BlackBerry Ltd (BB) 2023 Q4 法說會逐字稿

Good afternoon, and welcome to the BlackBerry Fourth Quarter and Full Fiscal Year 2023 Results Conference Call. My name is Jason, 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，歡迎來到黑莓第四季度和 2023 財年全年業績電話會議。我叫 Jason，我將擔任今天電話會議的主持人。 （操作員說明）提醒一下，正在錄製此會議以供重播。

I would now like to turn today's call over to Tim Foote, Vice President of BlackBerry Investor Relations. Please go ahead.

我現在想把今天的電話轉給 BlackBerry 投資者關係副總裁 Tim Foote。請繼續。

Thank you, Jason. Good afternoon, and welcome to BlackBerry's Fourth Quarter and Full Fiscal Year 2023 Earnings Conference Call. With me on the call today are Executive Chair and Chief Executive Officer, John Chen; and Chief Financial Officer, 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.

謝謝你，傑森。下午好，歡迎來到黑莓第四季度和 2023 財年全年收益電話會議。今天與我通話的有執行主席兼首席執行官 John Chen；和首席財務官 Steve Rai。在我閱讀我們關於前瞻性陳述的警示性說明後，約翰將提供業務更新，史蒂夫將審查財務結果。然後我們將開始簡短的問答環節。

This call is available to the general public via call-in numbers and via webcast in the Investor Information section at BlackBerry.com. A replay will also be available on the BlackBerry.com website.

公眾可通過呼入號碼和 BlackBerry.com 投資者信息部分的網絡廣播收聽此電話會議。 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, will 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. You should not place undue reliance on the company's forward-looking statements. Any forward-looking statements are made only as of today, and the company has no intention and undertakes no obligation to update or revise any of them, except as required by law.

我們今天要發表的一些聲明構成前瞻性聲明，是根據適用的美國和加拿大證券法的安全港條款作出的，將通過使用諸如預期、將、應該、模型等詞語來表明前瞻性聲明、打算、相信和類似的表達方式。前瞻性陳述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表現與前瞻性陳述中明示或暗示的結果或表現存在重大差異。這些因素包括公司年度申報和 MD&A 中討論的風險因素。您不應過分依賴公司的前瞻性陳述。任何前瞻性陳述僅在今天作出，除法律要求外，公司無意且不承擔更新或修改其中任何內容的義務。

As is customary during the call, John and Steve will reference non-GAAP numbers in our summary of our quarterly and full year 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 websites.

按照電話會議的慣例，John 和 Steve 將在我們的季度和全年業績摘要中引用非 GAAP 數據。如需我們的 GAAP 和非 GAAP 數據之間的對賬，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 網站上獲取。

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

有了這個，我會把電話轉給約翰。

Thanks, Tim. Good afternoon, everybody, and thanks for joining the call today. Let me start my review today with the IoT business unit.

謝謝，蒂姆。大家下午好，感謝您今天加入電話會議。讓我從物聯網業務部門開始今天的回顧。

This has been a very good year. Despite a challenging macro environment, BlackBerry IoT closed out the year with strong 16% year-over-year revenue growth to $206 million. This is in line with the outlook range we provided this time last year. QNX has a record year for adding new royalty backlog from design wins. In fact, backlog at the end of fiscal '23 has grown to a new record high of $640 million, 6-4-0. Going forward, we will report this annually in Q4 rather than in Q1 to enable a more in-depth discussion during our Analyst Day, which typically happens in May.

這是非常好的一年。儘管宏觀環境充滿挑戰，但 BlackBerry IoT 以 2.06 億美元的同比強勁增長 16% 的收入結束了這一年。這與我們去年這個時候提供的展望範圍一致。 QNX 在增加新的設計勝利專利使用費積壓方面創下了紀錄。事實上，23 財年末的積壓訂單已經增長到 6.4 億美元的歷史新高，6-4-0。展望未來，我們將每年在第四季度而不是第一季度報告這一情況，以便在通常在 5 月舉行的分析師日期間進行更深入的討論。

The result is yet more tangible evidence that our strategy for QNX and IoT is really paying off. The business is executing and capitalizing on strong secular trends. The move towards high-performance, safety-critical software running on more powerful chipsets, is opening up significant opportunities for QNX.

結果更加切實地證明了我們的 QNX 和物聯網戰略正在取得成效。該企業正在執行並利用強勁的長期趨勢。轉向在更強大的芯片組上運行的高性能、安全關鍵型軟件，為 QNX 帶來了重要機遇。

In addition to generating royalty backlog, the new design wins also drove near-record levels for preproduction revenue in Q4, that is, revenue from development licenses as well as professional services. Furthermore, the IoT business unit delivered a strong 81% gross margin, 8-1.

除了產生版稅積壓外，新設計的勝利還推動了第四季度試生產收入接近創紀錄水平，即來自開發許可和專業服務的收入。此外，物聯網業務部門的毛利率高達 81%，8-1。

In the quarter, we secured a total of 36 new design wins, with 6 in auto and 30 in GEM. QNX is winning in multiple auto domains. In particular, we continue to perform well in the fast-growing ADAS and the digital cockpit domain.

本季度，我們共獲得 36 項新設計中標，其中汽車 6 項，創業板 30 項。 QNX 正在多個汽車領域取得勝利。特別是，我們在快速增長的 ADAS 和數字座艙領域繼續表現良好。

In addition to auto, in adjacent verticals, we also see similar trends towards high-performance safety critical software at the edge. Medical and industrials are among a number of verticals making this transition, and QNX is capitalizing on it. Example this quarter, including a win with the Abbott Labs for the real-time medical analyzer and with Corindus Vascular for a robotic stroke treatment application. There are also wins with South Korea Doosan for nuclear power plant controllers and Honeywell for industrial conveyor control units.

除了汽車，在相鄰的垂直領域，我們也看到了類似的趨勢，即在邊緣使用高性能安全關鍵軟件。醫療和工業是進行這種轉變的眾多垂直行業之一，而 QNX 正在利用它。本季度的示例，包括在實時醫學分析儀方面與雅培實驗室的合作以及在機器人中風治療應用方面與 Corindus Vascular 的合作。還贏得了韓國斗山的核電站控制器和霍尼韋爾的工業輸送機控制單元。

Some of you on the call today may have joined us either in person or virtually at CES that happened in January. This was a very successful event for the team with significant interest from and meetings with leading OEMs and Tier 1s. At CES, we also co-hosted the first software-defined vehicle innovation awards with MotorTrend. This event brought together and celebrated the best and brightest in software development across the auto industry. This was a key marketing event for us.

今天參加電話會議的你們中的一些人可能已經在 1 月份舉行的 CES 上親自或虛擬地加入了我們。對於團隊來說，這是一次非常成功的活動，他們與領先的原始設備製造商和一級供應商產生了濃厚的興趣並進行了會面。在 CES 上，我們還與 MotorTrend 共同舉辦了首屆軟件定義汽車創新獎。該活動匯集了整個汽車行業最優秀、最聰明的軟件開發人員，並為他們慶祝。這對我們來說是一次重要的營銷活動。

One of our major announcements at CES was that the QNX RTOS is now available in the cloud through the AWS Marketplace. This both extends the reach of QNX to AWS developer community and eliminates the need for physical hardware. The initial response has been positive, with auto and GEM developers accessing QNX from locations around the world.

我們在 CES 上發布的一項重要公告是，QNX RTOS 現在可通過 AWS Marketplace 在雲中使用。這既將 QNX 的範圍擴展到 AWS 開發人員社區，又消除了對物理硬件的需求。最初的反應是積極的，汽車和 GEM 開發人員從世界各地訪問 QNX。

Let me now move to IVY. This quarter, we made a significant step forward with IVY, announcing the first design win. Following successful PoC trials, Dongfeng, one of China's leading automakers, selected a digital cockpit solution from Tier 1 supplier, PATEO. That includes BlackBerry IVY to run in their VOYAH range of electric vehicles.

現在讓我轉到常春藤。本季度，我們在 IVY 方面向前邁出了重要一步，宣布了第一個設計中標。在成功進行 PoC 試驗後，中國領先的汽車製造商之一東風選擇了一級供應商 PATEO 的數字駕駛艙解決方案。這包括在其 VOYAH 系列電動汽車中運行的 BlackBerry IVY。

At CES, the team demonstrated IVY running on 3 commercially available platforms, including Bosch, PATEO and the AWS Graviton. There was particularly strong interest in seeing IVY running live in the Jeep Grand Cherokee at the booth. Not only was IVY an important feature of the BlackBerry booth, it was also featured prominently at the AWS booth. Overall, CES generated significant interest for potential new proof-of-concept trials for IVY.

在 CES 上，該團隊展示了 IVY 在 3 個商用平台上的運行，包括 Bosch、PATEO 和 AWS Graviton。在展位上看到 IVY 駕駛吉普大切諾基現場行駛時，觀眾表現出特別濃厚的興趣。 IVY 不僅是黑莓展台的重要特色，在 AWS 展台上也很顯眼。總體而言，CES 對 IVY 的潛在新概念驗證試驗產生了極大的興趣。

Product development remains on track. And as we announced at CES, we're targeting this GA, the general availability that is, the GA release in May. This is an important step in scaling the IVY go-to-market and PoC efforts.

產品開發仍在進行中。正如我們在 CES 上宣布的那樣，我們的目標是這次 GA，一般可用性，即 5 月份的 GA 版本。這是擴大 IVY 上市和 PoC 工作的重要一步。

The IVY ecosystem is also developing well. One of the IVY fund investment, Electra Vehicles, a smart battery management application, was successfully included as part of our first IVY design win. This quarter, we added a partner specializing in AI-powered driver monitoring technology aimed at fleet customers called IDrive. IDrive is a California-based company that plans to leverage IVY sensor data to improve driver safety and fleet efficiency.

IVY生態系統也發展良好。智能電池管理應用程序 Electra Vehicles 是 IVY 基金投資之一，它作為我們第一個 IVY 設計中標的一部分成功入選。本季度，我們增加了一個專門針對車隊客戶的 AI 驅動的駕駛員監控技術的合作夥伴，稱為 IDrive。 IDrive 是一家位於加利福尼亞的公司，計劃利用 IVY 傳感器數據來提高駕駛員安全性和車隊效率。

Let me now turn to outlook for this coming fiscal year. Headwinds for the auto production from the macro environment and supply chain challenges persist, although they appear to be easing a bit. Global light-vehicle production, which is a key driver for our royalty revenue, is expected to increase by around 4% in 2023 to around 85 million vehicles. Despite this improvement, production will remain well below the 95 million vehicles in 2018, that is prior to both the pandemic and the supply chain difficulties.

現在讓我談談對即將到來的財政年度的展望。宏觀環境和供應鏈挑戰對汽車生產的不利影響仍然存在，儘管它們似乎有所緩解。全球輕型汽車產量是我們特許權使用費收入的主要驅動力，預計到 2023 年將增長約 4%，達到約 8500 萬輛。儘管有所改善，但產量仍將遠低於 2018 年的 9500 萬輛，這是在大流行和供應鏈出現困難之前。

Even with these industry-wide challenges, we expect strong growth for BlackBerry IoT this fiscal year and for revenue to be in the range of $240 million to $250 million. This translates from 17% to 21% year-on-year growth and is in line with the outlook given at our Analyst Day last May. We see this growth coming from a combination of both ongoing momentum in new design wins as well as an uptick in royalties. Given the anticipated timing of design wins throughout the year, we see the growth largely weighted to the second half. We expect revenue for Q1 to be in the range of $50 million to $53 million.

即使面臨這些全行業的挑戰，我們預計 BlackBerry IoT 在本財年將實現強勁增長，收入將在 2.4 億美元至 2.5 億美元之間。這相當於同比增長 17% 至 21%，與我們去年 5 月分析師日給出的展望一致。我們認為這種增長來自於新設計獲勝的持續勢頭以及特許權使用費的上漲。鑑於全年設計獲勝的預期時間，我們認為增長主要集中在下半年。我們預計第一季度的收入將在 5000 萬至 5300 萬美元之間。

Turning now to the cybersecurity business unit. Revenue for the quarter was $88 million. Billing increased sequentially for the third consecutive quarter to $107 million. Gross margin was 59%. ARR was $298 million. And the dollar-based net retention rate was 81%.

現在轉向網絡安全業務部門。該季度的收入為 8800 萬美元。營業額連續第三個季度環比增長至 1.07 億美元。毛利率為 59%。 ARR 為 2.98 億美元。基於美元的淨保留率為 81%。

This was a challenging quarter for closing large deals in the government space. We saw an elongation of sales cycle in this vertical with additional layers of approval and reviews. In particular, we saw a number of key deals slip into later quarters, and we don't consider those deals lost, rather delayed. Given the product mix of these deals that included mostly perpetual licenses, the impact on this quarter's in-quarter revenue was significant. However, strong billing growth from other nongovernment verticals, including financial services, we saw cyber billings increase overall for the third consecutive quarter.

對於在政府領域完成大型交易來說，這是一個充滿挑戰的季度。我們看到這個垂直領域的銷售週期延長，批准和審查層數增加。特別是，我們看到一些關鍵交易進入了後期季度，我們認為這些交易不是失敗的，而是延遲的。鑑於這些交易的產品組合主要包括永久許可，因此對本季度的季內收入產生了重大影響。然而，由於包括金融服務在內的其他非政府垂直行業的強勁賬單增長，我們看到網絡賬單連續第三個季度整體增長。

You may recall that we recently outlined a strong opportunity that we see for our Cylance product in the mid-market space. From our SMB wins this year as well as feedback from customers, we learned that having simple but effective turnkey products is the key to scaling this business. Therefore, we've productized according to the market needs and launched 2 new offerings under the headline: more security, less complexity. These new offerings are designed to be simpler to use, more cost effective and deliver leading-edge security.

您可能還記得，我們最近概述了我們在中端市場領域看到的 Cylance 產品的強大機會。從我們今年贏得的 SMB 以及客戶的反饋中，我們了解到擁有簡單但有效的交鑰匙產品是擴展該業務的關鍵。因此，我們根據市場需求進行了產品化，並在標題下推出了 2 種新產品：更高的安全性、更低的複雜性。這些新產品旨在更易於使用、更具成本效益並提供領先的安全性。

The first product is Cylance Endpoint that brings together and augments our suite of Cylance Endpoint products into one easy-to-use, cost-effective solution. The product leverages our battle-hardened AI engine, along with a major user experience overhaul. This includes the addition of new 1 alert console that combines the XDR data source and machine learning for simple, intuitive, prioritized alert. Cylance Endpoint is also available as a managed service through CylanceGUARD MDR.

第一個產品是 Cylance Endpoint，它將我們的 Cylance Endpoint 產品套件整合併增強為一個易於使用、具有成本效益的解決方案。該產品利用我們久經沙場的 AI 引擎，以及重大的用戶體驗改革。這包括添加新的 1 警報控制台，該控制台結合了 XDR 數據源和機器學習，以提供簡單、直觀、優先的警報。 Cylance Endpoint 也可通過 CylanceGUARD MDR 作為託管服務使用。

The second product is Cylance Edge, a product that connects users to their work effortlessly and securely right out of the box. Customers can securely access cloud-based SaaS application as well as gain visibility into how sensitive data are stored and shared.

第二個產品是 Cylance Edge，該產品開箱即用，可輕鬆安全地將用戶與其工作聯繫起來。客戶可以安全地訪問基於雲的 SaaS 應用程序，並了解敏感數據的存儲和共享方式。

The third development that I'd like to highlight is an exciting point of differentiation of BlackBerry versus our competitors. We integrated our AtHoc critical event management into guide managed service to provide unified communications with cyber crisis response even if communication channels, like e-mails, are compromised. We will provide significantly more detail and demonstrate this new product at RSA in San Francisco next month, so please stay tuned.

我想強調的第三個發展是 BlackBerry 與我們的競爭對手相比令人興奮的差異化點。我們將 AtHoc 關鍵事件管理集成到指南託管服務中，以提供統一通信和網絡危機響應，即使電子郵件等通信渠道受到損害。下個月，我們將在舊金山的 RSA 上提供更多詳細信息並展示這一新產品，敬請期待。

Turning now to UEM. We were delighted when Gartner announced that BlackBerry UEM was the only vendor voted in the top right quadrant by customers for deployment, capabilities and support. Receiving this recognition based on a review of some of the most security-conscious customers in the world demonstrated a level of performance that only BlackBerry can provide.

現在轉向 UEM。當 Gartner 宣布 BlackBerry UEM 是客戶在部署、功能和支持方面投票選入右上象限的唯一供應商時，我們感到非常高興。基於對世界上一些最具安全意識的客戶的評論而獲得這一認可，證明了只有 BlackBerry 才能提供的性能水平。

In the market, we're seeing a tailwind from the return to corporate issue devices given concerns around security and lack of control. For a customer making this transition, particularly in the financial services but in other verticals as well, BlackBerry is seen as a go-to most secure solution in the market, and we see this driving interest. One key competitive advantage for our product is that Microsoft Intune is unable to block specific apps that presented security or privacy risk across all devices where BlackBerry UEM can.

在市場上，由於對安全性和缺乏控制的擔憂，我們看到了企業發行設備回歸的順風。對於進行這種轉變的客戶，尤其是在金融服務領域，但在其他垂直領域也是如此，BlackBerry 被視為市場上最安全的解決方案，我們看到了這種驅動力。我們產品的一個關鍵競爭優勢是 Microsoft Intune 無法阻止在所有設備上存在安全或隱私風險的特定應用程序，而 BlackBerry UEM 可以。

On the product development front, we announced a new feature for UEM this quarter. This includes being the first in the industry to integrate with the Adobe Experience Manager, enabling secure document signing on mobile that meets the vigorous government security standards.

在產品開發方面，我們在本季度宣布了 UEM 的一項新功能。這包括在業內率先與 Adobe Experience Manager 集成，從而在滿足嚴格的政府安全標準的移動設備上實現安全文檔簽名。

Once again, we secured sales with leading customers in our core regulated vertical, especially government and financial services this quarter. Among those we're able to name our Bank of America, Deutsche Bank, TD Ameritrade, the Bank of Italy, the Swiss National Bank and the Bank of India. In government, wins include U.S. Air Force, Scottish government, the U.S. Department of Treasury, the Netherlands government SSC-ICT, the shared service center, and the Australian Department of Health and Human Services.

本季度，我們再次在我們的核心監管垂直領域，尤其是政府和金融服務領域，與領先客戶取得了銷售。其中包括美國銀行、德意志銀行、TD Ameritrade、意大利銀行、瑞士國家銀行和印度銀行。在政府方面，贏得的包括美國空軍、蘇格蘭政府、美國財政部、荷蘭政府 SSC-ICT、共享服務中心和澳大利亞衛生與公眾服務部。

Turning now to the outlook for the Cyber BU. For the coming fiscal year and allowing factors, such as the macroeconomic backdrop, we expect revenue to be in the range of $425 million to $450 million. Correspondingly, we expect billings to be in the range of $430 million to $480 million, an increase of between 7% to 20% year-over-year.

現在轉向 Cyber BU 的前景。對於下一個財政年度和宏觀經濟背景等允許因素，我們預計收入將在 4.25 億美元至 4.5 億美元之間。相應地，我們預計賬單將在 4.3 億美元至 4.8 億美元之間，同比增長 7% 至 20%。

For Q1, we expect the revenue to increase sequentially and be in the range of $100 million to $110 million. As was the case in the past quarter, we expect billings to continue to exceed revenue this fiscal year, which is a strong leading indicator of a return to revenue growth. Furthermore, we expect ARR to return to sequential growth in the second half of this fiscal year.

對於第一季度，我們預計收入將連續增長並在 1 億美元至 1.1 億美元之間。與上一季度的情況一樣，我們預計本財年的收入將繼續超過收入，這是收入恢復增長的一個強有力的領先指標。此外，我們預計 ARR 將在本財年下半年恢復環比增長。

Moving now to licensing. Last week, we were pleased to announce the patent sale agreement with Key Patent Innovations for up to $900 million. BlackBerry will receive a combination of cash at closing and potential future royalties as the share of profits generated from the portfolio. KPI, whose team is based in Ireland, brings significant experience and expertise for maximizing the value of the patents and, with it, the overall deal value for BlackBerry. Importantly, the agreement with KPI has no financing condition and they have secured all their fundings from a leading U.S.-based investment firm with more than $30 billion in assets under management.

現在轉向許可。上週，我們很高興地宣布與 Key Patent Innovations 達成高達 9 億美元的專利出售協議。黑莓將在交易結束時收到現金和未來可能的特許權使用費，作為投資組合產生的利潤份額。 KPI 的團隊位於愛爾蘭，為最大化專利價值以及黑莓的整體交易價值帶來了豐富的經驗和專業知識。重要的是，與 KPI 的協議沒有融資條件，他們的所有資金都來自一家管理資產超過 300 億美元的領先美國投資公司。

Adding meaningfully to the overall deal value, BlackBerry will retain approximately 2,000 patents that would have been sold under the previous transaction with Catapult as well as BlackBerry keeping all existing revenue-generating contracts. Considering all of these factors, especially the assessed level of certainty and ability to execute, we consider this deal to have a higher overall value and therefore be the best outcome for our shareholders.

BlackBerry 將保留約 2,000 項本應在之前與 Catapult 的交易中出售的專利，並保留所有現有的創收合同，這對整體交易價值意義重大。考慮到所有這些因素，尤其是確定性和執行能力的評估水平，我們認為這筆交易具有更高的整體價值，因此對我們的股東來說是最好的結果。

The transaction is subject to the standard regulatory approval and we expect it to close in Q2. Following the completion of the sale, we plan to leverage third-parties to opportunistically monetize the remaining patents. However, this is likely to take some time to ramp up. So revenue, excluding proceeds from the patent sale is expected to be approximately $5 million per quarter this fiscal year.

該交易需獲得標準監管批准，我們預計將在第二季度完成。出售完成後，我們計劃利用第三方機會將剩餘專利貨幣化。但是，這可能需要一些時間才能提高。因此，不包括專利銷售收益在內的收入預計在本財年每季度約為 500 萬美元。

In the quarter, we recognized $10 million of revenue related to past patent deals. These revenues is not as a result of net new agreements and have no impact on the sale of our patent portfolio.

本季度，我們確認了與過去專利交易相關的 1000 萬美元收入。這些收入不是淨新協議的結果，對我們專利組合的銷售沒有影響。

Let me now turn the call over to Steve for more details on our financials.

現在讓我將電話轉給史蒂夫，了解有關我們財務狀況的更多詳細信息。

Thank you, John. As usual, my comments on our financial performance for the fourth quarter will be in non-GAAP terms unless otherwise noted.

謝謝你，約翰。與往常一樣，除非另有說明，否則我對第四季度財務業績的評論將採用非 GAAP 條款。

Total company revenue for the quarter was $151 million, IoT revenue was $53 million and cybersecurity revenue was $88 million. Software product revenue as a percentage of total revenue remained in the range of 85% to 90%, and professional services made up the balance. The percentage of software product revenue that was recurring increased to around 90% given the delay of some large mainly perpetual deals that John mentioned earlier. Licensing and other revenue was $10 million.

本季度公司總收入為 1.51 億美元，物聯網收入為 5300 萬美元，網絡安全收入為 8800 萬美元。軟件產品收入佔總收入的比例保持在85%至90%之間，專業服務彌補了差額。鑑於 John 之前提到的一些主要是永久性的大型交易的延遲，經常性軟件產品收入的百分比增加到 90% 左右。許可和其他收入為 1000 萬美元。

Total company gross margin was 67%. Operating expenses for the fourth quarter were $118 million. These non-GAAP operating expenses exclude $26 million fair value gain on the convertible debentures, $15 million in amortization of acquired intangibles, $9 million in stock compensation expense and $7 million in restructuring expenses as a result of steps taken in the quarter to streamline costs, including facilities and IT infrastructure. Non-GAAP operating expenses also exclude a $476 million noncash accounting impairment of goodwill and long-lived assets for the Spark reporting unit. This represents a noncash charge of $0.82 to GAAP earnings per share.

公司總毛利率為67%。第四季度的運營費用為 1.18 億美元。這些非 GAAP 運營費用不包括 2600 萬美元的可轉換債券公允價值收益、1500 萬美元的收購無形資產攤銷、900 萬美元的股票補償費用和 700 萬美元的重組費用，這些費用是由於本季度採取的精簡成本措施而產生的，包括設施和 IT 基礎設施。非 GAAP 運營費用還不包括 Spark 報告部門商譽和長期資產的 4.76 億美元非現金會計減值。這代表 GAAP 每股收益 0.82 美元的非現金費用。

In accordance with accounting rules, we were required to perform a goodwill impairment review by determining a fair value for all our reporting units, the total of which is required to reconcile through our market capitalization. BlackBerry's market capitalization at the test date had declined year-on-year, similar to the broad-based market decline over the same period. Further details will be disclosed in our Form 10-K.

根據會計規則，我們需要通過確定我們所有報告單位的公允價值來進行商譽減值審查，這些單位的總和需要通過我們的市值進行調節。黑莓在測試日的市值同比下降，與同期市場普遍下跌相似。更多詳細信息將在我們的 10-K 表格中披露。

The non-GAAP operating loss for the fourth quarter was $17 million and non-GAAP net loss was $13 million. The $0.02 non-GAAP basic loss per share for the quarter beat expectations. Adjusted EBITDA, excluding the non-GAAP adjustments previously mentioned, was negative $12 million.

第四季度非 GAAP 營業虧損為 1700 萬美元，非 GAAP 淨虧損為 1300 萬美元。本季度每股 0.02 美元的非 GAAP 基本虧損超出預期。調整後的 EBITDA，不包括前面提到的非 GAAP 調整，為負 1200 萬美元。

Total cash, cash equivalents and investments were $487 million as at February 28, 2023, and free cash usage in the quarter reduced to $9 million. In this coming fiscal year, we will be focused on driving towards both profitable growth and being cash flow positive.

截至 2023 年 2 月 28 日，現金、現金等價物和投資總額為 4.87 億美元，本季度的自由現金使用量減少至 900 萬美元。在下一個財政年度，我們將專注於推動盈利增長和現金流為正。

In our IoT business, we will continue to invest given the relatively high level of visibility we have for growth. On the cyber side, we have identified a clear plan to deliver expansion of both gross margin and operating margin. The outlook for the coming year is for a significantly lower EPS loss and cash flow usage.

在我們的物聯網業務中，鑑於我們對增長的可見度相對較高，我們將繼續投資。在網絡方面，我們已經確定了一個明確的計劃來實現毛利率和營業利潤率的增長。未來一年的前景是 EPS 損失和現金流量使用量將顯著降低。

That concludes my comments, and I'll turn it back to John.

我的評論到此結束，我會把它轉回給 John。

Thank you, Steve. Before we open the line for Q&A, let me recap on the key message from the quarter.

謝謝你，史蒂夫。在我們打開問答熱線之前，讓我回顧一下本季度的關鍵信息。

This was a strong quarter and a record year for QNX royalty backlog for BlackBerry IoT. We enter FY '24 with significant design momentum. And although we still face macroeconomics and supply chain headwinds, we expect revenue growth of approximately 20% this coming fiscal year.

對於黑莓 IoT 的 QNX 版稅積壓來說，這是一個強勁的季度和創紀錄的一年。我們以顯著的設計勢頭進入 FY '24。儘管我們仍然面臨宏觀經濟和供應鏈的不利因素，但我們預計下一財年的收入將增長約 20%。

The Cyber business unit was impacted this quarter by elongated sales cycle in government, causing a number of large deals to slip to later quarters. However, the nongovernment business drove sequential billing growth for the third consecutive quarter.

網絡業務部門本季度受到政府銷售週期延長的影響，導致許多大型交易推遲到後幾個季度。然而，非政府業務連續第三個季度推動環比增長。

We expect to deliver revenue growth of approximately 5% and billings growth of approximately 15% this fiscal year and to return to sequential ARR growth for the Cybersecurity business unit in the second half. And finally, we enter into a fully funded agreement to sell the noncore patent portfolio for up to $900 million while also retaining more patents and retaining existing revenue contracts.

我們預計本財年收入增長約 5%，營業額增長約 15%，下半年網絡安全業務部門的 ARR 將恢復環比增長。最後，我們簽訂了一項資金充足的協議，以高達 9 億美元的價格出售非核心專利組合，同時保留更多專利並保留現有的收入合同。

That concludes my remarks. Jason, can you please open the line for Q&A?

我的發言到此結束。傑森，你能打開問答熱線嗎？

(Operator Instructions) Our first question comes from Luke Junk from Baird.

（操作員說明）我們的第一個問題來自 Baird 的 Luke Junk。

To start, hoping you could extend please on where you were able to take cost out of the P&L already this quarter, so OpEx down sequentially. And looking forward, what you envision with respect to plan to deliver gross margin and operating margin expansion, especially in cybersecurity, maybe if you could just speak to some specific actions and areas of the cost stack that you're focused on.

首先，希望您能延長本季度已經能夠從損益表中扣除成本的地方，因此 OpEx 會依次下降。展望未來，您對計劃實現毛利率和營業利潤率擴張的設想，尤其是在網絡安全方面，也許您可以談談您關注的一些具體行動和成本堆棧領域。

Okay. We have been focusing on improving gross margin and operating margin for the Cyber business for quite some time. And in this past quarter, we just see some of the results. Shifting costs to a lower cost base area, hiring people in those areas, more so than hiring people in a more expensive area, is certainly one way of doing that, particularly mostly in the replacement of attrition. And a little bit more disciplined on pricing and discounting has also been put in place. So by and large, we were able to do that. And our plan calls to continue to do that for the balance of the year, the new fiscal year. And then we also reduced G&A costs where we can. And we've done a lot. Facility costs is another aspect of it. So many different areas, it's a very concerted effort.

好的。一段時間以來，我們一直專注於提高網絡業務的毛利率和營業利潤率。在上個季度，我們只看到了一些結果。將成本轉移到成本較低的基地地區，在這些地區僱用人員，而不是在更昂貴的地區僱用人員，這當然是一種方法，尤其是在替換自然減員方面。在定價和折扣方面也更加嚴格。所以總的來說，我們能夠做到這一點。我們的計劃要求在今年餘下的時間，即新的財政年度繼續這樣做。然後我們還盡可能地降低了 G&A 成本。我們已經做了很多。設施成本是它的另一個方面。這麼多不同的領域，這是一個非常一致的努力。

Let's see. From an IoT perspective, this is the unit that has been exempt from focusing on that, they are just focusing on growth. And I think they're still going to hire 200-some people this year, or if they could right now, assuming we have the candidates. So those are kind of how we allocate capital and spending.

讓我們來看看。從物聯網的角度來看，這是一個不受關注的單位，他們只關注增長。我認為他們今年仍將招聘 200 多人，或者如果他們現在可以，假設我們有候選人。所以這些就是我們分配資本和支出的方式。

Very helpful. And then for my follow-up, hoping to take a step back and just talk about the bigger picture in IoT and in auto, specifically. Just love to get your perspective on the focus of that market going forward from here. One of the clearest takeaways at CES this year walking the floor was the prevalence of an increase in centralized architectures, which also has very clear implications for auto software and ultimately software-defined vehicles. Can you just speak to where you're finding your auto customers right now in terms of their readiness for a software-forward future in auto? And do you think there is an increasing sense of urgency, especially OEMs trying to figure out software?

很有幫助。然後是我的後續行動，希望退後一步，具體談談物聯網和汽車領域的大局。只是想從這裡了解您對該市場未來發展重點的看法。今年 CES 上最明顯的收穫之一是集中式架構的普及，這對汽車軟件和最終的軟件定義車輛也有非常明顯的影響。你能談談你現在在哪裡找到你的汽車客戶，他們是否準備好迎接汽車軟件未來的發展？您是否認為緊迫感越來越強，尤其是 OEM 試圖開發軟件？

Yes. Yes, very much so. I think you said everything. It's consistent with what we have been learning from customers and analysts also. So you talked to each of the OEMs. They all have a strong investment in SDG, I mean the software-defined vehicle, and approach. And they need foundational software and they need it from a safety perspective.

是的。是的，非常如此。我想你說了一切。這也與我們從客戶和分析師那裡了解到的情況一致。因此，您與每個 OEM 進行了交談。他們都對 SDG 進行了大量投資，我指的是軟件定義的工具和方法。他們需要基礎軟件，而且他們需要從安全角度出發。

A number of years back, there were a couple of large OEMs who attempted to do the foundational software themselves, and they have all decided to join force with us and work with us directly. And these are very big names. And we, of course, welcome the partnership. So if you look at our win rate, and I don't want to jinx it, but it's extremely, extremely high. In fact, I think our team wins 90% of the deals out there or something like that. And then in addition to that, our products related to hypervisors, ADAS related to cockpit, are all very popular wins out there and usage out there.

幾年前，有幾家大型原始設備製造商試圖自己做基礎軟件，他們都決定與我們合作，直接與我們合作。這些都是非常大的名字。當然，我們歡迎這種夥伴關係。所以如果你看看我們的勝率，我不想把它搞砸，但它非常非常高。事實上，我認為我們的團隊贏得了 90% 的交易或類似的交易。除此之外，我們與虛擬機管理程序相關的產品，與駕駛艙相關的 ADAS，都是非常受歡迎的勝利和使用。

And then I also wanted to say beyond auto, we're also seeing a lot of strong interest. As I said in my script, all the chip technology company is pushing multi-core and multi-processing, parallel processing and all that good stuff. And they need safety and they need a hypervisor. And so we seem to have a very good strong track record in the eyes of the customer. So I'm pretty comfortable that we're going to see continued growth at least for the immediate future.

然後我還想說，除了汽車，我們也看到了很多濃厚的興趣。正如我在腳本中所說，所有芯片技術公司都在推動多核和多處理、並行處理以及所有這些好東西。他們需要安全，需要管理程序。因此，在客戶眼中，我們似乎擁有非常好的良好記錄。所以我很高興我們至少在不久的將來會看到持續增長。

Our next question comes from Daniel Chan from TD Securities.

我們的下一個問題來自道明證券的 Daniel Chan。

when you're monetizing the remaining patents, are you looking to license them out? Or are you looking to sell them? If you're looking to license them, should we expect it to be faster, more broadly licensed, considering they're standards of central patents?

當您將剩餘的專利貨幣化時，您是否希望將它們許可出去？或者你想賣掉它們？如果您正在尋求許可，考慮到它們是中央專利的標準，我們是否應該期望它會更快、更廣泛地獲得許可？

Yes. It's licensing. So the remaining patent is now in 2 groups once the transaction is done. One group is the embedded and the cybersecurity patents. And the other group is the mobile patent, mobile phones and related networking patents. So the latter, we will monetize through third-party and probably, in some cases, we will trim the patent down a little bit by selling some. And the former, we haven't really decided the overall plan yet. And of course, we will always be interested in licensing to people, but it's probably not going to be an active process.

是的。是許可。因此，一旦交易完成，剩餘的專利現在分為兩組。一組是嵌入式和網絡安全專利。另一組是移動專利、手機和相關網絡專利。所以後者，我們將通過第三方獲利，在某些情況下，我們可能會通過出售一些專利來削減專利。而前者，我們還沒有真正確定整體方案。當然，我們將始終對向人們授予許可感興趣，但這可能不會成為一個積極的過程。

Okay. And then, John, around this time 5 years ago, the Board extended your arrangement to lead the company until November this year. Just wondering whether you can share with us what your plans are as we get closer to November.

好的。然後，約翰，大約在 5 年前的這個時候，董事會將你領導公司的安排延長至今年 11 月。只是想知道在我們臨近 11 月時您是否可以與我們分享您的計劃。

No, no. We started the conversation between me and the Board. So stay tuned on that. We don't have anything to report at this point.

不，不。我們開始了我和董事會之間的對話。所以請繼續關注。目前我們沒有任何要報告的。

Our next question comes from Mike Walkley from Canaccord.

我們的下一個問題來自 Canaccord 的 Mike Walkley。

John, just want to dig a little bit more into the Cybersecurity business. It's great to hear, on the SMB side, you have simplified approach and managed responses. We hear that more and more. Can you talk about competition within that business? And with this new approach, how quickly you get that implemented, and is that giving you confidence in ARR returning to growth in second half of the year?

約翰，只想深入了解一下網絡安全業務。很高興聽到，在 SMB 方面，您有簡化的方法和管理的響應。我們聽到越來越多。您能談談該行業內的競爭嗎？使用這種新方法，您實施該方法的速度有多快，這是否讓您對 ARR 在今年下半年恢復增長充滿信心？

Good question. So there's a lot of competition. I think you folks hear different cybersecurity companies all kind of gun in for the SMB. The good thing about the SMB market is a, big; and b, they lack the security, the ability to have their own security team, normally. So they are very receptive to our MDR solution, our Guard solution. And then we are now streamlining this turnkey product set just to make sure that they don't need to have a certain level of capability or knowledge before they could put it in use. Either they use it themselves or they use us to help them to use it. But this is very popular. You already heard it, I'm sure, from most of all the key players.

好問題。所以有很多競爭。我想你們聽到了不同的網絡安全公司對 SMB 的各種攻擊。 SMB 市場的好處是很大； b，他們缺乏安全保障，通常無法擁有自己的安全團隊。所以他們非常接受我們的 MDR 解決方案，我們的 Guard 解決方案。然後我們現在正在簡化這個交鑰匙產品集，只是為了確保他們在投入使用之前不需要具備一定水平的能力或知識。他們要么自己使用，要么讓我們幫助他們使用。但這很受歡迎。我敢肯定，您已經從大多數主要參與者那裡聽說過。

The good news is the market is big. It's growing. I think there's a lot of SMBs, for the first time, take this investment quite seriously because they have to given what the trend of the cybersecurity world looks like and the ransom world looks like. And there's a lot of white space for replacement of prior technology, the first generation. So with that combination, the market is big, but the competition is fierce, too. I would agree with that.

好消息是市場很大。它在增長。我認為有很多 SMB 第一次非常認真地對待這項投資，因為他們必須考慮網絡安全世界的趨勢和贖金世界的情況。並且有很多空白可以替換現有技術，即第一代。所以這種組合，市場很大，但競爭也很激烈。我同意這一點。

That's helpful. And yes, I think a simplified approach is what the SMBs are really looking for. Just as my follow-up question, just digging a little more into cybersecurity, is ARR stable to growing outside the UEM business? And maybe you can update us on UEM, kind of where that is on churning off some customers that you wanted to kind of end of life as you focus more on the large government type deals.

這很有幫助。是的，我認為 SMB 真正需要的是一種簡化的方法。正如我的後續問題，只是深入探討網絡安全，ARR 在 UEM 業務之外的增長是否穩定？也許你可以在 UEM 上更新我們的情況，因為你更多地關注大型政府類型的交易，所以你會流失一些你想要結束生命的客戶。

Yes. UEM has in the last couple of quarters. ARR and the business is stable, which is a good sign, gives us some level of comfort.

是的。 UEM 在過去幾個季度有。 ARR 和業務穩定，這是一個好兆頭，給了我們一定程度的安慰。

Our next question comes from Paul Treiber from RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Paul Treiber。

Just since we're on the topic of cybersecurity, could you speak to the traction that you've seen of cross-selling cyber into UEM base, which is predominantly large enterprise?

就在我們談到網絡安全這個話題時，您能否談談您所看到的將網絡交叉銷售到 UEM 基地（主要是大型企業）的吸引力？

Yes. Let's see. We see some but not dominant because our UES, our Cylance base, is typically SMB. And our UEM base is typically very large names. But on the other hand, there has been some upsell. I wouldn't -- so I would say that it's promising but not very high volume at this point. However, this is something that we will go do. And mostly, we're going to have to go after the McAfee and the Symantec and the Trend Micro base.

是的。讓我們來看看。我們看到一些但不占主導地位，因為我們的 UES，我們的 Cylance 基地，通常是 SMB。我們的 UEM 基地通常是非常大的名字。但另一方面，出現了一些追加銷售。我不會 - 所以我會說這是有前途的，但在這一點上不是很高。但是，這是我們要做的事情。大多數情況下，我們將不得不追踪 McAfee、Symantec 和 Trend Micro 基地。

And what fundamentally has been the challenge? Is it product? Is it pricing? Is it sales? Can you help us better understand that?

挑戰從根本上是什麼？是產品嗎？是定價嗎？是銷售嗎？你能幫助我們更好地理解這一點嗎？

Yes, 3 years ago, it was the product. Our EDR was not as up to snuff as everybody else. We have better EPP, but the world wants both. So we slipped from that. Now it's really more on what leverage we could create. And our product is now back in competitive mode. We have some differentiated things based on our AI model and the Cylance OEM model and the lightweight and the offline mode and all that. So we have some really strong reasons for customers to take a look at and use.

是的，3 年前，它就是產品。我們的 EDR 不像其他人那樣合格。我們有更好的 EPP，但世界兩者都想要。所以我們從那裡溜走了。現在更多的是我們可以創造什麼樣的影響力。我們的產品現在又回到了競爭模式。基於我們的 AI 模型和 Cylance OEM 模型以及輕量級和離線模式等等，我們有一些差異化的東西。因此，我們有一些非常充分的理由讓客戶查看和使用。

But we need better traction in the indirect sales side. Our direct salespeople, after the last year, 1.5 years plus, building and so forth, we feel comfortable that the productivity is there. Then now we need to get some leverage. We need more deals. And the only way that we could do that is to engage with third-party better. And that's the #1 focus in this year's plan.

但我們需要在間接銷售方面有更好的牽引力。我們的直銷人員，在去年，1.5 年多的時間裡，建立等等，我們對生產力的存在感到滿意。那麼現在我們需要獲得一些影響力。我們需要更多交易。我們能做到這一點的唯一方法是更好地與第三方合作。這是今年計劃中的第一重點。

That's helpful. And then just one more, if I may. Just in regard to IoT, you mentioned very strong win rates. Could you speak to the pricing and how ARPUs are tracking? And obviously, OEMs are hard to sell into. Do you still see opportunities to expand ARPU? Like, what you were targeting a couple of years ago, I think there was a number of like $25 or so per vehicle ARPU. Is that still an achievable long-term target?

這很有幫助。如果可以的話，再多一個。就物聯網而言，您提到了非常高的贏率。你能談談定價以及 ARPUs 是如何跟踪的嗎？顯然，原始設備製造商很難銷售。您是否仍然看到擴大 ARPU 的機會？就像你幾年前的目標一樣，我認為每輛車的 ARPU 大約是 25 美元左右。這仍然是一個可以實現的長期目標嗎？

Absolutely. In fact, I would say to you, and I hope I don't have to eat these words myself, I would say to you today, and I'll explain why I do, today, I have more confidence in per car ARPU than when I first came over that as a goal a number of years back. And the reason is now we are basically being accepted as a foundational software for major auto companies. Like, names that I could reveal like Volvo and BMWs and Volkswagen, and these are all public information, so they are all centralized on BlackBerry QNX.

絕對地。事實上，我想對你說，我希望我不必自己吃這些話，我今天要對你說，我會解釋我為什麼這樣做，今天，我對每輛車的 ARPU 比幾年前，當我第一次把它作為目標時。原因是現在我們基本上被大型汽車公司接受為基礎軟件。比如，我可以透露的名字，比如沃爾沃、寶馬和大眾，這些都是公開信息，所以它們都集中在黑莓 QNX 上。

So when you have a foundational software, and earlier, the conversation regarding software-defined vehicle, allow us to upsell modules. And so that brings the different type of economics because, in the past, we're talking about 1 copy and charge it one time. Now we're talking about building on, on that platform and upselling. So I think our people are very excited about it, and rightfully so. I see the same trend. Customers are more receptive in buying more adaptive modules and then plug onto the platform which, of course, we have safety certification across everything we sell.

因此，當您擁有基礎軟件時，以及之前關於軟件定義車輛的對話，請允許我們追加銷售模塊。這帶來了不同類型的經濟學，因為在過去，我們談論的是 1 份副本並按一次收費。現在我們正在談論在該平台上進行構建和追加銷售。所以我認為我們的人民對此感到非常興奮，這是理所當然的。我看到了同樣的趨勢。客戶更願意購買更多自適應模塊，然後插入平台，當然，我們銷售的所有產品都有安全認證。

Our next question comes from Todd Coupland from CIBC.

我們的下一個問題來自 CIBC 的 Todd Coupland。

I want to follow up on that last ARPU question. Maybe I'll ask it a little differently. When you look at the IoT backlog that you quote, what would be the software per vehicle embedded in that, in the wins that you have already? Is it high single digits? Is it double digits in that $25 range? Can you give us any color on what actually is it?

我想跟進最後一個 ARPU 問題。也許我會問得有點不同。當你查看你引用的物聯網積壓工作時，在你已經取得的勝利中，每輛車嵌入的軟件是什麼？是高個位數嗎？它是 25 美元範圍內的兩位數嗎？你能告訴我們它到底是什麼嗎？

Yes. So there are a handful of wins that could push us in that area of $20, $25. But most of them, I would say, in high single digit and low double digit.

是的。因此，有一些勝利可以將我們推向 20 美元、25 美元的區域。但我會說，其中大多數是高個位數和低兩位數。

Okay. And I mean, obviously, if you're $10 or higher, that's quite a bit higher than just the infotainment OS where you've come from. When would you see production volume of those double-digit type ARPU starting to kick in?

好的。我的意思是，很明顯，如果你的價格是 10 美元或更高，那比你來自的信息娛樂操作系統要高得多。您什麼時候會看到那些兩位數類型的 ARPU 的生產量開始發揮作用？

Well, part of the reason that we feel, I don't know if I should say comfortable, but we feel okay with our 17% to 20% growth this year. It's because we expect to see some of this, the so-called start of production, the SOP. And so I believe FY '25, '26, we have a higher growth number. If you remember, we set a 5-year compounded growth rate of 20%. So we came in the first year at 16%. This year, it's going to be 17% to 20%. And so the math says that we will have to be over 20% in the next couple of years.

好吧，我們感覺的部分原因是，我不知道我是否應該說舒服，但我們對今年 17% 到 20% 的增長感到滿意。這是因為我們希望看到其中的一些，即所謂的生產開始，即 SOP。所以我相信 FY'25，'26，我們有更高的增長數字。如果您還記得的話，我們將 5 年復合增長率設定為 20%。所以我們在第一年以 16% 的比例進入。今年，這一比例將達到 17% 至 20%。因此，數學表明我們在未來幾年內必須超過 20%。

So what you're saying with that, those handful of like higher ARPU deals later in the year, that's what gets you to that. I don't know exactly where the number lands in Q2, but let's call it $65 million to $75 million a quarter implied for Q3 and Q4, if you take your guide at face value.

所以你所說的是，今年晚些時候那些少數類似更高 ARPU 的交易，這就是讓你做到這一點的原因。我不知道這個數字在第二季度的確切位置，但如果您以面值作為指導，我們可以將其稱為第三季度和第四季度隱含的每季度 6500 萬至 7500 萬美元。

Yes. That's correct. We map in the production. The only wrinkle is something that will not be within our control. The wrinkle will be a macroeconomic issue of high interest rate that slows down production, a deterioration of supply chain, chip availability that will slow down production. That will put a wrinkle on us in the second half. But given everything we know today and all the conversation with the OEMs, the team feels very comfortable, quite comfortable. I'm usually very optimistic, so you have to factor that in. They feel comfortable delivering my outlook that I provided earlier.

是的。這是正確的。我們在製作地圖。唯一的問題是我們無法控制的事情。皺紋將是一個宏觀經濟問題，高利率會減緩生產，供應鏈惡化，芯片供應會減緩生產。這將在下半場給我們帶來麻煩。但鑑於我們今天所知道的一切以及與原始設備製造商的所有對話，團隊感覺非常舒服，非常舒服。我通常非常樂觀，所以你必須考慮到這一點。他們很樂意表達我之前提供的觀點。

And baked into the outlook is that 85 million production volume for the market, and then you'll get that higher ARPU even if you don't get back to those 2018 levels. Is that the right way to talk about that?

前景是 8500 萬的市場產量，然後即使你沒有回到 2018 年的水平，你也會獲得更高的 ARPU。這是談論那個的正確方式嗎？

Yes. That's the math that we based it on. Yes, correct.

是的。這就是我們基於的數學。是，對的。

Okay. And my second question has to do with the outstanding debentures. What's your thinking on a target balance sheet. With the extra cash from the patent sale, would you look to repay that debt? Or would you look to roll it over? Just talk about plan.

好的。我的第二個問題與未償還債券有關。您對目標資產負債表有何看法。有了專利銷售的額外現金，你會想要償還這筆債務嗎？或者你想把它翻過來？只談計劃。

Our plan is to repay the debt.

我們的計劃是償還債務。

Repay all of it.

全部還清。

Yes. Now if somebody wants to roll a small portion over, we will be open to it, but that's not our current planning.

是的。現在，如果有人想滾動一小部分，我們會對此持開放態度，但這不是我們目前的計劃。

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

我想將電話轉回給 BlackBerry 的執行主席兼首席執行官 John Chen 以致閉幕詞。

Thank you. Thank you, Jason. Before we end the call today, I'd like to remind you about a few events coming up. Between the April 24 and 27, BlackBerry will be at RSA conference, and we'll be demonstrating the new product offerings that I mentioned earlier. So if you happen to be there, please do drop by.

謝謝。謝謝你，傑森。在我們今天結束電話會議之前，我想提醒您一些即將發生的事件。 4 月 24 日至 27 日，BlackBerry 將參加 RSA 大會，我們將展示我之前提到的新產品。所以如果你碰巧在那裡，請順路去看看。

On May 17, we'll be hosting a virtual Analyst Day in which management will provide a comprehensive overview of our long-term strategy, product innovation, market opportunities, go-to-market approach and, of course, the financial outlook.

5 月 17 日，我們將舉辦虛擬分析師日，屆時管理層將全面概述我們的長期戰略、產品創新、市場機會、上市方法，當然還有財務前景。

Then on May 23, we'll be hosting a retail investor focused live Q&A, in which John Giamatteo, the President of BlackBerry Cybersecurity; and Mattias Eriksson, President of BlackBerry IoT, will answer your questions. So please feel free to send them to Tim in advance at investorrelations@blackberry.com or you can submit them through the call on that day. We'll provide more detail on all these events in the coming weeks. So please stay tuned.

然後在 5 月 23 日，我們將舉辦一場以散戶投資者為中心的現場問答，BlackBerry 網絡安全總裁 John Giamatteo； BlackBerry IoT 總裁 Mattias Eriksson 將為您解答。因此，請隨時通過 investorrelations@blackberry.com 將它們提前發送給 Tim，或者您可以在當天通過電話提交。我們將在未來幾週提供有關所有這些事件的更多詳細信息。所以請繼續關注。

As always, I thank every one of you for joining today's call, and I hope to speak to you soon.

一如既往，我感謝你們每一位參加今天的電話會議，我希望盡快與你們交談。

This concludes today's 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。