart 和 AtHoc。

We have been pleased with the progress made by Secusmart this fiscal year.

我們對 Secusmart 本財年取得的進展感到滿意。

Secusmart technology is now used by 18 governments worldwide, offering the highest level of security for voice and text communication.

Secusmart 技術現已被全球 18 個政府使用，為語音和文本通信提供最高級別的安全性。

AtHoc had a strong position in federal government around the world, including protecting over 70% of U.S. federal government employees.

AtHoc 在世界各地的聯邦政府中佔有重要地位，包括保護超過 70% 的美國聯邦政府僱員。

We see a significant opportunity for AtHoc in the enterprise.

我們看到了 AtHoc 在企業中的重大機遇。

And following the quarter end, just most recently, that is, we announced a new BlackBerry Alert product.

在本季度末之後，就在最近，我們宣布了一款新的 BlackBerry Alert 產品。

Alert is built on our critical event management expertise in the public sector but with additional features tailored to the needs of the enterprise, such as integration with Microsoft Teams and ServiceNow.

Alert 以我們在公共部門的關鍵事件管理專業知識為基礎，但具有針對企業需求量身定制的附加功能，例如與 Microsoft Teams 和 ServiceNow 的集成。

While it's much early in this stage of our sale, we have already recorded enterprise win, including Fujitsu.

雖然在我們銷售的這個階段還很早，但我們已經記錄了企業的勝利，包括富士通。

I'll now turn the call over to Steve to provide more details about our financial performance.

我現在將把電話轉給史蒂夫，以提供有關我們財務業績的更多詳細信息。

Steve?

史蒂夫?

Thank you, John.

謝謝你，約翰。

My comments on our financial performance for the fiscal quarter will be in non-GAAP terms unless otherwise noted.

除非另有說明，否則我對本財季財務業績的評論將採用非公認會計原則。

Please refer to the supplemental table in the press release for the GAAP and non-GAAP details.

有關 GAAP 和非 GAAP 的詳細信息，請參閱新聞稿中的補充表格。

Please note that starting in the first quarter of our new fiscal year, we will no longer adjust GAAP revenue for deferred revenue acquired.

請注意，從我們新財年的第一季度開始，我們將不再根據所獲得的遞延收入調整 GAAP 收入。

This means that GAAP and non-GAAP revenue will be the same going forward and comparatives will be conformed accordingly.

這意味著 GAAP 和非 GAAP 收入在未來將是相同的，並且比較將相應地保持一致。

We delivered fourth quarter non-GAAP total company revenue of $215 million and GAAP total company revenue of $210 million.

我們實現了第四季度非 GAAP 公司總收入 2.15 億美元和 GAAP 公司總收入 2.1 億美元。

Fourth quarter total company gross margin was 73%.

第四季度公司總毛利率為 73%。

Our non-GAAP gross margin includes software deferred revenue acquired but not recognized of $5 million and excludes stock compensation expense of $1 million.

我們的非 GAAP 毛利率包括 500 萬美元已獲得但未確認的軟件遞延收入，不包括 100 萬美元的股票補償費用。

Fourth quarter operating expenses were $140 million.

第四季度運營費用為 1.4 億美元。

Our non-GAAP operating expenses exclude: $32 million in amortization of acquired intangibles; $22 million in impairment of long-term assets, primarily due to rationalization of real estate due to the transition to remote working models; $16 million in stock compensation expense; $3 million for software deferred commissions expense acquired; and $258 million fair value adjustment on the convertible debentures, which is a noncash accounting adjustment largely driven by market conditions.

我們的非公認會計原則運營費用不包括： 3200 萬美元的收購無形資產攤銷； 2200 萬美元的長期資產減值，主要是由於向遠程工作模式過渡導致的房地產合理化； 1600萬美元的股票補償費用； 300 萬美元用於收購軟件遞延佣金費用；可轉換債券的公允價值調整為 2.58 億美元，這是一項主要受市場條件驅動的非現金會計調整。

Needless to say, this is due to the exceptionally high volatility and trading volume in the company's shares during the fourth quarter.

毋庸置疑，這是由於公司股票在第四季度異常高的波動性和交易量。

Fourth quarter non-GAAP operating income was $18 million and fourth quarter non-GAAP net income was $16 million.

第四季度非 GAAP 營業收入為 1800 萬美元，第四季度非 GAAP 淨收入為 1600 萬美元。

Non-GAAP earnings per share was $0.03 in the quarter.

本季度非 GAAP 每股收益為 0.03 美元。

Our adjusted EBITDA was $35 million this quarter, excluding the non-GAAP adjustments previously mentioned.

本季度調整後的 EBITDA 為 3500 萬美元，不包括前面提到的非公認會計原則調整。

I will now provide a breakdown of our revenue in the quarter.

我現在將提供本季度收入的明細。

Software and Services revenue was $165 million.

軟件和服務收入為 1.65 億美元。

Software product revenue remained in the range of 80% to 85% of the total, with professional services comprising the balance.

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。

The recurring proportion of software product revenue was approximately 90%.

軟件產品收入的經常性比例約為90%。

As John mentioned earlier, for the new fiscal year, we intend to report Software and Services revenue in 2 lines: Cybersecurity and BTS.

正如約翰之前提到的，在新的財政年度，我們打算在 2 行報告軟件和服務收入：網絡安全和 BTS。

Licensing and other revenue was $50 million in the fourth quarter.

第四季度的許可和其他收入為 5000 萬美元。

Further to John's comments regarding negotiations relating to a potential sale, licensing activities have been limited not only due to the ongoing negotiations but also because revenue from additional transactions that could have been completed in the quarter would have been treated as contingent revenue and deferred to future periods.

除了約翰關於潛在銷售談判的評論之外，許可活動受到限制，這不僅是因為正在進行的談判，還因為本季度可能完成的額外交易的收入將被視為或有收入並推遲到未來期間。

Therefore, had negotiations not been in progress, we believe licensing revenue would have been higher.

因此，如果談判沒有進行，我們認為許可收入會更高。

Now moving to our balance sheet and cash flow performance.

現在轉到我們的資產負債表和現金流表現。

Total cash, cash equivalents and investments were $804 million at February 28, 2021, an increase of $47 million during the quarter.

截至 2021 年 2 月 28 日，現金、現金等價物和投資總額為 8.04 億美元，本季度增加了 4700 萬美元。

Our net cash position increased to $439 million at the end of the quarter.

本季度末，我們的淨現金頭寸增至 4.39 億美元。

Fourth quarter free cash flow was $48 million and cash generated from operations was $51 million and capital expenditures were $3 million.

第四季度自由現金流為 4800 萬美元，運營產生的現金為 5100 萬美元，資本支出為 300 萬美元。

That concludes my comments.

我的評論到此結束。

I'll now turn the call back to John.

我現在將電話轉回給約翰。

Thank you, Steve.

謝謝你，史蒂夫。

For this coming -- upcoming fiscal year, our primary focus is for Software and Service -- is on Software and Services growth.

對於即將到來的——即將到來的財政年度，我們的主要關注點是軟件和服務——是軟件和服務的增長。

As mentioned earlier, we will not be making any non-GAAP adjustment to revenue starting this fiscal year.

如前所述，從本財年開始，我們不會對收入進行任何非公認會計原則的調整。

Therefore, any revenue outlook comments I will make today and Steve will make today will be on a GAAP basis.

因此，我今天和史蒂夫今天將發表的任何收入前景評論都將基於公認會計原則。

Because of the ongoing negotiation regarding the patent portfolio that we discussed, we are unable to provide a full year licensing revenue outlook at this time.

由於我們討論的關於專利組合的談判正在進行中，我們目前無法提供全年的許可收入前景。

But I will give you some color at the end so that we have some plans, but it's still moving -- a lot of moving parts on that.

但我會在最後給你一些顏色，以便我們有一些計劃，但它仍在移動——很多移動的部分。

So first, we anticipate double-digit billings growth for both Cybersecurity and BTS for the fiscal year '22, resulting in total Software and Services GAAP revenue in the range of -- sorry.

因此，首先，我們預計 22 財年網絡安全和 BTS 的賬單將實現兩位數的增長，導致軟件和服務 GAAP 總收入在 - 抱歉的範圍內。

Yes, resulting in total Software and Services GAAP revenue in the range of $675 million to $715 million, 6-7-5 to 7-1-5.

是的，導致軟件和服務 GAAP 總收入在 6.75 億美元到 7.15 億美元之間，從 6-7-5 到 7-1-5。

This represents a growth rate of between 9% to 15% from fiscal year '21.

這代表了從 21 財年起 9% 到 15% 的增長率。

Cybersecurity, which will include UEM, UES, AtHoc and Secusmart, is expected to have full year GAAP revenue in the range of $495 million to $515 million, 4-9-5 to 5-1-5, millions, of course.

網絡安全將包括 UEM、UES、AtHoc 和 Secusmart，預計全年 GAAP 收入將在 4.95 億美元至 5.15 億美元、4-9-5 至 5-1-5 之間，當然是數百萬美元。

I'm sorry.

對不起。

BTS is expected to have full year GAAP revenue in the range of $180 million to $200 million.

BTS 預計全年 GAAP 收入將在 1.8 億美元至 2 億美元之間。

For both Cybersecurity and BTS, we anticipate revenue in the second half of the fiscal year to be stronger than the first half.

對於網絡安全和 BTS，我們預計本財年下半年的收入將強於上半年。

Because of the ongoing negotiation regarding the patent portfolio that we discussed, there is uncertainty around the licensing revenue outlook.

由於我們討論的關於專利組合的談判正在進行中，許可收入前景存在不確定性。

However, appreciating that it will be useful to have an outlook for modeling purpose, the most conservative scenario in which sales -- a model that sales does not happen or does not complete, full year licensing revenue would be in the region of $100 million.

然而，意識到建模目的的前景是有用的，在最保守的情況下，銷售 - 一個銷售沒有發生或沒有完成的模型，全年許可收入將在 1 億美元左右。

In this scenario, we assume that negotiation and regulatory review continue for the first half, and therefore, we expect revenue to be limited in the range of maybe $10 million to $15 million per quarter.

在這種情況下，我們假設談判和監管審查將在上半年繼續進行，因此，我們預計收入將限制在每季度 1000 萬至 1500 萬美元之間。

However, we believe that the completion of the transaction will be beneficial to our shareholders.

然而，我們相信交易的完成將有利於我們的股東。

We will, of course, update you on any of the major developments.

當然，我們會向您通報任何重大進展。

This has been an unusual and challenging year to navigate.

這是不尋常且充滿挑戰的一年。

Despite the challenges, we had a strong year executing our technology road map, bringing 59 new products to market.

儘管面臨挑戰，但我們在執行技術路線圖方面表現強勁，將 59 種新產品推向市場。

That's up from 30 last year.

這比去年的30個有所增加。

In particular, the Spark and Cyber Suite has made significant step forward.

特別是 Spark 和 Cyber Suite 向前邁出了重要的一步。

We also made significant progress with strategic partnership, both from a technology as well as a go-to-market perspective.

我們在戰略合作夥伴關係方面也取得了重大進展，無論是從技術角度還是進入市場的角度。

Our IVY partnership with AWS has obviously been a particular standout.

我們與 AWS 的 IVY 合作夥伴關係顯然特別突出。

I would like now to open for the call for Q&A.

我現在想開放問答電話。

Operator, will you please help us?

接線員，你能幫幫我們嗎？

(Operator Instructions)

（操作員說明）

For our first question, we have Mike Walkley from Canaccord.

對於我們的第一個問題，我們請來自 Canaccord 的 Mike Walkley。

Congrats on all the announcements so a busy year for you guys.

恭喜所有公告，對你們來說是忙碌的一年。

I guess the first question for me is just trying to understand the licensing negotiations a little better.

我想我的第一個問題只是試圖更好地理解許可談判。

Should you complete the sale, just the vast majority of your portfolio and you won't have any licensing revenue going forward, is it really the whole portfolio or is it just a portion of it?

如果你完成了出售，只是你的投資組合的絕大多數，並且你不會有任何許可收入，它真的是整個投資組合還是只是它的一部分？

Just trying to gauge that.

只是想衡量一下。

Well, it's a major portion of our portfolio.

嗯，這是我們投資組合的主要部分。

As I said, we cover 3 major areas: cellular, wireless communications and networking.

正如我所說，我們涵蓋 3 個主要領域：蜂窩、無線通信和網絡。

So things that is relevant, but it's not useful to us today in our strategic software part of the business.

所以相關的東西，但在我們今天的業務戰略軟件部分對我們沒有用處。

And we retained all the embedded and all the finance and all the encryption and security technology patents.

我們保留了所有嵌入式和所有金融以及所有加密和安全技術專利。

Okay.

好的。

Great.

偉大的。

And then my follow-up question.

然後是我的後續問題。

Just on the guidance, I think it would be great to break out the 2 divisions.

就指導而言，我認為打破兩個部門會很棒。

On the 9% to 15% growth is -- can you maybe help us think about the 2 areas, which one you think will grow stronger?

關於 9% 到 15% 的增長，您能否幫助我們考慮這兩個領域，您認為哪個領域會變得更強大？

I'm assuming it's BTS, given the recovery in auto.

考慮到汽車的複蘇，我假設它是 BTS。

But any color on how the 2 different divisions, Cybersecurity and BTS might grow?

但是，網絡安全和 BTS 這兩個不同的部門可能會如何發展？

Yes.

是的。

I think -- because it's revenue -- first of all, let me just clarify one thing.

我認為——因為它是收入——首先，讓我澄清一件事。

Billings, we expect double-digit growth in both Spark and BTS.

比林斯，我們預計 Spark 和 BTS 的兩位數增長。

From a revenue standpoint because it's subscription-based revenue, we expect single-digit percentage growth in Spark, and we expect double-digit percentage growth in BTS.

從收入的角度來看，因為它是基於訂閱的收入，我們預計 Spark 將實現個位數百分比增長，我們預計 BTS 將實現兩位數百分比增長。

So you are right in expecting BTS to have a strong growth because of the recovery.

因此，您期望 BTS 因複蘇而強勁增長是正確的。

Yes.

是的。

But double-digit billings in both would be great.

但是兩者的兩位數賬單都會很棒。

Okay.

好的。

For our next question, we have Daniel Chan from TD Securities.

對於我們的下一個問題，我們請來自道明證券的 Daniel Chan。

Just a question about how you're hoping to structure the deal for the patent sale.

只是關於您希望如何構建專利銷售交易的問題。

Should we expect ongoing royalties to come from, maybe you get a portion of the licensing fees that you're -- that the buyer will take?

我們是否應該期望持續的特許權使用費，也許你會得到一部分許可費——買家會拿走？

Or is this more of a onetime deal?

或者這更像是一次性交易？

There is a majority of the deal will come in one time early but there is a tail that goes on.

大部分交易將提前一次完成，但有一條尾巴在繼續。

I can't give you the details of this for multiple number of years.

多年來，我無法向您提供有關此問題的詳細信息。

Okay.

好的。

Now you mentioned in the past that you've had offers for the entire portfolio.

現在你在過去提到你已經為整個投資組合提供了報價。

So what's different now that's making you consider selling it?

那麼現在有什麼不同讓您考慮出售它？

Two reasons.

兩個原因。

Number one is, I really think it's the wrong thing to sell the entire portfolio because there's so much of -- we have an ongoing business in Cybersecurity and an ongoing business in BTS, which, of course, includes IVY and QNX.

第一個是，我真的認為出售整個產品組合是錯誤的，因為其中有很多——我們在網絡安全方面有持續的業務，在 BTS 方面也有持續的業務，其中當然包括 IVY 和 QNX。

I think selling those portfolio will be extremely unwise for the company and for the shareholders.

我認為出售這些投資組合對公司和股東來說都是極其不明智的。

So I think the team were able to get connected with parties that are willing to address the portfolio part that is not being used by us today.

因此，我認為團隊能夠與願意解決我們今天未使用的投資組合部分的各方建立聯繫。

So it just worked out from a business-friendly point of view.

所以它只是從商業友好的角度來解決的。

Okay.

好的。

And just one more, if I may.

如果可以的話，還有一個。

If this deal does go through, any thoughts on how you'll deploy that capital?

如果這筆交易成功，您對如何部署這筆資金有任何想法嗎？

Yes.

是的。

We're going to invest in both Cyber and -- we have an ambition in Cyber.

我們將投資於網絡，並且——我們對網絡有雄心。

And I know we have lost a couple of years because of our integrations and we have our product all caught up, so you'll see us being more aggressive.

而且我知道，由於我們的集成，我們已經失去了幾年的時間，我們的產品都趕上了，所以你會看到我們變得更加積極。

In fact, we ran an ad today, intelligence security everywhere, an ad today.

事實上，我們今天投放了一個廣告，無處不在的情報安全，今天的廣告。

I just saw it on New York Times.

我剛在《紐約時報》上看到。

And so we're just going to step up in both people and spending and resources to go after the market.

因此，我們將在人員、支出和資源方面加大力度，以追逐市場。

And it's a huge -- as you know very well, it's a huge market and no winner, no clear winner at this point and the barrier entries are not that high.

這是一個巨大的——正如你非常清楚的那樣，這是一個巨大的市場，沒有贏家，在這一點上沒有明顯的贏家，門檻也沒有那麼高。

So we should be able to capture some new businesses.

所以我們應該能夠抓住一些新的業務。

So we're going to invest in that.

因此，我們將對此進行投資。

And then, of course, we'll invest heavily on IVY.

然後，當然，我們會在 IVY 上投入巨資。

In-vehicle data platform is very important to every OEM, whether they build it themselves, you work with somebody else or work with somebody like us is all very important.

車載數據平台對於每個 OEM 來說都非常重要，無論是他們自己構建的，您與其他人合作還是與我們這樣的人合作都非常重要。

So our relationship with AWS, in this case, is a big plus.

因此，在這種情況下，我們與 AWS 的關係是一大優勢。

So those are the 2 businesses that we're going to invest in.

這就是我們要投資的兩項業務。

For our next question, we have Trip Chowdhry from Global Equities.

對於我們的下一個問題，我們有來自 Global Equities 的 Trip Chowdhry。

Congratulations on a very challenging year, very good execution, John.

祝賀你度過了充滿挑戰的一年，執行力非常好，約翰。

2 quick questions I have.

我有 2 個快速問題。

If I reflect upon the popularity of Apple iOS, it also started with a innovation fund that Apple created.

如果我回顧 Apple iOS 的受歡迎程度，它也是從 Apple 創建的一個創新基金開始的。

But the difference is it was not just Apple, but they also got 2, 3 venture capitalists along with it.

但不同的是，不只是蘋果，還有2、3個風投。

And we know some which is called app economy, which is a multibillion-dollar market and Apple is a prime beneficiary.

我們知道一些所謂的應用經濟，這是一個價值數十億美元的市場，而蘋果是主要受益者。

If we look at the IVY platform that you have, it is spectacular, like you are moving really at the speed of light.

如果我們看看您擁有的 IVY 平台，它會非常壯觀，就像您真的以光速移動一樣。

In October, the product will be launched.

10月，該產品將上市。

And I mean, for the developers, for the developer preview, next year, it will be in the market.

我的意思是，對於開發者來說，對於開發者預覽版，明年，它將上市。

And you have the Innovation Fund, exactly $50 (sic) [$50 million] worth of seed money Apple put in.

你有創新基金，正好是蘋果投入的價值 50 美元（原文如此）[5000 萬美元] 的種子資金。

But wondering, do you have -- or have you thought about also bringing in venture capitalists also and jump start a sub app economy, automobile applications economy or something along those lines?

但是想知道，你是否——或者你是否考慮過也引入風險投資家，並啟動子應用經濟、汽車應用經濟或類似的東西？

Have you thought on those?

你有沒有想過這些？

And also, do you think you could provide -- which would be very, very solid differentiation for your company is, if you could not just provide the money like what Apple did, but also provide intellectual property, patent protection to each and every company that creates products or applications on your platform and take an equity stake in each one of those start-ups.

而且，你認為你能提供嗎？這對你的公司來說是非常非常穩固的差異化，如果你不僅能像蘋果那樣提供資金，還能為每家公司提供知識產權和專利保護在您的平台上創建產品或應用程序，並持有每家初創企業的股權。

That would make you completely, a little speculative, but it could be a much better strategy than Apple had with its iOS platform.

這會讓你完全，有點投機，但這可能是一個比蘋果在其 iOS 平台上更好的策略。

Any thoughts you may have then?

那時你可能有什麼想法？

I have a follow-up question.

我有一個後續問題。

Okay.

好的。

Great, Trip.

太好了，特里普。

Thank you.

謝謝你。

So we only -- initially, we put up $50 million of this fund.

所以我們只 - 最初，我們投入了 5000 萬美元的資金。

And the objective -- so everybody, the objective is to make sure that we could build application.

目標——所以每個人，目標是確保我們可以構建應用程序。

And we believe that although we could build a very solid data, in-vehicle data analytics platform, without good applications and use cases, it will not be sticky.

而且我們相信，雖然我們可以構建一個非常紮實的數據、車載數據分析平台，但如果沒有好的應用和用例，它不會有粘性。

It will not be adopted.

它不會被採納。

I think there are a lot of companies that can build data platforms maybe as more secure XYZ and so forth.

我認為有很多公司可以構建數據平台，比如更安全的 XYZ 等等。

And having a partner like AWS helped, but at the same time, you won't get the stickiness.

擁有像 AWS 這樣的合作夥伴會有所幫助，但與此同時，您不會獲得粘性。

So I didn't want to learn the experience, so learn the lesson twice.

所以我不想學習經驗，所以學習了兩次課程。

So this is important that early on, I stand up the enablement group that go after applications, that we build some ourselves.

所以這一點很重要，在早期，我成立了追踪應用程序的支持小組，我們自己建立了一些。

But the majority is going to have to be encourage startups and even established companies that's interested in working with AWS cloud and working with BlackBerry QNX and all the other technology that we provide and build up application on the IVY.

但大多數人將不得不鼓勵對使用 AWS 雲和使用 BlackBerry QNX 以及我們提供的所有其他技術以及在 IVY 上構建應用程序感興趣的初創公司甚至老牌公司。

And I also added that we are going to start an Advisory Council, which are vertical people, vertical industry people, as I said, and they will then bring in some ideas that this is how I could see IVY help out in my business case going forward.

我還補充說，我們將成立一個諮詢委員會，正如我所說的，他們是垂直行業的人，垂直行業的人，然後他們會提出一些想法，這就是我可以看到 IVY 在我的商業案例中提供幫助的方式向前。

To answer your questions, with the limited fund that we have to establish initially $50 million, we will have to work with other VCs.

為了回答您的問題，我們必須先建立 5000 萬美元的有限資金，我們將不得不與其他 VC 合作。

And so now I haven't gone through the steps of trying to pull them in and being a co-funder, but we will have to work through their pipeline and identify a target company that could be benefit from both the AWS offer, which is $100,000 worth of free cloud usage, so that they could run their tests and the development.

因此，現在我還沒有完成嘗試吸引他們加入並成為聯合資助者的步驟，但我們必須通過他們的渠道並確定可以從 AWS 報價中受益的目標公司，即價值 100,000 美元的免費云使用，以便他們可以運行測試和開發。

AWS also have a lot of tools and a lot of know-how and navigate, call the navigate to help them.

AWS也有很多工具和很多know-how和navigation，調用navigation來幫助他們。

We, of course, provide them a test bed and the technology support and help.

當然，我們會為他們提供測試平台以及技術支持和幫助。

As far as IP is concerned, I don't think we're going to touch other people's IP unless that we see ourselves owning part of it.

就 IP 而言，我認為我們不會觸及其他人的 IP，除非我們認為自己擁有其中的一部分。

We don't let the company own that IP, the company that we invest in.

我們不讓公司擁有我們投資的公司的知識產權。

So I don't know whether I could help you protect them.

所以我不知道我能不能幫你保護他們。

But they -- obviously, we could help them to accelerate the IP filing.

但是他們——顯然，我們可以幫助他們加快知識產權申請。

We have a lot of people that knows how to do this very well.

我們有很多人知道如何很好地做到這一點。

Very good, John.

很好，約翰。

As you know, today, intellectual property and patents are the new gold.

如您所知，今天，知識產權和專利是新的黃金。

Yes.

是的。

Second question I had was regarding the intellectual property portfolio you have.

我的第二個問題是關於您擁有的知識產權組合。

The last time I counted, it was more than 30,000 patents.

上次我數了一下，是3萬多項專利。

38,000 to be exact.

確切地說是38,000。

Wow, that's amazing.

哦真是太精彩了。

Now I know it's very difficult to put the details of your ongoing negotiations.

現在我知道很難說出你們正在進行的談判的細節。

But ballpark figure, are you talking about the 20,000 patents which will be sold or 15,000 or 30,000?

但大致數字，您是在談論將出售的 20,000 項專利還是 15,000 項或 30,000 項？

Just a ballpark if half of...

如果一半...只是一個球場

I dare not to do this, to provide the answer, sorry about that because it's part of our negotiation.

我不敢這樣做，不敢提供答案，對此感到抱歉，因為這是我們談判的一部分。

And so the category I put out was probably the best you could get at least for now.

所以我提出的類別可能是你至少現在能得到的最好的類別。

The categories, obviously, are cellular, networking and -- I'm missing one.

顯然，這些類別是蜂窩、網絡和——我缺少一個。

Cellular, networking and messaging, and messaging, and messaging.

蜂窩、網絡和消息傳遞，以及消息傳遞和消息傳遞。

So cellular, networking and messaging.

所以蜂窩，網絡和消息傳遞。

And then encryption, security, IVY, QNX are all separated from this, are not included.

然後加密、安全、IVY、QNX都與此分開，不包括在內。

Excellent.

優秀。

I think I had my questions answered.

我想我的問題得到了解答。

All the best.

一切順利。

I'm looking forward for an exciting 2022 fiscal year.

我期待著令人興奮的 2022 財年。

Thank you, Trip.

謝謝你，特里普。

For our next question, we have Paul Treiber from RBC Capital Markets.

對於我們的下一個問題，我們請來加拿大皇家銀行資本市場的 Paul Treiber。

On the patent sale, the $100 million in patent license revenue that you expect for this year, just if the sale goes through, does the $100 million go away?

在專利銷售方面，您預計今年的 1 億美元專利許可收入，如果銷售成功，那麼 1 億美元會消失嗎？

So eventually, all the patent licensing revenue goes with the sale?

那麼最終，所有的專利許可收入都會隨著銷售而產生嗎？

And conversely, if hypothetically speaking, if the sale doesn't happen at all, should we think of patent licensing revenue being in that -- continue at that, I think, $250 million in the past is what you said on [yearly] basis.

相反，如果假設說，如果銷售根本沒有發生，我們是否應該認為專利許可收入包括在內 - 繼續下去，我認為，過去 2.5 億美元就是你 [每年] 所說的.

Good.

好的。

Paul, that's a good question.

保羅，這是個好問題。

So this is an unusual year so let's talk about if the patent license goes through, the sale goes through, we will have -- we will record a onetime gain of a reasonably big number followed by a tail of a -- a tail of up to 7 years.

所以這是不尋常的一年，所以讓我們談談如果專利許可通過，銷售通過，我們將 - 我們將記錄一次相當大的數字收益，然後是尾部 - 尾部上升到 7 年。

So we're not going away to 0. There are some recurring stuff that most of them will not be with us.

所以我們不會離開 0。有一些經常性的東西，它們中的大多數不會和我們在一起。

But -- so it will not be 0 but it will be quite small if the patent sales go through with 1 big year in this fiscal year 2022.

但是——所以它不會是 0，但如果專利銷售在 2022 財年經歷了 1 個大年，它會非常小。

If the patent sale does not go through, then the first couple of quarters will be low because as the patent sale is being negotiated right now, I actually are unable to do more other negotiations going on.

如果專利銷售沒有通過，那麼前幾個季度將會很低，因為現在正在談判專利銷售，我實際上無法進行更多的其他談判。

So the pipeline basically is frozen but it won't go away.

所以管道基本上是凍結的，但它不會消失。

So if the patent sale does not go through, I may have to suffer a little bit for the first couple of 2, 3 quarters.

所以如果專利銷售不通過，我可能要在前兩個、三個季度吃點苦頭。

And then -- we will then resume the target, $250 million a year, patent licensing.

然後 - 我們將恢復每年 2.5 億美元的專利許可目標。

Did that answer your question?

這回答了你的問題嗎？

Yes.

是的。

No, that's very helpful.

不，這很有幫助。

And I assume that the cash flow would be similarly aligned with those revenue numbers.

我假設現金流量將與這些收入數字類似地保持一致。

Unfortunately, yes, the cash flow will be similarly aligned.

不幸的是，是的，現金流量將類似地對齊。

Okay.

好的。

That's very helpful.

這很有幫助。

And then the second one is -- big picture, like with the stock having gone through the rally that it's gone through, finance theory would say, cost of capital, your cost of equity is lower.

然後第二個是 - 大局，就像股票經歷了它所經歷的反彈，金融理論會說，資本成本，你的股權成本更低。

And so the question is seeing the sort of newfound enthusiasm, lower cost of capital, have you contemplated issuing equity at these levels, seeing how it could enhance the strategy, having more equity or more cash?

所以問題是看到這種新發現的熱情，更低的資本成本，你是否考慮過在這些水平上發行股票，看看它如何增強戰略，擁有更多的股權或更多的現金？

Yes, that's a good question.

是的，這是個好問題。

It's been a constant conversation with various bankers from our strategic planning group and our M&A group.

與我們戰略規劃小組和併購小組的各種銀行家進行了持續的對話。

I, today, are not working on any specific thing.

我，今天，沒有在做任何具體的事情。

But we're open.

但我們是開放的。

I mean we're not -- there's no principle that we won't do.

我的意思是我們不是——沒有我們不會做的原則。

The only thing that we won't do is we won't intentionally dilute our shareholders just to keep some money in the banks or on the balance sheet.

我們唯一不會做的事情是，我們不會故意稀釋我們的股東，只是為了將一些錢留在銀行或資產負債表上。

I'd like to make sure that we have at least some idea of the usage.

我想確保我們至少對用法有一些了解。

So when people come to me and say, "By the way, you could raise and convert at 0% and a premium of X percent up, 40%, 50% up, let's say," I see that very attractive.

因此，當人們來找我說，“順便說一句，你可以以 0% 和 X%、40%、50% 的溢價提高和轉換，比如說，”我認為這非常有吸引力。

But then I keep asking my people, "So okay, once you get the money, what are you going to do with it?" Because you have a dilution hanging over your head.

但後來我一直問我的人，“好吧，一旦你拿到錢，你打算用它做什麼？”因為你的頭上掛著稀釋液。

And so I don't know whether I answer your question.

所以我不知道我是否回答了你的問題。

I guess just kind of explain how I think about it.

我想只是解釋一下我的想法。

I'm not against it.

我不反對。

I know there's very attractive terms out there.

我知道那裡有非常有吸引力的條款。

And at this level of equity, so -- but I wanted to make sure that we have a targeted use that could help the business first.

在這個公平水平上，所以 - 但我想確保我們有一個可以首先幫助業務的有針對性的用途。

And maybe another way to ask the same question is for your strategic plan, you don't require a significant acquisition or deployment of capital to execute on that current plan that you have?

也許另一種問同樣問題的方式是針對您的戰略計劃，您不需要大量收購或部署資本來執行您當前的計劃嗎？

No, we do.

不，我們有。

The plan I gave you, 9% to 15% growth does not assume any acquisition.

我給你的計劃，9% 到 15% 的增長不假設任何收購。

For our next question, we have Paul Steep from Scotia Capital Markets.

對於我們的下一個問題，我們請來自 Scotia Capital Markets 的 Paul Steep。

John, just recognizing it's challenging with the situation with licensing, but I guess with the proceeds, if we assume this proceeds, would -- how would we think about deploying that capital?

約翰，只是認識到許可的情況具有挑戰性，但我想如果我們假設這些收益，我們將如何考慮部署這筆資金？

I know you answered it earlier, but I guess the point being, is it envisioned that you would look to do like some type of a strategic or transformative M&A to materially accelerate growth in the business, I think, becomes the question?

我知道你之前已經回答過了，但我想重點是，我認為，你是否設想像某種類型的戰略或變革性併購來實質性地加速業務增長？

I do have a quick follow-up that's somewhat related...

我確實有一個快速的跟進，這有點相關......

Yes.

是的。

It really is -- it's really somehow depending on the target out there.

它確實是——它實際上在某種程度上取決於那裡的目標。

The answer to your question is I will always love to do that, I really do.

你的問題的答案是我永遠喜歡這樣做，我真的喜歡。

And so there's also a question of affordability.

所以還有一個負擔能力的問題。

But especially in the auto space, in the auto tech space, I think our position with QNX and stuff we were doing on IVY with Cylance as technology that could go into a car, I think we're well positioned in terms of what we could put in.

但尤其是在汽車領域，在汽車技術領域，我認為我們在 QNX 的位置以及我們在 IVY 上使用 Cylance 作為可以進入汽車的技術所做的事情，我認為我們在我們可以做的事情方面處於有利地位投放。

There might be some acquisition we need to make to further growth rate of our revenue.

我們可能需要進行一些收購以進一步提高我們的收入增長率。

That will be a target, an interesting target.

那將是一個目標，一個有趣的目標。

And today, there is no specific target I had in mind.

而今天，我並沒有具體的目標。

My people always have a list of names that they go look at, but I don't have any specific thing.

我的人總是有一個他們去查看的名字列表，但我沒有任何具體的東西。

But the answer to your question is the usage, those will be a priority usage for us.

但是您的問題的答案是使用，這些將是我們的優先使用。

Okay.

好的。

And then maybe related, let's set aside whatever is going to occur with the patent sale, will transpire or not as the case might be.

然後也許相關，讓我們擱置專利銷售將發生的任何事情，視情況而定。

Just dialing back to your comments earlier in the call, can you talk to us about how we should think about the level of spend?

只是在電話會議的早些時候撥回您的評論，您能和我們談談我們應該如何考慮支出水平嗎？

I know you're not guiding EBITDA or free cash flow and I respect why.

我知道你沒有指導 EBITDA 或自由現金流，我尊重原因。

But maybe just help us put it in context.

但也許只是幫助我們把它放在上下文中。

I think you talked about accelerating increased growth.

我認為您談到了加速增長。

But then when I look at the spend, and I know maybe Q4 isn't the best spot to look, sales and marketing is up 10% year-on-year, 10%.

但是當我查看支出時，我知道第四季度可能不是最好的觀察點，銷售和營銷同比增長 10%，10%。

And I know it's got stock-based comp in there but R&D actually offset it.

而且我知道它有基於股票的補償，但研發實際上抵消了它。

So should we think net that you're actually dipping in and we might go negative a little bit or no?

那麼我們是否應該認為您實際上正在參與其中，我們可能會有點消極或沒有？

No.

不。

That's not our intent.

這不是我們的意圖。

We have a reasonably large number of hires, mostly in sales and marketing, sales and field marketing in our plan that I just provided you.

在我剛剛提供給您的計劃中，我們有相當多的員工，主要是銷售和營銷、銷售和現場營銷。

I mean I know -- you're right.

我的意思是我知道——你是對的。

I'm unable to give you the EPS guidance and cash flow guidance only because the licensing part is shifting so much.

我無法為您提供每股收益指導和現金流指導，只是因為許可部分發生了很大變化。

So we didn't want to go there at this point.

所以我們現在不想去那裡。

But -- so the answer to your question, it was not intended to reduce many.

但是 - 所以你的問題的答案，並不是要減少很多。

However, we are taking reduction in G&A.

但是，我們正在減少 G&A。

We are also going to take reduction in real estate.

我們還將減少房地產。

If you noticed that, as Steve had mentioned, we have an impairment charge of $22 million and a lot of them related to real estate.

如果你注意到，正如史蒂夫所提到的，我們有 2200 萬美元的減值費用，其中很多與房地產有關。

It's because we decided to cut down our real estate's footprint by maybe up to 25%.

這是因為我們決定將我們的房地產足跡減少多達 25%。

And this way that we will have, after the pandemic, we will have roughly about 20% to 25% of our team members that will be working remotely on a rather permanent basis.

這樣一來，在大流行之後，我們將有大約 20% 到 25% 的團隊成員將在相當長時間的基礎上遠程工作。

We will provide some hoteling offices.

我們將提供一些酒店辦公室。

And I think you see that in many company, especially in kind of a software tech company, we decided we don't want to go all 100% because we want to maintain level of creativity and personality involvement.

而且我認為您在許多公司中看到，尤其是在某種軟件技術公司中，我們決定不希望全部 100% 投入，因為我們希望保持創造力和個性參與水平。

But -- so we're going to save some money from infrastructures.

但是——所以我們要從基礎設施中節省一些錢。

We're going to save some money from IT and some of the consolidation work over there.

我們將從 IT 和那裡的一些整合工作中節省一些錢。

And then we will then fund engineering and mostly fund go-to-market.

然後我們將資助工程，主要資助進入市場。

Great.

偉大的。

I'll just ask one last quick clarifying one.

我會問最後一個快速澄清一個。

Can you just comment, and I respect that it's difficult, but like obviously, we had the situation in Japan relating to chips and automotive.

您能否發表評論，我尊重這很困難，但很明顯，我們在日本遇到了與芯片和汽車有關的情況。

What's sort of the broader mood, John, in terms of the base?

就基礎而言，約翰，更廣泛的情緒是什麼？

Obviously, these decisions don't get made in a vacuum or overnight.

顯然，這些決定不是憑空或一夜之間做出的。

But is there overall maybe a bit of a pause going on or people are still moving forward with projects?

但是總體上可能會出現一些停頓，或者人們仍在推進項目嗎？

And I'll pass the line.

我會通過這條線。

So far, with the 25 design win we have in the quarter with some really big name wins, Toyota, Honda and EV, Scania in trucks in Sweden and other things, other wins that we have, so far, the auto space are still very vibrant from a design win standpoint.

到目前為止，我們在本季度贏得了 25 項設計大獎，其中包括一些真正的大牌，豐田、本田和電動汽車，斯堪尼亞在瑞典的卡車等等，我們還有其他的勝利，到目前為止，汽車領域仍然非常從設計取勝的角度來看充滿活力。

Then eventually, it will hit us.

然後最終，它會打擊我們。

I just -- I'm following what GM and Ford has said publicly, that GM has stated that second half of this year, the chip shortages issues will be overcome.

我只是 - 我正在關注通用汽車和福特公開表示的內容，通用汽車已經表示，今年下半年，芯片短缺問題將得到解決。

And they assume reduction of the 3 shutdown factories right now.

他們假設現在減少 3 家停產工廠。

So that's why we said, when we do our planning today, we assume that we continue to win design wins in QNX, that we will then have developed a license as revenue and hoping that we'll do some more professional services.

所以這就是為什麼我們說，當我們今天進行規劃時，我們假設我們繼續在 QNX 中贏得設計勝利，然後我們將開發許可證作為收入，並希望我們會做一些更專業的服務。

And then the production obviously kicked in, in the future.

然後生產顯然開始了，在未來。

It does affect us immediately a little bit.

它確實會立即對我們產生一點影響。

But since we're in the recovering mode, I think it's being absorbed in somewhat.

但由於我們處於恢復模式，我認為它在某種程度上被吸收了。

So our guidance of $180 million to $200 million for the year assume that this problem -- shortage problem with the plant shutdown problem ends in midyear.

因此，我們今年 1.8 億至 2 億美元的指導假設這個問題 - 工廠停工問題的短缺問題在年中結束。

Now that's just a stake in the ground.

現在這只是地面上的一個賭注。

I mean we have to model it somehow, somewhere.

我的意思是我們必須以某種方式在某個地方對其進行建模。

If that prolong, then that will prolong our recovery.

如果這樣延長，那將延長我們的恢復時間。

But I'm hoping to minimize as best as we can.

但我希望盡可能地減少。

Not every plants are shut down, by the way.

順便說一句，並不是所有的工廠都關閉了。

Obviously, you know that.

顯然，你知道這一點。

Next, we have Steven Li from Raymond James.

接下來，我們有來自 Raymond James 的 Steven Li。

How profitable are these licensing revenues?

這些許可收入的利潤如何？

Is the gross margin, for example, higher than your corporate average?

例如，毛利率是否高於您的公司平均水平？

Yes.

是的。

Yes, which is painful for us in the first couple of quarters because we expect, one way or the other, it's going to be a low revenue, low level.

是的，這在前幾個季度對我們來說是痛苦的，因為我們預計，不管怎樣，這將是一個低收入、低水平。

But the answer is yes, it's higher than the corporate number by significant percentage.

但答案是肯定的，它比企業數量高出相當大的百分比。

Okay.

好的。

So John, if the patent sale goes through, could your EBITDA turn negative, for example?

那麼約翰，如果專利銷售成功，你的 EBITDA 會變成負數嗎？

Yes, it could be.

是的，它可能是。

And I'm hoping that our EBITDA go negative.

我希望我們的 EBITDA 變為負數。

I didn't calculate EBITDA go negative.

我沒有計算 EBITDA 為負數。

The EPS will go negative.

每股收益將變為負數。

But I am hoping that we will start registering some growth in Software and Services to offset it.

但我希望我們將開始在軟件和服務方面取得一些增長以抵消它。

We don't have any further questions at this time.

我們目前沒有任何進一步的問題。

I would now like to turn the call back over to John Chen, Executive Chair and CEO of BlackBerry for closing remarks.

我現在想將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 very much.

非常感謝。

I don't have any remarks.

我沒有任何意見。

And thank you all for your interest in the company.

並感謝大家對公司的興趣。

We will have a very interesting year ahead of us here.

我們將在這裡度過非常有趣的一年。

We believe our Software and Services and especially -- when we separate the 2 lines, we already know that Spark will do some growth in billings, revenue growth will come in mostly from BTS.

我們相信我們的軟件和服務，尤其是當我們將這兩條線分開時，我們已經知道 Spark 將在賬單方面取得一些增長，收入增長將主要來自 BTS。

And licensing, it could go either way and we'll keep you posted.

和許可，它可以去任何一種方式，我們會及時通知你。

And so I'm sorry, it's being late in the evening in the East Coast.

所以我很抱歉，東海岸已經很晚了。

Thank you all very much for attending today's call, and have a great evening.

非常感謝大家參加今天的電話會議，祝大家度過一個愉快的夜晚。

This concludes today's call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。