BlackBerry Ltd (BB) 2025 Q1 法說會逐字稿

Good afternoon, and welcome to the BlackBerry first quarter fiscal year 2025 results conference call. My name is Carl, and I'll be your conference moderator for today's call. (Operator Instructions). And as a reminder, this conference is being recorded for replay purposes.

下午好，歡迎參加 BlackBerry 2025 財年第一季業績電話會議。我叫卡爾，我將擔任今天電話會議的會議主持人。 （操作員說明）。謹此提醒，本次會議正在錄製以供重播。

I would now like to turn today's call over to Tim Foote, CFO, cybersecurity division, and Head of Investor Relations. 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。請繼續。

Thank you, Carl. Good afternoon, everyone, and welcome to BlackBerry's first quarter fiscal year 2025 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. We will then open the call for a brief Q&A session. This call was available to the general partner via call-in numbers and via webcast in the Investor Information section at blackberry.com. The replay will also be available on the blackberry.com website.

謝謝你，卡爾。大家下午好，歡迎參加黑莓 2025 財年第一季財報電話會議。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。然後我們將開始簡短的問答環節。普通合夥人可透過撥入號碼和 blackberry.com 投資者資訊部分的網路廣播進行此次電話會議。重播也將在 blackberry.com 網站上提供。

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. 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。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。

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 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。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任何更新或修改任何前瞻性陳述的義務。

As his 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 EDGAR, SEDAR+, and blackberry.com websites.

按照通話期間的慣例，約翰和史蒂夫將在我們的季度業績摘要中引用非GAAP 數據，以便對我們的GAAP 和非GAAP 數據進行調節，請參閱今天早些時候發布的收益新聞稿，該新聞稿可在EDGAR 上取得、SEDAR+ 和 blackberry.com 網站。

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

這樣，我就把電話轉給約翰。

Terrific. Thanks, Tim, and thanks to everyone for joining us today. I'm pleased to report another solid quarter from BlackBerry. We believe our strategy is working. This past quarter, we made further progress with establishing our IoT and Cybersecurity businesses as stand-alone divisions, while at the same time driving additional cost efficiencies.

了不起。謝謝提姆，也謝謝大家今天加入我們。我很高興地報告黑莓季度業績又一個強勁表現。我們相信我們的策略正在發揮作用。上個季度，我們在將物聯網和網路安全業務建立為獨立部門方面取得了進一步進展，同時提高了成本效率。

We delivered our third consecutive quarter of sequentially better free cash usage despite the impact of seasonality. We also moved further along the path to profitability by improving both adjusted EBITDA and non-GAAP earnings per share. On the top line both our IoT and Cybersecurity divisions delivered better than expected revenue and our cybersecurity business achieved improvement in its key ARR and dollar-based net -- retention rate metrics.

儘管受到季節性影響，但我們連續第三個季度的自由現金使用量持續改善。我們也透過提高調整後的 EBITDA 和非公認會計準則每股收益，在獲利之路上邁出了進一步的步伐。在營收方面，我們的物聯網和網路安全部門的收入都優於預期，我們的網路安全業務的關鍵 ARR 和基於美元的淨保留率指標也取得了改善。

So let me begin with the IoT division. Revenue for the quarter was $53 million above the top end of the range we provided previously. Gross margin remains strong at 81%. As expected, due to the timing of OEM programs, development [fee] revenue returned to a more typical lower level than the record set in Q4.

讓我從物聯網部門開始。該季度的收入比我們之前提供的範圍上限高出 5300 萬美元。毛利率仍維持在 81% 的強勁水平。正如預期的那樣，由於 OEM 計劃的時間安排，開發[費用]收入恢復到比第四季度創下的記錄更典型的較低水平。

However, both royalties and professional services remained strong and at near record levels. In fact, royalties were stronger than expected and largely drove the IoT revenue outperformance. Double-clicking a little further. Automotive accounted for approximately 80% of the total revenue in the first quarter above the more typical 75%, driven in particular by digital cockpit and ADAS.

然而，特許權使用費和專業服務仍然強勁，並接近歷史最高水準。事實上，特許權使用費高於預期，很大程度上推動了物聯網收入的優異表現。進一步雙擊。汽車業務佔第一季總收入的約 80%，高於更典型的 75%，尤其是在數位駕駛艙和 ADAS 的推動下。

Our professional services team is operating at near record levels to support our customers in their development programs. We continue to invest in scaling our services team. This not only helps drive near term revenue, but also assist customers in starting production and unlocking our $815 million royalty backlog. Within automotive, this quarter, we won a number of new design wins for digital cockpit and ADAS among the largest was a top five global automaker that is utilizing the QNX hypervisor and acoustics module as well as the QNX ADAS sensor framework in a global deployment.

我們的專業服務團隊正在以接近創紀錄的水平運營，為客戶的開發計劃提供支援。我們繼續投資擴大我們的服務團隊。這不僅有助於推動短期收入，還有助於客戶開始生產並釋放我們 8.15 億美元的特許權使用費積壓。在汽車領域，本季度，我們贏得了數位駕駛艙和ADAS 的多項新設計勝利，其中最大的一家是全球排名前五的汽車製造商，該製造商正在全球部署中使用QNX 虛擬機管理程式和聲學模組以及QNX ADAS 感測器框架。

Another win with a leading European OEM that will leverage a high performance, Qualcomm Snapdragon chipset in the cockpit and a leading electrical vehicle OEM that will deploy QNX in their latest range of SUVs and pickups. In ADAS we secured a win with Geely, a top five Chinese automaker that will leverage the QNX RTOS and a Black Sesame chipset to power an L2+ ADAS stack.

與一家領先的歐洲 OEM 的另一場勝利，該 OEM 將在駕駛艙中使用高性能的 Qualcomm Snapdragon 晶片組，而一家領先的電動車 OEM 將在其最新的 SUV 和皮卡系列中部署 QNX。在 ADAS 方面，我們贏得了吉利的勝利，吉利是中國排名前五的汽車製造商，將利用 QNX RTOS 和黑芝麻晶片組為 L2+ ADAS 堆疊提供動力。

This stack Includes navigation on auto pilot, automated lane control, adaptive cruise control, and other high performance features. Building on the initial design wins in Q4 for the latest next-generation version of our RTOS, SDP 8.0. This past quarter, we secured further new business for this high performance, highly scalable operating system. Digit care biomedical, a US-based medical equipment OEM selected QNX SDP 8.0 to power a multi parameter patient monitoring system.

該堆疊包括自動駕駛導航、自動車道控制、自適應巡航控制和其他高性能功能。在第四季度獲得初步設計成果的基礎上，我們推出了最新的下一代 RTOS 版本 SDP 8.0。上個季度，我們為這款高效能、高度可擴展的作業系統獲得了更多新業務。 Digit Care Biomedical 是一家美國醫療設備 OEM，選擇 QNX SDP 8.0 為多參數病患監護系統提供支援。

In other non automotive general embedded market wins, QNX will be used for an orthopedic surgical robot that will be utilized in knee, hip, spine, and other complex surgical procedures. In industrial automation, among other wins with a next generation robotic controller that will run on NXP silicon. The last quarter, we mentioned how customers are increasingly requesting that we provide more of the software plumbing, including integrating third party software products directly to QNX, interest for this continues to build, and we held a number of customer workshops this past quarter.

在其他非汽車通用嵌入式市場的勝利中，QNX 將用於骨科手術機器人，該機器人將用於膝蓋、臀部、脊椎和其他複雜的手術程序。在工業自動化領域，除其他優勢外，下一代機器人控制器將在恩智浦晶片上運作。上個季度，我們提到客戶越來越多地要求我們提供更多的軟體管道，包括將第三方軟體產品直接整合到QNX，對此的興趣不斷增強，我們在上個季度舉辦了許多客戶研討會。

Turning to market conditions. Leading analysts expect global light vehicle production in calendar year 2024 to be stable compared to 2023 at approximately 90 million units. QNX's growth is being driven by a greater penetration of this total number of units as well as an increased content per vehicle as they become progressively smarter and more software defined.

轉向市場狀況。領先分析師預計，與 2023 年相比，2024 年全球輕型車產量將穩定在約 9,000 萬輛。 QNX 的成長是由單位數量的更大滲透以及每輛車的內容增加所推動的，因為它們變得越來越聰明和軟體定義程度越來越高。

Despite a pullback in electric vehicle demand, global battery electric vehicle or BEV production is still expected to grow approximately 27% in 2024. It's important to emphasize that the systems that QNX supports the digital cockpit ADAS, chassis and others are just as applicable to internal combustion engine vehicles as they are to EVs.

儘管電動車需求有所回落，但預計 2024 年全球純電動車或 BEV 產量仍將成長約 27%。一樣。

QNX's well diversified and largely agnostic to the mix of powertrain. That said, in the near term, the challenges automakers are experiencing in delivering software development programs continue. These industry level challenges remain a headwind for the QNX business this fiscal year. However, despite this, we continue to expect revenue for the full year to be in the range of $220 million to $235 million. For the second fiscal quarter. We expect revenue to be in the range of $50 million to $54 million. We expect solid revenue from royalties and professional services with potential for some sequential uplift in development seat license revenue.

QNX 非常多元化，並且在很大程度上不了解動力總成的組合。也就是說，在短期內，汽車製造商在交付軟體開發專案方面遇到的挑戰仍在繼續。這些產業層面的挑戰仍是本財年 QNX 業務的阻力。然而，儘管如此，我們仍然預計全年收入將在 2.2 億美元至 2.35 億美元之間。第二財季。我們預計收入將在 5,000 萬美元至 5,400 萬美元之間。我們預計特許權使用費和專業服務將帶來穩定的收入，並且開發席位授權收入有可能持續成長。

So switching now to the Cybersecurity division. This was a good quarter where we continue to see the benefits from the product and go-to-market changes that we've made. We further -- that we saw further modest, but encouraging improvement in two key metrics for this division. Annual recurring revenue or ARR increased for the second consecutive quarter to $285 million. The dollar base net retention rate or DBNRR also increased for the third consecutive quarter to 87%.

所以現在切換到網路安全部門。這是一個很好的季度，我們繼續看到我們所做的產品和上市變化帶來的好處。我們進一步發現，該部門的兩個關鍵指標取得了進一步適度但令人鼓舞的進展。年度經常性收入 (ARR) 連續第二季成長至 2.85 億美元。以美元為基礎的淨保留率（DBNRR）也連續第三季上升至 87%。

Revenue was $85 million and above our guidance range. This outperformance was largely driven by improved ARR and other strong -- another strong quarter for our Secusmart business. Cybersecurity gross margin was 59% sequentially, lower again due to the strength in Secusmart. Secusmart market-leading NSA certified end-to-end encryption voice solution is really resonating in mission critical environments, especially large governments.

收入為 8500 萬美元，高於我們的指導範圍。這一優異表現主要是由於 ARR 的改善和其他強勁因素推動的——我們的 Secusmart 業務又一個強勁的季度。網路安全毛利率季比為 59%，由於 Secusmart 的實力再次下降。 Secusmart 市場領先的 NSA 認證端對端加密語音解決方案在關鍵任務環境中確實引起了共鳴，尤其是大型政府。

This quarter, BlackBerry secured two large renewal and expansions that delivered both in quarter revenue as well as ARR. Given the strong book of business, we expect Q2 to be another solid quarter for Secusmart. This is likely to mean that cyber gross margins will remain lower this coming quarter. For Cylance over the last couple of quarters, we focused on the segments where our win rates are strongest, and we're pleased with the traction we're getting, these segments include operational technology and small and medium-sized enterprises.

本季度，黑莓實現了兩項大型更新和擴張，實現了季度收入和 ARR。鑑於業務強勁，我們預計第二季將是 Secusmart 又一個穩健的季度。這可能意味著下個季度的網路毛利率將保持在較低水準。對於 Cylance 來說，過去幾個季度，我們專注於獲勝率最高的細分市場，我們對所獲得的吸引力感到滿意，這些細分市場包括營運技術和中小企業。

Further in managed services, we see a large opportunity in a highly fragmented market that has no clear leader to better address this market. This past quarter, we rebranded our GUARD solution as CylanceMDR for clarity and launched an on demand solution that allows customers to obtain support from our MDR SOC team for issues where they need some additional help. We see this as a bridge between software only and full 24/7 MDR coverage. We're encouraged by the pipeline that these MDR initiatives are generating as well as the amount of new business already secured.

此外，在託管服務方面，我們在高度分散的市場中看到了巨大的機會，而該市場沒有明確的領導者來更好地應對這個市場。上個季度，為了清晰起見，我們將 GUARD 解決方案重新命名為 CylanceMDR，並推出了按需解決方案，使客戶能夠在需要額外幫助的問題上獲得我們的 MDR SOC 團隊的支援。我們將此視為純軟體與完整 24/7 MDR 覆蓋之間的橋樑。這些 MDR 計劃正在產生的管道以及已經獲得的新業務量讓我們感到鼓舞。

Another focus area has been to ensure customers are using the latest versions of our Cylance product. These are the most feature-rich and included capabilities such as our new AI assistant, more than 80% of Cylance customer endpoints. Now use version 3.0 over newer and customer satisfaction is high. This was demonstrated by Cylance recently winning Gartner's Customers' Choice Award for endpoint protection platforms for the second year in a row.

另一個重點領域是確保客戶使用我們 Cylance 產品的最新版本。這些是功能最豐富且包含的功能，例如我們的新 AI 助手，超過 80% 的 Cylance 客戶端點。現在使用較新的 3.0 版本，客戶滿意度很高。 Cylance 最近連續第二年榮獲 Gartner 端點保護平台客戶選擇獎，就證明了這一點。

The impact of this and upselling customers to our MDR offering has helped drive a third consecutive quarter of sequential DBNRR improvement for Cylance. Our UEM product delivered better than expected renewal rates. Its high security offering, especially in on-premise environments, continues to resonate with our core customers. In the quarter, we secured a number of significant renewals in government and financial services, including a top five US bank, top five Canadian bank, CIBC. The US Transportation Security Administration or TSA, among others.

這一影響以及客戶對我們的 MDR 產品的追加銷售幫助推動了 Cylance 連續第三個季度的 DBNRR 連續改善。我們的 UEM 產品的續訂率高於預期。其高安全性產品，尤其是在本地環境中，繼續引起我們核心客戶的共鳴。本季度，我們在政府和金融服務領域獲得了多項重大更新，其中包括美國排名前五的銀行、加拿大排名前五的銀行、加拿大帝國商業銀行 (CIBC)。美國運輸安全管理局 (TSA) 等。

Finally, turning to AtHoc, our critical event management platform, customer retention rates remain very strong, particularly among our federal government and emergency services. On the product front, this month, we launched a new geo-fencing feature. It enables more accurate tracking of key personnel in preparation for and during critical events. Feedback from the leading emerging services agencies has been very positive. In addition to revenue costs for cybersecurity business came in better than plan driven in part by initiatives to significantly streamline our public cloud costs.

最後，轉向我們的關鍵事件管理平台 AtHoc，客戶保留率仍然非常高，特別是在我們的聯邦政府和緊急服務部門。在產品方面，本月我們推出了新的地理圍籬功能。它可以在關鍵事件準備期間和關鍵事件期間更準確地追蹤關鍵人員。領先的新興服務機構的回饋非常積極。除了網路安全業務的收入成本好於計劃之外，部分原因是大幅簡化我們的公有雲成本的措施。

So moving on to the outlook for the cyber business. Despite a challenging macro environment that continues to elongate sales cycles across the industry, we are reiterating our full year outlook. We continue to expect cybersecurity revenue for the full fiscal year to be in the range of $350 million to $365 million. For the second fiscal quarter, we expect revenue to be in the range of $82 million to $86 million.

接下來談談網路業務的前景。儘管充滿挑戰的宏觀環境繼續延長整個行業的銷售週期，但我們重申我們的全年展望。我們仍預計整個財年的網路安全收入將在 3.5 億至 3.65 億美元之間。對於第二財季，我們預計營收將在 8,200 萬美元至 8,600 萬美元之間。

I'll be comment briefly our licensing business revenue came in a little better than we expected at $6 million, gross margin was at 67%. We understand from a [leaky] party that purchased our non-core patent portfolio that they're making good progress in ramping up their efforts. And while we aren't expecting any further revenue from that arrangement this fiscal year, it does present a significant potential upside for future years.

我將簡要評論我們的授權業務收入略高於我們的預期，為 600 萬美元，毛利率為 67%。我們從購買我們非核心專利組合的[洩密]方了解到，他們在加強方面取得了良好進展。雖然我們預計本財年這種安排不會帶來任何進一步的收入，但它確實為未來幾年帶來了巨大的潛在上漲空間。

So before I turn the call over to Steve, let me provide a quick update on the efforts to separate and streamline our two core businesses. Significant progress was made this past quarter in separating and tailoring internal processes to fit the two businesses. This includes further delegating decision-making authority to the divisional management teams.

因此，在我將電話轉給史蒂夫之前，讓我快速介紹一下分離和精簡我們兩項核心業務的最新進展。上個季度在分離和調整內部流程以適應兩家公司方面取得了重大進展。這包括進一步將決策權下放給部門管理團隊。

Work has begun on a number of IT systems projects that we expect to deliver, both of more custom fit products for each of the two businesses as well as drive significant cost reductions. On cost non-GAAP OpEx this past quarter came in at $109 million, a sequential decrease of $4 million. The $109 million was $21 million better than the $130 million baseline we gave you during the last earnings call or $84 million better on an annualized basis.

我們期望交付的許多 IT 系統專案的工作已經開始，既為兩家企業提供更多客製化產品，又顯著降低成本。上一季的非 GAAP 營運支出成本為 1.09 億美元，比上一季減少 400 萬美元。 1.09 億美元比我們在上次財報電話會議上給您的 1.3 億美元基準高出 2,100 萬美元，以年化計算高出 8,400 萬美元。

This demonstrates the significant impact of the actions that we've taken. All of this comes against the backdrop of improving fundamentals as illustrated by improvements in cybersecurity ARR. and DBNRR. However, we haven't stopped there. This past quarter, we took further actions that will in the fullness of time drive incremental annual cost savings of approximately $20 million. The actions taken included reductions in back office headcount and facilities. The $20 million of additional cost reduction builds on the $50 million from Q3 of last year and $55 million from Q4, meeting a total of approximately $125 million to date. This is a significant achievement by the BlackBerry team, and I'm proud of how far we've come in such a short period of time.

這顯示我們所採取的行動產生了重大影響。所有這一切都是在基本面不斷改善的背景下發生的，網路安全 ARR 的改善就說明了這一點。和 DBNRR。然而，我們並沒有就此止步。上個季度，我們採取了進一步的行動，最終將每年節省約 2,000 萬美元的成本。採取的行動包括減少後台人員和設施。在去年第三季的 5,000 萬美元和第四季的 5,500 萬美元的基礎上，額外削減了 2,000 萬美元的成本，迄今為止總共削減了約 1.25 億美元。這是黑莓團隊的一項重大成就，我為我們在如此短的時間內所取得的進步感到自豪。

Given the progress that we've made and continue to make, we are reiterating our expectation of generating positive cash flow and adjusted EBITDA in our fourth fiscal quarter.

鑑於我們已經取得並繼續取得的進展，我們重申我們在第四財季產生正現金流和調整後 EBITDA 的預期。

So let me now turn the call over to Steve, who'll discuss with you, our financials in more detail. Steve?

現在讓我將電話轉給史蒂夫，他將與您更詳細地討論我們的財務狀況。史蒂夫？

Thank you, John, and good afternoon, everyone. As a reminder, unless otherwise noted, all numbers provided during my remarks, except for revenue will be non-GAAP. Total company revenue was $144 million, which exceeded the upper end of our previously provided outlook range. As John mentioned, revenue was comprised of $53 million for IoT, $85 million for cybersecurity and $6 million for licensing and other.

謝謝約翰，大家下午好。提醒一下，除非另有說明，我在演講中提供的所有數字（收入除外）均非公認會計原則。公司總收入為 1.44 億美元，超出了我們先前提供的展望範圍的上限。正如 John 所提到的，收入包括 5,300 萬美元的物聯網收入、8,500 萬美元的網路安全收入和 600 萬美元的許可及其他收入。

Software product was approximately 85% of revenue and professional services was the balance at approximately 15%. Of the software product component, approximately 80% was recurrence. We're pleased that such a meaningful portion of our business is repeatable and reliable. Total company gross margin was 67%, as John mentioned, we continue to make great progress on cost reductions, operating expenses came in $4 million lower sequentially at $109 million.

軟體產品約佔收入的 85%，專業服務約佔收入的 15%。在軟體產品組件中，大約 80% 是重複的。我們很高興我們業務中如此有意義的部分是可重複且可靠的。正如 John 所提到的，公司總毛利率為 67%，我們在降低成本方面持續取得巨大進展，營運費用比上一季減少 400 萬美元，達到 1.09 億美元。

Research and development was 28% of revenue for the quarter. Sales and marketing 25%, and G&A is 20%. Non-GAAP operating loss was $12 million and adjusted EBITDA meaningfully beat expectations at negative $7 million. We beat expectations for net cash used in operations at $15 million. And free cash usage was $16 million, a $1 million sequential improvement compared to Q4.

研究與開發佔本季營收的 28%。銷售和行銷佔 25%，一般管理費用佔 20%。非 GAAP 營運虧損為 1,200 萬美元，調整後 EBITDA 大幅超出預期，為負 700 萬美元。我們營運中使用的淨現金達到 1500 萬美元，超出預期。自由現金使用量為 1,600 萬美元，與第四季相比連續改善 100 萬美元。

Given timing of some larger customer payments, we do expect a sequential increase in operating cash usage in Q2. Although still significantly better and then $56 million used in Q2 last year. For the second half, we expect operating cash flow to improve sequentially in Q3 before achieving positive operating cash flow in Q4, as John mentioned.

考慮到一些較大客戶付款的時間，我們確實預計第二季度營運現金使用量將連續增加。儘管仍然明顯好於去年第二季使用的 5,600 萬美元。正如約翰所提到的，下半年，我們預計第三季的營運現金流將連續改善，然後在第四季實現正營運現金流。

We expect adjusted EBITDA for Q2 to be in the range of negative $5 million to negative $15 million at non-GAAP EPS of negative $0.02 to negative $0.04. For the full fiscal year, we are reiterating our expectations. We expect adjusted EBITDA to be in the range of breakeven to positive $10 million and non-GAAP EPS to be between negative $0.03 and negative $0.07.

我們預計第二季調整後 EBITDA 將在負 500 萬美元至負 1500 萬美元之間，非公認會計準則每股收益為負 0.02 美元至負 0.04 美元。對於整個財年，我們重申我們的預期。我們預計調整後的 EBITDA 將在損益兩平至正 1,000 萬美元的範圍內，非 GAAP 每股盈餘將在負 0.03 美元至負 0.07 美元之間。

With that, I'll pass the call back to John.

這樣，我會將電話轉回給約翰。

Terrific. Thank you, Steve. So why don't we go ahead and proceed now to Q&A. So Carl, if you don't mind opening the lines, we can take some questions?

了不起。謝謝你，史蒂夫。那我們為什麼不繼續進行問答呢？那麼卡爾，如果你不介意打開線路，我們可以回答一些問題嗎？

(Operator Instructions) Luke Junk, Baird.

（操作員說明）Luke Junk，Baird。

Good afternoon. Thanks for taking the question. John, and hope in, near term, you could just unpack what's driving the improvement that you're seeing in IoT royalties, is that the new launches coming online? Is it ramping of prior launches? And given what's driving it, just how sustainable would you think that improvement that we're seeing in the royalties is right now? Thank you.

午安.感謝您提出問題。約翰，希望在不久的將來，您可以了解推動物連網版稅改進的因素，是新推出的產品上線嗎？之前的發布是否有增加？考慮到推動這一趨勢的因素，您認為我們目前在特許權使用費方面看到的改善有多可持續？謝謝。

Yeah. That's really being driven by obviously, the $850 million backlog, a number of major design wins that have some pent-up demand, but it's a bit above, its existing design wins, things that are rolling off the line as well as some new implementations. So overall, we're really pleased to see kind of more broadly across both sides of the business that, you know, volume picked up a little bit in the first quarter.

是的。顯然，這實際上是由8.5 億美元的積壓、一些重大設計勝利所驅動的，這些設計勝利有一些被壓抑的需求，但它有點高了，它現有的設計勝利、即將下線的東西以及一些新的實現。因此，總的來說，我們真的很高興看到業務雙方更廣泛地看到第一季的銷量有所回升。

And then for my follow-up, maybe a bigger picture question. There's been some investor concern emerging about auto software suppliers and compute and what not being supplanted by only in partnerships potentially in the wake of [VW] and Rivian last night. Just be curious to get your perspective on that, and especially this is pretty real time, but I'd be maybe even more curious about just your insight from ongoing dialogue with your customers and what the OEMs you're engaged with our thinking and saying.

然後對於我的後續行動，也許是一個更大的問題。昨晚，[大眾] 和 Rivian 事件發生後，一些投資者開始擔心汽車軟體供應商和計算，以及可能僅透過合作夥伴關係來取代的東西。只是好奇地想知道您對此的看法，尤其是這是相當實時的，但我可能更好奇的是您從與客戶的持續對話中獲得的見解，以及您所參與的原始設備製造商對我們的想法和言論的看法。

I think in a lot of ways, our customers kind of look to us, as a trusted adviser who understands the software side of this business better than anyone. So we work really closely with them. We're definitely collaborating with them, future designed both from EV as well as in internal combustion. But, overall, we kind of feel like we're becoming an increasingly more trusted adviser to them on these kind of matters and going deeper into their organization where -- providing a little bit more value around software defined vehicle capabilities.

我認為在很多方面，我們的客戶都將我們視為值得信賴的顧問，他們比任何人都更了解該業務的軟體方面。所以我們與他們密切合作。我們肯定會與他們合作，無論是電動車還是內燃機領域的未來設計。但總的來說，我們感覺我們正在成為他們在此類問題上越來越值得信賴的顧問，並更深入地了解他們的組織——圍繞軟體定義的車輛功能提供更多的價值。

And I'd just probably add to that, Luke, if I may, that I don't think, but some of those recent announcements really change anything. The moat competitive moat around this QNX business continues to remain very deep. And we go to John's point if anything, we are in a fairly strong position here that OEMs are coming to us and [asking] us to do more. So I don't see any significant headwinds as a result of announcement, like last night.

盧克，如果可以的話，我可能會補充一點，我不認為，但最近的一些公告確實改變了任何事情。圍繞 QNX 業務的護城河競爭仍然很深。如果有的話，我們要談談約翰的觀點，我們在這裡處於相當有利的地位，原始設備製造商來找我們並[要求]我們做更多的事情。因此，我沒有看到像昨晚那樣的公告會帶來任何重大阻力。

That's helpful color. Thanks.

這是有用的顏色。謝謝。

Paul Treiber, RBC Capital Markets.

Paul Treiber，加拿大皇家銀行資本市場部。

Thanks for taking the question. Just a comment in regards or question in regards to the cost reductions, it's good to see more progress, and I think you're up to $125 million. How do we think about the path? Or what would the opportunity to achieve the remaining $25 million to reach your target of it [got] $150 million.

感謝您提出問題。只是關於成本削減的評論或問題，很高興看到更多進展，我認為您的成本已達到 1.25 億美元。我們如何思考道路？或者有什麼機會可以實現剩下的 2500 萬美元來實現您的 1.5 億美元目標。

Yeah, thanks for the question, Paul. We feel really good about it. I think we've got a comprehensive, program around it. We've obviously executed on $125 million. We're taking further actions to simplify some of the more complex things. I think I mentioned before, things like our IT systems that are [kind] of hardwired into both of the divisions as we get to the next level of unwinding some of that and building capabilities that are just right for the size of those businesses.

是的，謝謝你的提問，保羅。我們對此感覺非常好。我認為我們已經圍繞它制定了一個全面的計劃。顯然我們已經執行了 1.25 億美元。我們正在採取進一步行動來簡化一些更複雜的事情。我想我之前提到過，像我們的IT 系統這樣的東西[某種]是硬連線到兩個部門的，因為我們進入了下一個階段，需要放鬆其中一些並建立適合這些業務規模的能力。

We see a good a line of sight to getting to that additional $25 million. So just as you said, $50 million in Q3 , we did an additional $55 million in Q4, $20 million in Q1, and we feel really good about our line of sight to get to the rest.

我們看到了獲得額外 2500 萬美元的良好前景。因此，正如您所說，第三季度 5000 萬美元，我們在第四季度額外投入了 5500 萬美元，第一季 2000 萬美元，我們對完成其餘部分的視線感到非常好。

And then a follow-up on the IT systems. The is that the bottleneck or the constraint in terms of the separation of the business units at this point? And then once you get through that, will you be effectively ready to separate a split the two units?

然後是 IT 系統的後續工作。目前業務部門分離的瓶頸或限制是什麼？一旦你完成了這個任務，你是否準備好將這兩個單位分開？

Yeah, I think so -- I think when you have systems like Microsoft or salesforce.com or net suite from Oracle, that permeates both parts of the businesses unwinding, we have existing agreements at the parent level unwinding that aligning them into, the owned, the divisions, I think is the next step of really firmly separating the two. But that being said, I will tell you where we are now, from where we were in the beginning of the year.

是的，我這麼認為——我認為當你擁有像Microsoft 或salesforce.com 或Oracle 的網路套件這樣的系統時，這些系統會滲透到業務的兩個部分，我們在母公司層面上有現有的協議，將它們調整為擁有的我認為，分歧是真正牢固地將兩者分開的下一步。但話雖這麼說，我會告訴你我們現在的處境，從年初的情況來看。

These are systems that kind of connect the two business units to one another because of the nature of how the parent license them over the years. But operationally, we got the separate leadership teams with their separate governance structures, they're operating. I would tell you, you know, faster from a decision-making perspective than we've ever seen them operate. And in my mind, that's the bigger, you know, honestly, that's the bigger lift. And the bigger benefit is the fact that these teams can be much more agile and quicker to market opportunities than maybe we were, when we were all one big kind of integrated BlackBerry.

由於多年來母公司許可方式的性質，這些系統在某種程度上將兩個業務部門相互連接。但在運作上，我們有獨立的領導團隊和獨立的治理結構，他們正在運作。我想告訴你，從決策的角度來看，它們的運作速度比我們所見過的還要快。在我看來，那是更大的，老實說，那是更大的升力。更大的好處是，這些團隊可以比我們更敏捷、更快地抓住市場機會，當時我們都是一個大型整合式黑莓手機。

Thanks for taking the questions.

感謝您提出問題。

Thanks, Paul.

謝謝，保羅。

Todd Copeland, CIBC.

托德·科普蘭，CIBC。

(inaudible) continue along the lines of the split of the business. When would you expect to provide segmented results for the two units below the revenue line?

（聽不清楚）繼續沿著業務分拆的路線。您預計何時提供收入線以下兩個單位的細分結果？

Yeah, Todd, that's a great, great question. Top of mind for us in a honestly, we've kind of got some pro forma things here in the room right now. We're working on and we're getting them ready for prime time and planning on introducing it, to all of you at our analyst update in October.

是的，托德，這是一個非常非常好的問題。老實說，我們最關心的是，我們現在房間裡有一些準備考試的東西。我們正在努力讓它們為黃金時段做好準備，並計劃在 10 月的分析師更新中向大家介紹它。

Right. So that so you'll break it out, I guess with the summer quarter -- summer quarter's results and you'll present that at the Analyst Day?

正確的。這樣你就會把它打破，我想在夏季季度——夏季季度的結果中，你會在分析師日上展示它？

So we'll have an earnings call Todd, as normal. So that will be at the end of September. And then just a couple of weeks later, you've kind of front run, the wrap for John's prepared remarks actually, which is that we'll have an Investor Day on October 16.

因此，我們將像往常一樣召開托德的財報電話會議。那麼那將是九月底。然後僅僅幾週後，你就已經領先了，實際上是約翰準備好的演講的總結，那就是我們將在 10 月 16 日舉行投資者日。

And October 16, is when you plan to [unveil] this segmented reporting below the revenue?

10 月 16 日，您計劃在收入下方[公佈]此細分報告嗎？

Correct, absolutely.

正確，絕對正確。

Okay. My second question is I didn't quite understand. The headwind comment in IoT. So I got the, you know, the upside from royalties in the quarter. But then you went on to talk about mix of drivetrains, and that's a headwind to the business. And so I just wanted to make sure I understood, what's causing that? Is that going to cause the IoT growth rate to settle below the 18% as we go through the year? Just talk through that again please? Thank you.

好的。我的第二個問題是我不太明白。物聯網中的逆風評論。所以我從本季的特許權使用費中得到了好處。但隨後你繼續談論動力傳動系統的混合，這對業務來說是一個阻力。所以我只是想確保我理解，造成這種情況的原因是什麼？這是否會導致物聯網成長率在這一年中穩定在 18% 以下？請再講一次好嗎？謝謝。

Yeah. Of course. So I'll take this from say the point that Todd was that where agnostic largely to the drivetrain and there's obviously a lot of talk at this point around some softness on the EV side of the house. The point there was if we see some softness in EV, that almost certainly means there's going to be strength in hybrid or ICE engine.

是的。當然。因此，我將從托德在很大程度上對動力傳動系統不可知論的角度來看這一點，並且顯然目前有很多關於電動車方面的一些軟性的討論。關鍵是，如果我們看到電動車的一些疲軟，幾乎肯定意味著混合動力或內燃機引擎將會有優勢。

So we don't actually see that as necessarily a headwind due to the diversification that QNX enjoys. And we did reiterate, however, though that the programs that we've been talking about that been delighted where we still see that, we'd say there's some signs, some encouraging signs that things are getting better on that front. But is still very much a headwind. So when we reiterated our full year outlook, you need to keep those headwinds in mind when thinking about it, does that help?

因此，由於 QNX 享有多元化，我們實際上並不認為這一定是一種逆風。然而，我們確實重申，儘管我們一直在談論的項目令人高興，但我們仍然看到這一點，我們會說有一些跡象，一些令人鼓舞的跡象表明這方面的情況正在好轉。但仍然是一個很大的阻力。因此，當我們重申全年展望時，您在思考時需要牢記這些不利因素，這有幫助嗎？

Yeah, that dose help. And those headwinds for the programs that's not new, that's been going on from a while right?

是的，這個劑量有幫助。這些項目的逆風並不是什麼新鮮事，已經持續了一段時間了，對嗎？

Yeah, we've been talking about that for several quarters now.

是的，我們已經討論這個問題好幾個季度了。

And what breaks the [logjam] on that with what you see today, just talk through how you're thinking about that? Thanks very much.

是什麼打破了你今天所看到的[僵局]，請談談你對此的看法？非常感謝。

It's going to vary by OEM ultimately, we've described is really there having to. I'm to go through a huge transformation from being traditional automakers, some to be software developers and from what they've had to do is ramp up software development teams harden. And that comes with huge challenges and is not an easy task. So we've been talking about this for some time, I think ultimately, this is not going to be a problem forever.

最終，它會因 OEM 的不同而有所不同，我們已經描述過，這確實是必須的。我將經歷一次巨大的轉變，從傳統的汽車製造商，到一些軟體開發人員，他們要做的就是加強軟體開發團隊的實力。這伴隨著巨大的挑戰，並不是一件容易的事。所以我們已經討論這個問題有一段時間了，我認為最終這不會永遠成為一個問題。

The OEMs will get their hands around it and they will make progress and I think we're seeing some early signs that's happening and our side, we're definitely committed to helping all our customers and the demand for our professional services is possibly an indicator of that. And we're helping to fire that engine by adding some additional headcount into that side of the business. So we're doing everything we can to help lighten the load for OEMs, but ultimately, they're going to get there in the end regardless. So stay tuned on that one.

原始設備製造商將著手解決這個問題，他們將取得進展，我認為我們已經看到了一些正在發生的早期跡象，而我們方面，我們絕對致力於幫助所有客戶，對我們專業服務的需求可能是一個指標的。我們正在透過在這方面的業務中增加一些額外的員工來幫助激發這個引擎。因此，我們正在盡一切努力幫助減輕原始設備製造商的負擔，但無論如何，他們最終都會實現這一目標。所以請繼續關注這一點。

Great. Appreciate it. Thank you.

偉大的。欣賞它。謝謝。

(Operator Instructions) Kingsley Crane, Canaccord Genuity.

（操作員說明）Kingsley Crane、Canaccord Genuity。

Hi. Thanks for taking the question. So between CylanceMDR and MDR on demand, can you talk more about the expansion opportunities you have with respect to endpoint outside bringing more endpoints under coverage?

你好。感謝您提出問題。那麼，在 CylanceMDR 和 MDR on Demand 之間，您能否多談談您在端點之外的擴展機會，以涵蓋更多端點？

Well, I think obviously multifaceted approach that we from a growth of the Cylance business. Certainly we've got a large installed base of Cylance, customers that are many of them which are just licensing today, our software directly and upselling and upgrading them to MDR services is one kind of track that we're running hard on.

嗯，我認為顯然我們從 Cylance 業務的成長中採取了多方面的方法。當然，我們擁有龐大的 Cylance 安裝基礎，其中許多客戶今天剛獲得許可，我們的軟體直接向上銷售並將其升級到 MDR 服務，這是我們正在努力運行的一種軌道。

Another, as you know, focusing on particular our verticals where we tend to perform exceptionally well. I think on OT, I think on health care customer. Customers that have, all operating systems that have a variety of different devices, healthcare devices that need to be secured with a small agent and the AI capabilities that we provide is another very, very focused targets for us to do there.

另一個，如你所知，專注於我們往往表現出色的特定垂直領域。我想到了 OT，我想到了醫療保健客戶。擁有各種不同設備的所有作業系統、需要透過小型代理來保護的醫療保健設備以及我們提供的人工智慧功能的客戶是我們要做的另一個非常非常集中的目標。

And then third, I would say is kind of that mid and small level market. These are smaller companies that are, say 2,000 seats or smaller. They generally don't have the cyber talent, the cyber resources to manage those environments. So we see that as a huge opportunity. It's a growing market MDR is a growing space because they're looking for vendors like us to provide more of that capability. So those are probably kings of the three main tracks that we're focused on to, keep that, Cylance business, the renewal rates and the ARR moving in the right direction.

第三，我想說的是中小型市場。這些公司規模較小，例如 2,000 個席位或更小。他們通常沒有網路人才和網路資源來管理這些環境。所以我們認為這是一個巨大的機會。這是一個不斷增長的市場 MDR 是一個不斷增長的空間，因為他們正在尋找像我們這樣的供應商來提供更多這種功能。因此，這些可能是我們重點關注的三個主要軌道的王者，保持 Cylance 業務、續訂率和 ARR 朝著正確的方向發展。

Right. Okay.,that's really helpful. And so on the cyber business as a whole, you've done a remarkable job rationalizing costs. Can you talk about what product initiatives you are excited about investing in and then how you expect those could drive growth?

正確的。好的，這真的很有幫助。因此，就整個網路業務而言，你們在成本合理化方面做得非常出色。您能否談談您對投資哪些產品計劃感到興奮，以及您期望這些計劃如何推動成長？

Yeah. I mean, I would say everything we've just talked about within Cylance has been investments over the course of the past few years. But one thing I would call out that maybe we don't talk enough about is our SecuSmart. Our SecuSUITE portfolio, which has been really working well for us on that is, we pivoted that business from a very hardware centric type of approach to a more software token based approach, which we found is open up a tremendous amount of new use cases and a tremendous amount of new opportunities.

是的。我的意思是，我想說的是，我們剛才在 Cylance 內部談論的一切都是過去幾年的投資。但我要指出的一件事可能是我們談論得不夠多，那就是我們的 SecuSmart。我們的 SecuSUITE 產品組合對我們來說確實運作良好，我們將該業務從以硬體為中心的方法轉向更多基於軟體代幣的方法，我們發現這種方法開闢了大量新用例，並且大量的新機會。

So this is a business when you look back a few years is primarily coming out of this special relationship we had with the German government and you look at the overall diversification of that business globally with some of our deployments in Canada and the US, and Malaysia, and Bangladesh, and others that we've got some interesting pipeline. That's an investment that we made in SecuSUITE platform to really address a completely different segment of the market. That's a -- that would be another one I would say above and beyond that.

因此，當你回顧幾年時，這是一項業務，主要來自我們與德國政府的特殊關係，你會看到該業務在全球範圍內的整體多元化，我們在加拿大、美國和馬來西亞進行了一些部署、孟加拉和其他國家，我們有一些有趣的管道。這是我們對 SecuSUITE 平台進行的一項投資，旨在真正解決完全不同的市場領域。那是——那將是我要說的另一件事。

And then, we're very excited, AtHoc we're releasing our geofencing capability. It's a unique capability that differentiates our solution from other solutions that are out there in the market. And we've seen a tremendous amount of demand in governments, police organizations, emergency services. So, it's probably something we haven't talked enough about, but investments we've made in AtHoc and in SecuSmart that have driven growth and driven some nice pipeline for us.

然後，我們非常興奮，AtHoc 我們正在發布我們的地理圍欄功能。這是一項獨特的功能，使我們的解決方案有別於市場上的其他解決方案。我們已經看到政府、警察組織、緊急服務部門的巨大需求。因此，這可能是我們討論得還不夠多的事情，但我們對 AtHoc 和 SecuSmart 的投資推動了成長，並為我們帶來了一些不錯的管道。

Thank you. Appreciate the time, great to see the progress.

謝謝。珍惜時間，很高興看到進步。

And this will conclude our question and answer session. I would like to turn the conference back over to John Giamatteo, CEO for BlackBerry for any closing remarks.

我們的問答環節到此結束。我想將會議轉回黑莓執行長約翰·吉亞瑪泰奧 (John Giamatteo) 發表閉幕致詞。

Terrific. Thank you Carl. So let me -- just quickly one more time to summarize the quarter. We still have a lot of work to do. We know that, but we do believe our strategy is starting to deliver results. We made significant progress in separating our IoT and cyber business and towards profitability. Cash usage in the quarter was better than expected, and we improved both adjusted EBITDA and non-GAAP EPS. Revenue for both IoT and cyber beat expectations IoT had a number of design wins in the quarter, including SDP 8.0 and we saw further small but important improvements in our key metrics like cyber ARR and DBNRR.

了不起。謝謝卡爾。讓我再次快速總結本季。我們還有很多工作要做。我們知道這一點，但我們確實相信我們的策略正在開始取得成果。我們在物聯網和網路業務分離以及盈利方面取得了重大進展。本季的現金使用情況優於預期，調整後的 EBITDA 和非 GAAP 每股盈餘均有所改善。物聯網和網路收入都超出預期物聯網在本季度獲得了多項設計勝利，包括 SDP 8.0，我們看到網路 ARR 和 DBNRR 等關鍵指標有進一步小但重要的改進。

So before we end the call I guess we've kind of preempted this in one of the previous questions, but we do want to let you know that we're excited to be hosting an Investor Day at the New York Stock Exchange on October 16, where during this event, we'll perform a deep dive on the products, the markets, some of the financial profiles that we talked about before of both divisions, and I'm sure you're going to find it valuable. The will be hybrids with the session is being live streamed on the day.

因此，在我們結束通話之前，我想我們已經在之前的問題中搶佔了這一點，但我們確實想讓您知道，我們很高興能夠於 10 月 16 日在紐約證券交易所舉辦投資者日活動，在這次活動中，我們將深入探討我們之前討論過的兩個部門的產品、市場和一些財務狀況，我相信您會發現它很有價值。該會議將與當天的會議進行現場直播。

So thanks again for joining us, today, and we'll look forward to seeing you next time.

再次感謝您今天加入我們，我們期待下次見到您。

This concludes today's call. Thank you for your participation, and 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。