BlackBerry Ltd (BB) 2025 Q2 法說會逐字稿

Good day, and welcome to BlackBerry's second-quarter fiscal year 2025 earnings call. (Operator Instructions)

美好的一天，歡迎參加黑莓 2025 財年第二季財報電話會議。 （操作員說明）

Please note, this event is being recorded. I would now like to turn the conference over to Martha Gander, Director of Investor Relations, BlackBerry. Please go ahead.

請注意，此事件正在被記錄。我現在想將會議交給黑莓投資者關係總監瑪莎甘德 (Martha Gander)。請繼續。

Thank you, Dave. Good afternoon, everyone, and welcome to BlackBerry's second-quarter fiscal year 2025 earnings conference call.

謝謝你，戴夫。大家下午好，歡迎參加黑莓 2025 財年第二季財報電話會議。

Joining me on today's call is Blackberry's Chief Executive Officer, John Giamatteo; and Chief Financial Officer, Tim Foote. After I read our cautionary note regarding forward-looking statements, John will provide a business update, and Tim will review the financial results. 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.

參加今天電話會議的是黑莓執行長 John Giamatteo；和財務長蒂姆·福特。在我閱讀有關前瞻性陳述的警示說明後，約翰將提供業務更新，蒂姆將審查財務業績。然後我們將開始簡短的問答環節。民眾可透過撥入號碼和 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。

Some of the statements we'll be making today constitute forward-looking statements that 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，這些聲明是根據適用的美國和加拿大證券法的安全港條款做出的。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 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 or 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，本公司無意也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 Tim will reference non-GAAP numbers in their summary for 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+ and blackberry.com websites.

按照電話會議期間的慣例，約翰和蒂姆將在我們的季度業績摘要中引用非公認會計準則資料。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+ 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。

Perfect. Thanks, Martha, and congratulations on your new role as Director of Investor Relations for the company.

完美的。謝謝瑪莎，並祝賀您擔任公司投資人關係總監。

Q2 was another good quarter for BlackBerry, as we're making significant progress in delivering on our strategy. Both the IoT and cybersecurity divisions delivered solid year over year, as well as sequential revenue growth. The combination of this and the ongoing benefit from the actions to improve our cost profile drove year-over-year improvements in non-GAAP EPS and adjusted EBITDA, with BlackBerry achieving breakeven ahead of plan.

第二季度對黑莓來說又是一個不錯的季度，因為我們在實施策略方面取得了重大進展。物聯網和網路安全部門均實現了同比穩健增長，收入也實現了環比增長。這一因素與改善成本狀況行動所帶來的持續效益相結合，推動了非 GAAP 每股收益和調整後 EBITDA 的逐年改善，黑莓提前實現了盈虧平衡。

Likewise, cash used by operations also came in better than expected. This past quarter, the IoT division delivered revenue of $55 million, representing 12% year-over-year growth and 4% sequential growth, and also exceeded the top end of the guidance range that we provided.

同樣，營運所用現金也好於預期。上個季度，物聯網部門實現了 5,500 萬美元的收入，年增 12%，環比成長 4%，也超出了我們提供的指導範圍的上限。

Gross margin improved by 1 percentage point sequentially to 82% due to favorable product mix. This quarter followed a similar trend to last and that strong royalty revenue has driven a significant portion of the better-than-expected results. Production-based royalties were stronger both sequentially and year over year. This improvement is in part a consequence of the growth in royalty backlog that we've built from the considerable amount of design wins that we've secured in recent years.

由於有利的產品組合，毛利率比上一季提高了 1 個百分點，達到 82%。本季的趨勢與上一季類似，強勁的特許權使用費收入推動了好於預期的業績的很大一部分。基於生產的特許權使用費環比和同比均較高。這種改進在一定程度上是由於我們透過近年來獲得的大量設計勝利而累積的版稅積壓的增長的結果。

On the flip side, as in Q1, development seat revenue for Q2 remained somewhat subdued. Development seat consumption is generally driven by the timing of the ramp-up of automaker software development programs. And as we've mentioned in recent quarters, these programs have experienced significant delays. We've seen some improvement in recent months, but these delays continue to hold back development seat revenue in the near term.

另一方面，與第一季一樣，第二季的開發席位收入仍然有些低迷。開發席位的消費通常是由汽車製造商軟體開發專案的加速時間所推動的。正如我們在最近幾個季度提到的，這些計劃經歷了嚴重的延誤。近幾個月來我們看到了一些改善，但這些延遲在短期內繼續阻礙了開發席位的收入。

In addition to revenue recognized in the quarter, in Q2we secured a number of new design wins that will generate future revenue. In particular, we secured a number of large automotive Advanced Driver Assistance Systems or ADAS wins. Among them, in Japan, we secured two design wins with leading OEMs and to power ADAS functionality that includes surround camera and milli-wave radar for identifying objects.

除了本季確認的收入外，我們在第二季度還獲得了許多新的設計成果，這些設計將產生未來的收入。特別是，我們贏得了許多大型汽車高級駕駛輔助系統或 ADAS 的勝利。其中，在日本，我們贏得了領先 OEM 廠商的兩項設計勝利，並為 ADAS 功能提供支持，其中包括用於識別物體的環繞攝影機和毫米波雷達。

Among the design wins in digital cockpit, we secured a follow-on win to that announced last year with Hyundai Mobis, a subsidiary of South Korea's largest automaker, Hyundai. Running on a Qualcomm chipset that QNX Hypervisor and advanced virtual frameworks will provide the safety critical foundation for integrated digital cluster, infotainment, and safety applications.

在數位駕駛艙的設計勝利中，我們繼去年宣布贏得了韓國最大汽車製造商現代的子公司現代摩比斯 (Hyundai Mobis) 的勝利。 QNX Hypervisor 和高級虛擬框架在高通晶片組上運行，將為整合數位叢集、資訊娛樂和安全應用提供安全關鍵基礎。

We've made large investments in our QNX product portfolio in recent years resulting in a number of significant product launches being announced at CES in January. Generally speaking, new product adoption in automotive has a relatively long lead time, but we're pleased with the traction we've seen for these new products since their launch.

近年來，我們對 QNX 產品組合進行了大量投資，導致 1 月的 CES 上宣布了許多重要產品的發布。一般來說，新產品在汽車領域的採用需要相對較長的準備時間，但我們對這些新產品自推出以來所受到的關注感到滿意。

In the quarter, we secured further design wins in our next-generation SDP 8.0 platform. SDP 8.0 is the flagship next-generation product in the QNX portfolio and provides customers with a step change increase in performance, while maintaining the incredibly high level of functional safety that QNX is renowned for.

本季度，我們在下一代 SDP 8.0 平台中獲得了進一步的設計勝利。 SDP 8.0 是 QNX 產品組合中的下一代旗艦產品，為客戶提供了性能的逐步提升，同時保持了 QNX 聞名的令人難以置信的高水準功能安全性。

One of the world's largest industrial OEMs upgraded from SDP 7.1 to SDP 8.0 for their next generation of design for an optical guiding system to be used in airport shuttle buses. In addition, we secured a design win with a German specialized machine manufacturer for SDP 8.0 to power the control unit for pharmaceutical tablet presses.

全球最大的工業 OEM 之一從 SDP 7.1 升級到 SDP 8.0，用於機場接駁車的下一代光學引導系統設計。此外，我們還贏得了德國專業機器製造商的 SDP 8.0 設計，為製藥壓片機的控制單元提供動力。

During the quarter, we announced an exciting development for QNX Sound, our new software-defined acoustics platform. HaleyTek, a Swedish developer of Android-based infotainment systems announced that they're building QNX Sound into their digital cockpit architecture. The foundation for which is the QNX's Hypervisor. QNX Sound is a true value-add proposition, enabling both significant bill of material savings by eliminating expensive audio hardware, as well as potential net new revenue streams from custom audio experiences.

在本季度，我們宣布了 QNX Sound 的一項令人興奮的開發，這是我們新的軟體定義聲學平台。 HaleyTek 是一家基於 Android 的資訊娛樂系統的瑞典開發商，宣布他們正在將 QNX Sound 建置到其數位駕駛艙架構中。其基礎是 QNX 的虛擬機器管理程式。 QNX Sound 是一個真正的增值主張，透過消除昂貴的音訊硬體可以顯著節省材料成本，並且可以從客製化音訊體驗中獲得潛在的淨新收入流。

Finally, on the product side, you may recall that at CES we announced that Stellantis had leveraged QNX in the cloud to develop a digital twin of their cockpit architecture. This was a specific deployment, which our engineers have now productized for sale to the industry in general. We're in early discussions with a number of automakers and feel optimistic that this product will gain traction in coming quarters.

最後，在產品方面，您可能還記得，在 CES 上，我們宣布 Stellantis 利用雲端中的 QNX 開發了其座艙架構的數位孿生。這是一個特定的部署，我們的工程師現在已將其產品化並出售給整個產業。我們正在與許多汽車製造商進行早期討論，並樂觀地認為該產品將在未來幾季獲得青睞。

In addition to our core automotive market, we also see a large opportunity to build on our presence in adjacent verticals, or what we call, the general embedded market. This past quarter, we took another step forward by adding a senior go-to-market executive with strong relevant experience to help drive our efforts in this space.

除了我們的核心汽車市場之外，我們還看到了在相鄰垂直市場（或我們所說的通用嵌入式市場）中拓展業務的巨大機會。上個季度，我們又向前邁出了一步，增加了一位具有豐富相關經驗的高級行銷主管，以幫助推動我們在這一領域的努力。

Finally, a quick update on IVY. The auto software program delays that we've spoken about that have extended QNX development cycles have had an even greater impact on IVY. When automakers are fully focusing their efforts on delivering core systems on time, they have less bandwidth for new functionality like IVY. Despite this, we progressed multiple proof of concepts with major OEMs this fiscal year and are working on a number of potential opportunities for IVY, but it is unlikely that we'll see material revenue in the near term.

最後，快速更新一下 IVY。我們所說的汽車軟體程式延遲延長了 QNX 開發週期，對 IVY 產生了更大的影響。當汽車製造商完全集中精力按時交付核心系統時，他們用於 IVY 等新功能的頻寬就會減少。儘管如此，我們在本財年與主要原始設備製造商進行了多項概念驗證，並正在為 IVY 尋找許多潛在機會，但短期內我們不太可能看到實質收入。

On the cost side, now that IVY is through the significant investment required for its initial development, we've integrated the sales and R&D efforts into the core QNX team. We believe this not only drives efficiencies but also leverages the reach and expertise of our QNX team.

在成本方面，既然IVY已經完成了其初始開發所需的大量投資，我們已經將銷售和研發工作整合到了核心QNX團隊中。我們相信這不僅可以提高效率，還可以利用我們 QNX 團隊的影響力和專業知識。

Let me now move over to our cybersecurity division. Similar to IoT, this was a solid quarter for cyber. Revenue was $87 million, meaning we exceeded the top end of the guidance range we provided last quarter and a key 10% year-over-year growth. This performance was driven by the three product groups that reflect BlackBerry's strong heritage and secure communications.

現在讓我轉到我們的網路安全部門。與物聯網類似，本季網路業務表現強勁。收入為 8700 萬美元，這意味著我們超出了上季度提供的指導範圍的上限，並且同比增長了 10%。這項業績是由反映黑莓強大傳統和安全通訊的三個產品組所推動的。

That is UEM endpoint management, ad-hoc critical events management, and Secusmart encrypted voice and data. All three components delivered year-over-year growth and collectively, revenue increased by 24%.

即 UEM 端點管理、臨時關鍵事件管理以及 Secusmart 加密語音和資料。所有三個組成部分均實現了同比增長，總收入增長了 24%。

While the UEM market is mature and there is strong competition in cloud-based deployments, our product has a niche with on-premise deployments in particular, particularly where data, sovereignty, and security are a significant concern.

雖然 UEM 市場已經成熟，並且基於雲端的部署競爭激烈，但我們的產品在本地部署方面尤其具有優勢，尤其是在資料、主權和安全性受到重大關注的情況下。

We typically see this need most in government and financial services. And as other UEM providers have ceased to invest due to the strength of the competition, we continue to strategically enhance the features that resonate most with our target market and deepen our competitive moat.

我們通常在政府和金融服務領域最需要這種需求。由於其他 UEM 供應商因競爭激烈而停止投資，我們將繼續策略性地增強與我們的目標市場最能產生共鳴的功能，並加深我們的競爭護城河。

This helped UEM to deliver both sequential and year-over-year revenue growth for Q2. While there is still some churn in our broader customer base, we are offsetting this with new logos and customer expansions.

這幫助 UEM 在第二季度實現了環比和同比收入成長。雖然我們更廣泛的客戶群仍然存在一些流失，但我們正在透過新徽標和客戶擴張來抵消這一影響。

In the quarter, we secured important renewal and upsells, in particular, with a number of government agencies, including the US Immigration and Customs Enforcement, the US Department of Energy, the US Army Corps of Engineers and the UK Ministry of Defense.

本季度，我們獲得了重要的續約和追加銷售，特別是與許多政府機構的合作，包括美國移民和海關執法局、美國能源部、美國陸軍工程兵團和英國國防部。

Similarly, ad hoc had a solid quarter, with revenue growing both sequentially and year over year. We secured a significant renewal and expansion with the United States Department of estate as well as a large expansion with the Air Force among other deals. Renewal rates for ad hoc remained very high at close to 100%, which speaks to how integrated our product is in US federal deployments in particular.

同樣，ad hoc 也有一個穩定的季度，收入環比和同比增長。我們與美國房地產部達成了重大更新和擴張，並與空軍達成了大規模擴張等交易。 ad hoc 的續約率仍然非常高，接近 100%，這說明了我們的產品在美國聯邦部署中的整合程度。

Finally, our Secusmart business had a good year to date. Revenue in both Q1 and Q2 has been meaningfully ahead of the prior fiscal year. This strength has been driven by deals from its core customer base within the German government, where our full solution typically sold along with hardware is most commonly used. Because these licenses are tied to hardware, these customers typically buy new licenses to coincide with device refresh cycles. Together, with the fact that the software is deployed on-premise, and therefore, revenue was largely recognized upfront. This means there can be some variability in the top line for Secusmart from quarter-to-quarter.

最後，我們的 Secusmart 業務迄今為止表現良好。第一季和第二季的營收均大幅領先上一財年。這種優勢是由德國政府內部核心客戶群的交易推動的，我們的完整解決方案通常與硬體一起銷售，是最常用的。由於這些許可證與硬體綁定，因此這些客戶通常會購買新許可證以配合設備更新周期。再加上該軟體是在本地部署的，因此收入基本上是預先確認的。這意味著 Secusmart 的營收每季可能會出現一些變化。

However, this past quarter, we saw further traction for our software-only solution with a major net new logo government in Europe purchasing our SecuSUITE product for deployment in military applications.

然而，在過去的這個季度，我們看到我們的純軟體解決方案受到進一步的關注，歐洲主要的網路新標誌政府購買了我們的 SecuSUITE 產品以部署在軍事應用中。

Let me now move from secure communications to our Cylance endpoint security business. This remains a very competitive market. And this quarter, we continued to see some churn in our customer base that purchases product only, not managed services. And this drove year-over-year decline in Cylance revenue.

現在讓我從安全通訊轉向我們的 Cylance 端點安全業務。這仍然是一個競爭非常激烈的市場。本季度，我們繼續看到只購買產品而不是託管服務的客戶群出現一些流失。這導致 Cylance 收入年減。

That said, we're pleased with the ongoing traction from the customers adopting managed services, or MDR this quarter. Our Cylance MDR offerings provide customers with a wide range of options to suit their needs and budgets. From our on-demand product right up to our newly launched XDR-focused MDR Pro offering.

也就是說，我們對本季採用託管服務 (MDR) 的客戶的持續吸引力感到高興。我們的 Cylance MDR 產品為客戶提供了廣泛的選擇，以滿足他們的需求和預算。從我們的隨選產品到我們新推出的以 XDR 為重點的 MDR Pro 產品。

New logo and upsell of MDR offsets some of the churn we saw in the customer base this quarter. We've invested heavily in our Cylance product in recent years. And we're pleased that our solution was recognized by customers as a customer's choice winner in Gartner's recent evaluation.

MDR 的新商標和追加銷售抵消了我們本季在客戶群中看到的部分流失情況。近年來，我們在 Cylance 產品上投入了大量資金。我們很高興我們的解決方案在 Gartner 最近的評估中被客戶認可為客戶選擇獲勝者。

In terms of key metrics for our cyber business, annual recurring revenue, or ARR, remains largely stable, flat year over year at $279 million. The dollar-based net retention rate, or DBNRR, improved year on year by 7 percentage points and sequentially for the fourth consecutive quarter by 1 percentage point to 88%.

就我們網路業務的關鍵指標而言，年度經常性收入 (ARR) 基本上保持穩定，與去年同期持平，為 2.79 億美元。以美元計算的淨保留率 (DBNRR) 年比提高了 7 個百分點，連續第四個季度提高了 1 個百分點，達到 88%。

Let me comment briefly on our licensing business, which came in broadly in line with guidance at $3 million. This revenue relates largely to legacy deals that predate the sale of a non-core portion of the portfolio of [Temalahic]. Gross margins remained at 67% after allowing for amortization on the patents that generated this revenue.

讓我簡要評論一下我們的許可業務，該業務大致符合 300 萬美元的指導。該收入主要與 [Temalahic] 投資組合非核心部分出售之前的遺留交易有關。考慮到產生該收入的專利攤銷後，毛利率仍維持在 67%。

Now during the quarter, we announced that Tim Foote was appointed as BlackBerry's new CFO. Tim had previously served as the CFO for the cybersecurity division and in a number of other senior finance positions of BlackBerry, including as the Head of Investor Relations. This deep knowledge of both BlackBerry, and more broadly, the finance function, as well as a strong appreciation for our shareholder base and what financial analysts are focused on position him really well in this role. I look forward to continuing my partnership with Tim as we keep moving the BlackBerry strategy forward.

在本季度，我們宣布任命 Tim Foote 為黑莓的新財務長。蒂姆此前曾擔任黑莓網路安全部門的財務長和許多其他高階財務職位，包括投資者關係主管。他對 BlackBerry 以及更廣泛的財務職能有著深入的了解，並且對我們的股東基礎以及財務分析師關注的內容深表讚賞，這使他能夠很好地勝任這一職位。我期待著繼續與蒂姆合作，推動黑莓策略不斷向前發展。

So with that, let me turn the call over to Tim, who can provide some more color around our financials.

因此，讓我將電話轉給蒂姆，他可以提供有關我們財務狀況的更多資訊。

Thank you, John, and good afternoon, everyone. I'm incredibly proud to be joining this call as CFO. My top priority in this role is clear, to increase shareholder value. In my opinion, BlackBerry has a significant amount of value that is underappreciated. And as we continue to execute on our strategy, I'm focused on seeing that it's recognized.

謝謝約翰，大家下午好。我非常自豪能夠作為財務長參加這次電話會議。我擔任此職位的首要任務很明確，那就是增加股東價值。在我看來，黑莓擁有大量被低估的價值。當我們繼續執行我們的策略時，我專注於確保它得到認可。

As usual, the numbers I'll reference except for revenue, will be non-GAAP.

像往常一樣，除了收入之外，我將引用的數字將是非公認會計準則的。

As John mentioned earlier, BlackBerry's second-quarter results, not only met but exceeded the guidance range that we provided last quarter. Total company revenue was $145 million, exceeding the upper end of the range of $144 million.

正如約翰之前提到的，黑莓第二季度的業績不僅達到而且超過了我們上季度提供的指導範圍。該公司總收入為 1.45 億美元，超出了 1.44 億美元的上限。

Total company gross margin was consistent year on year at 66%. This year, we've made tremendous progress on our cost structure with operating expenses this past quarter decreasing to $99 million. That is $31 million or 24% lower than the $130 million baseline for OpEx that we provided as a reference point prior to recent cost reductions.

公司總毛利率較去年同期維持在 66%。今年，我們在成本結構方面取得了巨大進步，上個季度的營運費用減少至 9,900 萬美元。這比我們在最近成本削減之前作為參考點提供的 1.3 億美元營運支出基準低了 3,100 萬美元，即 24%。

It is also 10% lower than the guidance we gave for the FY25 average quarterly OpEx of $110 million. Cost remains a key focus going into the second half. And during September, we announced a number of further back-office headcount reductions and facility closures as we continue to streamline operations.

這也比我們為 2025 財年平均季度營運支出 1.1 億美元給出的指引低 10%。進入下半年，成本仍然是關鍵焦點。 9 月份，隨著我們繼續簡化運營，我們宣布了一系列進一步的後台員工人數削減和設施關閉。

The new management team at BlackBerry has managed to thread the needle of significantly reducing costs, while at the same time, managing to stabilize the top line and even drive growth. As a result, we've delivered substantially improved profitability and cash usage.

黑莓的新管理團隊成功地大幅降低了成本，同時穩定了營收，甚至推動了成長。結果，我們大幅提高了獲利能力和現金使用率。

For Q2, the non-GAAP operating loss was $4 million, and adjusted EBITDA beat expectations by finishing at breakeven for the quarter. Adjusted EBITDA this quarter is $22 million better on a year-on-year basis. Non-GAAP EPS also beat guidance at breakeven.

第二季度，非 GAAP 營運虧損為 400 萬美元，調整後 EBITDA 超出預期，該季度實現盈虧平衡。本季調整後 EBITDA 較去年同期增加 2,200 萬美元。非公認會計準則每股收益也超出了損益平衡的預期。

Further, cash usage continues to improve. You may recall that during our last earnings call, we outlined that due largely to timing of certain cash receipts and payments,we expected a sequential increase in operating cash usage. However, operating cash usage came in better than expected, improving by $2 million sequentially to $13 million.

此外，現金使用持續改善。您可能還記得，在我們上次的財報電話會議上，我們概述了，主要由於某些現金收支的時間安排，我們預計營運現金使用量將連續增加。然而，營運現金使用情況優於預期，季增 200 萬美元，達到 1,300 萬美元。

This is $43 million better than for Q2 last year. And in total, operating cash usage is $100 million better for the first half than the prior year before allowing for the proceeds from the patent sales.

這比去年第二季增加了 4,300 萬美元。總體而言，在考慮專利銷售收入之前，上半年的營運現金使用量比去年同期增加了 1 億美元。

Let me now provide financial outlook for Q3 and the fiscal year as a whole. For IoT, we expect revenue this quarter to increase sequentially and to be in the range of $56 million to $60 million. For the full year, we are raising the bottom end of our guidance range for IoT revenue, such that the range is now $225 million to $235 million.

現在讓我提供第三季和整個財年的財務前景。對於物聯網，我們預計本季營收將環比成長，並在 5,600 萬美元至 6,000 萬美元之間。對於全年，我們提高了物聯網收入指導範圍的下限，目前範圍為 2.25 億美元至 2.35 億美元。

For cyber, we expect revenue for Q3 to be in the range of $86 million to $90 million, and we're reiterating the full year guidance range at $350 million to $ 365 million.

對於網絡，我們預計第三季的收入將在 8,600 萬美元至 9,000 萬美元之間，並且我們重申全年指導範圍為 3.5 億美元至 3.65 億美元。

In terms of profitability, we expect adjusted EBITDA for Q3 to be in the range of breakeven to positive $10 million and non-GAAP EPS, up between minus $0.01 to positive $0.01. The full fiscal year, we expect adjusted EBITDA to be in the range of breakeven to positive $10 million. And non-GAAP EPS to be in the now higher range or between negative $0.05 to negative $0.02.

在獲利能力方面，我們預計第三季調整後的 EBITDA 將在損益兩平至正 1,000 萬美元之間，非 GAAP 每股盈餘將在負 0.01 美元至正 0.01 美元之間。整個財年，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 每股盈餘將處於目前較高的範圍內，即負 0.05 美元至負 0.02 美元之間。

Finally, we expect a sequential improvement in cash flow for Q3 and for BlackBerry to return to positive cash flow and EBITDA in Q4. And with that, let me now return the call to John.

最後，我們預計第三季的現金流將連續改善，並且黑莓將在第四季度恢復正現金流和 EBITDA。現在讓我把電話回給約翰。

Thanks for that, Tim. Before we move to Q&A, let me quickly summarize the key takeaways from this past quarter.

謝謝你，提姆。在我們進行問答之前，讓我快速總結一下上個季度的主要要點。

This was a good quarter for BlackBerry. Both our IoT and cyber divisions be top line expectations and delivered year-on-year growth. The hard work that the team has done with managing cost is really paying off with operating expenses now significantly lower than prior year and below $100 million a quarter.

對於黑莓來說，這是一個不錯的季度。我們的物聯網和網路部門都達到了最高預期，並實現了同比增長。該團隊在成本管理方面所做的辛勤工作確實得到了回報，營運費用現在顯著低於去年，每季低於 1 億美元。

Blackberry reached a significant milestone on the path to profitability by achieving breakeven for both EBITDA and non-GAAP EPS this quarter. And finally, cash burn for the quarter was $43 million better than last year, and $100 million better year on year for the first half before allowing for the impact of the patent sale. I'm incredibly proud of the progress that everyone at BlackBerry has made as we find ourselves in a significantly stronger position going into the second half of the fiscal year.

黑莓本季實現了 EBITDA 和非 GAAP 每股盈虧平衡，在獲利之路上實現了一個重要的里程碑。最後，在考慮專利出售的影響之前，本季的現金消耗比去年減少了 4,300 萬美元，上半年比去年同期減少了 1 億美元。我對黑莓每個人所取得的進步感到無比自豪，因為我們發現自己在進入本財年下半年時處於明顯更有利的地位。

And with that, let's move to Q&A. So operator, Dave, can you please open up the lines?

接下來，讓我們進入問答環節。接線生戴夫，您能開通線路嗎？

(Operator Instructions) Kingsley Crane, Canaccord Genuity.

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

Hi. Thanks so much for taking the question. Congrats on the continued execution. First question, what magnitude of opportunity does QNX containers and the HaleyTek integration and launch open up on that side of the business? How can we think about new product unlocking design wins?

你好。非常感謝您提出問題。祝賀繼續執行。第一個問題，QNX 容器和 HaleyTek 的整合和發佈為業務方面帶來了多大的機會？我們如何看待新產品解鎖設計勝利？

Yeah. Excellent question. Should I answer that, John?

是的。很好的問題。我應該回答這個問題嗎，約翰？

Yeah. So containers is something that we've heard a fair amount in this industry in the last few quarters. Ultimately, it's just part of the expansion. The ongoing expansion of the TAM, Kingsley, to be honest, it's -- containers is something that people are very familiar with working in a cloud environment sort of Docker-type approach.

是的。因此，過去幾季我們在這個行業中經常聽到容器的說法。最終，這只是擴充的一部分。 TAM 的持續擴展，Kingsley，說實話，容器是人們非常熟悉的在雲端環境中工作的 Docker 類型的方法。

So as we move QNX towards the cloud, people are obviously looking towards safety-certified containers as a way of working. So this is a natural evolution of that.

因此，當我們將 QNX 轉向雲端時，人們顯然正在尋求經過安全認證的容器作為一種工作方式。所以這是一個自然的演變。

And John mentioned in his remarks that we're starting to see some traction from the cloud side of things as we productized what we did with Stellantis that we showed you at CES.

John 在他的演講中提到，當我們將在 CES 上向大家展示的 Stellantis 所做的產品化時，我們開始看到來自雲端方面的一些吸引力。

What was the second part of the question? It was around Sound? Yeah, so HaleyTek. So on the sound side of things, this is another one of the new products that we launched earlier this year, and we're pleased that although there are long sales cycles here, it just opens up another aspect.

問題的第二部分是什麼？是在聲音周圍嗎？是的，所以 HaleyTek。因此，從聲音的角度來看，這是我們今年早些時候推出的另一款新產品，我們很高興雖然這裡的銷售週期很長，但它只是打開了另一個方面。

So in the past, we've talked about the more sockets, more layers narrative, which is about saying we want more QNX content in each and every vehicle and not only just the operating system, but adding elements of middleware up the stack and sound is definitely one of those elements.

所以在過去，我們討論過更多的套接字、更多的層敘述，也就是說我們希望每輛車都有更多的QNX 內容，而不僅僅是作業系統，而是在堆疊和聲音上添加中間件元素絕對是其中之一。

So seeing traction, seeing someone actually commit to build this product into vehicles, obviously, is a significant progress. So we're pleased with that.

因此，看到牽引力，看到有人真正致力於將這種產品製造到車輛中，顯然是一個重大進步。所以我們對此感到滿意。

Awesome. That's good to hear. And then on the financials, just our Q3 guidance implies a modest sequential increase for cyber before a markedly sharper increase in Q4. I think that's historically been a seasonally lighter quarter. So just anything that we should consider there this year would be helpful.

驚人的。很高興聽到這個消息。然後在財務方面，光是我們的第三季指引就意味著網路業務將出現適度的環比成長，然後第四季將顯著大幅成長。我認為從歷史上看，這是一個季節性淡季。因此，我們今年應該考慮的任何事情都會有所幫助。

Yeah. Good question. So I would say actually, at the midpoint, it's just a continuation of the trend of what we're seeing. Traditionally, Q4 is strongest for us, actually from a billing standpoint. Q3 last year, we had some significant onetime deals, which helped drive the hump in Q3.

是的。好問題。所以我想說，實際上，在中點，這只是我們所看到的趨勢的延續。傳統上，實際上從計費的角度來看，第四季對我們來說是最強的。去年第三季度，我們進行了一些重大的一次性交易，這有助於推動第三季的成長。

But if you take the midpoint, Kingsley, actually, you'll see sequential growth through Q3, Q4.

但如果你取中點，金斯利，實際上，你會看到第三季、第四季的連續成長。

Perfect. Thank you.

完美的。謝謝。

Luke Junk, Baird.

路克垃圾，貝爾德。

Good afternoon. Thanks for taking questions. First, just a question related to the EBITDA progression, reaching breakeven sooner than I expected in the quarter, a great achievement. Just trying to reconcile that with the full year EBITDA guidance being maintained in the range of breakeven to $10 million. Is there something in timing we should be considering or some sort of offset in the back half?

午安.感謝您提出問題。首先，只是一個與 EBITDA 進展相關的問題，在本季度達到盈虧平衡比我預期的要早，這是一項偉大的成就。只是試圖將全年 EBITDA 指引保持在損益兩平至 1000 萬美元的範圍內。我們是否應該考慮一些時間安排，或在後半場進行某種補償？

I guess if I look at the OpEx trajectory, it seems to be coming down quicker than you had anticipated, and that would seem to suggest maybe some upside to the full year?

我想如果我看看營運支出軌跡，它的下降速度似乎比你預期的要快，這似乎表明全年可能會有一些上漲？

Yeah. So we're obviously trying to be prudent with our guidance here, Luke. So Q1 was a negative 7%. We're delighted to be breakeven ahead of schedule in Q2. But at the midpoint, we still got a little bit to do to make the full year positive in terms of EBITDA. So you can assume that there'll be sequential improvements going from Q2 into Q3, and Q3 into Q4. So hopefully, that helps.

是的。因此，盧克，我們顯然在謹慎對待我們的指導。所以第一季是負 7%。我們很高興在第二季提前達到收支平衡。但在中期，我們仍然需要做一些工作才能使全年的 EBITDA 為正值。因此，您可以假設從第二季度到第三季度，從第三季度到第四季度都會有連續的改進。希望這會有所幫助。

It does. And then second, just hoping you could just double-click on the organizational changes in IVY and integrating that more into the QNX organization on a go-forward basis, just relative to retaining key talent there while also reducing cost? Maybe if you could just kind of square the balancing of those two things.

確實如此。其次，只是希望您可以雙擊 IVY 的組織變革，並將其更多地整合到 QNX 組織中，以保留關鍵人才，同時降低成本？也許如果你能平衡這兩件事的話。

Yeah. Look, this is John. We invested a lot into IVY over the last few years, really, and we did it by virtue of a very dedicated team that was really focused on building out the IVY platform as a holistic project.

是的。看，這是約翰。過去幾年，我們確實在 IVY 上投入了大量資金，而且我們憑藉一支非常敬業的團隊做到了這一點，該團隊真正專注於將 IVY 平台構建為一個整體項目。

I think we came to the conclusion that now once you get a product to a certain level where there's a baseline, you're meaning a lot of the features, and capabilities that we're looking to deliver to the market, we kind of felt like there's some operational efficiencies that we could gain by bringing that team together very synergistically with other QNX members, whether it's on the sales, front-end sales side or on the R&D side.

我認為我們得出的結論是，現在一旦你的產品達到了一定的水平，有一個基線，你就意味著我們希望向市場提供很多特性和功能，我們有點覺得就像我們可以通過將該團隊與其他QNX 成員緊密結合在一起來提高營運效率，無論是在銷售、前端銷售方面還是在研發方面。

So I think we kind of came to the conclusion in the first half of the year that leveraging some of those efficiency since we've made so much progress on moving that platform along that this was the right time to do that.

因此，我認為我們在今年上半年得出了這樣的結論：利用其中的一些效率，因為我們在推動該平台方面取得了很大進展，現在是這樣做的正確時機。

Understood. I'll leave it at that.

明白了。我就這樣吧。

Paul Treiber, RBC Capital Markets.

保羅‧特雷伯 (Paul Treiber)，加拿大皇家銀行資本市場部。

Thanks so much for taking questions. Could you provide an update on the separation process? I think last quarter, you mentioned you're working through splitting up some of the IT systems and reorganizing that and just changes to the organizational structure. What's remaining to go from an operational perspective here?

非常感謝您提出問題。您能否提供有關分居流程的最新資訊？我想上個季度，您提到您正在拆分一些 IT 系統並對其進行重組，並且只是對組織結構進行更改。從營運角度來看，還需要做什麼？

Yeah, Paul. We made tremendous progress on that. In fact, we're just having some deep dive reviews on that over the course of the last couple of weeks. And a lot of the kind of low-hanging fruit of splitting it out, aligning it to the BUs. We think we've achieved that.

是的，保羅。我們在這方面取得了巨大進展。事實上，在過去的幾周里，我們只是對此進行了一些深入的評論。還有很多容易實現的目標，將其拆分出來，使其與業務單位保持一致。我們認為我們已經實現了這一點。

We've got that largely in place. There are some components within the networking, some of our cyber protection solutions within the CISO organization. I think we probably mentioned before, some of these things are naturally a little bit more intertwined that takes a little bit more time to unravel. So we're trying to strike the right balance on move these resources, move the cost, put them into the BUs, let them operate them in a very agile way. But at the same time, don't go too far where we start to introduce dissynergies.

我們已經基本上做到了這一點。網路中有一些元件，我們的 CISO 組織內有一些網路保護解決方案。我想我們之前可能提到過，其中一些事情自然是更加交織在一起，需要更多的時間才能弄清楚。因此，我們正在努力在轉移這些資源、轉移成本、將它們放入業務單位方面取得適當的平衡，讓他們以非常敏捷的方式運作它們。但同時，不要在我們開始引入不協同作用的地方走得太遠。

So we kind of feel like we're striking the right balance, where the business is operating. You can see we're generating the revenues that we want, the design wins, the progress that we're making, and how we operate it. But at the same time, driving the significant costs out of the business. So we feel like we're striking in it right at the right balance at this point.

因此，我們感覺我們在業務運營方面取得了適當的平衡。您可以看到我們正在產生我們想要的收入、設計獲勝、我們正在取得的進展以及我們如何運作它。但同時，也降低了業務的大量成本。所以我們覺得我們現在正在達到正確的平衡。

We'll continue to look at that, but with an eye towards don't -- we made so much progress on reducing our cost structure we don't want to overstep it now start to introduce additional costs just for the sake of saying things are separated. So we're trying to strike that right balance.

我們將繼續關注這一點，但著眼於不要——我們在降低成本結構方面取得了很大進展，我們不想超越它，現在開始引入額外成本只是為了說一些事情分開了。因此，我們正在努力取得適當的平衡。

That's helpful to understand. As you sort of untangle the two organizations, are you seeing structural differences in profitability between the two? How should we think about that here?

這有助於理解。當您理清這兩個組織時，您是否看到兩者之間盈利能力的結構性差異？說到這裡，我們該如何思考呢？

Yeah. So I would say this whole process has given us the opportunity to take a fresh look. And what I will say is if you tune into the Investor Day on October 16, we're definitely going to be providing a lot more color on that around divisional profitability. So we'll leave it until then, if that's okay, Paul.

是的。所以我想說，整個過程讓我們有機會重新檢視。我要說的是，如果您收聽 10 月 16 日的投資者日，我們肯定會圍繞部門盈利能力提供更多資訊。所以我們就留到那時再說吧，如果可以的話，保羅。

Sure. Just one last one for me. Just on cyber, it does look like that the mix of license revenue was higher this quarter. Was that the primary driver of one of the major drivers of the upside relative to guidance? And then how do we think about that from a timing point of view?

當然。給我的只是最後一張。僅在網路方面，本季的許可證收入組合確實較高。這是相對於指引而言上漲的主要推動因素之一的主要推動因素嗎？那我們要如何從時間的角度來思考這個問題呢？

Was that -- is it catch up from prior quarters? Was it pull forward from future quarters versus your expectations?

是不是趕上前幾季了？與您的預期相比，未來幾季的預測是否提前？

Yes. I think it was a combination of both license and hardware, as we mentioned. Secusmart and some of our German customers, they had a device refresh cycle that they're working through that generated some upside orders that were helpful to the business.

是的。正如我們所提到的，我認為這是許可證和硬體的結合。 Secusmart 和我們的一些德國客戶，他們正在經歷一個設備更新週期，這產生了一些對業務有幫助的上行訂單。

But we were really encouraged with the durability of the UEM business this quarter. We're encouraged with the ad hoc business and some of the large customers that we renewed and did some expansions on. So I think it's been the achievement for this particular quarter was really kind of broad-based across license, service and hardware.

但本季 UEM 業務的持久性讓我們深受鼓舞。我們對臨時業務和一些大客戶感到鼓舞，我們續約並進行了一些擴展。所以我認為這個特定季度的成就確實是在許可證、服務和硬體方面廣泛的。

(Operator Instructions) Daniel Chan, TD Cowen.

（操作員說明）Daniel Chan，TD Cowen。

Hi. Thanks for taking questions. Any potential impact from the proposed ban of Chinese auto software and hardware? And maybe not just in the US, but the potential of it expanding to other countries?

你好。感謝您提出問題。擬議的中國汽車軟體和硬體禁令有何潛在影響？也許不只在美國，還有擴展到其他國家的潛力？

It's a really good questi, obviously, something we're watching very closely. The good news for QNX is we're very well diversified geographically and also from an industrial standpoint. I guess, being a proud Canadian company kind of puts us slightly more in the neutral bucket. But it's fair to say we're definitely watching closely.

顯然，這是一個非常好的問題，我們正在密切關注。對於 QNX 來說，好消息是我們在地理上以及從行業的角度來看都非常多元化。我想，作為一家自豪的加拿大公司，我們有點處於中立的位置。但可以公平地說，我們肯定正在密切關注。

China is an important market for us. So we need to see what develops from that.

中國對我們來說是一個重要的市場。所以我們需要看看接下來會發生什麼。

Thanks for that. And then the delayed or canceled programs, design programs that you're seeing now, how should we think about those impacting the potential royalty revenue in several years?

謝謝你。然後，您現在看到的延遲或取消的項目、設計項目，我們應該如何考慮那些影響幾年後潛在特許權使用費收入的因素？

Yeah, it's a good question. Ultimately, the way we think about it, Dan, is that this work has not gone away. The secular trends are still very much there. It's just a question of timing, how quickly the OEMs can actually get to the stage of developing this software, and then ultimately moving it into production.

是的，這是一個好問題。最終，丹，我們的想法是這項工作並沒有消失。長期趨勢仍然存在。這只是一個時間問題，原始設備製造商能夠以多快的速度真正進入開發該軟體的階段，然後最終將其投入生產。

The good news for us is this is a very long-term business. As you know, we winner design, and we've got a revenue stream kind of locked in for the next 10 years. And we've already got $850 million in our backlog, which gives us a really solid base.

對我們來說，好消息是這是一項非常長期的業務。如您所知，我們贏得了設計，我們已經鎖定了未來 10 年的收入來源。我們的積壓訂單已經達到 8.5 億美元，這為我們奠定了堅實的基礎。

So as these kinks in this bumps in the road, if you like, get work through, we're very confident that the secular trends that are powering this industry have not gone away, and we'll continue to make progress.

因此，隨著道路上的這些坎坷，如果你願意的話，可以解決這些問題，我們非常有信心，推動這個行業的長期趨勢並沒有消失，我們將繼續取得進展。

Thanks. Just a couple of questions on cybersecurity, if I may. The ARR kind of reverse trajectory kind of improved in Q1 and in this quarter, kind of declined sequentially. What changed over the last three months to reverse that momentum?

謝謝。如果可以的話，我想問幾個關於網路安全的問題。 ARR 類型的反向軌跡在第一季有所改善，而在本季則有所下降。過去三個月發生了什麼變化扭轉了這個勢頭？

Yeah. That's a really good question. I would say, overall, year over year was relatively flat. I think from quarter-to-quarter, there's going to be a little bit of variability, some bumps in that is probably more of it is associated with some of the Cylance churn that we've experienced over the course of the last quarter or two. So that was probably part of some of the downward pressure.

是的。這是一個非常好的問題。我想說，總體而言，同比相對持平。我認為每個季度都會有一些變化，其中的一些波動可能更多與我們在過去一兩個季度經歷的一些 Cylance 流失有關。因此，這可能是部分下行壓力的一部分。

But at the same time, some of the trends that we've seen with UEM and ad hoc, we're offsetting some of that. So there'll always be, I think, a little bit of variability from quarter to quarter just based on the nature of our businesses and the markets that they serve. But from a long-term perspective, we're pleased that it's much more stable than it's been in the last couple of years.

但同時，我們在 UEM 和 ad hoc 中看到的一些趨勢，我們正在抵消其中的一些趨勢。因此，我認為，根據我們業務的性質及其所服務的市場的性質，每個季度總是會有一些變化。但從長遠來看，我們很高興它比過去幾年穩定得多。

Thanks. And last one for me. Nice to see the net revenue retention improving. Is it improving because the churn is getting better? Or are you doing a better job with the upsell and cross-sell? Any color would be helpful.

謝謝。最後一張給我。很高興看到淨收入保留率有所改善。是因為客戶流失率有改善而有改善嗎？或者您在追加銷售和交叉銷售方面做得更好嗎？任何顏色都會有幫助。

Combination of all of it, a little bit of a mixed bag. I think there's definitely some really good upsell in the ad hoc side, some really good upsell on the UEM side. That's offset a little bit with some of the Cylance churn.

所有這些的組合，有點魚龍混雜。我認為在臨時方面肯定有一些非常好的追加銷售，在 UEM 方面也有一些非常好的追加銷售。這一點被 Cylance 的一些流失所抵消。

So across the portfolio, it's good to see, whatever, 7 points for consecutive quarters of moving in the right direction. It's still not where we want it to be by any means, but it's good to see it stabilizing and moving in the right direction.

因此，在整個投資組合中，無論如何，很高興看到連續幾個季度朝著正確的方向前進 7 個點。無論如何，它仍然不是我們想要的地方，但很高興看到它穩定並朝著正確的方向發展。

Great. Thank you very much.

偉大的。非常感謝。

Trip Chowdhry, Global Equities Research.

Trip Chowdhry，全球股票研究。

Thank you. A very exciting quarter. I think the way I look at your company is a very underappreciated start-up. Why I say that is, in every business you are, there is so much opportunity to create and shape the new and the new future based on the technologies and the platforms you have.

謝謝。這是一個非常令人興奮的季度。我認為我對你們公司的看法是一家非常被低估的新創公司。我之所以這麼說是因為，在你從事的每一個行業中，都有很多機會根據你擁有的技術和平台來創造和塑造新的未來。

I was just thinking if your team is thinking on these three emerging opportunities that, I think, if you have a different narrative and a different perspective, you could be doing a lot better versus if I'm looking at other analysts' questions, they are very backward looking because they're thinking BlackBerry from a very traditional sense versus if you look at the Black way as a start-up, which is not well understood,.

我只是在想，如果你的團隊正在考慮這三個新興機會，我認為，如果你有不同的敘述和不同的觀點，你可能會做得更好，而不是如果我正在看其他分析師的問題，他們非常落後，因為他們從非常傳統的角度思考黑莓，而不是把黑人的方式視為新創企業，而這種方式還沒有被很好地理解。

Let me give a point, two, three points here. First, there's an emergence of generative AI devices. There's only one instance right now where Jony Ive and OpenAI are trying to create those devices. And if we can fast forward, it could be no less popular than iPhones down the road. I'm extrapolating, but that's one new thing that has emerged over the last three, four months.

讓我在這裡給出一點、二點、三點。首先，生成式人工智慧設備的出現。目前只有一個實例是 Jony Ive 和 OpenAI 嘗試建立這些裝置。如果我們能快轉的話，它的受歡迎程度可能不會比 iPhone 差。我正在推斷，但這是過去三、四個月裡出現的一件新鮮事。

Second, when you think in terms of generative AI and videos models that are coming, including small language models and now a lot of intelligence is being done on Intel AI PCs, for exampl.

其次，當你考慮即將到來的生成式人工智慧和視訊模型時，包括小語言模型，例如，現在很多智慧正在英特爾人工智慧電腦上完成。

Now as in the prepared remarks, you talked about UEM product being very good for on-premises if we extrapolate it because you have a wonderful CEO came from McAfee, that is an opportunity when you have AIs and there is so much they call it, injection that is prone injections that are happening. It is just old paradigm in a new situation.

現在，正如在準備好的發言中一樣，您談到UEM 產品非常適合本地部署（如果我們推斷的話），因為您有一位來自McAfee 的出色首席執行官，當您擁有人工智能並且他們稱之為人工智能時，這是一個機會，注射是容易發生的注射。這只是新情勢下的舊範式。

So something that is dead is getting exciting now. The only thing that -- there are many others we can go offline. But the way I'm thinking is we should be looking at BlackBerry as a startup, attacking new problems with the technologies, and the experiences you have.

所以一些已經死去的東西現在變得令人興奮。唯一的事情是——還有很多其他事情我們可以離線。但我的想法是，我們應該將黑莓視為一家新創公司，利用科技和經驗來解決新問題。

So Tim, since I happen to know you very well, and you're one of the most sharpest, I would say, technologist CFOs, I was thinking if you have thought about it and what are your initial views on it? Of course, this industry is being created right in front of our eyes. I really want BlackBerry to go and capture it. So that's all from me and congratulations on a nice quarter.

所以提姆，因為我碰巧很了解你，而且你是最敏銳的技術專家財務長之一，我在想你是否考慮過這個問題以及你對此的初步看法是什麼？當然，這個行業正在我們眼前創建。我真的希望黑莓能夠去捕捉它。這就是我的全部內容，並祝賀您度過了一個美好的季度。

No, thanks so much,. John, did you want to --?

不，非常感謝，。約翰，你想──？

I really resonate, Trip, with how you talk about it as a as a start-up, taking a step back and taking a look at what businesses are we in, what can we turbocharge growth, whether AI-centric. And I think one of the things that really has helped us is this whole strategy around setting up two BUs, it's really given us some interesting insights on to our product portfolios and which ones are more next-generation things that can lead to more dynamic growth in the markets that you're describing and which ones maybe from a capital allocation, we've got to pull back on.

Trip，我真的很認同你作為一家新創公司所談論的方式，退後一步看看我們從事哪些業務，我們可以推動什麼成長，是否以人工智慧為中心。我認為真正對我們有幫助的事情之一是圍繞建立兩個業務部門的整個策略，它確實給了我們一些關於我們的產品組合的有趣見解，以及哪些是更下一代的東西，可以帶來更有活力的成長在你所描述的市場中，以及哪些市場可能來自資本配置，我們必須退出。

So definitely tune in more for some more details on that at the upcoming Investor Day, where we'll share kind of more of a portfolio look at the company and how we're shaping our investments and our capital allocation to invest in the kinds of things that you're talking about, Trip.

因此，在即將到來的投資者日，請務必關注更多細節，我們將在會上分享更多有關該公司的投資組合的看法，以及我們如何調整我們的投資和資本配置以投資於各種類型的投資。

You are phenomenal. Thank you so much.

你太棒了。太感謝了。

Steven Li, Raymond James.

史蒂文李，雷蒙詹姆斯。

Hello, thanks. John, I'm not sure if I misheard you. But on cyber, I think I heard you say more customers are adopting your managed services offering. And that drove the year-over-year decline in Cylance' revenues. Did I mishear or can you elaborate?

你好，謝謝。約翰，我不確定我是否聽錯了。但在網路方面，我想我聽到您說更多的客戶正在採用您的託管服務產品。這導致 Cylance 的營收年減。是我聽錯了還是你能詳細說明一下嗎？

Yeah. Maybe I wasn't clear, Steven. Just within silane there's kind of two components. Our historical when we bought the company, it was a very product-centric company, endpoint protection, and we've built out our EDR capability with optics. And that's the classic product, where our customers license it on a product-only basis.

是的。也許我沒說清楚，史蒂文。矽烷中有兩種成分。我們收購該公司時的歷史是，這是一家非常以產品為中心的公司，端點保護，我們已經透過光學建立了我們的 EDR 能力。這就是經典產品，我們的客戶僅在產品的基礎上對其進行許可。

That part of the business, we're seeing that as just trends in the market in general. That's where we've had some sluggishness. That's the area where we've had some renewal rates, some defections.

對於這部分業務，我們認為這只是整個市場的趨勢。這就是我們有些遲緩的地方。在這個領域，我們有一些續約率，也有一些叛逃率。

But where we saw some upside is existing customers that are moving from product-only scenario to MDR, where we manage people that don't have the resources or the wherewithal to manage their own environments, and they look for us to do it from an MDR perspective.

但我們看到了一些好處，那就是現有客戶正在從純產品場景轉向 MDR，我們管理的人員沒有資源或資金來管理自己的環境，他們希望我們從單一的角度來做到這一點。

So that part of the business, we've actually seen good pipeline, some good conversions, some interesting wins in the quarter, but that was kind of offset by some of the downside weakness on the product only segment of our customer base.

因此，在這部分業務中，我們實際上在本季度看到了良好的管道、一些良好的轉換、一些有趣的勝利，但這在某種程度上被我們客戶群中僅產品部分的一些下行弱點所抵消。

Got it. That's all. Thanks, John.

知道了。就這樣。謝謝，約翰。

This concludes our question-and-answer session. I would like to turn the conference back over to John Giamatteo for any closing remarks.

我們的問答環節到此結束。我想將會議轉回約翰·吉亞瑪特奧 (John Giamatteo) 發表閉幕詞。

Terrific. Thank you, Dave. So before we wrap up, I just want to remind everybody about our upcoming Investor Day at the New York Stock Exchange on October 16.

了不起。謝謝你，戴夫。因此，在結束之前，我想提醒大家注意即將於 10 月 16 日在紐約證券交易所舉行的投資者日。

At this event, for the first time, we're going to be providing segmented P&Ls for both our IoT and cybersecurity divisions, as well as the new outlook for fiscal year '26 and '27. We'll take a deeper dive into the performance of our four cybersecurity product groups and review our capital allocation priorities and will also showcase the depth of expertise that we have in both IoT and our cyber teams, as they explain the market opportunities and where our products are positioned to capitalize on them.

在本次活動中，我們將首次提供物聯網和網路安全部門的細分損益表，以及 26 和 27 財年的新展望。我們將更深入研究我們的四個網路安全產品組的表現，並審查我們的資本分配優先事項，也將展示我們在物聯網和網路團隊中擁有的專業知識的深度，因為他們解釋了市場機會以及我們的產品的定位就是利用它們。

The event is available to the general public via webcast, and you can sign up on the Investor Relations web page. So thanks again for joining today, and look forward to seeing you all next time.

該活動透過網路廣播向公眾開放，您可以在投資者關係網頁上註冊。再次感謝您今天的加入，並期待下次見到大家。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。