BlackBerry Ltd (BB) 2025 Q4 法說會逐字稿

Good morning and welcome to the BlackBerry fourth-quarter and fiscal year 2025 results conference call.

早安，歡迎參加黑莓第四季和2025財年業績電話會議。

My name is Rob and I'll be your conference moderator for today's call.

我叫羅布，我將擔任今天電話會議的主持人。

(Operator Instructions)

（操作員指令）

As a reminder, this conference is being recorded for replay purposes.

提醒一下，本次會議正在錄音以供重播。

I would now like to turn today's call over to Martha Gonder, Director of Investor Relations, BlackBerry.

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。

Please go ahead.

請繼續。

Thank you, Rob.

謝謝你，羅布。

Good morning, everyone and welcome to BlackBerry's fourth-quarter and full fiscal year 2025 earnings conference call.

大家早安，歡迎參加黑莓第四季和2025財年全年財報電話會議。

Joining me on today's call is BlackBerry's Chief Executive Officer, John Giamatteo; and Chief Financial Officer, Tim Foote.

參加今天電話會議的還有黑莓執行長 John Giamatteo；也是財務長 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. This call is available to the general public via call-in numbers and via webcast in the Investor Information section at blackberry.com. A replay will also be available on the blackberry.com website. Some of the statements we'll be making today constitute forward-looking statements and are made pursuant to the safe harbor provisions of applicable US and Canadian securities laws. We'll indicate forward-looking statements by using words such as expect, will, should, model, intend, believe and similar expressions. Forward-looking statements are based on estimates and assumptions made by the company in light of its experience and its perception of historical trends, current conditions, and expected future developments, as well as other factors that the company believes are relevant. Many factors could cause the company's actual results or performance to differ materially from those expressed or implied by the forward-looking statements. These factors include the risk factors that are discussed in the company's annual filings and MD&A. You should not place undue reliance on the company's forward-looking statements. Any forward-looking statements are made only as of today, and the company has no intention and undertakes no obligation to update or revise any of them except as required by law. As customary, during the call, John and Tim will reference non-GAAP numbers in their summary of 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. Additionally, unless otherwise noted, the numbers John and Tim reverence will be for continuing operations only. That is excluding the results of Cylance business, which are included within discontinued operations.

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。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。我們今天所做的一些聲明構成前瞻性聲明，並且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。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。您不應過度依賴該公司的前瞻性陳述。任何前瞻性陳述僅截至今日作出，除法律要求外，本公司無意且不承擔更新或修改任何前瞻性陳述的義務。按照慣例，在電話會議中，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 數據的對照表，請參閱今天早些時候發布的收益新聞稿，該新聞稿可在 EDGAR、SEDAR+ 和 blackberry.com 網站上找到。此外，除非另有說明，約翰和蒂姆崇敬的數字僅適用於持續營運。這不包括 Cylance 業務的業績，該業務包含在已停止經營的業務中。

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 another significant step forward in what was a transformative year for BlackBerry. We closed the win-win transaction with Arctic Wolf for the sale of Cylance, and through solid execution by the team, we finished the year with another strong quarter that beat expectations across the board.

謝謝，瑪莎，也謝謝大家參加今天的電話會議。過去一個季度是黑莓轉型之年，標誌著黑莓又邁出了重要一步。我們與 Arctic Wolf 就 Cylance 的出售達成了雙贏交易，並且透過團隊的穩健執行，我們以又一個強勁的季度結束了這一財年，全面超出了預期。

Total company revenues beat the top end of our guidance range at $141.7 million. Revenue for the QNX division beat guidance at $65.8 million. Likewise, the Secure Communications division finished the year strongly, also beating the top end of guidance at $67.3 million.

公司總收入超過了我們預期範圍的最高值 1.417 億美元。QNX 部門的收入超過預期，達到 6,580 萬美元。同樣，安全通訊部門也以強勁的勢頭結束了這一年度，其營收也超過了預期的最高水平，達到 6,730 萬美元。

And finally, Licensing had a better than expected quarter as well, feeding guidance at $8.6 million. In terms of profitability, BlackBerry beat guidance for adjusted EBITDA, coming in at $21.1 million, and EPS, which includes discontinued operations for both the fourth quarter and the full fiscal year 2025 beat guidance and the expectations at positive $0.03 and positive $0.02 respectively.

最後，許可業務本季的表現也優於預期，預計收入達 860 萬美元。在獲利能力方面，黑莓調整後的 EBITDA 達到 2,110 萬美元，超出預期；每股盈餘（包括第四季和 2025 財年全年的停止營運）分別超出預期，為正 0.03 美元和正 0.02 美元。

Then finally, BlackBerry's cash performance also beat expectations. Total cash and investments increased by $144 million, driven by a significant increase in operating cash flow to $42 million and the collection of the initial tranche of cash from the Cylance deal of approximately $80 million.

最後，黑莓的現金表現也超出了預期。總現金和投資增加了 1.44 億美元，這得益於經營現金流大幅增加至 4,200 萬美元，以及從 Cylance 交易中收取了約 8,000 萬美元的首筆現金。

As I mentioned, at the start of February, we closed the Cylance transaction with Arctic Wolf. Last summer, the new management team performed a deep dive into BlackBerry's various businesses. And once we identify the financial challenges that Cylance was presenting to the cybersecurity division, and with it, BlackBerry as a whole, we moved quickly to find a solution.

正如我所提到的，二月初，我們與 Arctic Wolf 完成了 Cylance 交易。去年夏天，新的管理團隊對黑莓的各項業務進行了深入研究。一旦我們確定了 Cylance 對網路安全部門以及整個 BlackBerry 帶來的財務挑戰，我們就會迅速採取行動尋找解決方案。

I'm very proud of the team's hard work that made this deal happen and close so quickly. At close, BlackBerry received approximately $80 million of cash and 5.5 million common shares. Additionally, BlackBerry retained its pioneering AI, ML endpoint security patents, as well as tax losses that we expect will provide a significant shield for future profits generated by our US entities.

我為團隊的辛勤工作感到非常自豪，正是他們的努力使得這筆交易得以如此迅速地達成和完成。收盤時，黑莓獲得約8,000萬美元現金和550萬股普通股。此外，黑莓保留了其開創性的 AI、ML 端點安全專利以及稅收損失，我們預計這些將為我們美國實體未來產生的利潤提供重要的保護。

We were delighted that so many of our colleagues in the Cylance business were able to find a new home at Arctic Wolf as part of the transaction. With the deal successfully closed, we've switched our focus to fiscal year 2026 and beyond.

我們非常高興，作為交易的一部分，Cylance 業務的許多同事能夠在 Arctic Wolf 找到新歸宿。隨著交易的成功完成，我們將重點轉向 2026 財年及以後。

We performed a thorough review of all aspects of the cost structure in our new secure communications division that includes UEM, AtHoc and Secusmart. This review aimed at refocusing the business more clearly on addressing its narrower, more common customer base, optimizing our cost structure in the process.

我們對新安全通訊部門（包括 UEM、AtHoc 和 Secusmart）的成本結構的各個方面進行了徹底的審查。這次審查的目的是使業務重點更加明確，更加專注於更窄、更常見的客戶群，從而優化我們的成本結構。

The cost reduction actions in the past quarter build on others that we've executed over the past year. When we began this process, we said our target was to remove approximately $150 million of cost from our run rate, and I'm delighted to report that we've now exceeded that goal.

上個季度的成本削減措施建立在我們過去一年實施的措施的基礎之上。當我們開始這個過程時，我們說我們的目標是從我們的運行率中消除約 1.5 億美元的成本，我很高興地報告，我們現在已經超出了這個目標。

As a result of this hard work, BlackBerry's profitability has transformed. Total company adjusted EBITDA was $39.3 million for the year when including Cylance, a $54 million improvement year over year when controlling for the patent sale in early fiscal year 2024.

經過這些努力，黑莓的獲利能力已經發生轉變。如果包括 Cylance，則公司全年調整後 EBITDA 總額為 3,930 萬美元；如果控制 2,024 財年初的專利銷售，則年增 5,400 萬美元。

Let me now go into further detail at the divisional level. Earlier this week, QNX celebrated its 45th anniversary. QNX's leadership position in safety critical foundational software cannot be replicated overnight.

現在讓我進一步詳細闡述部門層級的情況。本週早些時候，QNX 慶祝了成立 45 週年。QNX 在安全關鍵基礎軟體領域的領導地位無法在一夜之間複製。

Instead, it has taken decades of working with the biggest names in the auto industry and beyond to establish the competitive mode that this business enjoys today. Notwithstanding the various challenges for the auto industry, the largest market sector for QNX, the team continued to drive results throughout 2025 and finished the year with Q4 revenue beating expectations at $65.8 million.

相反，它花了幾十年的時間與汽車行業及其他領域的知名企業合作，才建立瞭如今的競爭模式。儘管汽車產業（QNX 最大的市場領域）面臨各種挑戰，但該團隊在 2025 年繼續推動業績，並在年底時以第四季度收入超過預期的 6,580 萬美元結束了這一財年。

Royalty revenue continued to be strong in Q4, albeit slightly lower sequentially offset by the strongest quarter of the year for development seat revenue while services remained relatively constant. Despite the delay in software development across automotive that have deferred both the start of existing and the award of new designs, QNX royalty backlog grew yet again, year over year to approximately $865 million.

第四季度特許權使用費收入繼續保持強勁，儘管環比略有下降，但被今年最強勁的開發席位收入所抵消，而服務收入保持相對穩定。儘管汽車軟體開發的延遲，推遲了現有設計的啟動和新設計的授予，但 QNX 專利使用費積壓再次增長，同比增長至約 8.65 億美元。

The growth in backlog demonstrates that QNX continues to add future expected royalty revenue from new designs at a faster rate that is currently recognizing in the P&L. We believe this is a solid indicator of ongoing future health of this business.

積壓訂單的成長表明 QNX 將繼續以更快的速度增加來自新設計的未來預期特許權使用費收入，目前該收入已計入損益表。我們相信這是該業務未來持續健康發展的可靠指標。

During the quarter, we continue to demonstrate our leadership in automotive by securing design wins with a number of leading OEMs and Tier 1 suppliers, primarily for ADAS and cockpit domain controllers. QNX is powered by strong multi-year secular tailwinds.

在本季度，我們繼續展示我們在汽車領域的領導地位，與多家領先的 OEM 和一級供應商達成設計合作，主要用於 ADAS 和駕駛艙域控制器。QNX 受到多年長期強勁順風的推動。

We continue to invest in the business to capture these opportunities. This includes both driving go-to-market penetration, particularly in verticals adjacent to automotive, and bringing exciting new products to market that our broad customer base is asking for.

我們將繼續投資業務以抓住這些機會。這包括推動市場滲透，特別是在與汽車相鄰的垂直領域，以及將廣大客戶群所要求的令人興奮的新產品推向市場。

Our next generation version of the QNX platform, SDP 8.0, and our cloud-based digital cockpit development solution, QNX Cabin, are two of these products, and both are gaining traction in the market. Another top 10 global auto OEM made a multi-year commitment to the QNX Cabin solution, building on wins with similar industry leaders in the prior two quarters.

我們的新一代版本 QNX 平台 SDP 8.0 和基於雲端的數位駕駛艙開發解決方案 QNX Cabin 就是其中兩種產品，它們都在市場上獲得青睞。另一家全球十大汽車原始設備製造商對 QNX Cabin 解決方案做出了多年承諾，並在前兩個季度與同類行業領導者取得勝利的基礎上再接再厲。

SDP 8.0 is also building momentum with significant progress across Q4, across automotive, medical, industrial, rail, and robotic verticals. As mentioned, we see significant opportunities outside of automotive. The QNX codebase used in medical, industrial, and other general embedded applications is almost identical to that in automotive, meaning that we can truly leverage our technology investments across a broader addressable market.

SDP 8.0 也在第四季度在汽車、醫療、工業、鐵路和機器人垂直領域取得了重大進展，發展勢頭強勁。如上所述，我們看到了汽車產業以外的重大機會。醫療、工業和其他通用嵌入式應用中使用的 QNX 程式碼庫與汽車領域的程式碼庫幾乎相同，這意味著我們可以真正地在更廣泛的潛在市場上利用我們的技術投資。

To help drive this growth, we recently launched the QNX general embedded development platform designed to accelerate the time to market for high performance, scalable, and secure embedded systems. We are also building out our team, adding sales professionals to drive this go-to-market push.

為了推動這一成長，我們最近推出了 QNX 通用嵌入式開發平台，旨在加快高效能、可擴展且安全的嵌入式系統的上市時間。我們也正在擴充我們的團隊，增加銷售專業人員來推動這項市場推廣活動。

This past quarter, we secured several new logo design wins with customers and medical equipment, rail, and aerospace and defense. QNX is a leading brand in automotive, and BlackBerry is very much leaning into this brand as part of our efforts to drive top line growth in fiscal year '26 and beyond.

過去一個季度，我們贏得了客戶、醫療設備、鐵路、航空航太和國防領域的多項新標誌設計大獎。QNX 是汽車領域的領導品牌，黑莓非常依賴這個品牌，這是我們在 26 財年及以後推動營收成長的努力的一部分。

Going forward, the IoT division will now be referred to as QNX, more clearly reflecting the key driver within it. There was no better place to lead with the brand than at the CES trade show in Las Vegas, and the team did a magnificent job in making QNX shine with the booth sporting the bold new color scheme.

展望未來，物聯網部門將被稱為 QNX，以更清楚反映其中的關鍵驅動因素。沒有比拉斯維加斯的 CES 貿易展更好的地方來展示該品牌了，該團隊透過採用大膽的新配色方案的展位，讓 QNX 大放異彩，做得非常出色。

We also showcased new product developments centered around helping customers shorten and simplify cycle and time to market. In particular, we highlighted the expansion of the QNX's vehicle platform. This vehicle OS aims to take the heavy lifting of integrating non-differentiated parts of the software stack off the OEM's plates, leaving them to focus on the application layer that their customers see and interact with.

我們也展示了以幫助客戶縮短和簡化週期和上市時間為中心的新產品開發。我們特別強調了QNX車輛平台的擴充。這款車載作業系統旨在減輕 OEM 廠商在軟體堆疊中整合非差異化部分的繁重工作，讓他們能夠專注於客戶能夠看到並與之互動的應用層。

Leading middleware providers, TTTech and Vector confirmed a multi-year collaboration with BlackBerry on this exciting new platform. We also announced a partnership with Microsoft Azure for SDP 8.0 in the cloud. This expands options for customers that already includes running QNX on AWS.

領先的中介軟體供應商 TTTech 和 Vector 確認將與 BlackBerry 就這個令人興奮的新平台展開多年合作。我們也宣布與 Microsoft Azure 合作在雲端推出 SDP 8.0。這為已經在 AWS 上執行 QNX 的客戶提供擴充選項。

Overall, 2025 was a solid year of progress for QNX in a difficult environment, consistently achieving or beating the top end of guidance throughout the fiscal year and continuing to grow the royalty backlog.

總體而言，2025 年是 QNX 在困難環境中取得堅實進步的一年，在整個財年中持續實現或超過預期最高水平，並繼續增加特許權使用費積壓。

Moving over to secure communications, this was another very solid quarter of execution for the division, despite a significant amount of time by the team that was dedicated to both Arctic Wolf transaction and the review of our cost structure.

轉到安全通訊方面，儘管團隊花費了大量時間專注於 Arctic Wolf 交易和成本結構審查，但這對於該部門來說又是一個執行非常穩健的季度。

Revenue exceeded the top end of guidance at $67.3 million for Q4. In the quarter, UEM secured new business with a number of government agencies, including the US Air Force and a number of multi-year commitments with leading banks and law firms.

第四季營收超出預期最高水平，達到 6,730 萬美元。本季度，UEM 與包括美國空軍在內的多家政府機構達成了新業務，並與多家領先的銀行和律師事務所達成了多年期承諾。

Quarterly revenue for UEM increased sequentially. Year over year revenue for Q4 was down, however, partially as a result of a tough compare in the same quarter the year before as a result of the upfront revenue portion of the large deal with the Malaysian government.

UEM 的季度收入連續增加。然而，第四季度的年收入有所下降，部分原因是由於與馬來西亞政府大筆交易的前期收入部分導致與去年同期相比困難。

Likewise, for the same reason, revenue for UEM for the full fiscal year was slightly lower as well. Speaking of the Malaysian government contract, this past quarter, we were delighted to expand our relationship, signing an extension to our existing deal that increased both the contract length and number of licenses.

同樣，由於同樣的原因，UEM 全年財年的收入也略有下降。說到馬來西亞政府合同，上個季度，我們很高興擴大了我們的合作關係，簽署了現有協議的延期協議，增加了合約期限和許可證數量。

The Malaysian government remains a strong case study for deployment of the full secure communications portfolio and is one we are working to replicate. AtHoc, our critical events management solution, also had a solid quarter and full year, with revenue increasing both year over year in Q4 and for the full fiscal year.

馬來西亞政府仍然是部署全面安全通訊組合的有力案例，我們正在努力複製。我們的關鍵事件管理解決方案 AtHoc 本季和全年表現穩健，第四季和全年營收均較去年同期成長。

This past quarter, we secured expansions and renewals with key US government agencies, including the Department of Homeland Security, US Department of the Treasury, and the US Missile Defense Agency. Secusmart, our military grade encrypted voice and data solution, had a solid fiscal 2025 with revenue increasing year over year.

上個季度，我們與美國主要政府機構達成了擴展和續約協議，包括國土安全部、美國財政部和美國飛彈防禦局。Secusmart 是我們的軍用級加密語音和數據解決方案，在 2025 財年取得了穩健的業績，收入逐年增加。

Given the significant portion of upfront revenue recognition, revenue can vary from quarter to quarter, depending on the timing of new deals, as evidenced by Q4 being sequentially lower. Annual recurring revenue or ARR for secure comms decreased by $7 million or 3% sequentially to $208 million although it was up $6 million or 3% year over year.

由於預付收入確認佔很大一部分，收入可能會因新交易的時間而逐季度變化，第四季度的收入連續下降就是明證。安全通訊的年度經常性收入或 ARR 環比下降 700 萬美元或 3% 至 2.08 億美元，但年增 600 萬美元或 3%。

The dollar-based net retention rate, or DBNRR decreased marginally 2 percentage points sequentially to 93%. But was 2 percentage points higher than in Q4 of the prior year. Particularly pleasing is the continued strength in AtHoc's dollar-based net retention rate, which remains north of 100%.

以美元為基礎的淨留存率（DBNRR）較上季小幅下降2個百分點，至93%。但比去年同期第四季高出2個百分點。尤其令人高興的是，AtHoc 的美元淨留存率持續保持強勁，維持在 100% 以上。

This past fiscal year saw a significant transformation for the secure communication division with both the sale of the Cylance business and significant restructuring to right size the cost structure.

過去一個財年，安全通訊部門經歷了重大轉型，出售了 Cylance 業務並進行了重大重組以合理調整成本結構。

That said, the team has remained laser-focused and delivered a very solid year, with both reliable revenue, significantly improved profitability, and stable underlying metrics. Touching briefly on licensing. Licensing revenue came in above guidance at $8.6 million, driven by a stronger than expected revenue from pre-existing arrangements.

儘管如此，該團隊仍然保持高度專注並取得了非常穩健的一年，既獲得了可靠的收入，又顯著提高了盈利能力並穩定了基礎指標。簡要談一下許可問題。授權收入高於預期，達到 860 萬美元，這得益於先前安排帶來的收入強於預期。

For a year of significant change, I'm pleased that BlackBerry as a whole was able to maintain focus and deliver a solid top line of $534.9 million. As we move into fiscal year 2026, I am confident that the team will continue to deliver results.

在經歷重大變革的一年裡，我很高興黑莓整體上能夠保持專注並實現 5.349 億美元的穩健營業收入。隨著我們進入 2026 財年，我相信團隊將繼續取得成果。

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

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 morning, everyone.

謝謝你，約翰，大家早安。

As John mentioned, revenue for QNX in the quarter exceeded the top end of guidance at $65.8 million and came in at $236 million for the full fiscal year. QNX gross margins in the quarter remained strong at 83%, and for the full fiscal year were 84%.

正如約翰所提到的，QNX 本季的收入超過了預期的最高水平，達到 6,580 萬美元，全年收入達到了 2.36 億美元。QNX 本季毛利率維持強勁，達到 83%，全年毛利率為 84%。

Adjusted EBITDA in the quarter was $19.2 million or 29% of revenue and $59.1 million or 25% of revenue for the full fiscal year. Revenue for secure communications in the quarter was $67.3 million or $272.6 million for the full fiscal year.

本季調整後的 EBITDA 為 1,920 萬美元，佔營收的 29%，全年調整後的 EBITDA 為 5,910 萬美元，佔營收的 25%。本季安全通訊收入為 6,730 萬美元，全年收入為 2.726 億美元。

Gross margins in Q4 was 64% and for the full fiscal year 2025, 66%, both lower primarily as a result of revenue mix. Adjusted EBITDA for secure communications in the quarter was $12.6 million or 19% of revenue, significantly beating the top end of the guidance range, with the divisions operating expenses being $2 million lower than the prior quarter.

第四季的毛利率為 64%，2025 財年全年的毛利率為 66%，均低於預期，主要原因是收入結構變化。本季安全通訊部門的調整後 EBITDA 為 1,260 萬美元，佔營收的 19%，大大超過預期範圍的最高值，該部門的營運費用比上一季降低了 200 萬美元。

Adjusted EBITDA for secure comms for the full year was 19% of revenue at $52.3 million, a stark comparison year over year from the cybersecurity division, which included Cylance that had a significantly negative adjusted EBITDA in fiscal 2024.

安全通訊全年調整後 EBITDA 為 5,230 萬美元，佔營收的 19%，與去年同期相比形成鮮明對比，其中包括 Cylance，其 2024 財年的調整後 EBITDA 為顯著負值。

Secure communications is a solid source of both EBITDA and cash flow generation for BlackBerry as a whole. Finally, our licensing division delivered stronger than expected revenue at $8.6 million. Q4 adjusted EBITDA for licensing was $1.4 million as a result of the resolution of a legacy contract dispute that caused a one-time bad debt expense, driving higher than expected OpEx.

安全通訊是黑莓整體的 EBITDA 和現金流的重要來源。最後，我們的許可部門的收入超出預期，達到 860 萬美元。 Q4調整後的許可 EBITDA 為 140 萬美元，原因是解決了遺留合約糾紛，從而產生了一次性壞帳費用，導致營運支出高於預期。

The full year licensing delivered strong results, the total revenue of $26.3 million and generating adjusted EBITDA of $15.8 million. The adjusted operating costs for the significantly streamlined corporate functions came in at $12.1 million in Q4 and $43 million for the full fiscal year.

全年授權業務業績強勁，總營收達 2,630 萬美元，調整後 EBITDA 達 1,580 萬美元。大幅精簡公司職能後的調整後營運成本在第四季為 1,210 萬美元，全年為 4,300 萬美元。

The costs were higher than expected due primarily to a $3 million charge for revaluing deferred stock units, given the strong BlackBerry share price performance in the quarter. Pulling this all together and primarily due to product mix as I described, total company gross margin in the quarter decreased both sequentially and year over year.

由於本季黑莓股價表現強勁，成本高於預期，主要因為重新評估遞延股票單位的費用為 300 萬美元。綜合考慮所有這些因素，正如我所描述的，主要是由於產品組合的原因，本季度公司總毛利率環比和同比均有所下降。

However, total company gross margin for the full fiscal year improved 9 percentage points to 74%. In Q4, total company adjusted EBITDA beat the top end of our guidance range at $21.1 million, representing 15% of revenue.

不過，全年公司總毛利率提高了9個百分點，達到74%。第四季度，公司調整後總 EBITDA 超過我們預期範圍最高值 2,110 萬美元，佔營收的 15%。

For the full fiscal year, adjusted EBITDA for the total company, including Cylance, was $39.3 million. Adjusted net income, including discontinued operations for Q4, was $17.7 million and adjusted EPS beat expectations at $0.03.

整個財年，包括 Cylance 在內的整個公司的調整後 EBITDA 為 3,930 萬美元。調整後的淨收入（包括第四季的停止營運）為 1,770 萬美元，調整後的每股盈餘超出預期 0.03 美元。

For the full fiscal year, adjusted net income, including discontinued operations, was $12.5 million and adjusted EPS also beat expectations at $0.02. BlackBerry exits FY25 in a solidly profitable position, a significantly different company to this time last year.

整個財年，包括已終止經營業務在內的調整後淨收入為 1,250 萬美元，調整後每股收益也超出預期，為 0.02 美元。黑莓在 2025 財年結束時保持了穩固的盈利狀態，與去年同期相比，情況發生了顯著變化。

A few points on the accounting relating to the Cylance sale. As John mentioned at closing, we received approximately $80 million in cash, the first of two tranches, as well as $5.5 million common shares in Arctic Wolf.

關於 Cylance 銷售的會計方面的幾點看法。正如約翰在交易結束時提到的，我們收到了約 8000 萬美元現金（兩筆款項中的首筆），以及價值 550 萬美元的 Arctic Wolf 普通股。

The shares are recorded at estimated fair value under accounting rules, the method of determining which can be highly judgmental for private companies. Our estimate is conservative, and we have recorded them at a value of $24.6 million.

根據會計規則，這些股票是按照估計的公允價值進行記錄的，而對於私人公司來說，確定公允價值的方法可能具有很強的判斷性。我們的估計是保守的，我們將其記錄為 2460 萬美元的價值。

The second tranche of cash of approximately $41 million receivable next January will initially be recorded at $38.6 million in the books due to the discounting for the time value of money. This past quarter, the company meaningfully strengthened its balance sheet.

由於貨幣時間價值的折現，明年 1 月應收的第二筆現金約為 4,100 萬美元，最初在帳面上記錄為 3,860 萬美元。過去一個季度，該公司顯著加強了資產負債表。

Cash from operations was $42 million, significantly exceeding expectations, and $57 million, better than in the same quarter of the prior year. In fact, excluding the patent sale proceeds in Q1 of FY24, this was the strongest operating cash flow performance since Q4 of fiscal 2021.

經營現金流為 4,200 萬美元，大大超出預期，高於去年同期的 5,700 萬美元。事實上，除去24財年第一季的專利出售收益，這是自2021財年第四季以來最強勁的經營現金流表現。

Total cash and investments increased by $144 million during the quarter as a result of the Cylance sale proceeds and the strong operating cash flow to $410 million. This means that BlackBerry now has a solid net cash position in excess of $200 million.

由於 Cylance 銷售收益和強勁的營運現金流，本季總現金和投資增加了 1.44 億美元，達到 4.1 億美元。這意味著黑莓現在擁有超過 2 億美元的穩固淨現金狀況。

This healthy cash balance and the strong plan to generate cash in FY26 and beyond provides BlackBerry with significant optionality.

健康的現金餘額和26財年及以後的強勁現金生成計劃為黑莓提供了重要的選擇權。

Turning now to financial outlook for the first fiscal quarter and the full fiscal year. We expect revenue for QNX in Q1 to be in the range of $51 million to $55 million, and for EBITDA, to be in the range of $2 million to $6 million.

現在來談談第一財季和整個財年的財務展望。我們預計 QNX 第一季的營收將在 5,100 萬美元至 5,500 萬美元之間，EBITDA 將在 200 萬美元至 600 萬美元之間。

Due to the timing of auto programs, we typically see sequential growth throughout the fiscal year, with Q1 being the low point. For the full fiscal year, we see an uncertain backdrop within automotive. Given the recent tariff changes, and particularly automotive tariffs, like others in the industry, we are currently uncertain of the impact this could have on our business.

由於汽車專案的時間安排，我們通常會看到整個財年的連續成長，而第一季是最低點。對於整個財年來說，我們看到汽車產業的背景並不明朗。鑑於最近的關稅變化，特別是汽車關稅，與業內其他公司一樣，我們目前不確定這會對我們的業務產生什麼影響。

While we currently don't see that tariffs will directly impact our products and service, we do expect some indirect effects on BlackBerry due to impacts to our customers, including supply chains and macroeconomic demand although these effects are currently difficult to model.

雖然我們目前認為關稅不會直接影響我們的產品和服務，但我們確實預期關稅會對黑莓產生一些間接影響，因為它會對我們的客戶產生影響，包括供應鍊和宏觀經濟需求，儘管這些影響目前很難模擬。

That said, because we work with almost all major OEMs across the globe, we are mitigated to some extent from US specific impacts, given that approximately 50% of QNX's revenue comes from outside North America.

話雖如此，由於我們幾乎與全球所有主要的 OEM 都有合作，因此考慮到 QNX 約 50% 的收入來自北美以外，我們在一定程度上減輕了美國特定的影響。

Due to this uncertainty, we are reiterating the top end of our guidance range provided at our Investor Day in October, but expanding the bottom end, such that we expect revenue in the range of $250 million to $270 million for the full year, or 10% growth at the midpoint.

由於這種不確定性，我們重申了 10 月份投資者日提供的指導範圍的最高端，但擴大了最低端，因此我們預計全年收入將在 2.5 億美元至 2.7 億美元之間，或中間值增長 10%。

Despite this broader range, we continue to expect full year adjusted EBITDA to be in the range of $55 million to $60 million or 22% margin at the midpoint. We are taking a prudent view on the secure comms division.

儘管範圍較大，我們仍預計全年調整後 EBITDA 將在 5,500 萬美元至 6,000 萬美元之間，或中間值為 22%。我們對安全通訊部門持審慎態度。

Given the uncertainty in its core government markets at this time, this includes the potential impact of DOGE and other parts of the administration in the US and changes in governments in Canada, Germany, and elsewhere.

鑑於目前核心政府市場的不確定性，這包括 DOGE 和美國政府其他部門的潛在影響以及加拿大、德國和其他地區政府的變化。

We're obviously tracking the ever-changing landscape, and while we haven't yet seen any material impacts, we're keeping a close eye on things. These changes could potentially cause disruption in the short term, but could also present opportunities in the long run through further consolidation of products and vendors.

我們顯然正在追蹤不斷變化的情況，雖然我們還沒有看到任何實質的影響，但我們仍在密切關注事態發展。這些變化可能會在短期內造成混亂，但從長遠來看，透過進一步整合產品和供應商，也可能帶來機會。

Given this backdrop, we expect revenue to be in the range of $50 million to $54 million in the first quarter, and for EBITDA to be between $3 million to $6 million. For the full year, we expect revenue to be in the range of $230 million to $240 million.

基於此背景，我們預計第一季營收將在 5,000 萬美元至 5,400 萬美元之間，EBITDA 將在 300 萬美元至 600 萬美元之間。我們預計全年收入將在 2.3 億美元至 2.4 億美元之間。

Currently, ARR represents a significant portion of this expected range at $208 million. Adjusted EBITDA is expected to be between $34 million and $44 million, a 17% margin at the midpoint. Profitability for the secure communications division remains the top priority.

目前，ARR 佔該預期範圍的很大一部分，為 2.08 億美元。調整後的 EBITDA 預計在 3,400 萬美元至 4,400 萬美元之間，中間值為 17%。安全通訊部門的獲利能力仍然是重中之重。

We are increasing our expectations for revenue for our Licensing division to be approximately $6 million each quarter, up from the prior $4 million expectation with EBITDA of approximately $5 million per quarter. We expect adjusted corporate costs to be approximately $10 million a quarter or $40 million for the full fiscal year.

我們將許可部門的收入預期從之前的每季 400 萬美元提高至約 600 萬美元，EBITDA 約為每季 500 萬美元。我們預計調整後的企業成本約為每季 1,000 萬美元或整個財年 4,000 萬美元。

So at a total company level, we expect revenue in Q1 of between $107 million and $115 million and adjusted EBITDA in the range of breakeven to positive $7 million. For non-GAAP EPS, we expect it to be between minus $0.01 to breakeven in the first quarter.

因此，從整個公司層級來看，我們預計第一季的營收將在 1.07 億美元至 1.15 億美元之間，調整後的 EBITDA 在盈虧平衡至正 700 萬美元之間。對於非 GAAP EPS，我們預計第一季的每股盈餘將在負 0.01 美元至損益平衡之間。

For the full fiscal year, we expect revenue for BlackBerry in total to be in the range of $504 million to $534 million, adjusted EBITDA between $69 million and $84 million with adjusted EPS between $0.08 and $0.10. Finally, in terms of cash, as in the past, Q1 is expected to be a seasonal low for cash flow, driven by the billings and payments profile.

就整個財年而言，我們預計黑莓總收入將在 5.04 億美元至 5.34 億美元之間，調整後 EBITDA 在 6,900 萬美元至 8,400 萬美元之間，調整後每股收益在 0.08 美元至 0.10 美元之間。最後，就現金而言，與過去一樣，受帳單和付款狀況的影響，預計第一季將是現金流的季節性低點。

Therefore, we expect an operating cash usage for Q1 in the range of $20 million to $30 million. However, for the full fiscal year, we expect to deliver positive operating cash flow at around $35 million. This figure includes the number of one-time factors that decrease what would otherwise have been a stronger conversion of EBITDA into operating cash flow.

因此，我們預計第一季的營運現金使用量將在 2,000 萬至 3,000 萬美元之間。然而，我們預計整個財年將實現約 3,500 萬美元的正營運現金流。這個數字包括了一些一次性因素，這些因素減少了原本可以更強勁地將 EBITDA 轉化為經營現金流的效果。

The one-time factors, totaling approximately $20 million include payment multiple years of already accrued corporate income tax in Europe, the ongoing cash cost of restructured facilities that we have exited, but the lease hasn't yet expired, as well as the tail end of severance costs from actions taken this past year, particularly in international locations where the process takes longer.

一次性因素總計約 2,000 萬美元，包括支付歐洲多年來已累計的企業所得稅、我們已經退出但租約尚未到期的重組設施的持續現金成本，以及去年採取的行動所產生的遣散費，特別是在流程較長的國際地點。

These impacts will gradually drop off as the year goes on. And the second half of this fiscal year is expected to deliver solid operating cash flow. In addition to operating cash flow, we will also add approximately $40 million from the second tranche of cash from the Cylance sale meaning a further $75 million of cash will be added to the balance sheet this coming fiscal year.

隨著時間的推移，這些影響將逐漸減弱。預計本財年下半年將實現穩健的經營現金流。除了經營現金流之外，我們還將從 Cylance 出售的第二筆現金中增加約 4,000 萬美元，這意味著即將到來的財政年度的資產負債表中將再增加 7,500 萬美元的現金。

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.

謝謝你的總結，提姆。

And before we move to Q&A, let me quickly summarize the key takeaways from this past year. Fiscal year 2025 was truly transformative for BlackBerry. We identified and swiftly addressed the challenges that the Cylance business presented for the company through a win-win transaction with Arctic Wolf.

在我們進入問答環節之前，讓我快速總結一下過去一年的關鍵要點。2025 財年對於黑莓來說具有真正的變革意義。我們透過與 Arctic Wolf 的雙贏交易，發現並迅速解決了 Cylance 業務對公司帶來的挑戰。

We increased focus and external visibility by increasing the level of autonomy in each of our divisions and providing their EBITDA as part of our financial statements. And finally, we evaluated our capital allocation priorities, shifting focus to our core growth driver of QNX and reducing our cost run rate by more than $150 million.

我們透過提高每個部門的自主權並將其 EBITDA 作為財務報表的一部分來提高關注度和外部可見性。最後，我們評估了我們的資本配置優先事項，將重點轉移到我們的核心成長動力 QNX，並將我們的成本運行率降低 1.5 億美元以上。

This transformation positions BlackBerry as a profitable cash flow positive company heading into the new fiscal year.

這一轉變使黑莓在進入新財年時成為一家盈利且現金流為正的公司。

So let's now move to Q&A.

現在我們進入問答環節。

Rob, could you please open up the lines?

羅布，你能打通電話嗎？

(Operator Instructions)

（操作員指令）

Paul Treiber, RBC Capital Markets.

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

Just a question on tariffs and what you've seen or heard from auto OEMs. Can you just elaborate on some of the comments you made in the prepared remarks? And if you had any comments from OEMs in terms of changing production or other changes to new vehicle introductions as a result of the uncertainty around tariffs?

我只想問一下關於關稅的問題以及您從汽車原始設備製造商那裡看到或聽到的情況。您能否詳細闡述您在準備好的發言中提出的一些評論？您是否對由於關稅不確定性而導致的 OEM 生產變化或新車推出的其他變化有何評論？

At this point, Paul, we have not seen any material, any conversations that we've had with any of our large customers that said, hey, I'm seeing a real supply chain problem. We talk with them every day. We keep our finger on the pulse of everything that's going on.

保羅，到目前為止，我們還沒有看到任何材料，也沒有與任何大客戶進行任何對話，他們說，嘿，我看到了真正的供應鏈問題。我們每天都和他們交談。我們密切關注著正在發生的一切事情。

As we said, I think a large part of more than 50% of our revenue comes from things outside of the US. So I think we're insulated a certain degree to this particular dynamic. But as you can imagine, it's a very fluid situation. But we haven't had any kind of calls of a significant call down in supply chain at this point.

正如我們所說，我認為我們 50% 以上的收入很大一部分來自美國以外的市場。所以我認為我們在某種程度上不受這種特殊動態的影響。但你可以想像，這是一個非常不穩定的情況。但目前我們還沒有接到任何有關供應鏈出現重大故障的電話。

Just a follow up just in regards to the overall uncertainty in the market, but looking at US federal, can you just remind us again how large US federal is as a percent of secure communications? And then just speak to if you've heard from any agencies either either cutting seats or looking to cut seats at this point.

只是想跟進一下關於市場整體的不確定性，但看看美國聯邦，您能否再次提醒我們美國聯邦在安全通訊中所佔的百分比是多少？然後，如果您聽說任何機構現在正在削減席位或想要削減席位，請與我們聯繫。

US Federal is the substantial portion. I would say probably 20%, 25% of our overall secure comm's business comes with the US federal business. And we have not seen any material impact. In fact, I think sometimes we certainly see some uncertainties where some of our renewals and our contracts, they were coming down the line and they decided to move forward with them because I think the nature of the products that we provide are secure mission-critical communications.

美國聯邦佔了很大一部分。我想說，我們整體安全通訊業務的 20% 到 25% 大概是來自美國聯邦業務。我們還沒有看到任何實質的影響。事實上，我認為有時我們確實會看到一些不確定性，我們的一些續約和合同即將到期，他們決定繼續推進這些合同，因為我認為我們提供的產品的本質是安全的關鍵任務通信。

And so I think they're very careful and cautious before they cut things like that. There's a lot of other ways and things for them to focus on. So another area that we watch very, very closely, but we haven't seen any material impact to that part of our business primarily because the nature of what we provide to them is mission critical.

因此我認為他們在削減此類開支之前會非常小心和謹慎。他們還有很多其他的方式和事情需要關注。因此，我們非常密切地關注另一個領域，但我們沒有看到對我們業務的這一部分產生任何實質影響，主要是因為我們為他們提供的服務的性質是關鍵任務的。

And those are things I think they're a little bit more cautious about.

我認為，他們對於這些事情要更加謹慎。

Todd Coupland, CIBC.

加拿大帝國商業銀行 (CIBC) 的 Todd Coupland。

I had two QNX questions. Firstly, what are the OEMs saying in terms of how long it will take it to work through adjusting to the tariff impact?

我有兩個 QNX 問題。首先，汽車製造商對於需要多長時間才能適應關稅影響有何看法？

I think Todd, they're still navigating their way quite honestly. So they're kind of taking direction from what's happening in the marketplace. Like I said, I don't -- there's nobody that's kind of flagged, hey, we're going to have a material down tick in our overall supply chain and volumes throughout the year.

我認為托德，坦白說，他們仍在探索自己的道路。因此，他們是根據市場上發生的事情來判斷方向的。就像我說的，我不知道——沒有人會注意到，嘿，我們全年的整體供應鏈和產量都會出現材料下降的情況。

But certainly, the uncertainty of everything is something that has them on alert. Let's put it that way. But nobody, like I said, has raised the flag of a material downturn on it. It's just everybody trying to read the tea leaves on where this thing is going in the future and what the impact will be.

但可以肯定的是，一切的不確定性都會讓他們保持警覺。我們就這麼說吧。但正如我所說，沒有人發出有關經濟實質下滑的警告。每個人都只是想預測這件事未來會如何發展以及會產生什麼影響。

And in terms of your own guide, what have you assumed in terms of how long it will take to work through the tariff overlay?

就您自己的指南而言，您假設解決關稅覆蓋問題需要多長時間？

So what I'd say, Todd, is it's pretty difficult to model right now. I mean, obviously, we've broadened our range to reflect the uncertainty right now. We've kept the top end in line with what we presented at Investor Day back in October.

所以我想說，托德，現在建模相當困難。我的意思是，顯然我們已經擴大了範圍以反映當前的不確定性。我們的最高水準與 10 月份投資者日上所展示的水準保持一致。

We still see a path to that. But clearly, there's some uncertainty. So we broadened the range a little bit. So yeah, right now, it's a little bit difficult to model.

我們仍然看到了實現這一目標的道路。但顯然存在一些不確定性。因此我們稍微擴大了範圍。是的，現在建模有點困難。

My second question relates to the 50% of your business is outside the US. Could you just talk about those regions and what are the levers or drivers to that business in the coming year?

我的第二個問題與你們 50% 的業務在美國以外有關。您能否談談這些地區以及來年該業務的槓桿或驅動因素是什麼？

Yeah. I would say, Todd, we're bullish about the prospects and the momentum, the conversations that we're having with our customers outside the US. And obviously, quite frankly inside the US. But this whole vehicle OS, initiative that we're working with a lot of our OEMs, particularly in Europe where they're looking for us to do more for them, how we can support them more, how we can bring more value, provide more technology and services.

是的。我想說，托德，我們對前景和發展勢頭以及我們與美國以外的客戶進行的對話充滿信心。顯然，坦白說，這是在美國境內發生的。但是，我們正在與許多原始設備製造商合作開展這一整車操作系統計劃，特別是在歐洲，他們希望我們為他們做更多的事情，希望我們能夠為他們提供更多支持，希望我們能夠帶來更多價值，提供更多的技術和服務。

So I would say the conversations that we're having with the industry in general, very robust, very strategic. We're at the center of what they are planning for strategically and I think it sets us up for some interesting opportunities in the future.

所以我想說，我們與整個產業的對話非常深入，非常有策略性。我們處於他們策略規劃的中心，我認為這為我們未來的一些有趣的機會創造了條件。

And I'd just add to that that one of the key focuses for this current fiscal year that we're going into is expanding beyond automotive. So we're investing heavily in what we call the GEM, general embedded market opportunity, which is adjacent verticals such as medical, industrial, this type of thing, which we see massive opportunity as well.

我還要補充一點，我們本財年的重點之一就是拓展汽車以外的業務。因此，我們正在大力投資所謂的 GEM，即通用嵌入式市場機會，它與醫療、工業等垂直領域相鄰，我們也看到了巨大的機會。

So that's another way of continuing to diversify this business and expand the TAM which obviously in a period of volatility is a good thing.

因此，這是繼續實現業務多元化和擴大 TAM 的另一種方式，這在動盪時期顯然是一件好事。

Trip Chowdhry, Global Equities Research.

Trip Chowdhry，全球股票研究。

I think you guys are really doing -- executing very well like a startup, a year, a lot of progress. I have two questions. Maybe it's more like a comment. Like if we look at everybody's talking about tariffs, and I think if we look and position BlackBerry as more like the new steel company because if you look at the future, every vehicle is now software defined.

我認為你們確實做得非常好，就像一家新創公司一樣，一年來取得了巨大的進步。我有兩個問題。也許它更像是一則評論。例如，如果我們看看每個人都在談論關稅，我認為如果我們將黑莓定位為更像新的鋼鐵公司，因為如果你放眼未來，每輛車現在都是由軟體定義的。

And QNX is right at the center of it when we come to software defined vehicles, and they are pretty much a North American company. I think they're headquartered in Texas. So I think the effect of tariffs if positioned well for QNX could be a little less severe. That's one comment.

當我們談到軟體定義汽車時，QNX 正處於核心地位，他們基本上是一家北美公司。我認為他們的總部設在德克薩斯州。因此我認為，如果關稅對 QNX 的定位正確，其影響可能會更小。這是一則評論。

And second, as Tim rightly mentioned, expanding the market of QNX to adjacent spaces is, I think, a very smart move. This is more of a comment because it seems like robotics or physical AI is starting to gain some traction.

其次，正如提姆正確提到的，我認為將 QNX 的市場擴展到相鄰領域是一個非常明智的舉措。這更像是一種評論，因為看起來機器人或實體人工智慧開始獲得一些關注。

And probably QNX can find its way because it's a real-time operating system into this new domain. Just the two comments and I was wondering if you have any thoughts on it and congratulations on really putting your heart and soul into making BlackBerry shine again.

QNX 很可能能夠找到自己的出路，因為它是一個進入這個新領域的即時作業系統。只是這兩則評論，我想知道您是否對此有什麼想法，恭喜您真正全心全意地讓黑莓再次大放異彩。

Thank you for that, those observations and the questions. As Tim mentioned, we are leaning heavily into one of our big investment areas for the QNX business this year is in the GEM space. And we're seeing some really interesting pipeline and some real interesting opportunities coming our way as we take that SDP 8.0 platform, which requires very, very little modification to adjust and adapt to other segments of the market.

謝謝您的觀察與提問。正如提姆所提到的，今年我們將重點放在 QNX 業務的一大投資領域是 GEM 領域。當我們採用 SDP 8.0 平台時，我們看到一些非常有趣的管道和機會正在向我們湧來，該平台只需進行很少的修改就可以調整併適應市場的其他部分。

So we've been investing in go to market, we've been investing in the brand, we've been investing in sales professionals on the ground, driving these relationships forward. So that's a big part of our plan for this next fiscal year as well as managing and going up the food chain on our main segment of the market for -- from an automotive perspective where we're going deeper with our customers.

因此，我們一直在投資市場，一直在投資品牌，一直在投資當地的銷售專業人員，推動這些關係的發展。所以這是我們下一財年計畫的重要組成部分，也是管理和提升我們主要市場部分的食物鏈的一部分——從汽車的角度來看，我們將與客戶建立更深入的聯繫。

So that's absolutely part of the plan for us in this coming year.

所以這絕對是我們來年計畫的一部分。

Luke Junk, Baird.

盧克瓊克，貝爾德。

Maybe to start, bigger picture. John, hoping you could just double click on the vehicle OS initiative in terms of what you're seeing initially with OEMs in terms of scope. In other words, could it maybe expand the number of addressable models with a given customer or something similar to that? And then from a content standpoint, just your ability and maybe early learnings around what the content opportunity might look like relative to your current royalty opportunity per vehicle.

也許從更大的圖景開始。約翰，希望您能就您最初在 OEM 中看到的範圍雙擊車輛操作系統計劃。換句話說，它是否可以擴大針對特定客戶的可尋址模型的數量或類似的東西？然後從內容的角度來看，只是您的能力以及早期的學習，圍繞著內容機會相對於您當前每輛車的特許權使用費機會是什麼樣的。

And both of those specific areas are places where we see opportunity. We consistently see a lot of OEMs trying their own thing on the software front, working with other platforms, looking maybe is Linux a solution, and then very quickly pulling back and coming to us and talking to us about how we can expand and help them on different models and help them as they plan for their future going forward.

這兩個特定領域都是我們看到機會的地方。我們經常看到許多 OEM 在軟體方面嘗試自己的東西，與其他平台合作，尋找 Linux 可能是解決方案，然後很快就退出並找到我們，與我們討論如何擴展和幫助他們適應不同的模式，並幫助他們規劃未來的發展。

So I think that's whether that's in the US or in Europe, we definitely see a lot of OEMs kind of coming back to us asking us how we can help them do more. So that's certainly one trend that has been pretty consistent. The other is, expanding our content as, these vehicles.

所以我認為，無論是在美國還是在歐洲，我們肯定會看到很多 OEM 回頭詢問我們如何幫助他們做更多的事情。所以這肯定是一個相當一致的趨勢。另一個是擴大我們的內容，例如這些載體。

I know it's a journey as they put more content and more DCUs and more sophistication in the vehicles that obviously plays very well to more instances of Kunics in each of these vehicles coming out of off the line. That's a trend that we only see increasing going forward. It's definitely a journey. I don't think it's a switch that they flip and suddenly you see the impact of that in the current fiscal year, but it's definitely a trend that plays to the strength of our QNX brand, Arunix capability, and the position that we have in the market.

我知道這是一個旅程，因為他們在車輛中投入了更多的內容、更多的 DCU 和更多的複雜性，這顯然對每輛下線的車輛中更多的庫尼克斯實例非常有利。我們認為這種趨勢今後只會不斷增強。這絕對是一次旅程。我不認為他們能突然改變策略然後你就會在本財年看到其影響，但這絕對是一個趨勢，能夠發揮我們 QNX 品牌的實力、Arunix 的能力以及我們在市場上的地位。

So if I could just add just a couple of comments on there. I mean, totally agree with all of that, and I would just add that this is an ask that's coming from the OEMs to for us to do more and.

因此，我只想添加幾條評論。我的意思是，完全同意所有這些，我只想補充一點，這是來自 OEM 的要求，希望我們做得更多。

To be able to take some of that heavy lifting of pre-integrating a bunch of undifferentiated parts of the stack deep down in the stack on their behalf. This is something that they really want us to help with and. As for working with people like TT tech and vector to make sure that we get a really solid native experience, and a platform is something that really is going to help OEMs, focus on the areas of the stack that they really need to be focusing on, and that's the application layer.

能夠為他們承擔一些繁重的工作，即預先整合堆疊深處一堆未分化的部分。這是他們真正希望我們能夠提供幫助的事情。至於與 TT tech 和 vector 這樣的公司合作以確保我們獲得真正可靠的原生體驗，平台確實能夠幫助 OEM 專注於他們真正需要關注的堆疊領域，那就是應用層。

And to your point about the, content per vehicle opportunity, this could be a significant transformation. We obviously need to secure some of this business. So I want to just caution, we're still in the early innings on this, but, clearly if we're providing our components, our middleware components, as well as reselling some of our partners components, that could be a significant step up in terms of content of vehicle.

正如您所說，每輛車的內容機會，這可能是一個重大的轉變。我們顯然需要確保部分業務。因此，我想提醒一下，我們仍處於早期階段，但顯然，如果我們提供我們的零件、中間件零件，以及轉售一些合作夥伴的零件，那麼這可能是車輛內容方面的一個重大進步。

That is all good color. Well, yeah, stay tuned and appreciate the additional color there, Tim. For my second question, just relative to those risks and new administrations that you mentioned in a couple of countries, just how should we think about either I don't know if this is a major factor cancelability of secure communications contracts across your various business lines or maybe more importantly just typical contract terms and materiality of renewals in any given year and you just guardrails or rules of thumbt we can think of.

這都是好顏色。嗯，是的，請繼續關注並欣賞那裡的額外色彩，蒂姆。對於我的第二個問題，僅相對於您在幾個國家提到的那些風險和新的管理，我們應該如何考慮，我不知道這是否是跨各個業務線的安全通信合同可取消性的主要因素，或者也許更重要的是，只是任何一年的典型合同條款和續簽的重要性，以及我們能想到的護欄或經驗法則。

Yeah, we, it's something, Luke, we watch very closely with all the dynamics that are going on. I would say a couple of things. A lot of our contracts with some of these governments around the world, they're long-term agreements, our Canadian agreement, the how we're positioned well with the German government, the US.

是的，盧克，我們密切關注著正在發生的所有動態。我想說幾件事。我們與世界各國政府簽訂的許多合約都是長期協議，例如我們與加拿大的協議，以及我們與德國政府、美國政府的良好關係。

And a number of most I would say of all of the US's were very much infiltrated and integrated and a sticky part of their mission critical communications. So we do think it's unlikely that, suddenly they're going to flip a switch and all of a sudden, rip out some mission mission group on the for the sake of saving a few dollars. In fact, if anything, I think there might be opportunities for us to consolidate because we are such, play such a mission critical role, there could be opportunities to replace other vendors and expand our position with some of our solutions.

我想說，美國大多數人都被滲透和整合了，並且成為其關鍵任務通訊中不可或缺的一部分。因此，我們確實認為，他們不太可能為了節省幾美元而突然改變主意，突然解散一些任務小組。事實上，如果有的話，我認為我們可能有機會進行鞏固，因為我們扮演著如此關鍵的角色，可能有機會取代其他供應商，並透過我們的一些解決方案擴大我們的地位。

So definitely a long journey, but I think the long entrenched, sticky relationships that we have with these governments around the world, I think they're going to serve us well at a time where there's a little bit of unknown volatility.

這無疑是一段漫長的旅程，但我認為，我們與世界各國政府之間長期保持的根深蒂固的緊密關係，將在出現一些未知波動的時期為我們提供良好的服務。

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

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。

Thank you, Rob and thanks for everybody for joining the call. Very excited about the progress that BlackBerry is making, and the transformation that we've executed on in the past fiscal year, and we feel we're very well set up for future growth and future acceleration as we go into the next fiscal year. So thanks for your interest, thanks for joining, and we'll see you next time.

謝謝你，羅布，也謝謝大家參加電話會議。我對黑莓所取得的進展以及我們在過去財年所實施的轉型感到非常興奮，我們認為，在進入下一個財年時，我們已經為未來的成長和加速做好了充分的準備。感謝您的關注，感謝您的加入，我們下次再見。

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。