BlackBerry Ltd (BB) 2025 Q3 法說會逐字稿

Good afternoon and welcome to the BlackBerry third-quarter fiscal year 2025 results conference call. My name is Alicia and I'll be your conference moderator for today's call. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes. I would now like to turn today's call over to Martha Gonder, Director of Investor Relations, BlackBerry. Please go ahead.

下午好，歡迎參加黑莓2025財年第三季業績電話會議。我的名字是艾莉西亞，我將擔任今天電話會議的主持人。 （操作員指示）提醒一下，本次會議將會被錄音以供重播。現在，我想將今天的電話會議轉給黑莓投資者關係總監 Martha Gonder。請繼續。

Thank you, Alicia. Good afternoon, everyone, and welcome to BlackBerry's third-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, Tim Foote.

謝謝你，艾莉西亞。大家下午好，歡迎參加黑莓2025財年第三季財報電話會議。參加今天電話會議的還有黑莓執行長 John Giamatteo 和財務長 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.

在我閱讀我們關於前瞻性陳述的警告後，約翰將提供業務更新，蒂姆將審查財務結果。然後我們將開始一個簡短的問答環節。

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

民眾可透過電話號碼或透過 blackberry.com 網站上「投資者資訊」部分的網路廣播收聽本次電話會議。重播也將在 blackberry.com 網站上提供。

Some of the statements we will be making today constitute forward-looking statements and are made pursuant to the safe harbor provisions of applicable US and Canadian securities laws. will indicate forward-looking statements by using words such as expect, will, should, model, intend, believe, and similar expressions. Forward-looking statements are based on estimates and assumptions made by the company in light of its experience and its perception of historical trends, current conditions, and expected future developments, as well as other factors that the company believes are relevant.

我們今天所做的一些聲明構成前瞻性聲明，並根據適用的美國和加拿大證券法的安全港條款做出。將使用諸如預期、將、應該、模型、打算、相信和類似的表達來表示前瞻性陳述。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而做出的估計和假設。

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. as well as risks associated with our ability to consummate the sale of the Cylance business on the timeline anticipated or at all. You should not place undue reliance on the company's forward-looking statements.

許多因素可能導致公司的實際結果或績效與前瞻性陳述表達或暗示的結果或績效有重大差異。這些因素包括公司年度文件和管理層討論與分析 (MD&A) 中討論的風險因素。以及與我們能否在預期的時間內或根本無法完成 Cylance 業務的出售相關的風險。您不應過度依賴該公司的前瞻性陳述。

Any forward-looking statements are made only as of today. The company has no intention and undertakes no obligation to update or revise any of them, except as required by law.

任何前瞻性陳述均僅截至今日為止。除法律要求外，本公司無意且不承擔更新或修改其中任何內容的義務。

As is customary during the call, John and Tim will reference non-GAAP numbers in their 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.

按照電話會議的慣例，約翰和蒂姆將在季度業績摘要中引用非 GAAP 數據。有關我們的 GAAP 和非 GAAP 數據的對照，請參閱今天早些時候發布的收益新聞稿，該新聞稿可在 EDGAR、SEDAR Plus 和 blackberry.com 網站上找到。

Additionally, given that we've entered into a definitive agreement for the sale of Cylance, in accordance with GAAP accounting rules, Cylance's results will now be shown as a discontinued operation and its assets and liabilities as held for sale. Therefore, when referencing results for the cybersecurity division and BlackBerry in total, John and Tim will be referring to the results of both continuing and discontinued operations. We believe that this will be helpful to investors, especially given that the Cylance agreement was entered into after the end of the quarter.

此外，鑑於我們已就出售 Cylance 達成最終協議，根據 GAAP 會計規則，Cylance 的業績現在將顯示為停止經營，其資產和負債將顯示為持有待售。因此，在引用網路安全部門和黑莓整體業績時，約翰和提姆將參考持續經營和已終止經營的業績。我們相信這將對投資者有所幫助，尤其是考慮到 Cylance 協議是在本季結束後達成的。

And with that, let me now turn the call over to John.

現在，我將把電話轉給約翰。

Thanks, Martha, and thanks to everyone for joining today's call. This past quarter marked a significant inflection point for BlackBerry. We delivered solid topline performance for our IoT and cybersecurity divisions, both of which exceeded the top end of our guidance ranges. This strong top-line and continued focus on cost control and efficiency has enabled the company to pivot back to profitability, recording both positive EBITDA and EPS in the quarter.

謝謝，瑪莎，也謝謝大家參加今天的電話會議。過去一個季度對於黑莓來說是一個重要的轉捩點。我們的物聯網和網路安全部門實現了穩健的營收表現，兩者都超出了我們預期的最高水準。強勁的營收表現和對成本控制及效率的持續關注使公司重回盈利狀態，並在本季度錄得正的 EBITDA 和 EPS。

BlackBerry was able to convert this profitability into a return to positive operating and free cash flow generation for the first time since Q3 of fiscal year 2022 when controlling for the impact of the Malikie sale last fiscal Q1. That means this is the first time in 12 quarters that BlackBerry has generated both positive operating and free cash flow.

在控制上一財年第一季 Malikie 出售的影響後，黑莓自 2022 財年第三季以來首次將這一盈利能力轉化為正營運和自由現金流的回報。這意味著這是黑莓 12 個季度以來首次實現正的營運現金流和自由現金流。

In fact, excluding the Malikie transaction, year-to-date for Q1 to Q3, operating cash flow is $136 million better this year than last year. This strong performance illustrates just how far we've come as a company in the past year.

事實上，不包括 Malikie 交易，今年第一季至第三季的經營現金流比去年高出 1.36 億美元。這一強勁表現表明我們公司在過去一年裡取得了多大的進步。

In addition, as we announced earlier this week, we've signed a definitive agreement with Arctic Wolf for the sale of Cylance. This deal, which is subject to closing conditions, will quickly address the challenges of the Cylance financial profile and simultaneously further strengthen our balance sheet. This is a transformational move for BlackBerry that aligns with our clear strategic direction we outlined at our recent Investor Day and places the company on a strong trajectory going forward.

此外，正如我們本週早些時候宣布的那樣，我們已經與 Arctic Wolf 簽署了出售 Cylance 的最終協議。此交易需滿足成交條件，將迅速解決 Cylance 財務狀況的挑戰，同時進一步加強我們的資產負債表。這是黑莓的轉型舉措，符合我們在最近的投資者日上概述的明確策略方向，並將使公司在未來走上強勁的發展軌道。

So let me begin by reviewing what was another good quarter for our IoT division. IoT overcame the ongoing difficult backdrop in the automotive space to deliver revenue of $62 million above the top end of our guidance range. This represents 13% year-over-year and sequential growth. The strength this past quarter was predominantly driven by both royalties and development seat licenses. Automotive was the strongest performer, led by revenue from both the Digital Cockpit and Advanced Driver Assistance Systems, or ADAS.

首先，我來回顧我們的物聯網部門又一個表現良好的季度。物聯網克服了汽車領域持續困難的背景，實現了 6,200 萬美元的營收，高於我們預期的最高水準。這意味著同比增長 13%。上個季度的強勁表現主要得益於特許權使用費和開發席位許可。汽車產業表現最為強勁，主要得益於數位駕駛艙和高級駕駛輔助系統（ADAS）的收入。

In terms of design wins, the two largest this past quarter were with leading automakers. The first was with a German luxury automaker for the QNX Hypervisor to form the foundation of a digital cockpit software stack on a next-generation chipset that will be used across a full range of vehicles. The second was with one of Asia's largest auto OEMs for the QNX operating system to be deployed in the ADAS domain.

就設計合約而言，上個季度最大的兩個合約均來自領先的汽車製造商。第一個項目是與一家德國豪華汽車製造商合作，為 QNX Hypervisor 奠定下一代晶片組上數位駕駛艙軟體堆疊的基礎，該晶片組將用於全系列車輛。第二次是與亞洲最大的汽車OEM之一合作，將QNX作業系統部署在ADAS領域。

We continue to see strong traction for our next generation version of QNX operating system, SDP 8.0. Despite having only been launched earlier this year, prior to Q3, we had already secured a number of exciting partnerships and design wins.

我們繼續看到下一代 QNX 作業系統 SDP 8.0 的強勁發展勢頭。儘管該產品在今年稍早才推出，但在第三季之前，我們已經獲得了許多令人興奮的合作夥伴關係和設計成果。

At Investor Day in October, we announced that more than 10 leading silicon vendors have already committed to supporting SDP 8.0. The momentum is absolutely building.

在十月份的投資者日上，我們宣布已有 10 多家領先的矽片供應商承諾支持 SDP 8.0。這種勢頭確實正在增強。

This past quarter, we secured one of our largest ever gem wins with one of the leading industrial automation OEMs who elected to upgrade from version 7.0 to version 8.0. This design is for a high-performance OS to be used in a number of industrial use cases. The data point illustrates the significant market opportunity that we have in verticals outside of automotive.

上個季度，我們與一家領先的工業自動化 OEM 達成了有史以來最大的 Gem 合作協議，該 OEM 決定將 Gem 從 7.0 版本升級到 8.0 版本。此設計適用於多種工業用例的高效能作業系統。數據點說明了我們在汽車以外的垂直領域擁有巨大的市場機會。

In fact, we made significant progress across medical, industrial, and rail verticals This past quarter, in-rail we secured a number of net new logos, including Universal Signaling and Progress Rail.

事實上，我們在醫療、工業和鐵路垂直領域取得了重大進展。

We are also pleased with the customer reception of our QNX cabin offering. As a reminder, this is a platform that allows for QNX development in the cloud and the creation of a digital twin of a vehicle's digital cockpit.

我們也對客戶對我們的 QNX 客艙產品的接受度感到滿意。提醒一下，這是一個允許在雲端進行 QNX 開發並創建車輛數位駕駛艙的數位孿生的平台。

In the quarter, we made a huge step forward by securing an order for this subscription-based product from a major Japanese OEM. They will start by developing their next-generation cockpit with a cloud-first approach to drive down time to market, as well as achieve scale and cost efficiency.

本季度，我們邁出了一大步，獲得了日本一家大型 OEM 廠商的訂閱產品訂單。他們將首先採用雲端優先的方法開發下一代駕駛艙，以縮短產品上市時間並實現規模和成本效率。

In addition, we are continuing discussions with a number of other leading auto OEMs. I'm very proud of the results for IoT. The solid growth in the face of a challenging backdrop reflects QNX's strong position in the markets we address.

此外，我們也持續與其他一些領先的汽車原始設備製造商進行討論。我對物聯網的成果感到非常自豪。在充滿挑戰的背景下實現的穩健成長反映了 QNX 在我們所針對的市場中的強勢地位。

Let me now move over to our cybersecurity division. This was a really good quarter for cyber as well. We delivered revenue of $93 million exceeding the top end of our guidance range we provided last quarter. Cyber achieved 7% sequential revenue growth when including Cylance, or 10% for the secure communications division that is UEM, AtHoc, and Secusmart collectively.

現在讓我轉到我們的網路安全部門。對於網路產業來說，這確實是一個好季度。我們實現了 9,300 萬美元的營收，超出了上個季度給出的預期範圍最高。包括 Cylance 在內，Cyber​​ 實現了 7% 的連續收入成長，而包括 UEM、AtHoc 和 Secusmart 在內的安全通訊部門的收入成長了 10%。

On a year-over-year basis, the division had a tough compare due to significant revenue relating to the large multi-year deal with the Malaysian government that we secured this time last year. Within the Secure Communications Division, UEM Endpoint Management had a solid quarter, recording both sequential and year-over-year growth.

與去年同期相比，該部門的業績比較艱難，因為我們去年此時與馬來西亞政府達成了一項大型多年期協議，從而獲得了巨額收入。在安全通訊部門，UEM 端點管理本季表現穩健，實現了連續和同比增長。

We secured a number of wins this past quarter within our core government sector and also large deals with financial services. These included renewals and expansions with leading global banks, including German Bank KfW. Other deals included the Scottish Police, Johns Hopkins University, and the Dutch Water Ministry.

上個季度，我們在核心政府部門以及金融服務領域取得了多場勝利。其中包括與德國復興信貸銀行（KfW）等全球領先銀行的續約和擴張。其他交易包括蘇格蘭警察局、約翰霍普金斯大學和荷蘭水利部。

AtHoc also had a solid quarter. It continued to demonstrate its strong position in the US federal government by securing a significant renewal and expansion with the Department of Homeland Security. Other wins included the US Department of Justice. We're further strengthening AtHoc's competitive position with a number of new product enhancements, including new alert approval workflows and native Android and iOS applications.

AtHoc 本季的表現也十分出色。它透過與國土安全部達成重大續約和擴張協議，繼續證明其在美國聯邦政府中的強勢地位。其他勝利包括美國司法部。我們透過一系列新的產品改進進一步加強了 AtHoc 的競爭地位，包括新的警報審批工作流程和原生 Android 和 iOS 應用程式。

Moving over to Secusmart, we've been pleased with our ability to grow outside of Germany, where we leverage our software-based version of the product. However, Q3's solid performance was largely driven by some strong renewals within the German market, where we have strong relationships with a number of government agencies.

轉向 Secusmart，我們很高興能夠在德國以外的地區發展，在那裡我們利用了基於軟體的產品版本。然而，第三季的穩健表現很大程度上得益於德國市場的一些強勁更新，我們與德國市場的許多政府機構建立了牢固的關係。

The annual recurring revenue, or ARR, metric for cybersecurity, including Cylance, remained largely stable, recording a small sequential increase and a 3% increase on a year-over-year basis to $281 million. For secure communications, that is excluding Cylance, the increase was even more pronounced, where ARR increased by 3% sequentially and 8% year-over-year to $215 million.

包括 Cylance 在內的網路安全年度經常性收入 (ARR) 指標基本上保持穩定，環比小幅增長，同比增長 3%，至 2.81 億美元。對於安全通訊而言，即不包括 Cylance，成長更加明顯，ARR 環比成長 3%，年成長 8%，達到 2.15 億美元。

The dollar-based net retention rate, or DBNRR, for cybersecurity continued to improve, increasing by 2 percentage points sequentially and 8 percentage points year-over-year to 90%. Similar to ARR, DBNRR for Secure Communications Division is much stronger. The dollar-based net retention rate for this past quarter was 95%.

網路安全的美元淨留存率（DBNRR）持續改善，比上一季增加 2 個百分點，比去年同期增加 8 個百分點，達到 90%。與 ARR 類似，安全通訊部門的 DBNRR 功能更加強大。上一季的美元淨留存率為 95%。

So, in summary, this was a really solid quarter for the cybersecurity division, where we beat expectations. As we head towards the close of the Cylance deal with Arctic Wolf, We are focusing our attention on the operational strategy for our secure communications business and maximizing the growth engines within it.

總而言之，對於網路安全部門來說，這是一個非常穩健的季度，我們的業績超出了預期。隨著我們與 Arctic Wolf 的 Cylance 交易即將完成，我們將把注意力集中在安全通訊業務的營運策略上，並最大限度地發揮其中的成長引擎。

Turning now briefly to IP licensing. Revenue came in slightly better than guidance at $7 million, which drove a sequential improvement in gross margin to 71%. This revenue continues to relate largely to legacy deals that predate the sale of our non-core portion of the portfolio to Malikie.

現在簡單談談IP許可。營收略優於預期，達到 700 萬美元，推動毛利率連續上升至 71%。該收入主要與我們將投資組合的非核心部分出售給 Malikie 之前的遺留交易有關。

So, bringing this all together, this past quarter, BlackBerry delivered revenue of $162 million, exceeding the upper end of the previously provided guidance range. Total company gross margins improved both sequentially and year-over-year to 74%.

綜合考慮所有這些因素，黑莓上個季度的營收為 1.62 億美元，超過了先前提供的預期範圍的上限。公司總毛利率較上月及年比均有所提高，達 74%。

With that, let me now turn the call over to our CFO, Tim, who will provide further details on our financials.

說完這些，現在我將把電話轉給我們的財務長 Tim)，他將提供有關我們財務狀況的更多詳細資訊。

Thank you, John, and good afternoon, everyone. As usual, the numbers I'll reference will be non-GAAP.

謝謝你，約翰，大家下午好。像往常一樣，我所引用的數字是非 GAAP 的。

At our Investor Day in October, we delivered on our commitment to provide profitability by division. And I'm happy to report that the IoT division delivered $18 million of EBITDA, representing 38% sequential growth.

在十月份的投資者日上，我們履行了按部門實現盈利的承諾。我很高興地報告，物聯網部門實現了 1800 萬美元的 EBITDA，季增 38%。

Given the strong topline performance that John mentioned earlier, gross margins expanded from the prior quarter to 85%. Cybersecurity, including both Secure Communications and Cylance, delivered positive EBITDA of $8 million, which was a $14 million sequential improvement. Excluding Cylance, EBITDA for the Secure Communications division was $22 million, meaning a strong 30% EBITDA margin.

鑑於約翰先前提到的強勁的營收表現，毛利率較上一季擴大至 85%。包括安全通訊和 Cylance 在內的網路安全業務實現了 800 萬美元的正 EBITDA，比上一季成長 1,400 萬美元。不包括 Cylance，安全通訊部門的 EBITDA 為 2,200 萬美元，這意味著 EBITDA 利潤率高達 30%。

Gross margins for cybersecurity improved by 12 percentage points versus the prior quarter to 67%, primarily due to a strong mix of Secusmart software licenses. And for secure communications, gross margins were 73%. Finally, our licensing division delivered stronger-than-expected revenue at $7 million, which drove a solid $6 million of EBITDA.

網路安全業務的毛利率較上一季提高了 12 個百分點，達到 67%，這主要歸功於 Secusmart 軟體授權的強大組合。安全通訊方面的毛利率為 73%。最後，我們的許可部門實現了好於預期的 700 萬美元的收入，推動了 600 萬美元的 EBITDA。

The new management team maintains a close focus on cost control and operating expenses this quarter remained broadly in line with Q2 at $101 million and significantly below the $130 million baseline for OpEx that we provided as a reference point prior to cost streamlining over the past year.

新的管理團隊密切關注成本控制，本季的營運費用與第二季基本持平，為1.01 億美元，遠低於我們在過去一年成本精簡之前作為參考點提供的1.3 億美元的營運支出基準。

Given the strong top line and tight cost control, BlackBerry has delivered solid profitability this quarter, with positive adjusted EBITDA above the top end of our guidance range at $23 million. Adjusted net income for Q3 was $12 million, and non-GAAP EPS beat expectations at plus $0.02.

憑藉強勁的營收和嚴格的成本控制，黑莓本季實現了穩健的盈利，調整後 EBITDA 高於我們預期範圍的最高值 2,300 萬美元。第三季調整後淨收入為 1,200 萬美元，非 GAAP 每股盈餘超出預期 0.02 美元。

In addition to a returned profitability, BlackBerry achieved both positive operating and free cash flow of plus $3 million. This was one quarter ahead of schedule and represents a year-over-year operating cash flow improvement of $34 million when compared to the third fiscal quarter of the prior year.

除了恢復獲利之外，黑莓還實現了 300 萬美元以上的正營業現金流和自由現金流。這比計劃提前了一個季度，與去年同期相比，營業現金流增加了 3,400 萬美元。

Turning now to financial outlook for the fourth fiscal quarter. Giving the pending closure of the sale of Cylance to Arctic Wolf and reporting Cylance as a discontinued operation, we are standing down all previously provided guidance relating to the cybersecurity division, and with it, guidance for the full company. Instead, we'll provide guidance only for the new Secure Communications division, and then only for the current fourth fiscal quarter, and we'll provide revised guidance for fiscal year '26 for both our Secure Communications division and Total BlackBerry during our Q4 earnings.

現在來談談第四財季的財務展望。鑑於 Cylance 向 Arctic Wolf 的出售即將完成並且報告 Cylance 為已停止的業務，我們將撤銷之前提供的所有與網路安全部門相關的指導，以及對整個公司的指導。相反，我們將僅為新的安全通訊部門提供指引，並且僅為當前第四財季提供指引，並且我們將在第四季度收益期間為安全通訊部門和 BlackBerry 提供 26 財年的修訂指引。

We expect revenue for the Secure Comms division to be in the range of $62 to $66 million in the fourth quarter. We also expect EBITDA for Secure Comms to be in the range of positive $4 million to positive $6 million. For IoT, we expect revenue this quarter to be in the range of $60 million to $65 million. which means once again we are raising the bottom end of our full year guidance range for IoT revenue such that the range is now $230 million to $235 million.

我們預計安全通訊部門第四季的營收將在 6,200 萬至 6,600 萬美元之間。我們也預期 Secure Comms 的 EBITDA 將在正 400 萬美元至正 600 萬美元之間。對於物聯網，我們預計本季的營收將在 6,000 萬美元至 6,500 萬美元之間。這意味著我們再次上調全年物聯網收入預期範圍的底線，目前範圍為 2.3 億美元至 2.35 億美元。

For IoT, we expect EBITDA for Q4 to be in the range of $8 million to $10 million. We continue to expect revenue for our licensing business to be approximately $4 million for the fourth fiscal quarter and for EBITDA to be approximately $3 million.

對於物聯網，我們預計第四季的 EBITDA 將在 800 萬美元至 1,000 萬美元之間。我們繼續預期第四財季授權業務收入約 400 萬美元，EBITDA 約為 300 萬美元。

At a total company level, we expect adjusted EBITDA from continuing operations for Q4 to be in the range of positive $10 million to positive $20 million, meaning we expect BlackBerry, on a continuing basis, that is excluding Cylance, to generate between $60 million and $70 million of EBITDA this fiscal year. This is a significant shift in the profitability of this company.

從整個公司層面來看，我們預計第四季度持續經營業務的調整後EBITDA 將在正1000 萬美元至正2000 萬美元之間，這意味著我們預計黑莓在持續的基礎上（不包括Cylance）將產生6,000 萬美元至本財年的 EBITDA 為 7,000 萬美元。這是該公司獲利能力的重大轉變。

For non-GAAP EPS, which will include discontinued operations, we expect it to be between minus one cent to plus one cent in the fourth quarter. Finally, we expect a further sequential improvement in operating cash flow for Q4.

對於非 GAAP EPS（包括已停止經營的業務）我們預計第四季度的每股盈餘將在負一美分到正一美分之間。最後，我們預期第四季的經營現金流將進一步連續改善。

And with that, let me now turn the call back to John.

說完這些，我現在把電話轉回給約翰。

Thanks for the summary, Tim. Now, before we move to Q&A, let me quickly summarize the key takeaways for this past quarter. Q3, as I said before, was an inflection point for BlackBerry. The announced sale of Cylance to Arctic Wolf will provide a true win-win for stakeholders, including providing BlackBerry with a rapid path to increasing profitability and cash flow generation.

謝謝你的總結，提姆。現在，在我們進入問答環節之前，讓我快速總結一下過去一個季度的關鍵要點。正如我之前所說，第三季是黑莓的轉捩點。宣布將 Cylance 出售給 Arctic Wolf 將為利益相關者帶來真正的雙贏，包括為黑莓提供一條快速提高盈利能力和現金流的途徑。

Even including Cylance, this past quarter BlackBerry achieved profitability and positive cash flow ahead of expectations. This was powered in part by revenue for both IoT and the cybersecurity division exceeding the top end of our guidance range.

即使包括 Cylance，黑莓上個季度的獲利能力和正現金流也超出了預期。部分原因是物聯網和網路安全部門的收入都超出了我們的預期範圍的最高限。

Standing back from this, we see that this past quarter all three engines were profitable. Cyber generated $8 million of EBITDA and excluding Cylance, Secure Communications generated $22 million. IoT generated $18 million and our licensing business contributed a further $6 million.

回顧一下，我們看到過去一個季度所有三款引擎均實現了盈利。 Cyber​​ 的 EBITDA 為 800 萬美元，而除 Cylance 外，Secure Communications 的 EBITDA 為 2,200 萬美元。物聯網創造了 1,800 萬美元的收入，我們的授權業務又貢獻了 600 萬美元。

I'm excited about the tremendous progress that we've made the past year here at BlackBerry and about the path that we've charted ahead.

我對黑莓過去一年的巨大進步以及我們未來規劃的道路感到非常興奮。

So now, why don't we move to Q&A, and Alicia, maybe you can open up the lines.

那麼現在，我們何不進入問答環節，艾莉西亞，也許你可以打開話題。

(Operator Instructions) Todd Coupland, CIBC.

(操作員指示) Todd Coupland，CIBC。

Appreciate the additional disclosure. I was wondering if you could -- This is a small adjustment question. The EBITDA by segment and for the guide, is that ex corporate costs? That'd be the first question. And then my follow-up is just give us a bridge to what is very strong segmented EBITDA in Q3 and then the sequential step down on EBITDA with more or less flat revenue sequentially. Just talk us through that. Thanks a lot.

感謝您的補充披露。我想知道您是否可以——這是一個小的調整問題。按部門劃分的 EBITDA，作為指南，是扣除公司成本後的資料嗎？這是第一個問題。然後我的後續問題是，為我們提供一個橋樑，讓我們了解第三季非常強勁的分部 EBITDA，然後是 EBITDA 的連續下降，收入連續或多或少持平。就跟我們講講這個吧。多謝。

Yes, hi Todd. Always nice to hear from you. So, the first part of the question -- well, I'll take the second part. So, the second part is really a function of mix. Mix is the main driver there. So, as I mentioned in my prepared remarks, This was a strong quarter for licensing revenue for the Secusmart business, which is a very strong margin. In Q4, we see that mix shifting more towards some of the hardware components, which is just at a lower margin.

是的，嗨，托德。很高興收到您的來信。那麼，問題的第一部分——好吧，我將回答第二部分。因此，第二部分實際上是混合的功能。 Mix 是其中的主要驅動力。因此，正如我在準備好的發言中提到的那樣，這是 Secusmart 業務授權收入強勁的一個季度，利潤率非常高。在第四季度，我們發現產品組合更多地轉向一些硬體組件，但利潤率較低。

On the QNX side, we had some strong royalties this time round. Next time, we see that being a little bit more of a regular mix. You know that from quarter to quarter, there can be some shifts, particularly around development seat licenses, where that goes up and down. And finally, on the QNX side, we're continuing to invest. So one of the things we said at our investor day was that pending this transaction, which we've managed to achieve much quicker potentially than some might have expected. We would focus our attention the growth opportunities that we have for the QNX business. So we're, we're actively increasing headcount and expense in our R&D and sales and marketing functions on that side.

在 QNX 方面，我們這次獲得了豐厚的版稅。下次，我們會看到它是一種更常規的混合。您知道，從一個季度到另一個季度，可能會有一些變化，特別是在開發席位許可證方面，它會有所上升和下降。最後，在 QNX 方面，我們將繼續投資。因此，我們在投資者日上說過的一件事是，在完成這筆交易之前，我們可能會比一些人預期的更快完成這筆交易。我們將重點關注 QNX 業務的成長機會。因此，我們正在積極增加研發、銷售和行銷部門的員工數量和開支。

Well, I was just going to say if you could just clean up these segmented results, at the Analyst Day you gave pre-corporate overhead EBITDA. Is this pre- or post-corporate overhead?

好吧，我只是想說，如果你可以清理這些分段結果，在分析師日你給了公司管理費用前 EBITDA。這是公司管理費用前還是公司管理費用後？

Thanks a lot. Yeah, so when we look at the segments, the three segments of IoT, secure comms, and licensing, then you also have corporate. You can find that in the reconciliation I think it was around about $9 million this quarter, but it doesn't show as a standalone segment. That's really just an accounting thing. So you need to add that into the other components to get to the total for the company. Does that make sense?

多謝。是的，所以當我們看一下這些部分，物聯網、安全通訊和許可這三個部分時，你也會看到企業。您可以在對帳中發現，我認為本季的金額約為 900 萬美元，但它並未顯示為獨立部分。這其實只是一件會計事情。因此，您需要將其添加到其他組件中以得出公司的總數。這樣有道理嗎？

That does. Thanks a lot.

確實如此。多謝。

Of course.

當然。

Luke Junk, Baird.

盧克瓊克，貝爾德。

John, maybe if I could start just with a higher-level question and your preliminary thinking just with priorities. Assuming the Cylance deal closes, what you're going to do with that consideration? Just allocation between strengthening the balance sheet and investing back into the business, maybe leaning into some of the things that Tim mentioned relative to QNX especially. Thank you.

約翰，也許我可以先從一個更高層次的問題開始，然後談談你對優先事項的初步想法。假設 Cylance 交易完成，您將如何處理該考慮？只是在加強資產負債表和重新投資業務之間進行分配，也許傾向於 Tim 提到的與 QNX 相關的一些事情。謝謝。

Luke, it's great to get this kind of question again because I guess this time last year we were in a little bit of a different position. So being able to talk about where we would utilize or deploy some of this capital, that's something that's definitely on our minds.

盧克，很高興再次收到這樣的問題，因為我猜去年這個時候我們的處境有點不同。因此，能夠談論我們將如何利用或部署這些資本，這絕對是我們正在考慮的事情。

As you mentioned, first things first, let's get this thing to closing. We think there's a really good strong path there. The relationship and the dynamics with Arctic Wolf has been excellent. So we're going to work diligently to kind of get to the finish line on the closing of that.

正如你所提到的，首先，讓我們把這件事結束吧。我們認為那裡有一條非常好的堅實道路。與 Arctic Wolf 的關係和動態一直都非常好。因此，我們將勤奮努力，盡快完成這項工作。

And then from there, we'll take a look at all the different options, as you mentioned, like strengthening the balance sheet is something that, from a conservative perspective, we love to do. But at the same time, deploying capital to drive growth to drive more earnings, to drive more shareholder value. We're going to be exploring those kinds of opportunities as well.

然後從那裡開始，我們會研究所有不同的選擇，正如你所提到的，例如從保守的角度來看，加強資產負債表是我們喜歡做的事情。但同時，部署資本來推動成長，帶來更多收益，帶來更多股東價值。我們也將探索此類機會。

Most likely short term, I would say, kind of organically, through, as Tim mentioned, we still think there's tremendous growth opportunities in IoT. We're going to make sure that we're placing the right bets to drive and propel that business forward. AT some point, I would say more longer term, For sure. I think we take a look at things like a little small tuck in M&A that gives us better scale in the IoT space.

我想說，短期內最有可能的是，有點有機地，正如提姆所提到的，我們仍然認為物聯網有巨大的成長機會。我們將確保採取正確的行動來推動和推進該業務向前發展。在某個時候，我會說更長遠的觀點，這是肯定的。我認為，我們應該考慮一些小型的併購活動，這樣我們才能在物聯網領域取得更好的規模。

And finally, I think there's always a consideration that we have to have with the Board on -- When we look at the stock price where it is today, is buybacks a good utilization of some of that capital?

最後，我認為我們必須與董事會一起考慮——當我們看看今天的股價時，回購是否是對部分資本的良好利用？

So those are the things that once we get the Arctic Wolf transaction over the line, that's on our mind right now. And as we come to some more firmer decisions, both me and Tim, in consultation with our Board, we'll certainly be disclosing and communicating with all of you.

所以，一旦我們完成了 Arctic Wolf 交易，這些就是我們現在考慮的事情。當我們做出更堅定的決定時，我和提姆都會與董事會協商，我們一定會向大家揭露並溝通。

Thanks for that, John. That was really helpful. Maybe for my follow-up, just for Tim, you mentioned in the remarks that strength was predominantly driven in QNX by royalties this quarter, in terms of the margin flow-through, but also some seat license in there. Can you just level-set us on where mix in QNX is across the major revenue streams, kind of on a run rate basis right now? And maybe give us some high-level thoughts as to the moving parts into fiscal '26.

謝謝你，約翰。這確實很有幫助。也許對於我的後續問題，僅針對蒂姆，您在評論中提到，本季 QNX 的強勁表​​現主要由特許權使用費推動，就利潤流轉而言，但也有一些席位許可。您能否根據目前的運作率，為我們說明 QNX 在主要收入來源的比例？也許您可以提供我們一些關於 26 財年動態的高層想法。

Yeah, great question. So I think I've given you that kind of shorthand cheat sheet answer of 20% dev, 20% services and 60% royalties. That mix shifts around from quarter to quarter, particularly with the dev seat piece being the main wildcard. And as we've discussed before, there's been some challenges in terms of getting design programs up and running at OEM. So as things kind of come back in and go back out, there can be some up and down.

是的，很好的問題。所以我想我已經給了你一個簡寫的答案：20％ 開發、20％ 服務和 60％ 版稅。這種組合在每個季度都會發生變化，特別是開發者席位部分是主要的不確定因素。正如我們之前討論過的，在 OEM 上啟動和運行設計程式方面存在一些挑戰。因此，當事物回升和回落時，可能會出現一些起伏。

I'd say generally speaking, overall, we're still kind of tracking broadly to where we've mentioned in the long run. But yeah, just from quarter to quarter, it can be a little bit flexible.

我想說，一般來說，總體而言，我們仍然在大致追蹤我們長期提到的目標。但是是的，從一個季度到另一個季度，它可以有一點彈性。

Going into the new year, we're hopeful. I mean, it's still a challenging backdrop out there, but OEMs do have to get their arms around some of these challenges eventually. And when it does, we hope to see an uptick in the Dev C revenue, which has been a bit challenged this fiscal year. But then ultimately, we'll start to see some of these richer designs that we've been winning over the last few years come into the number and come out of our backlog. I think we're in a good place going forward, but right now, obviously, there's still some challenges.

邁入新的一年，我們充滿希望。我的意思是，這仍然是一個充滿挑戰的背景，但 OEM 最終必須應對其中的一些挑戰。當它實現時，我們希望看到 Dev C 收入上升，這在本財年面臨一些挑戰。但最終，我們將開始看到過去幾年中贏得的一些更豐富的設計進入我們的視野並從積壓訂單中脫穎而出。我認為我們未來的發展前景良好，但目前顯然仍面臨一些挑戰。

Got it. I'll leave it there. Thank you.

知道了。我就把它留在那裡。謝謝。

Thanks, Luke.

謝謝，盧克。

Kingsley Crane, Canaccord Genuity.

金斯利‧克蘭 (Kingsley Crane)，Canaccord Genuity。

95% DBNR for secure comms. Can you talk about how you felt that segment performed in the quarter, now that that's an independent segment, like how that DBNR trended, and then where we should expect it's going to move forward?

95% DBNR 用於安全通訊。能否談談您認為該部門在本季度的表現如何（既然它現在是一個獨立的部門），例如 DBNR 的趨勢如何，以及我們應該預期它未來會如何發展？

Thanks. Yeah, good question, Kingsley. We're really pleased to see it move in that direction. As I'm sure you know, it's been a number that we've been working really hard at to try to stabilize, and now it's nice to see it generate some growth out of it.

謝謝。是的，金斯利，這個問題問得好。我們非常高興看到它朝著這個方向發展。我相信你知道，我們一直在努力穩定這個數字，現在很高興看到它取得了一些成長。

Across the board, I would say all the products within Secure Comms pretty much contributed, mostly It was a strong, very resilient UEM quarter with some nice government renewals. A couple of big banks not only renewed but added some licenses. So I think that was helpful in this particular quarter.

總體而言，我想說 Secure Comms 內的所有產品都做出了很大貢獻，主要是這是一個強勁、非常有彈性的 UEM 季度，有一些不錯的政府更新。幾家大銀行不僅續簽了許可證，還增加了一些許可證。所以我認為這對本季來說是有幫助的。

The AtHoc business tends to run pretty well. I would say that they're probably our best-in-class, strongest renewal rates, ARR, DBNRR. So I think we're always trying to target that between 95% and ambitiously or aspirationally, how do we get it to 100%-plus, but there can be some fluctuations quarter to quarter.

AtHoc 的業務運作得相當不錯。我想說它們可能是我們同類產品中最好的、最強勁的續約率、ARR 和 DBNRR。因此，我認為我們始終試圖將這一目標定在 95% 之間，或者更雄心勃勃或有抱負地將這一目標定在 100% 以上，但每個季度可能會有一些波動。

This is -- so I wouldn't be that surprised if we did have one quarter, it dropped a couple of points and then in another quarter, maybe it goes up a couple of points closer to 100%. So a little bit of volatility in there, but I think what you'll find is it's going to be much more stable than it was with the Cylance -- without the Cylance business, because that drove a lot of volatility. And I think you'll probably see a much stronger performance around that going forward.

因此，如果我們在某個季度下降了幾點，而在另一個季度可能上升了幾點並接近 100%，我不會感到驚訝。因此其中存在一些波動，但我認為你會發現它會比有 Cylance 時穩定得多——沒有 Cylance 業務時，因為這會帶來很大的波動。我認為，未來您可能會看到更強勁的表現。

Thanks, John. That's really helpful. And then for AtHoc, that's in process for achieving (inaudible) I'm curious, do you think that's going to be meaningful unlock? And then how do you think about the timing of that being finished for potentially the next fiscal 3Q?

謝謝，約翰。這真的很有幫助。然後對於 AtHoc，正在實現（聽不清楚）我很好奇，您認為這將是有意義的解鎖嗎？那麼您認為這項計畫將於下一財年第三季完成嗎？

Yeah, it's my guess is -- to be honest, the heavy lifting is done at this point. We've done a lot of the-- all the configurations, the product, the networking investments, the big documentation component associated with FedRAMP [high]. So a lot of that, now it's a matter of filing, going through the government's process, getting them to give us their checkmark.

是的，這是我的猜測——老實說，此時繁重的工作已經完成了。我們已經做了很多工作——所有配置、產品、網路投資、與 FedRAMP 相關的大型文件組件 [高]。所以現在很多事情都需要提交文件，經過政府的審批，然後得到政府的批准。

I'd love for it to be by the end of Q4, but if I had to guess, it's probably something that'll linger on, especially right now with all the things that are going on with the government. Things seem to be moving a little bit more slowly, but I do think it'll open up some opportunities, but I think even more so, it's going to really strengthen our existing position because it will lock out a lot of competitors, because to get to this level, you got to have a lot of staying power, a lot of investment, a lot of process. And I think that's really going to secure our existing footprint and I think opportunistically open up some new ones.

我希望它能在第四季末實現，但如果我必須猜測的話，它可能會持續下去，尤其是現在政府正在發生的所有事情。事情似乎進展得有點慢，但我確實認為它會帶來一些機會，但更重要的是，它將真正加強我們現有的地位，因為它將鎖定很多競爭對手，因為要達到這個水平，你必須擁有強大的持久力、大量的投入和大量的流程。我認為這確實會鞏固我們現有的足跡，我認為這會抓住機會開闢一些新的足跡。

That's helpful. Thank you.

這很有幫助。謝謝。

Paul Treiber, RBC Capital Markets.

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

A question on the Secure Comm's ARR growth in the quarter. I think I heard up 8%. It sounds like a good number. How has that been tracking over the last several quarters and has there been variability in that number from quarter to quarter?

關於本季 Secure Comm 的 ARR 成長的問題。我認為我聽到的是 8%。這聽起來是個不錯的數字。過去幾季的情況如何？

Yeah, I'll take that one. So, it's been tracking up, in actual fact. So, obviously, we've been pleased that cyber has been largely stable, but if you take ex Cylance, actually, the trend line is up. Occasionally, it goes down one or two, but it's been trending up.

是的，我會選擇這個。因此，事實上，它一直在追蹤。因此，顯然，我們很高興看到網路狀況基本上穩定，但如果以 Cylance 為例，實際上趨勢線是上升的。偶爾，它會下降一兩位，但一直呈上升趨勢。

That's helpful. And the follow-up is, just in regards to Q4 guidance for secure comms, how do we think about what it implies for the year-over-year growth in Q4? I mean, we see sequentially, but you do have that tough comp in Q3. Just trying to understand the year-over-year growth in that business.

這很有幫助。後續問題是，關於第四季安全通訊指引，我們如何看待它對第四季同比成長意味著什麼？我的意思是，我們按順序看到，但是你在第三季度確實遇到了困難。只是想了解該業務的年成長情況。

Yeah, so I think it's going to be a little bit down because of the Q3 compare, because we obviously had a significant amount of revenue relating to the Malaysia deal in Q3, particularly on the Secusmart side of the house.

是的，所以我認為與第三季相比，收入會略有下降，因為我們在第三季顯然獲得了與馬來西亞交易相關的大量收入，尤其是在 Secusmart 方面。

But if you control for that, I think this is a fairly stable business year on year. Certainly, it's a lot more stable than it was as the cybersecurity division.

但如果你控制這一點，我認為這是一項逐年相當穩定的業務。當然，它比網路安全部門穩定得多。

Ultimately, as we've kind of pointed out at Investor Day, we see this as a stable business that's generating a decent profit margin this quarter. Obviously, there was a couple of things in there that helped, but it was 30% EBITDA margin this quarter. So, we see the QNX cyberhouse as being really the growth engine for BlackBerry There are opportunities in Secure Comms, particularly as the [laptop] and Secusmart business. But we don't see this as a huge grower. It's more stable.

最終，正如我們在投資者日指出的那樣，我們認為這是一項穩定的業務，本季將產生可觀的利潤率。顯然，其中有幾項因素起到了幫助作用，但本季的 EBITDA 利潤率達到了 30%。因此，我們認為 QNX cyberhouse 確實是黑莓的成長引擎。但我們並不認為其成長潛力巨大。它更穩定。

John, anything you want to add to that?

約翰，你還有什麼要補充嗎？

I think that's right. I think it's more of a stability type. One thing I would say relates to ARR on Secure Comms. We are increasingly -- when we introduced the software-only product of Secusmart, that now, the business model with that is more of a subscription-based. So -- and which will drive a -- I think it'll -- historically, it was more perpetual. We sold it with a device. It was a very complex, so we'd have these big lumpy swings because we were a device.

我認為那是對的。我認為它更像是一種穩定類型。我想說的一件事與安全通訊的 ARR 有關。當我們推出純軟體產品 Secusmart 時，我們越來越多地採用基於訂閱的商業模式。所以 — — 而這將推動 — — 我認為 — — 從歷史上看，它是更持久的。我們把它和一種設備一起出售。它非常複雜，所以我們會出現這些大的波動，因為我們是一個設備。

I think over time, as we adopt more and migrate more of our customers over to the software version as we grow our business outside of Germany, which historically has been a more hardware-centric type of customer. We think that's a good kind of trajectory for us to stabilize and even grow that on a going-forward basis. We'll update you on that as we go forward, but that's a fairly new phenomenon as we introduce the software version of Secusmart and that providing some more ARR stability.

我認為隨著時間的推移，隨著我們的業務在德國以外地區不斷發展，我們採用越來越多的軟體版本並將其遷移到更多的客戶，而德國歷來都是以硬體為中心的客戶類型。我們認為這對我們來說是一種很好的軌跡，能夠讓我們在未來保持穩定甚至成長。我們會在後續更新中向您通報這一情況，但這是一個相當新的現象，因為我們推出了 Secusmart 軟體版本，並且提供了更多的 ARR 穩定性。

Thanks for the color there. I'll pass the line.

感謝那裡的色彩。我會通過這條線。

Daniel Chan, TD Cowen.

丹尼爾陳（Daniel Chan），TD Cowen 公司。

You mentioned that IoT strength this quarter was partly driven by higher royalties. How do we reconcile the royalty strength relative to the weak macro backdrop?

您提到本季物聯網的強勁表現部分得益於更高的專利費。我們如何協調特許權使用費的強勢與疲軟的宏觀背景？

Yeah, maybe I'll start on this one, John, and feel free to chime in. Ultimately, the narrative that we have for the growth in QNX is not really dependent on the SAR, the number of vehicles produced, as much as it is content per vehicle. Directionally, we don't necessarily need to see a growing SAR in order for QNX to grow. Directionally, there's a content piece that comes into that, Dan.

是的，約翰，也許我會從這個開始，歡迎大家加入討論。從方向來看，我們不一定需要看到 SAR 不斷成長才能推動 QNX 成長。從方向上看，有一個內容片段包含其中，丹。

That's helpful, thanks. And then on Cylance, you mentioned that you guys are keeping the tax losses there. How much tax losses do you get to keep and what's the opportunity to use those now that you're profitable?

這很有幫助，謝謝。然後在 Cylance 上，你們提到你們將稅收損失保留在那裡。您可以保留多少稅收損失？

Oh, it's significant. It's well into the hundreds of millions. So, ultimately, that provides a significant shelter for profits that we hope to make in our US businesses. For us, we see significant value to that, so we're really pleased that we continue to maintain those losses.

噢，這很重要。這個數字已經達到數億了。因此，最終，這為我們希望在美國業務中獲得的利潤提供了重要的保障。對我們來說，我們看到了它的重要價值，因此我們很高興能夠繼續維持這些損失。

Thank you. I would now like to turn the call back over to John Giamatteo, CEO of BlackBerry, for closing remarks.

謝謝。現在我想將電話轉回給黑莓執行長約翰·賈馬特奧 (John Giamatteo)，請他作最後發言。

Very good. Thanks, Alicia. So before we end today's call, I'd just like to let everybody know that our BlackBerry QNX team will be participating at CES in Las Vegas from Tuesday, January 7, to Friday, January 10, at booth 4224 in the West Hall. This is always a great opportunity to catch up with the latest developments for the QNX business and see how strong we're positioned not only within the auto industry but also other opportunities as well. So really encourage any of you that can make it to stop by the booth and visit us down in Vegas in January.

非常好。謝謝，艾莉西亞。因此，在我們結束今天的電話會議之前，我想讓大家知道，我們的BlackBerry QNX 團隊將於1 月7 日星期二至1 月10 日星期五參加在拉斯維加斯舉行的CES，展位位於西廳4224。這始終是一個了解 QNX 業務最新發展並了解我們不僅在汽車行業而且在其他機會領域的實力的絕佳機會。因此，我們真誠地鼓勵任何有空的人在 1 月到我們的展位前來參觀我們，並來拉斯維加斯參觀我們。

And with that, why don't I conclude by just thanking everybody for joining today. We hope we hope you all have a great holiday season and look forward to talking to you next time. Bye for now.

最後，我要感謝大家今天的參與。我們希望你們都度過一個愉快的假期，並期待下次與你們交談。暫時再見。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。