BlackBerry Ltd (BB) 2024 Q4 法說會逐字稿

Good afternoon, and welcome to the BlackBerry fourth-quarter and full fiscal year 2024 results conference call. My name is MJ, and I'll be your conference moderator for today's call. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

下午好，歡迎參加黑莓2024財年第四季和全年業績電話會議。我叫 MJ，我將擔任今天電話會議的主持人。（操作員指示）提醒一下，本次會議將會被錄音以供重播。

I would now like to turn today's call over to Tim Foote, CFO, cybersecurity division, and Head of Investor Relations. Tim, please go ahead.

現在，我想將今天的電話會議轉給網路安全部門財務長兼投資者關係主管 Tim Foote。提姆，請繼續。

Thank you, MJ. Good afternoon, everyone, and welcome to BlackBerry's fourth-quarter and full fiscal year 2024 earnings conference call. Joining me on today's call is BlackBerry's Chief Executive Officer, John Giamatteo; and Chief Financial Officer, Steve Rai.

謝謝你，MJ。大家下午好，歡迎參加黑莓2024財年第四季及全年財報電話會議。參加今天電話會議的還有黑莓執行長約翰·賈馬特奧 (John Giamatteo) 和財務長史蒂夫·拉伊 (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.

在我閱讀了我們關於前瞻性陳述的警告說明後，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. Some of the statements we'll be making today constitute forward-looking statements and are made pursuant to the Safe Harbor provisions of applicable US and Canadian securities laws.

本次電話會議將對外開放，民眾可透過撥打電話或造訪 blackberry.com 網站「投資者資訊」版面收聽網路直播。重播也將在 blackberry.com 網站上提供。我們今天所做的一些聲明構成前瞻性聲明，並根據適用的美國和加拿大證券法的安全港條款做出。

We'll indicate forward-looking statements by using words such as expect, will, should, model, intend, believe, and similar expressions. Forward-looking statements are based on estimates and assumptions made by the company in light of its experience and its perception of historical trends, current conditions, and expected future developments, as well as other factors that the company believes are relevant.

我們將使用諸如預期、將要、應該、模型、打算、相信等詞語和類似的表達方式來表示前瞻性陳述。前瞻性陳述是基於公司根據其經驗和對歷史趨勢、當前狀況和預期未來發展的看法以及公司認為相關的其他因素做出的估計和假設。

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.

許多因素可能導致公司的實際結果或績效與前瞻性陳述所表達或暗示的結果或績效有重大差異。這些因素包括公司年度文件和 MD&A 中討論的風險因素。您不應過度依賴本公司的前瞻性陳述。任何前瞻性陳述僅截至今日作出，除法律要求外，本公司無意且不承擔更新或修改任何前瞻性陳述的義務。

As is customary, during the call, John and Steve will reference non-GAAP numbers in their summary of our quarterly results. For 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.

按照慣例，在電話會議中，約翰和史蒂夫將在季度業績摘要中引用非 GAAP 數據。有關我們的 GAAP 和非 GAAP 數據的對照，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 網站上找到。

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

說完這些，我會把電話轉給約翰。

Terrific. Thanks, Tim. And thank you all for joining us today. BlackBerry delivered a solid quarter where we either met or exceeded expectations, and in the process, set a number of new records. We beat expectations for earnings per share and given our laser focus on profitable growth, further improved operating cash flow as we said we would.

了不起。謝謝，蒂姆。感謝大家今天的到來。黑莓本季穩健，達到甚至超出了預期，並創下了多項新紀錄。我們的每股盈餘超出預期，由於我們專注於獲利成長，我們進一步改善了經營現金流，正如我們所說的那樣。

In fact, this quarter, we more than halved operating cash usage. And despite being prudent and measured with our top line outlook, we expect to be both cash flow and EBITDA positive this coming fiscal year.

事實上，本季我們的營運現金使用量減少了一半以上。儘管我們對營收前景持謹慎和審慎的態度，但我們預計下一財年的現金流量和 EBITDA 都將為正值。

In the quarter, our IoT business recorded its best ever quarter for revenue. Despite the delays automakers have experienced with their software development programs, we also achieved our strongest year for adding royalty backlog from new design wins. This design win momentum has driven an all-time high QNX royalty backlog of approximately $815 million, or 27% year-over-year growth.

本季度，我們的物聯網業務創下了有史以來最好的季度收入。儘管汽車製造商的軟體開發專案遇到了延誤，但我們也取得了新設計中標帶來的專利費積壓成長最強勁的一年。這種設計勝利的勢頭推動了 QNX 專利費積壓達到了歷史最高水平，約 8.15 億美元，年增 27%。

On the cyber side, we saw a very important data point with ARR stabilizing and even growing a little sequentially. We believe this demonstrates the impact of the many improvements the team has been enacting recently. Cyber also recorded solid year-over-year growth from a revenue standpoint as well.

在網路方面，我們看到一個非常重要的數據點，即 ARR 趨於穩定，甚至比去年同期略有成長。我們相信這反映了團隊最近實施的許多改進措施的影響。從營收角度來看，Cyber​​ 也實現了穩健的年成長。

So let me start my review with the IoT business unit. As you know, the QNX business benefits from its strong multiyear customer relationships. Given this long-time horizon, the key metric for the health of the business is royalty backlog. This gives a view on estimated lifetime royalty revenue from the design wins that we have secured. And this metric has never been better, reaching approximately $815 million this past quarter.

那麼，讓我從物聯網業務部門開始我的回顧。如您所知，QNX 業務受益於其多年建立的牢固的客戶關係。從長遠來看，衡量企業健康狀況的關鍵指標是特許權使用費積壓。這給出了我們已獲得的設計勝利的預計終身特許權使用費收入。這項指標從未如此好過，上個季度已達到約 8.15 億美元。

As I mentioned, it was a strong year for adding new backlog from design wins surpassing last year. And this past quarter, we secured a number of design wins that contributed to this achievement. Within automotive, we continue to dominate the digital cockpit domain and among the wins was Hyundai Mobis, who selected the QNX Hypervisor to enable mixed criticality in the cockpit without sacrificing performance.

正如我所提到的，今年是設計訂單增加的強勁一年，超過了去年。在過去的一個季度，我們贏得了多項設計大獎，為這項成就做出了貢獻。在汽車領域，我們繼續在數位駕駛艙領域佔據主導地位，其中獲勝者是現代摩比斯，他們選擇了 QNX Hypervisor 來實現駕駛艙的混合關鍵性，而不會犧牲性能。

Beyond our core RTOS, we recorded a design win with a Japanese OEM for our acoustics middleware that will enable audio in the digital cockpit across a range of vehicles. Outside of automotive, we have a strong and growing position in a number of general embedded markets, especially medical. And among the wins this quarter was one of the five largest medical OEMs in the world who selected the QNX RTOS as the foundation for a next-generation medical imaging machine for assessing blood and heart health.

除了我們的核心 RTOS 之外，我們還與一家日本 OEM 合作設計了聲學中間件，該中間件將能夠在一系列車輛的數位駕駛艙中實現音訊。除了汽車市場之外，我們在許多通用嵌入式市場，尤其是醫療市場中也佔據著強大且不斷成長的地位。本季度的勝利之一是全球五大醫療 OEM 之一選擇 QNX RTOS 作為評估血液和心臟健康的下一代醫學影像機器的基礎。

We also secured a win with a leading US-based OEM, where our QNX real-time operating system will provide a secure, reliable platform for their fifth generation surgical robot. In other applications, our QNX real-time operating system has been selected for use in a digital display for recreational power sport vehicles demonstrating the potential for BlackBerry to expand into new verticals as the edge becomes progressively more intelligent.

我們也與一家美國領先的 OEM 達成了合作，我們的 QNX 即時作業系統將為他們的第五代手術機器人提供安全可靠的平台。在其他應用中，我們的 QNX 即時作業系統已被選用於休閒動力運動車輛的數位顯示屏，這表明隨著邊緣運算變得越來越智能，黑莓有潛力擴展到新的垂直領域。

So moving to the quarter's financials, we delivered revenue at the top end of our guidance range. Revenue came in at $66 million, representing 20% sequential and 25% year-over-year growth. Gross margin remained at a very strong 85%. Revenue growth was primarily driven by automotive and very strong QNX development seat revenue, which is relatively lumpy from quarter to quarter and reflects the strength of the recent new design wins.

因此，從本季的財務數據來看，我們的收入達到了預期範圍的最高水準。營收達到 6,600 萬美元，季增 20%，年增 25%。毛利率仍維持在 85% 的較高水準。營收成長主要受到汽車和非常強勁的 QNX 開發座椅收入的推動，該收入在各個季度之間相對波動，反映了近期新設計勝利的強勁勢頭。

Within automotive, the digital cockpit and ADAS remain the largest revenue drivers. And royalties and professional services were broadly in line with the strong quarter we recorded in Q3. In January, we had a very successful CES event in Las Vegas. Our booth was incredibly busy, and we held many productive meetings with current and potential customers.

在汽車領域，數位駕駛艙和 ADAS 仍然是最大的收入驅動因素。特許權使用費和專業服務與我們第三季的強勁表現基本一致。一月份，我們在拉斯維加斯舉辦了一場非常成功的 CES 活動。我們的展位異常繁忙，我們與現有和潛在客戶舉行了許多富有成效的會議。

In addition, we made a number of very important product announcements. The first was the launch of our next-generation QNX operating system SDP 8.0. This offers a very significant step change in performance on high-powered silicon, scaling almost linearly even up to 64 cores. This allows BlackBerry to offer performance similar to, and in some cases, better than Linux without the fundamental open-source safety limitations and future proof software designs, as new more powerful chips become available.

此外，我們也發布了一些非常重要的產品公告。首先是發布了我們的下一代 QNX 作業系統 SDP 8.0。這顯著提升了高性能晶片的性能，甚至可以幾乎線性地擴展到 64 個核心。隨著新的、更強大的晶片的出現，這使得黑莓能夠提供與 Linux 相似甚至更好的性能，而不受基本的開源安全限制和麵向未來的軟體設計的影響。

We see this as a significant step in expanding our competitive moat in our core safety critical use case, while also expanding our addressable market into non-safety critical as well. The industry response since CES has been very encouraging, including engaging this past quarter with one of the world's leading automotive chip suppliers to purchase our SDP 8.0 development tools.

我們認為這是擴大我們在核心安全關鍵用例中的競爭優勢的重要一步，同時也將我們的目標市場擴展到非安全關鍵領域。自 CES 以來，業界的反應非常令人鼓舞，包括上個季度與世界領先的汽車晶片供應商之一合作購買我們的 SDP 8.0 開發工具。

Another key announcement was that our Hypervisor has joined our RTOS in being available in the cloud. This allowed Stellantis to develop the world's first digital twin of their digital cockpit, allowing their software development teams to collaborate from anywhere around the world, greatly reducing the need for physical hardware and significantly increasing productivity.

另一個重要公告是我們的 Hypervisor 已加入我們的 RTOS 並在雲端可用。這使得 Stellantis 能夠開發出世界上第一個數位駕駛艙的數位孿生，使其軟體開發團隊能夠在世界任何地方進行協作，大大減少了對實體硬體的需求並顯著提高了生產力。

In addition, we made some announcements regarding our various middleware offerings. The Mobility in Harmony Consortium selected IVY for its Project X electrical vehicle platform. Further, we launched QNX Sound, a complete audio and acoustics platform that enables software defined audio experiences without the need for heavy and expensive hardware in the car. And we've already recorded our first design win with a major European automaker.

此外，我們也發布了一些有關各種中間件產品的公告。和諧移動聯盟 (Mobility in Harmony Consortium) 選擇 IVY 作為其 Project X 電動車平台。此外，我們還推出了 QNX Sound，這是一個完整的音訊和聲學平台，無需在汽車中安裝笨重且昂貴的硬體即可實現軟體定義的音訊體驗。並且，我們已與一家歐洲大型汽車製造商首次贏得了設計合約。

So moving to the outlook for the IoT business. Due to the timing for potential upcoming design wins, we expect Q1 to be relatively quiet for potential new development seat sales compared to this past quarter. In addition, as we've spoken about throughout the past fiscal year, the auto industry continues to face material delays in software defined vehicle programs. While this clearly presents challenges for the near-term, it actually represents potential upside to the long-term view for the business.

因此轉向物聯網業務的前景。由於即將贏得的潛在設計勝利的時間，我們預計與上一季相比，第一季潛在的新開發座椅銷售將相對平靜。此外，正如我們在過去財政年度所討論的那樣，汽車行業在軟體定義汽車專案方面繼續面臨重大延誤。雖然這顯然給短期帶來了挑戰，但實際上它代表了企業長期前景的潛在優勢。

In order to address delays in developing next generation software defined platforms for their vehicles, automakers are increasingly discussing the potential for greater support from BlackBerry to help them solve undifferentiated software development tasks. In fact, rather than OEMs attempting to address this themselves, having a trusted expert like BlackBerry handle the complex integration of middleware, on top of the RTOS, frees up their development teams to focus on the differentiating experiences further up the stack. Allowing BlackBerry to create what is sometimes referred to as a vehicle OS has the potential to greatly simplify and accelerate software development, while allowing automakers to retain full control over their platform.

為了解決為其汽車開發下一代軟體定義平台的延遲問題，汽車製造商越來越多地討論從黑莓獲得更大支援的可能性，以幫助他們解決無差異的軟體開發任務。事實上，OEM 不需要自己嘗試解決這個問題，而是讓像 BlackBerry 這樣值得信賴的專家來處理 RTOS 之上的中間件的複雜集成，這樣他們的開發團隊就可以專注於更高層次的差異化體驗。允許黑莓創建有時被稱為車輛操作系統的產品有可能大大簡化和加速軟體開發，同時允許汽車製造商完全控制其平台。

Further, we're expanding our professional services team to provide greater support to our customers in integrating our software into their development projects. So with all these dynamics in mind, we expect revenue for Q1 to be in the range of $48 million to $52 million, which is approximately 11% year-over-year growth at the midpoint. For the fiscal year, we expect revenue to be in the range of $220 million to $235 million.

此外，我們正在擴大我們的專業服務團隊，為我們的客戶將我們的軟體整合到他們的開發專案中提供更大的支援。因此，考慮到所有這些動態因素，我們預計第一季的營收將在 4,800 萬美元至 5,200 萬美元之間，中間值年增約 11%。我們預計本財年的營收將在 2.2 億至 2.35 億美元之間。

Now, let me turn to the cybersecurity division. Revenue for the quarter beat expectations and came in at $92 million, representing 5% year-over-year growth. The strength this quarter came from our Spark product group that is Cylance and UEM.

現在，讓我來談談網路安全部門。本季營收超出預期，達到 9,200 萬美元，年增 5%。本季的優勢來自於我們的 Spark 產品組，即 Cylance 和 UEM。

Now, we consider annual recurring revenue or ARR to be one of the key indicators for our cyber business. As outlined during our last earnings call, this quarter we delivered stabilization of ARR on a sequential basis. In fact, ARR even increased slightly by 3% to $280 million.

現在，我們將年度經常性收入或 ARR 視為我們網路業務的關鍵指標之一。正如我們上次收益電話會議中所述，本季我們實現了 ARR 的連續穩定。事實上，ARR 甚至小幅成長了 3%，達到 2.8 億美元。

DBNRR also increased by 3 percentage points sequentially to 85%. These small, but very important steps in the right direction for these key metrics illustrate the impact that a number of the improvements we've made are having within the business.

資料庫也比上一季增加了3個百分點，達到85%。這些關鍵指標朝著正確方向邁出的雖小但非常重要的一步說明了我們所做的許多改進對業務的影響。

In fact, the CEM and UEM renewal rates have been improving and the past two quarters have been the best renewal rates in the past four years. In particular, this was a strong quarter for our CylanceGUARD managed service offering as well as net-new logos. We see CylanceGUARD as being a driver for growth this coming year and we're doubling down on this and other areas where we have demonstrated we are winning.

事實上，CEM和UEM的續約率一直在提高，過去兩季的續約率是過去四年來最好的。尤其是對於我們的 CylanceGUARD 託管服務產品以及全新標誌而言，這是一個強勁的季度。我們認為 CylanceGUARD 將成為來年成長的動力，我們將加倍努力在這一領域以及其他我們已經證明會成功的領域。

During the quarter, we successfully deployed a number of products and services that were part of the significant deal with the Malaysian government that we announced in November. In addition, you may have seen that last week we were proud to officially open our Cybersecurity Center of Excellence in Kuala Lumpur. This center will provide a wide range of globally-recognized training courses that will help Malaysia grow a skilled cybersecurity workforce.

本季度，我們成功部署了多項產品和服務，這些產品和服務是我們 11 月宣布的與馬來西亞政府達成的重要交易的一部分。此外，您可能已經看到，上週我們很榮幸在吉隆坡正式開設我們的網路安全卓越中心。該中心將提供廣泛的全球認可的培訓課程，幫助馬來西亞培養一支熟練的網路安全隊伍。

Some examples of the wins for the cyber division this quarter included renewals and up sells with leading government agencies such as the US Air Force, Department of Homeland Security, as well as wins across the globe, such as the Netherlands Police, UK's National Crime Agency, Greater Manchester Police, and British Transport Police. In financial services, in addition to major US and Canadian banks, we secured business with [Swisserich] and Julius Baer in Switzerland and the Bank of India.

本季網路部門的一些勝利包括與美國空軍、國土安全部等主要政府機構的續約和追加銷售，以及與荷蘭警察局、英國國家犯罪局、大曼徹斯特警察局和英國交通警察局等全球各地的勝利。在金融服務方面，除了美國和加拿大的主要銀行外，我們還與瑞士的 Swissrich 和 Julius Baer 以及印度銀行開展業務。

So moving now to the outlook for the cyber security business. From a longer-term standpoint, the addressable market for security software is so large and our customers' needs so diverse that no single vendor is in a position to dominate this market.

現在我們來談談網路安全業務的前景。從長遠來看，安全軟體的潛在市場非常大，而且客戶的需求也非常多樣化，因此沒有任何一家供應商能夠主導這個市場。

Despite any near-term dynamics, we see significant opportunities for growth for our cybersecurity business in the years ahead. That said, in the near-term, given the ongoing budget constraints of some of the leading government customers, which is a large portion of our customer base, we take a prudent view on both the timing and ability to close large deals that can drive near-term revenue as was the case in Q1 of last year.

無論近期有何動態，我們都看到未來幾年我們的網路安全業務將面臨巨大的成長機會。儘管如此，在短期內，考慮到一些主要政府客戶（占我們客戶群的很大一部分）的持續預算限制，我們對完成可以推動短期收入的大額交易的時機和能力持謹慎態度，就像去年第一季度的情況一樣。

For our enterprise and mid-market customer base, security remains a mission critical priority and we see a broadly unchanged although somewhat challenging macroeconomic environment compared to recent quarters. This consistent backdrop gives us confidence that we can continue to stabilize our core recurring revenue base, and we expect ARR to be flat sequentially into Q1.

對於我們的企業和中型市場客戶群，安全仍然是一項關鍵任務，與最近幾季相比，我們看到宏觀經濟環境總體上沒有變化，儘管有些具有挑戰性。這種一致的背景使我們有信心繼續穩定我們的核心經常性收入基礎，我們預計 ARR 將在第一季保持穩定。

Therefore, we expect a more predictable revenue stream as we head through this new fiscal year. Allowing for smaller impact from large, lumpy government deals and the ongoing macroeconomic environment, we expect revenue for the first quarter to be in the range of $78 million to $82 million, and for the full year to be in the range of $350 million to $365 million.

因此，我們預計在新的財政年度，收入流將更加可預測。考慮到大型、不穩定的政府交易和當前宏觀經濟環境的較小影響，我們預計第一季的收入將在 7,800 萬美元至 8,200 萬美元之間，全年收入將在 3.5 億美元至 3.65 億美元之間。

So touching briefly on licensing, revenue for the quarter came in stronger than expected at $15 million. Looking to the coming fiscal year, we expect revenue to be approximately $4 million in each of the four quarters.

簡單談談授權問題，本季的營收高於預期，達到 1,500 萬美元。展望即將到來的財政年度，我們預計四個季度中每季的收入約為 400 萬美元。

So now, let me turn the call over to Steve who will provide you a little more color on our financials. Steve?

現在，讓我把電話轉給史蒂夫，他將向您提供有關我們財務狀況的更多細節。史蒂夫？

Thank you, John. As always, my comments on our financial performance will be in non-GAAP terms unless otherwise noted. Total company revenue for the quarter was $173 million. IoT revenue was $66 million, cybersecurity revenue was $92 million, and licensing revenue was $15 million.

謝謝你，約翰。與往常一樣，除非另有說明，我對我們財務業績的評論將採用非 GAAP 條款。本季公司總營收為 1.73 億美元。物聯網收入為 6,600 萬美元，網路安全收入為 9,200 萬美元，授權收入為 1,500 萬美元。

The percentage of software product revenue that was recurring increased to approximately 90%. Total company gross margin improved to 75%, while operating expenses decreased to $113 million.

軟體產品收入中經常性收入的比例增加至約 90%。該公司總毛利率提高至 75%，而營運費用則下降至 1.13 億美元。

Non-GAAP operating expenses exclude a $35 million goodwill impairment charge, $20 million of restructuring expenses, $8 million in amortization of acquired intangibles, $5 million in stock compensation expense, and $4 million in impairment of long-lived assets. Both non-GAAP operating profit and net profit for the fourth quarter were $16 million. BlackBerry delivered $0.03 of non-GAAP basic earnings per share for the quarter, beating expectations.

非公認會計準則營運費用不包括 3,500 萬美元的商譽減損費用、2,000 萬美元的重組費用、800 萬美元的收購無形資產攤提、500 萬美元的股票薪酬費用以及 400 萬美元的長期資產減損。第四季非公認會計準則營業利潤和淨利潤均為 1,600 萬美元。黑莓本季非公認會計準則每股基本收益為 0.03 美元，超出預期。

Adjusted EBITDA, excluding the non-GAAP adjustments previously mentioned, was $21 million. Total cash, cash equivalents, and investments increased to $298 million as at February 29. Cash used by operating activities more than halved sequentially to $15 million. As a reminder, two quarters ago, this was $56 million and Q3 was $31 million.

調整後的 EBITDA（不包括前面提到的非 GAAP 調整）為 2,100 萬美元。截至 2 月 29 日，現金、現金等價物及投資總額增加至 2.98 億美元。經營活動所用現金季減一半以上，至 1,500 萬美元。提醒一下，兩個季度前，這個數字是 5,600 萬美元，第三季是 3,100 萬美元。

Traditionally, Q1 is a seasonal low for cash flow driven by the annual billings and payments profile. Therefore, we would expect a sequential increase in operating cash usage, however, a year-on-year improvement after factoring in the impact of the sale of our non-core patent portfolio in Q1 of last year. We expect EPS for Q1 to be in the range of negative $0.04 to negative $0.06, and adjusted EBITDA to be in the range of negative $15 million to negative $25 million.

傳統上，第一季是受年度帳單和付款情況影響的現金流量季節性低點。因此，我們預計營運現金使用量將環比增加，但如果計入去年第一季出售非核心專利組合的影響，則將比去年同期有所改善。我們預計第一季的每股盈餘將在負 0.04 美元至負 0.06 美元之間，調整後的 EBITDA 將在負 1,500 萬美元至負 2,500 萬美元之間。

For the full fiscal year 2025, we expect EPS to be in the range of negative $0.02 to negative $0.06, and adjusted EBITDA to be in the range of breakeven to positive $10 million. We also expect to exit the year with both positive EPS and positive operating cash flow in Q4.

對於整個 2025 財年，我們預計每股收益將在負 0.02 美元至負 0.06 美元之間，調整後的 EBITDA 將在盈虧平衡至正 1000 萬美元之間。我們也預計今年第四季的每股盈餘和經營現金流將均為正。

This quarter, we recorded a $35 million non-cash accounting impairment of goodwill for the Spark reporting unit. This represents a non-cash charge of $0.06 to GAAP earnings per share. In accordance with accounting rules, we were required to perform a goodwill impairment review by determining a fair value for all reporting units, the total of which is required to reconcile to our market cap. Further details will be disclosed in our Form 10-K.

本季度，我們為 Spark 報告部門記錄了 3,500 萬美元的非現金會計商譽減損。這意味著每股 GAAP 收益的非現金費用為 0.06 美元。根據會計規則，我們需要進行商譽減損審查，確定所有報告單位的公允價值，其總價值需要與我們的市值相協調。更多詳細資訊將在我們的 10-K 表格中披露。

As we announced during the past quarter, we successfully completed a $200 million five-year convertible debt raise. The level of interest in the offering was high and we were able to achieve competitive rates. As a result, we were able to fully repay the $150 million of short-term extension debentures that had been in place since the previous debentures matured last November. With this long-term financing in place, BlackBerry has a solid balance sheet, and we are well positioned to execute on our strategy.

正如我們在上個季度宣布的那樣，我們成功完成了 2 億美元的五年可轉換債務融資。人們對此次發行的興趣很高，而且我們能夠獲得有競爭力的價格。結果，我們得以全額償還自去年 11 月上期債券到期以來的 1.5 億美元短期延期債券。有了這筆長期融資，黑莓的資產負債表就變得穩健，我們有能力執行我們的策略。

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

我的評論到此結束，我將把話題轉回給約翰。

Thank you, Steve. Okay. So as Steve mentioned, we are currently executing on our strategy to establish two profitable standalone divisions. During the quarter, we provided an update on actions we expected to take and I can confirm that we delivered as planned.

謝謝你，史蒂夫。好的。正如史蒂夫所提到的，我們目前正在執行建立兩個獲利獨立部門的策略。在本季度，我們提供了預計採取的行動的最新情況，我可以確認我們已經按計劃完成了任務。

We have appointed divisional leaders such as finance, HR, and legal. And those leaders are currently building out their teams to address the specific needs of the businesses they support.

我們任命了財務、人力資源和法律等部門的領導。這些領導者目前正在組建團隊，以滿足他們所支持的企業的特定需求。

In regards to cost, you may recall that during Q3, we executed on approximately $50 million of run rate savings, predominantly within the cybersecurity business, and including approximately 200 headcount reductions. During this past quarter, we went further and took actions that will enable an additional $55 million worth of savings. Approximately $35 million of this came from cybersecurity -- the cybersecurity business, and $20 million came from our central G&A functions.

關於成本，您可能還記得，在第三季度，我們實現了約 5000 萬美元的運行成本節約，主要集中在網路安全業務領域，其中包括裁員約 200 人。在過去的一個季度，我們採取了進一步的行動，額外節省了 5500 萬美元。其中約 3500 萬美元來自網路安全——網路安全業務，2000 萬美元來自我們的中央 G&A 職能。

We understand how important it is for shareholders to see the benefits of these cost reductions starting to realize in the P&L. So in order to make it easier to track the cost improvements, starting this quarter, we are reporting sales and marketing separately from general and administrative. This new split aligns to how we're tracking towards our long-term targets as a percentage of revenue.

我們明白，讓股東看到這些成本削減的好處開始在損益表中體現是多麼重要。因此，為了更容易追蹤成本改進，從本季開始，我們將銷售和行銷與一般和行政分開報告。這種新的分割方式與我們以收入百分比的形式追蹤長期目標的方式一致。

Also, we think it is helpful to provide a cost run rate from before we started the reductions described as a baseline for comparison. Without getting into too many various one time puts and takes in the reporting OpEx for Q1 and Q2 of this past year, we consider the average of the two to be a fair baseline to use.

此外，我們認為提供開始削減之前的成本運行率作為比較基準是有幫助的。在不考慮去年第一季和第二季報告營運支出中太多各種一次性投入和支出的情況下，我們認為兩者的平均值是一個公平的基準。

Non-GAAP OpEx for Q1 was $145 million and Q2 $114 million, giving an average of $130 million a quarter. This past quarter, non-GAAP OpEx was $113 million. That is $17 million lower than the $130 million baseline, or $68 million lower on an annualized basis. This shows that the actions we've taken are already having a significant effect, although you can expect it will take time for them to fully reflect in the run rate.

第一季非公認會計準則營運支出為 1.45 億美元，第二季為 1.14 億美元，平均每季 1.3 億美元。上個季度，非 GAAP 營運支出為 1.13 億美元。這比 1.3 億美元的基準低 1,700 萬美元，以年率計算低 6,800 萬美元。這表明我們採取的行動已經產生了顯著的效果，儘管您可以預期它們需要一些時間才能完全反映在運行率中。

We expect the average quarterly OpEx run rate for this coming fiscal year to be approximately $110 million that is approximately $80 million lower than the baseline on an annualized basis. This reconciles to the $105 million of savings by allowing for timing, reductions in fixed cost of goods sold in addition to OpEx, and incremental targeted investments, particularly in our IoT business.

我們預計下一財年的平均季度營運支出運行率約為 1.1 億美元，比年化基準低約 8,000 萬美元。這與 1.05 億美元的節省一致，因為我們可以考慮時間安排、降低除營運支出之外的銷售固定成本以及增加有針對性的投資，特別是在我們的物聯網業務方面。

In addition to the savings outlined, we are working towards further incremental run rate reductions. And as you can expect, these will take a little longer to action due to having more complex dependencies like systems or process efficiencies. Given the impact of the various cost reductions, we are modeling for positive operating cash flow and adjusted EBITDA for fiscal year 2025.

除了概述的節省之外，我們還在努力進一步降低運行率。如您所料，由於系統或流程效率等依賴關係更為複雜，這些措施將需要更長的時間才能實施。考慮到各種成本削減的影響，我們正在為 2025 財年預測正營運現金流量和調整後 EBITDA。

So before we open the lines for Q&A, let me quickly summarize the key messages. This was a solid quarter for BlackBerry in which we set a number of new records. The IoT business recorded its best-ever quarter for revenue, its best-ever year for adding new backlog from design wins, and its highest ever royalty backlog of approximately $815 million. Cyber ARR stabilized, as we said it would, in fact showing some modest sequential growth and revenue for the quarter grew 5% year over year.

因此，在我們開始問答環節之前，讓我快速總結一下關鍵訊息。對於黑莓來說這是一個穩健的季度，我們創下了多項新紀錄。物聯網業務創下了有史以來最好的季度收入、有史以來最好的設計中標新增訂單量、以及有史以來最高的特許權使用費訂單量，約為 8.15 億美元。正如我們所說的那樣，網路 ARR 趨於穩定，實際上顯示出一些適度的連續成長，本季營收年增 5%。

In addition to the positive news for the top line, we're also very focused on the bottom line. We executed on a number of significant cost saving actions that build on those from the previous quarter, and are helping drive positive EBITDA and cash flow this coming fiscal year.

除了營收方面的利多消息外，我們也非常關注利潤。我們在上一季的基礎上實施了一系列重大的成本節約措施，並有助於推動下一財年的 EBITDA 和現金流為正。

That concludes my prepared remarks. So, MJ, why don't I turn it over to you so we can open the lines for Q&A.

我的準備好的發言到此結束。那麼，MJ，我為什麼不把它交給你，這樣我們就可以開始問答了。

(Operator Instructions) Mike Walkley, Canaccord Genuity.

（操作員指示）Mike Walkley，Canaccord Genuity。

Great, thank you. Just wanted to delve in a little bit to the improving ARR on the cybersecurity business. With the endpoint market still over 40% legacy solutions, and it sounds like Cylance was part of the improvement this quarter. Can you just talk about how BlackBerry's position, relative to some of the legacy players, and how you see maybe growth in this segment over the course of the year?

太好了，謝謝。只是想深入探討網路安全業務中 ARR 的提升。由於端點市場仍有超過 40% 的傳統解決方案，聽起來 Cylance 是本季改進的一部分。您能否談談黑莓相對於一些傳統廠商的地位，以及您如何看待今年這一領域的成長？

Yeah, absolutely, Mike. We're really pleased. It's been a long journey to get our ARR to where we -- it's starting to stabilize and pivoting for growth. So a lot of heavy lifting in the product, in our customer engagement activities. So we're pleased that we're kind of starting to see that stabilize.

是的，當然，麥克。我們真的很高興。我們的 ARR 經過了漫長的歷程才達到現在的水平——它開始穩定下來並開始增長。因此，我們在產品和客戶參與活動中承擔了許多繁重的工作。因此，我們很高興看到這種情況開始穩定下來。

As we think about future growth, you still think there's a tremendous amount out there. When you think about the legacy endpoint providers, like the Trellix's of the world, like the Trend Micros of the world, like the Broadcom Symantec install base, there's a lot of opportunity that's we think up for grabs for a next generation endpoint capability along the lines of what we offer in Cylance.

當我們考慮未來的成長時，你仍然認為那裡有巨大的成長空間。當您考慮傳統的端點提供者時，例如 Trellix 之類的公司、Trend Micros 之類的公司、Broadcom Symantec 安裝基礎，我們認為有很多機會可以實現下一代端點功能，類似於我們在 Cylance 中提供的功能。

So it was actually telling a lot of new logos, albeit smaller logos, but a lot of new logos over the course of the last quarter. And between that and our GUARD platform, we're cautiously optimistic for opportunities to move that in the right direction in the next fiscal year.

因此，它實際上告訴了很多新的標誌，儘管是較小的標誌，但在上個季度中有很多新的標誌。憑藉這一點以及我們的 GUARD 平台，我們對下一財年朝著正確方向發展的機會持謹慎樂觀的態度。

And just for my follow-up question. On the IoT business, strong close to the year and a lot of records in that strong royalty backlog. But you've laid out some delays and the guidance suggests maybe mid-single-digit growth this year. Based on your conversation with customers and some of these delays, are these multi-year delays as you talk about the opportunity to grow that backlog, or do you see things kind of ramping through this year and picking up in calendar '25?

這只是我的後續問題。在物聯網業務方面，今年表現強勁，並在強勁的版稅積壓方面創下了許多記錄。但您已經列出了一些延期計劃，並且指導意見表明今年的增長可能達到中等個位數。根據您與客戶的對話以及其中一些延遲，正如您所說增加積壓訂單的機會一樣，這些延遲是多年的延遲嗎？還是您認為事情會在今年逐漸好轉並在 2025 年有所改善？

Yeah. We have not -- the delays that we talked about last quarter, like a four quarter shift, six quarter shift, we have not seen that improve yet. So just the complexity of the software-defined vehicles, the skill sets of the OEMs and it's not their core competency. Getting these things out is a little more of a complex and a little more challenge.

是的。我們還沒有——我們上個季度談到的延遲，例如四個季度的輪班、六個季度的輪班，我們還沒有看到情況有所改善。因此，軟體定義汽車的複雜性、OEM 的技能組合以及它不是他們的核心競爭力。把這些東西拿出來有點複雜，也有點挑戰性。

I will tell you we're doing everything we can to help them. As I mentioned, we're going to increase more in our engineering at the edge with our customers to help them do some of that integration with their development projects. But we're trying to be a little cautious because we're not seeing the floodgates wide open at this point. We're still seeing some sluggishness in getting those new software defined vehicle programs launched.

我會告訴你我們正在盡一切努力來幫助他們。正如我所提到的，我們將與客戶一起增加邊緣工程的投入，幫助他們將其與開發專案進行整合。但我們試圖保持謹慎，因為我們目前還沒有看到閘門完全打開。我們仍然看到這些新的軟體定義汽車程式的推出有些遲緩。

That's why we're being a little -- that's why we're being somewhat cautious and prudent about it based on what we're seeing.

這就是為什麼我們根據所看到的情況對此保持謹慎和審慎。

Understood. Thanks for taking my two questions and congrats on the cost execution.

明白了。感謝您回答我的兩個問題，並祝賀成本執行。

Thanks, Mike.

謝謝，麥克。

William Kerwin, Morningstar.

威廉‧克爾溫，晨星公司。

Hi, everyone. Thanks for letting me get a question. And maybe just to keep it on the IoT business. Obviously, a lot of positive announcements at CES. Just curious how those have been received so far over the course of the past three months and are they already gaining some traction in the pipeline as you look going forward? And just maybe as a follow-up to that, the path to get towards kind of a double-digit growth profile in this business. Understand it's still growing but slower than you would probably like.

大家好。謝謝你讓我提問。或許只是為了繼續專注於物聯網業務。顯然，CES 上有很多積極的公告。我只是好奇在過去三個月中這些舉措的反響如何，展望未來，它們是否已經在籌備過程中獲得了一些關注？或許作為對此的後續行動，這是實現該業務兩位數成長的途徑。了解它仍在增長，但速度可能比你希望的要慢。

Thanks, William. So a couple of things. The product -- the pipeline is just exciting. SDP 8.0, it was a buzz at CES as we were walking through that. It's a step change in capability that, really, I think puts us in a strong position. And it's actually to have one of the leading chip suppliers buy some development tools, a strong statement to the impact of that.

謝謝，威廉。有幾件事。該產品－管道令人興奮。當我們在 CES 上介紹 SDP 8.0 時，它引起了轟動。這是能力上的重大改變，我認為它確實使我們處於有利地位。事實上，領先的晶片供應商之一購買了一些開發工具，這有力地證明了其影響力。

The acoustics capability, the cloud capability, the fact that we got a couple of design wins there, we're supporting Stellantis in their efforts to leverage the cloud to be much more productive in their process, pipeline is growing nicely. We're excited about the base-level platform with RTOS and ADAS, but now these other capabilities just puts us in that much more of a stronger position. So we're excited about the pipeline for the future.

聲學能力、雲端能力，事實上我們在那裡贏得了一些設計勝利，我們正在支持 Stellantis 努力利用雲端技術來提高其流程的生產力，管道正在順利發展。我們對具有 RTOS 和 ADAS 的基礎級平台感到非常興奮，但現在這些其他功能使我們處於更強大的地位。因此，我們對未來的管道感到興奮。

To your point, we wish some of this stuff would -- some of that $815 million backlog would roll off a little bit faster than it's been. But we think when that stuff opens up, it's going to be a really good opportunity to drive some business model leverage into the business.

正如您所說，我們希望其中一些事情——8.15 億美元的積壓訂單能夠比現在更快完成。但我們認為，當這些東西開放時，這將是將一些商業模式槓桿引入業務的絕佳機會。

Awesome. That makes sense. And if I could just tack one more on, obviously, some good progress on the cost savings already. Just curious if you could cut talk through why you think the targets that you've laid out are the right size for the business? And how you see the progress going forward, I guess, longer term past, the fiscal '25? Thanks.

驚人的。這很有道理。如果我可以再補充一點的話，顯然在成本節約方面已經取得了一些進展。我只是好奇，您能否簡單談談為什麼您認為您設定的目標適合企業規模？您如何看待未來的進展，我想，從長遠來看，也就是 25 財年？謝謝。

Yeah. Great question. To me, it's kind of a two-fold impact from the cost side of things. One, I think that really helped us clarify where we're investing and how -- is just has we embarked on our strategy to split into two divisions. That really makes us forces us to look and say, where are we investing, where can we back off of that. In fact, we had some really renowned industry consultants provide us some advice with some benchmarking on where we are and where the industry is.

是的。好問題。對我來說，從成本方面來看，這有雙重影響。首先，我認為這確實幫助我們明確了我們的投資方向和方式——我們才剛開始實施分成兩個部門的策略。這確實迫使我們審視並思考，我們在哪裡投資，我們可以在哪裡退出。事實上，我們有一些非常知名的行業顧問為我們提供了一些建議，並對我們的現狀和行業現狀進行了一些基準測試。

So we kind of target the right levels and the right benchmarks for that. So I think that's one aspect of it.

因此，我們針對這一目標設定了正確的水平和正確的基準。所以我認為這是其中的一個面向。

I think the other is you can see a lot of it came out of cyber. So I think rightsizing cyber getting the efficiencies out of cyber that we think were there. I think I mentioned in the past. Cyber grew throughout five or six different acquisitions over the years. So there was a lot of R&D rationalization that we thought was not going to impact the innovation cycle, but at the same time, improve the overall business.

我認為另一個是你可以看到很多資訊來自網路。因此，我認為，合理調整網路規模可以提高我們認為已經存在的網路效率。我想我以前有提到過。多年來，Cyber​​ 經歷了五到六次不同的收購，不斷發展壯大。因此，我們認為大量的研發合理化不會影響創新週期，但同時會改善整體業務。

So I think between working with consultants into two divisions, as well as some really focused efficiencies on the cyber side, we kind of feel like we're landing at the right place right now from a cost standpoint.

因此，我認為，透過與兩個部門的顧問合作，以及在網路方面真正注重效率，我們感覺從成本的角度來看，我們現在處於正確的位置。

Awesome. Thanks so much, and congrats on the beat this quarter.

驚人的。非常感謝，並祝賀本季取得佳績。

Paul Treiber, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Paul Treiber。

Well, thanks very much and good afternoon. It's helpful that I think next quarter you're breaking out sales and marketing from G&A. You touched on the split of the company into IoT and cyber. What should we expect in terms of the disclosures around segmented profitability between IoT and cyber and the time frame for that?

好的，非常感謝，下午好。我認為下個季度您將把銷售和行銷從 G&A 中分離出來，這很有幫助。您提到了公司在物聯網和網路方面的劃分。就物聯網和網路之間的分段獲利能力揭露及其時間框架而言，我們應該期待什麼？

Yeah, thanks, Paul. So obviously, there's a lot of activity internally at play both from a business separation standpoint and from a cost streamlining and restructuring standpoint. So the markers that we've given on a total company basis, I appreciate the desire to have basically a full P&L for each of the business units. We're not in a position to provide that at this time. But on that, we would ask you to just stay tuned as we work towards that.

是的，謝謝，保羅。因此，顯然，從業務分離的角度以及成本精簡和重組的角度來說，內部有許多活動在進行。因此，我們根據整個公司的情況給出了標記，我很欣賞希望為每個業務部門提供完整的損益表的願望。目前我們還無法提供該服務。但就這一點而言，我們希望您繼續關注，因為我們正在努力實現這一目標。

Paul, it's a good question. kind of feel like you said, think of it as the breakout of sales and marketing and G&A. That's a down payment on giving you more transparency to our overall cost structure. And as Steve articulated in the quarters ahead, well, I think we'll be in a better position to take that to the next level. So hang in there with us and we'll provide you updates as we go throughout the year.

保羅，這是個好問題。感覺就像你說的，可以把它看作是銷售、行銷和一般及行政費用的突破。這是為了讓您更透明地了解我們的整體成本結構而支付的頭期款。正如史蒂夫在未來幾季所表達的那樣，我認為我們將處於更好的位置，可以將其提升到一個新的水平。所以請繼續關注我們，我們將在全年為您提供最新資訊。

Okay. And my second question just relates to the future opportunities for cost savings. I mean, also with that, what's the timeframe that you're targeting to make those announcements? And does that also relate to the split of those segments so we may get everything at once? And then can you also elaborate on the nature of those reductions that you're considering?

好的。我的第二個問題與未來節省成本的機會有關。我的意思是，您計劃在什麼時間範圍內發布這些公告？這是否也與這些部分的分割有關，以便我們可以一次獲得所有內容？然後您能否詳細說明您正在考慮的削減的性質？

Maybe I'll start there. I mean there's a number of structural items, ranging from corporate legal entity structures, which we've talked about before just in terms of simplifying IT systems, the supporting back office infrastructure, particularly from an IT standpoint. Those types of things are bigger rocks and that doesn't happen overnight.

也許我會從那裡開始。我的意思是有很多結構性項目，包括企業法人實體結構（我們之前討論過），只是在簡化 IT 系統方面，支援後台基礎設施，特別是從 IT 的角度。這些事情都是比較棘手的問題，不可能一朝一夕就能解決。

So we'll obviously, actively looking at how to go about that and formulating the plans to execute on those. We'll be able to squeeze some of those types of items out this year. But by and large, that's probably going to go -- that will go beyond this fiscal.

因此，我們顯然會積極研究如何實現這一目標並制定執行計劃。今年我們將能夠推出一些此類產品。但總的來說，這可能會超出本財政年度的範圍。

I'll add to that Paul, just November of last year to now, we did some heavy lifting on $105 million worth of real cost that's coming out. We're starting to see it in the run rate. And that's heavy lifting on things that structural. We talked about facilities I think last time that we closed down. We're rationalizing our labs. We're fine tuning our go-to-market in cyber. We're doing a lot of those things underpinned $105 million heavy lift.

保羅，我要補充一點，從去年 11 月到現在，我們已經完成了價值 1.05 億美元的實際成本的大量工作。我們開始在運行率中看到這一點。這對於結構性事物來說是一項繁重的工作。我認為我們上次討論了我們關閉的設施。我們正在使我們的實驗室更加合理化。我們正在對網路市場進行微調。我們正在進行許多這樣的工作，以支撐價值 1.05 億美元的重擔。

The next week we're not -- we're going to continue to focus and we think there's still more opportunities to be more efficient. But those are like I said -- those are a little as Steve said, that's a little trickier. They're a little more intertwined. There's more dependencies.

下週我們不會——我們將繼續集中精力，我們認為還有更多機會提高效率。但就像我說的——就像史蒂夫說的，這有點棘手。它們之間的關係更加緊密了。還有更多依賴關係。

We've got to be a little more careful and a little more thoughtful how we proceed on that not to disrupt some of the momentum that we have in the business. So a lot of work that's done in the last six months. We still have a lot more to do, but we'll be cautious about it and we'll provide you updates as we go throughout the year.

我們必須更加小心、更加周到地考慮如何進行這項工作，以免破壞我們業務中的某些發展勢頭。過去六個月我們完成了很多工作。我們還有很多工作要做，但我們會謹慎處理，並會在全年為您提供最新進展。

Thank you.

謝謝。

(Operator Instructions) Seeing no further questions in the queue, I would like to turn the call back over to John Giamatteo, CEO of BlackBerry for closing remarks.

（操作員指示）看到隊列中沒有其他問題，我想將電話轉回給黑莓首席執行官約翰·賈馬特奧 (John Giamatteo) 做最後發言。

Terrific. Thank you, MJ. Just thanks everybody for being part of the call today. We are -- as we talked about solid quarter for the company in many ways set new records within the IoT. It's really encouraging to see the cyber business stabilizing and the opportunities that we have in front.

了不起。謝謝你，MJ。感謝大家今天參加電話會議。正如我們所討論的，公司本季表現穩健，在許多方面都創下了物聯網領域的新紀錄。看到網路業務趨於穩定以及我們面臨的機會確實令人鼓舞。

We're executing really well on our strategy to split this company into two divisions and marching towards profitability on both of them. And we're pleased with the progress that we've made thus far, and we're going to look forward and committed to providing you all more transparent updates as we go throughout the fiscal year. So thanks for being on the call with us today, and we'll talk to you next quarter.

我們將公司拆分為兩個部門，並努力使兩個部門都實現盈利，我們的策略執行得非常好。我們對迄今為止的進展感到滿意，我們將期待並致力於在整個財政年度為大家提供更透明的更新。感謝您今天接受我們的電話採訪，我們將在下個季度與您聯繫。

This concludes today's call. Thank you for your participation. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。