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

下午好，歡迎參加黑莓第四季和 2024 財年全年業績電話會議。 （操作員說明）謹此提醒，本次會議正在錄製以供重播之用。

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.

我現在想將今天的電話轉給網路安全部門首席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. After I read our cautionary note regarding forward-looking statements, John will provide a business update, and Steve will review the financial results.

謝謝你，喬丹。大家下午好，歡迎參加黑莓第四季和 2024 財年全年財報電話會議。參加今天電話會議的是黑莓執行長 John Giamatteo；和財務長史蒂夫雷。在我閱讀有關前瞻性陳述的警告說明後，約翰將提供業務更新，史蒂夫將審查財務表現。

We will then open the call for a brief Q&A session. This call is available to the general public via call-in numbers and via webcast in the investor information section at blackberry.com. A replay will also be available on the blackberry.com website. 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.

然後我們將開始簡短的問答環節。民眾可透過撥打電話號碼以及透過 blackberry.com 投資者資訊部分的網路廣播收聽此電話會議。 blackberry.com 網站上也將提供重播。我們今天將發表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. Many factors could cause the company's actual results or performance to differ materially from those expressed or implied by the forward-looking statements.

我們將使用期望、意願、應該、模型、打算、相信和類似表達等詞語來表示前瞻性陳述。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。許多因素可能導致本公司的實際結果或績效與前瞻性陳述明示或暗示的結果或績效有重大差異。

These factors include the risk factors 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.

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，本公司無意且不承擔更新或修改任何前瞻性陳述的義務，除非法律要求。

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

按照慣例，在電話會議期間，約翰和史蒂夫將在我們的季度業績摘要中引用非 GAAP 數據。有關我們的 GAAP 和非 GAAP 數據之間的調節，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 plus 和 blackberry.com 網站上取得。

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

然後，我會將電話轉給約翰。

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 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 in the quarter, our IoT business recorded its best ever quarter for revenue.

了不起。謝謝提姆，也謝謝大家今天加入我們。黑莓季度業績表現穩健，達到或超出了預期，並在此過程中創下了多項新紀錄。我們超越了每股盈餘的預期，並考慮到我們對獲利成長的高度關注，進一步改善了營運現金流，正如我們所說，事實上，本季我們將營運現金使用量減少了一半以上。儘管我們對營收前景保持謹慎和衡量，但我們預計本財年本季的現金流量和 EBITDA 均為正值，我們的物聯網業務將錄得有史以來最好的季度收入。

Despite the delays automakers have experience 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. 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 on from a revenue standpoint as well.

儘管存在延誤，但汽車製造商在軟體開發專案方面擁有豐富的經驗。我們也實現了最強勁的一年，因為新設計贏得了專利積壓，這一設計獲勝勢頭推動了 QNX 專利積壓達到歷史最高水平，約為 8.15 億美元，同比增長 27%。在網路方面，我們看到一個非常重要的數據點，ARR 穩定，甚至持續成長。我們相信這證明了團隊最近實施的許多改進的影響。從收入角度來看，網路也實現了穩健的同比增長。

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 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. 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.

那麼，讓我先從物聯網業務部門開始進行回顧。如您所知，考慮到這麼長的時間範圍，QNX 業務受益於其強大的多年客戶關係，業務健康狀況的關鍵指標是特許權使用費積壓，可以了解我們已獲得的設計勝利的估計生命週期特許權收入，這指標從未如此出色，上季達到約 8.15 億。正如我所提到的，這是強勁的一年，設計勝利增加了新的積壓訂單，超過了去年，而上個季度，我們獲得了許多設計勝利，為這一成就做出了貢獻。

Within automotive, we continue to dominate the digital cockpit domain and among the wins was Honda mobile through selected the QNX hypervisor to enable mixed criticality in the cockpit without sacrificing performance.

在汽車領域，我們繼續主導數位駕駛艙領域，其中一項勝利是本田行動公司選擇了 QNX 虛擬機管理程序，在不犧牲性能的情況下實現駕駛艙中的混合關鍵性。

Beyond our core our costs, 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.

除了我們的核心成本之外，我們還贏得了一家日本 OEM 的聲學中間件設計勝利，該中間件將在一系列車輛的數位駕駛艙中提供音訊。

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. Our cost as the foundation for a next-generation medical imaging machine for assessing blood and heart health. 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 robots in other applications, our QNX real-time operating system has been selected for use in a digital display for recreational powersport vehicles. Demonstrating the potential for BlackBerry to expand into new verticals as DH becomes progressively more intelligent.

除了汽車之外，我們在許多通用嵌入式市場（尤其是醫療市場）中擁有強大且不斷增長的地位，本季的勝利之一是選擇 QNX 的全球五大醫療 OEM 之一。我們的成本是用於評估血液和心臟健康的下一代醫學影像機的基礎。我們還贏得了美國領先的 OEM，我們的 QNX 即時作業系統將為他們的第五代手術機器人在其他應用中提供安全、可靠的平台，我們的 QNX 即時作業系統已被選中使用用於休閒動力運動車輛的數位顯示器。隨著 DH 逐漸變得更加智能，展現了 BlackBerry 擴展到新垂直領域的潛力。

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 within automotive, the digital cockpit and a DAS remain the largest revenue drivers and royalties and professional services.

轉向本季度的財務數據，我們的收入達到了指導範圍的上限，收入為 6600 萬美元，環比增長 20%，同比增長 25%。毛利率維持在 85% 的強勁水平。營收成長主要由汽車和非常強勁的QNX 開發座椅收入推動，該收入逐季度相對波動，反映了汽車領域最近新設計勝利的實力，數位駕駛艙和DAS 仍然是最大的收入驅動因素和特許權使用費和專業的服務。

We're 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. In addition, we made a number of very important product announcements. The first was the launch of our next-generation QNX operating system SDP. eight auto.

我們與第三季的強勁季度基本一致。一月份，我們舉辦了一個非常成功的 CES。拉斯維加斯的活動。我們的展位非常繁忙，我們與現有和潛在客戶舉行了許多富有成效的會議。此外，我們也發布了許多非常重要的產品公告。第一個是推出我們的新一代 QNX 作業系統 SDP。八汽車。

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. 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. Industry response since CES. has been very encouraging, including engaging this past quarter with one of the world's leading automotive chip suppliers. So purchase RSDP. eight data development tools.

這使得高性能矽片的性能發生了非常顯著的階躍變化，幾乎線性地擴展至 64 個內核。這使得BlackBerry 能夠提供與Linux 類似的性能，在某些情況下甚至比Linux 更好，而無需基本的開源安全限制，並且隨著功能更強大的新晶片的出現，也不會出現面向未來的軟體設計。我們認為這是擴大我們在核心安全、關鍵用例中的競爭護城河的重要一步，同時也將我們的潛在市場擴展到非安全關鍵領域。自 CES 以來業界的反應。一直非常令人鼓舞，包括上個季度與世界領先的汽車晶片供應商之一進行合作。所以購買RSDP。八個資料開發工具。

Another key announcement was that our Hyper-V hypervisor has joined our artists 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 in addition, we made some announcements regarding our various middleware offerings. The bulk of the mobility and 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.

另一個重要公告是我們的 Hyper-V 虛擬機器管理程式已與我們的藝術家一起在雲端中提供。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，允許他們的軟體開發團隊在世界各地進行協作，大大減少了對實體硬體的需求並顯著提高了生產力。此外，我們還發布了一些有關我們的各種中間件的公告供品。大多數移動和 Harmony 聯盟都選擇 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，可實現軟體定義的音訊體驗，而無需在汽車中使用笨重且昂貴的硬體。我們已經贏得了歐洲一家主要汽車製造商的首個設計勝利。

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.

現在轉向物聯網業務的前景。由於潛在的即將到來的設計勝利的時間安排，我們預計第一季潛在的新開發座椅銷售與上一季相比將相對平靜。

In addition, as we 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 in order to address delays in developing next-generation software, defined platforms for their vehicles.

此外，正如我們在過去一個財年中所談到的，汽車行業繼續面臨軟體定義汽車專案的重大延誤，雖然這顯然給短期帶來了挑戰，但它實際上代表了該行業長期前景的潛在上行空間。為了解決開發下一代軟體的延遲問題，為其車輛定義了平台。

Automakers are increasingly discussing the potential for greater support from BlackBerry to help them solve on differentiated software development tasks. In fact, rather than OEM.s attempting to address this themselves. Having a trusted expert like back BlackBerry handle the complex integration of middleware on top of the art toss 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 to West.

汽車製造商越來越多地討論黑莓提供更多支援的可能性，以幫助他們解決差異化的軟體開發任務。事實上，OEM 並沒有嘗試自己解決這個問題。讓像黑莓這樣值得信賴的專家在藝術折騰的基礎上處理中間件的複雜集成，可以讓他們的開發團隊騰出時間來專注於堆棧中的差異化體驗，從而使黑莓能夠創造出有時被稱為西方的工具。

It has the potential to greatly simplify and accelerate software development while allowing automakers to retain full control over their platform. Further, we're expanding our professional services team to provide greater support to our customers in integrating our software into their development projects with all these dynamics in mind, we expect revenue for Q1 to be in the range of 48 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 222 hundred and 35 million.

它有可能大大簡化和加速軟體開發，同時允許汽車製造商保留對其平台的完全控制。此外，我們正在擴大我們的專業服務團隊，以便為客戶將我們的軟體整合到他們的開發項目中提供更大的支持，考慮到所有這些動態，我們預計第一季的收入將在48 至5200 萬美元之間，也就是財年中期年增約 11%，我們預計營收將在 222 億 3,500 萬美元左右。

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 silence and UEM, 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. DBNRR. also increased by three 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. In fact, the CGM and UEM renewal rates have been improving and the past two quarters have been the best renewal rates in the past four years.

現在讓我談談本季網路安全部門的營收超出預期，達到 9,200 萬美元，年增 5%。本季的優勢來自我們的 Spark 產品組，即靜音和 UEM，我們認為年度經常性收入或 ARR 是我們網路業務的關鍵指標之一。正如我們在上次財報電話會議中所述，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。 DBNR。也比上一季增加了三個百分點，達到 85%。這些關鍵指標朝著正確方向邁出的這些小但非常重要的步驟說明了我們所做的許多改進對業務的影響。事實上，CGM 和 UEM 續訂率一直在改善，過去兩個季度是過去四年來最好的續約率。

In particular, this was a strong quarter for our silent guard managed service offering as well as net new logos. We see silence guard 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 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.

特別是，對於我們的靜音守衛管理服務產品以及淨新徽標而言，本季表現強勁。我們認為沉默衛士是來年成長的驅動力，我們正在這個領域和其他領域加倍努力，我們在本季度已證明我們正在獲勝，我們成功部署了許多產品和服務，這些產品和服務是我們在11 月宣布了與馬來西亞政府的重大協議。此外，您可能已經看到，上週，我們很自豪地在吉隆坡正式開設了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，幫助馬來西亞培養熟練的網路安全勞動力。

Some examples of the wins for the cyber division, this quarter included renewals and upsells with leading government agencies such as the U.S. 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 Swire, Suresh and Julius Bear in Switzerland and Bank of India.

本季網路部門獲勝的一些例子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，以及荷蘭、警察、英國國家犯罪局、大曼徹斯特警察局和金融服務領域的英國交通警察。除了美國和加拿大的主要銀行外，我們還與瑞士的太古銀行、Suresh 和 Julius Bear 以及印度銀行建立了業務往來。

So moving now to the outlook for the cybersecurity business. From a longer-term standpoint, the addressable market for security software is so large and our customers need. So diverse that no single vendor is in a position to dominate this market 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 for our enterprise and mid-market customer base, security remains a mission-critical priority, and we see a broadly unchanged, although somewhat challenging macro economic 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. Therefore, we expect a more predictable revenue stream as we head through this new fiscal year.

現在我們來展望網路安全業務的前景。從長遠來看，安全軟體的潛在市場如此之大，我們的客戶也有需求。儘管近期存在任何動態，但該市場如此多樣化，以至於沒有任何一家供應商能夠主導這個市場，考慮到一些供應商持續的預算限制，我們認為在未來幾年我們的網路安全業務將面臨巨大的成長機會。主要政府客戶占我們客戶群的很大一部分，我們對完成可以推動短期收入的大型交易的時機和能力持謹慎態度，就像我們企業去年第一季度的情況一樣對於中端市場客戶群，安全仍然是任務關鍵的優先事項，我們看到宏觀經濟環境與最近幾季相比基本上沒有變化，但有些具有挑戰性。這種一致的背景使我們有信心能夠繼續穩定我們的核心經常性收入基礎，我們預計 ARR 將在第一季連續持平。因此，我們預計在新的財年中收入來源將更可預測。

So allowing for smaller impact from large lumpy government deals and the ongoing macro ongoing macro economic environment. We expect revenue for the first quarter to be in the range of 78 to 82 million and for the full year to be in the range of 350, 365 million.

因此，考慮到大型政府交易和持續的宏觀經濟環境的影響較小。我們預計第一季的營收將在 7.8 至 8,200 萬美元之間，全年營收將在 3.5 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 so now let me turn the call over to Steve, who will provide you a little more color on our financials. Steve?

因此，簡單談談本季的授權收入，該收入強於預期，為 1500 萬美元。展望下一個財年，我們預計四個季度每季的收入約為 400 萬美元，所以現在讓我把電話轉給史蒂夫，他將為您提供更多有關我們財務狀況的資訊。史蒂夫？

Thank you, John. As always, my comments on our financial performance will be in non-GAAP terms unless otherwise noted.

謝謝你，約翰。像往常一樣，除非另有說明，我對我們財務表現的評論將採用非公認會計原則術語。

Total company revenue for the quarter was 173 million. Iot revenue was 66 million. Cybersecurity cyber security revenue was $92 million and licensing revenue was 15 million. The percentage of software product revenue that was recurring increased to approximately 19%. Total Company gross margin improved to 75%, while operating expenses decreased to 113 million. Non-gaap operating expenses exclude $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, an impairment of long-lived assets. Both non-GAAP operating profit and net profit for the fourth quarter were 16 Yes. Blackberry delivered $0.03 of non-GAAP basic earnings per share for the quarter, beating expectations. 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 29th, 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.

該季度公司總收入為 1.73 億美元。物聯網收入為6600萬。網路安全網路安全收入為 9,200 萬美元，授權收入為 1,500 萬美元。軟體產品收入中經常性收入的比例增加至約 19%。公司總毛利率提高至 75%，而營業費用下降至 1.13 億美元。非 GAAP 營運費用不包括 3500 萬美元。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、500萬美元的股票補償費用和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 16 是。黑莓本季非 GAAP 基本每股收益為 0.03 美元，超出預期。調整後 EBITDA（不包括前面提到的非 GAAP 調整）為 2,100 萬美元。現金、現金等價物及投資總額增至2.98億美元。截至2月29日，經營活動使用的現金較上月減少一半以上，至1,500萬。提醒一下，兩個季度前，這一數字為 5,600 萬美元，第三季為 3,100 萬美元。

Okay. 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, year-on-year improvement after factoring in the impact of the sale of our noncore patent portfolio in Q1 of last year, we expect EPS for Q1 to be in the range of negative four to negative $0.06 and adjusted EBITDA to be in the range of negative 15 to negative 25 million for the full fiscal year 2025, we expect EPS to be in the range of negative two 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. This quarter, we recorded a $35 million noncash accounting impairment of goodwill for the SPARC 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. As we announced during the past quarter, we successfully completed a $200 million 5-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.

好的。傳統上，第一季是由年度帳單和付款情況驅動的現金流量季節性低點。因此，我們預計營運現金使用量將連續增加。然而，考慮到去年第一季出售非核心專利組合的影響後，我們預計第一季每股收益將在負 4 美元至負 0.06 美元之間，調整後的 EBITDA 將在2025 年整個財年，每股收益將在負15 美元至負2500 萬美元之間，我們預計EPS 將在負2 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。我們也預期第四季的每股盈餘和營運現金流均為正值。本季度，我們為 SPARC 報告單位記錄了 3,500 萬美元的非現金會計商譽減損。這意味著 GAAP 每股收益的非現金費用為 0.06 美元。根據會計規則，我們需要透過確定所有報告單位的公允價值來進行商譽減損審查，其總和需求與我們的市值保持一致。更多詳細資訊將在我們的 10 K 表格中披露。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 5 年可轉換債務融資。人們對該產品的興趣很高，我們能夠獲得具有競爭力的價格。因此，我們能夠全額償還自去年 11 月到期的上一批債券以來一直存在的 1.5 億美元短期延期債券。透過這項長期融資，黑莓擁有穩健的資產負債表，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，我會將其轉回給約翰。

Thank you, Steve. Okay. So, hey, as Steve mentioned, we are currently executing on our strategy to establish two profitable stand-alone divisions during the quarter, we provided an update on actions we expected to take, and I can confirm that we delivered as planned. We have a 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.

謝謝你，史蒂夫。好的。因此，嘿，正如史蒂夫所提到的，我們目前正在執行我們的戰略，以在本季度建立兩個盈利的獨立部門，我們提供了我們預期採取的行動的最新信息，我可以確認我們按計劃交付。我們任命了財務、人力資源和法律等部門的領導者，這些領導者目前正在組建他們的團隊，以滿足他們所支持的企業的特定需求。

In regards to costs, 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.

關於成本，您可能還記得，在第三季度，我們節省了約 5000 萬美元的運行費用，主要是在網路安全業務方面，其中包括約 200 名員工的削減。

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. 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. 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 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 EUR113 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. 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. 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 efficient. Given the impact of the various cost reductions, we are modeling for positive operating cash flow and adjusted EBITDA for fiscal year 2025.

在過去的這個季度，我們進一步採取了行動，將額外節省 5,500 萬美元的成本。其中約 3500 萬美元來自網路安全。網路安全業務和 2000 萬美元來自我們的中央 G&A 職能部門。我們瞭解，對於股東來說，看到這些成本降低所帶來的好處開始在損益表中體現是多麼重要。因此，為了更容易追蹤本季開始的成本改進，我們將銷售和行銷與一般和管理分開報告。這種新的劃分與我們追蹤長期目標（佔收入的百分比）的方式一致。此外，我們認為在我們開始削減之前提供成本運行率作為比較基準是有幫助的，而無需在去年第一季度和第二季度的運營支出報告中涉及太多各種一次性投入和投入，我們認為，使用非GAAP 營運支出的公平基線是，第一季為1.45 億，第二季為1.14 億，上個季度平均為1.3 億。非 GAAP 營運支出為 1.13 億歐元。這比 1.3 億基線低 1700 萬，按年計算減少 6800 萬。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段時間才能完全反映在運行率中。我們預計本財年的平均季度營運支出約為 1.1 億。按年化計算，這比基線低約 8000 萬美元。除了營運支出和增量目標投資（特別是在我們的物聯網業務中）之外，還可以定時降低銷售商品的固定成本，從而節省 1.05 億美元。除了概述的節省之外，我們正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更複雜的依賴關係，這些操作將需要更長的時間才能採取行動。考慮到各種成本削減的影響，我們正在為 2025 財年的正營運現金流量和調整後 EBITDA 進行建模。

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. 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.

因此，在我們開始問答之前，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，我們創造了多項新紀錄，物聯網業務錄得有史以來最好的季度收入，有史以來最好的一年，因設計勝利而增加了新的積壓訂單，並創下了歷史最高的約8.15 億積壓專利費。正如我們所說，網路 ARR 趨於穩定，實際上會顯示出一些適度的環比增長。該季度營收年增 5%。除了營收方面的正面消息外。我們也非常注重利潤。我們在上一季的基礎上實施了一系列重大成本節約行動，並有助於在下一財年推動積極的 EBITDA 和現金流。

So that concludes my prepared remarks. So MJ, I turn it over to you so we can open the line for Q&A.

我準備好的發言就到此結束。 MJ，我把它交給你，這樣我們就可以開通問答線。

(Operator Instrucitons) Mike Walkley, Canaccord Genuity.

（操作說明）Mike Walkley，Canaccord Genuity。

Great. Thank you. John, just wanted to delve in a little bit to the improving ARR on the cybersecurity business with the endpoint market still over 40% legacy legacy solutions. And it sounds like silence 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 to over the course of the year?

偉大的。謝謝。 John，只是想深入研究網路安全業務 ARR 的改進，端點市場仍有超過 40% 的遺留解決方案。聽起來沉默是本季改善的一部分。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這一領域在這一年中的成長？

Yes, absolutely, Mike.

是的，絕對是，麥克。

Hey, we're really pleased.

嘿，我們真的很高興。

It's been a long journey to get our ARR to where we are. It's starting to stabilize and pivoting for growth. So a lot of heavy lifting in the product and in our customer engagement activities.

我們的 ARR 達到現在的水平經歷了一段漫長的旅程。它開始穩定並轉向增長。因此，產品和客戶參與活動中有很多繁重的工作。

So so we're pleased that we're kind of starting to see that stabilize as we think about your future growth and I still think there's a tremendous amount out there.

因此，我們很高興看到，當我們考慮未來的成長時，我們開始看到這種穩定，而且我仍然認為那裡有巨大的數量。

When you think about the legacy endpoint providers like the trail mixes of the world, like the trend micros of the world, like the Broadcom semantic install base. There's a lot of opportunity that some we think up for grabs for a next generation endpoint capability along the lines of what we offer and styling. So it is actually telling a lot of a lot of new logos, small, albeit small, smaller logos, but a lot of new logos over the course of the last quarter and between that and our guard platform we're on and I'm cautiously optimistic for opportunities to move that in the right direction in the next fiscal year.

當您想到傳統端點供應商時，例如世界上的混合產品、世界上的趨勢科技、博通語意安裝基礎。根據我們提供的產品和樣式，我們認為有很多機會可以抓住下一代端點功能。所以它實際上講述了很多新的標誌，小的，雖然小，更小的標誌，但是在上個季度的過程中以及在我們所處的警衛平台之間出現了很多新的標誌，我是對下一財年朝正確方向發展的機會持謹慎樂觀態度。

Great. Thanks.

偉大的。謝謝。

And just for my follow-up question on the IoT business. Strong close to the year in auto records and that strong growth in your backlog that you've laid out, some delays in the guidance kind of suggests maybe mid-single digit growth this year based on your conversation with customers and some of these delays, these are these multiyear delays that you talked about the opportunity to grow that backlog? Or do you see things kind of ramping through this year and picking up in calendar 25?

這是我關於物聯網業務的後續問題。接近今年的汽車記錄強勁，並且您列出的積壓訂單強勁增長，指導中的一些延遲表明，根據您與客戶的對話以及其中一些延遲，今年可能會出現中個位數的增長，您談到這些多年的延誤是增加積壓的機會嗎？或者您認為今年的情況會有所好轉，並在 25 月有所好轉？

Yes, we have not moderated the delays that we talked about last quarter or I guess kind of a fourth quarter shift, six quarter shift?

是的，我們還沒有緩和上個季度談到的延誤，或者我猜是第四季度輪班、六個季度輪班？

We have not seen that improve yet. So I am with the complexity of the software defined vehicles, the skill sets of the OEMs and it's not their core competency.

我們還沒有看到這種情況有所改善。因此，我對軟體定義車輛的複雜性、原始設備製造商的技能組合感到滿意，但這不是他們的核心能力。

Getting these things out is a little more of a complex and a little more challenge.

把這些東西拿出來是一件更複雜、更有挑戰性的事情。

I will tell you we're doing everything we can to help them.

我會告訴你，我們正在盡一切努力幫助他們。

One of them.

其中之一。

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 were trying to be a little cautious because we're not seeing the flood gates wide wide open at this point.

正如我所提到的，我們將與客戶一起增加更多的邊緣工程，以幫助他們與他們的開發專案進行一些整合。但我們試圖保持謹慎，因為目前我們還沒有看到防洪閘門完全敞開。

We're still seeing some sluggishness in getting those those new software defined vehicle programs launch. And that's why we're being a little. That's why we're we're being somewhat cautious and prudent about it based on what we're seeing.

我們仍然看到這些新的軟體定義車輛程式的啟動有些緩慢。這就是為什麼我們有點。這就是為什麼我們根據我們所看到的情況對此持謹慎態度。

Understood.

明白了。

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

感謝您回答我的問題，並祝賀成本執行銀行。

Mike, thank you.

麥克，謝謝你。

William Cohen, Morgan Stanley.

威廉‧科恩，摩根士丹利。

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 and the path to get towards kind of a double digit growth profile in this business. I understand it's still growing, but you know, slower than you would probably like it?

大家好。感謝您讓我提出問題，也許只是為了將其保留在物聯網業務上。顯然，CES 上發布了很多正面的消息。只是好奇過去三個月到目前為止收到的情況如何？在您展望未來的過程中，它們是否已經獲得了一些關注？也許只是作為該業務的後續行動以及實現兩位數成長的途徑。我知道它仍在增長，但你知道，比你希望的要慢嗎？

Yes, yes. Thanks, Roy.

是的是的。謝謝，羅伊。

On Yes, go ahead.

是的，繼續。

Couple of a couple of things on the product pipeline is it's just exciting SDP. eight, Dato. It was a buzz at the ICES. 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 not to have one of the leading chip suppliers, some by some development tools, a strong kind of statement too, the impact of that on 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 on pipelines growing nicely. We're excited about the base level platform and with our talks in a gas. But now these other capabilities just puts us in that much more of a stronger position.

產品管道中的幾件事是它令人興奮的 SDP。八、拿督。 ICES 上引起了轟動。當我們經歷這一過程時，我認為，這是能力的一步變化，這確實使我們處於有利地位，實際上並不是擁有領先的晶片供應商之一，有些是透過某些開發工具，這是一種強而有力的聲明同樣，這對聲學能力、雲能力的影響，我們在那裡獲得了一些設計勝利。我們支持 Stellantis 努力利用雲端來提高其流程中的工作效率，使管道發展良好。我們對基礎級平台以及我們在天然氣中的會談感到興奮。但現在這些其他能力讓我們處於更有利的地位。

So we're excited about the pipeline for the future. To your point, we wish some of this stuff would some of that $850 million backlog would roll off a little bit faster than better than it's been.

因此，我們對未來的管道感到興奮。就你的觀點而言，我們希望這 8.5 億美元的積壓訂單中的一些能夠比以前更快一點地完成。

But we think when when when that stuff opens up, it's going to be a really good opportunity to drive some money business model leverage and too into the business often.

但我們認為，當這些東西開放時，這將是一個非常好的機會，可以推動一些資金商業模式的槓桿作用，並經常進入業務。

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 talk through, you know, 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 fiscal 25?

這就說得通了。如果我能再加上一項，顯然在節省成本方面已經取得了一些良好的進展。只是好奇您是否可以談談，為什麼您認為您制定的目標對於業務來說是合適的規模，以及您如何看待未來的進展，我想從 25 財年以後的長期來看？

Thanks.

謝謝。

Yes, great question.

是的，很好的問題。

You know, to me, it's kind of a twofold impact from the cost side of things.

你知道，對我來說，這是成本方面的雙重影響。

One, I think that really helped us clarify where we're investing and how is just how we embarked on our strategy to split into two divisions that really kind of makes us forces us to look and say, where are we where are we investing?

第一，我認為這確實幫助我們澄清了我們的投資方向，以及我們如何開始實施分成兩個部門的策略，這確實迫使我們審視並說，我們在哪裡投資？

Where can we back off of that? In fact, we had some some really renowned industry consultants provide us some advice with some benchmarking on where we are and where the industry is. So and we kind of target the right levels and the right benchmarks for that.

我們可以在哪裡退縮呢？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，並對我們所處的位置和行業的情況進行了一些基準測試。因此，我們為此設定了正確的水平和正確的基準。

So I think that's one aspect of it. I think the other is on. 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 we're there. I think I mentioned in the past cyber group throughout five or six different acquisitions over the years.

所以我認為這是一方面。我認為另一個已開啟。你可以看到很多都是來自網路。因此，我認為要調整網路規模，提高我們認為已經存在的網路效率。我想我在過去的網路集團中提到了多年來的五到六次不同的收購。

So there was a lot of R&D rationalization and some that we thought was not going to impact the innovation cycle, but at the same time, improve the overall business.

因此，有許多研發合理化，其中一些我們認為不會影響創新週期，但同時會改善整體業務。

So I think between working with consultants on the split into two divisions as well as some really focused efficiencies on the cyber side.

因此，我認為在與顧問合作將其分為兩個部門以及在網路方面真正關注效率方面。

We kind of feel like we're landing at the right place right now from a cost standpoint.

從成本的角度來看，我們感覺我們現在正處於正確的位置。

Awesome.

驚人的。

Thanks so much and congrats on the beat this quarter.

非常感謝並祝賀本季的進展。

Paul Treiber, RBC Capital Markets.

Paul Treiber，加拿大皇家銀行資本市場部。

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

嗯，非常感謝，下午好。這一年很有幫助，但我認為下個季度，您將從 G&A 中分離出銷售和行銷，並涉及將公司拆分為物聯網和網路業務。對於圍繞物聯網和網路之間的細分盈利能力的披露以及時間框架，我們應該期待什麼？

Yes.

是的。

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

謝謝，保羅。顯然，無論是從業務分離的角度還是從成本精簡和重組的角度來看，內部都有很多活動在發揮作用。因此，我們在整個公司的基礎上給出的標記，我很欣賞為每個業務部門提供基本上完整的損益表的願望。目前我們無法提供這一點，但我想我們會請您繼續關注我們的工作，並為此努力，沃爾特。

Good.

好的。

It's a good question.

這是一個好問題。

And I kind of feel like you said, think of it as the breakout of sales and marketing and G&A, that's that's a downpayment on giving you more transparency to our overall cost structure. And as Steve articulated in the quarters ahead, we'll I think we'll be in a better position to kind of take that to the next level. So hang in there with us and done well them.

我有點像你所說的，將其視為銷售和行銷以及一般管理費用的突破，這是為讓您對我們的整體成本結構更加透明而支付的首付款。正如史蒂夫在未來幾季所闡述的那樣，我認為我們將處於更好的位置，將其提升到一個新的水平。所以，和我們一起堅持下去，把它們做好。

We'll provide you updates as we go throughout the year of.

我們將在全年中為您提供最新資訊。

Okay.

好的。

My second question just relates to the future opportunities for cost savings. And then 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 make it everything at once.

我的第二個問題與未來節省成本的機會有關。另外，您發布這些公告的目標時間是多少？這是否也與這些部分的分割有關，所以我們一次完成所有事情。

And then can you also elaborate on like the nature and are those of those reductions that you're considering?

然後您能否詳細說明您正在考慮的這些減少的性質和內容？

Maybe I'll start there. I mean, there's there's a number there's a number of structural items ranging from corporate IT, all legal entity structures, which which we've talked about before, just in terms of simplifying and IT systems supporting back office infrastructure from a particularly from a from an IT standpoint, you know, those types of things are know bigger rocks and that doesn't happen overnight. So I will obviously actively looking at it how to go about that and formulating the plans to execute on those.

也許我會從那裡開始。我的意思是，有很多結構性項目，從公司 IT 到所有法律實體結構，我們之前已經討論過，只是在簡化和支持後台基礎設施的 IT 系統方面，特別是從從IT 的角度來看，您知道，這些類型的事情是已知的更大的岩石，而且這不會在一夜之間發生。因此，我顯然會積極研究如何做，並制定執行這些計劃的計劃。

And we'll be able to squeeze some of those types of items out of this year, but but by and large that that's probably going to go, but that will go beyond as FY'06 And I'd add to that, I'd add to that, Paul, just on November of last year to now, we did some heavy lifting on $105 million worth of real cost that's coming out.

我們將能夠在今年擠出一些此類項目，但總的來說，這可能會消失，但這將超出 06 財年的範圍，我還要補充一點，我' Paul，補充一點，就在去年11月至今，我們對即將公佈的價值1.05 億美元的實際成本進行了一些繁重的工作。

We're starting to see it in the run rate, and that's heavy lifting on things that, you know, our structural when we talked about facilities, I think last time, we said we closed that we we're rationalizing their labs, we're fine tuning our go to market. And the cyber we're doing a lot of those things underpin the $105 million heavy lift the next peak.

我們開始在運行率中看到這一點，這對我們的結構來說是一個沉重的負擔，當我們談論設施時，我想上次我們說我們關閉了我們正在合理化他們的實驗室，我們我們正在微調我們的市場推廣。我們正在做的網路方面的許多工作為下一個高峰帶來 1.05 億美元的重大提升奠定了基礎。

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 I said, those are a little those Acesa. That's a little trickier and they're a little more intertwined. There's more dependencies.

我們不會繼續專注，我們認為還有更多機會提高效率。但那些是我說的，那些是有點那些Acesa。這有點棘手，而且它們更加交織在一起。還有更多的依賴。

We 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 be cautious about it, and we'll provide you updates as we go throughout the year.

我們必須更加小心、更加深思熟慮，不要破壞我們在業務中的一些動力。因此，在過去六個月中我們完成了很多工作，但我們還有很多工作要做，但我們會對此保持謹慎，並且我們將在全年中為您提供最新資訊。

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 for closing remarks.

（操作員說明）隊列中沒有其他問題。我想將電話轉回給約翰‧吉亞瑪特奧 (John Giamatteo)，讓其致閉幕詞。

Terrific. Thank you. Thank you, MJ.

了不起。謝謝。謝謝你，喬丹。

Just hey, thanks, everybody, for for being part of the call today. We are as we talked about solid quarter for the Company and in many, many ways set new records with the on the IOTV. It's really encouraging to see the cyber business stabilizing and the opportunities that we have in front.

只是嘿，謝謝大家參加今天的電話會議。正如我們所談論的，公司的季度業績表現強勁，並且在許多方面都在 IOTV 上創造了新記錄。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 the on our strategy to split this company into two divisions and marching towards profitability on both of them.

我們正在很好地執行我們的策略，將公司分為兩個部門，並朝著兩個部門的獲利方向邁進。

And I'm aware 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.

我知道我們對迄今為止所取得的進展感到滿意，我們將展望並致力於在整個財年中為您提供更透明的更新。

So thanks for being on the call with us today, and we'll talk to you soon and next quarter.

感謝您今天接受我們的電話，我們很快就會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。